Right time to buy a home - in Austin, TX.?

Just read an interesting article on Yahoo http://finance.yahoo.com/real-estate/article/104860/Is-It-Time-to-Buy-Real-Estate questioning whether right now is the "right time" to purchase a home. Although a specific question, it is still a question to a generic audience since every area of the nation is different and experiencing different sets of variables. Walter Maloney, spokesman for the National Association of Realtors, does make a very valid point when he states, "The bottom line, Molony points out, is that all real estate is local, and people need to understand what is going on in their local market area before they buy." Overall, I found this to be a very informative article to potential homebuyers, and sound advise - whether the market is good or bad. But even in a "recessionary period" like the Feds/media are hyping right now, there's always that "silver lining" to every storm cloud, and Austin, Texas just happens to be of those "silver linings" as far as home buyers are concerned.

Our economy is still very vibrant in the Austin area, and we have seen only a slight reduction in buyers so far this year. I have weathered two other "severe market downturns" in my 24 years of selling Austin real estate, and this one is not severe, nor is it a downturn - more like a correction. This being said, it certainly is a "buyers market" in the whole Austin metro area right now, with new construction/homes and Builder discounts leading the way for some real good deals! Production Builders like DR Horton, Lennar, Centex, Newmark, and Ryland are all either taking price reductions and/or giving huge buyer incentive packages as part of their moves to reduce inventory and keep their sales numbers up. As most Realtors know, resale listing price declines follow new home discounts, so resale home prices (per sq. foot wise) are less than they were this time last year. The best deals are in the "luxury/custom" home market ($800k - $3,000,000) - I've seen 15%-20% reductions in some of these homes (California buyers take note - you can pay cash from your $1.5 million condo sale there for a 6000sf custom home w/every bell and whistle with views of the lake, or hill country, and maybe on a private golf course here)! So while I agree with the Yahoo article in general, as in life, everything is relative, and relatively speaking, it is a GREAT time to buy a home in Austin, Texas!! A specific or a general Austin metro home search can be done on my web site @ www.showcaseofhomes.com.