Many people I talk to are feeling a bit more optimistic these days. Even President Obama believes the economy is showing 'glimmers of hope.' In Austin, we are by no means immune to the economic crisis, but we feel very fortunate that our local economy has remained relatively strong in spite of the challenges we've faced as a nation. To support this statement, I have included a number of links to some very relevant and respected news publications and economic data.
1. Austin's unemployment rate actually FELL in February as the Austin area added about 6,000 jobs. Our overall rate of only 6.3 percent remains well below the national average.
2. While many cities across the nation are shrinking, the Austin metro area continues to grow. More people continue to move in to Austin than out of Austin. New census data shows that Austin was the 2nd fastest growing metro area from 2007 to 2008.
3. According to Forbes Magazine, Austin is the 8th best place in the US to do business. Forbes.com is predicting Austin's job market will grow at 2.3 percent, which is the 5th fastest in the US. Austin was also chosen because of its relatively low exposure to sub-prime mortgages, which is the primary reason our home prices have held steady.
4. A good selection of homes is available in virtually every area and price range. For the time being, it's still a buyer's market, and if you act quickly you can still find some great deals. However, with the number of homes going under contract on the rise, the best deals are going fast.
5. New home starts in the Austin area were down 47% in the first quarter of 2009. This lack of new home construction is beginning to shift the new home market into a 'sellers market' as available new home inventory drops and builders begin to raise prices. Experts predict that as new home inventory subsides, the demand for resale homes will increase, ultimately driving prices higher.
6. Home prices in Austin are relatively stable. While most of the nation saw huge price increases from 2001 to 2006, Austin chugged along at a slow 3% to 9% annual appreciation rate. As a result, Austin home prices have held steady and even slightly increased in some areas.
7. Austin is home to the second hottest zip code in the nation. According to Business Week, homes in southwest Austin's 78749 zip code are selling quickly and maintaining their value.
8. Mortgage interest rates are at or near their lowest point in over 50 years. This means your mortgage payment takes you a lot farther than it did before. Most experts are predicting that rates are not likely to go lower, so it is smart to take advantage of the low mortgage rates while they are still available.
9. The refundable tax credit of up to $8,000 for the purchase of a primary residence, which is available to first-time homebuyers as well as those not owning a home in the last 3 years, along with lower home prices and a better selection, are tempting first time home buyers to stop renting and get into the market.
For more Austin Texas Real Estate information please visit http://www.RomeoM.com
