Realty Times Feature Article by Blanche Evans
Hit hard by the technology recession, Texas' capitol Austin still remains a top relocation destination. And, it is poised for a housing comeback in light of recent positive economic news. Meanwhile, listings are up in number and buying opportunities abound in central Texas' own "Silicon Valley."
Residents never doubted a comeback. The temperate climate, natural beauty and overall quality of life that attract corporate relocations and frequent visitors such as actor/rocker Russell Crowe, make Austin a great place to live and work. Many residents are returning former alumni of the University of Texas, which is centered just north of downtown Austin and the Capitol building.
"Austin has many quaint and special neighborhoods that many people moving to Austin desire," says Realtor Alice Newman. "With close proximity to parks, entertainment, restaurants and live music, there's something for everyone."
"According to our multiple listing service (MLS) as of 5/6/02, we sold 1,450 homes in Austin and the surrounding areas from 4/1/02 - 4/30/02," says Newman. "We sold 1,334 homes from 4/1/01-4/30/01. That brings us to a total of 116 more homes that have sold in 2002!"
"Last year in May we had 7,523 active listings," she adds. "Today we have 7,949. So what we must ask ourselves is how many months of inventory does my particular neighborhood or area have? And is that a sellers' market, buyers' market or in the normal range?"
While layoffs have occurred in Austin impacting housing negatively, new jobs are being created; and unemployment rates are well below other technology Meccas.
Says Realtor Susan Youngblood, "In spite of the 'lay off' mentality seen in neighboring states, Austin's labor market is holding up. Our unemployment rate is 3.7%, and 45,000 new jobs will be created by 2003. Austin is technology tough!"
"We've had favorable housing affordability conditions for some time," says Realtor Briana Clubb, "but what's new is the effect of a gradual increase in consumer confidence, combined with a turnaround in the economy. As a result, some people who've held back from major commitments over the last few months have entered the housing market. Now, with the economic recovery appearing to be somewhat in place and the central bank not lowering rates, I see people trying to get in at the gates before rates start to rise."
Still, listings are on the increase, giving more choices to buyers.
Advises Realtor Patsy Snyder, "Unless homes are priced at or below market value and show extremely well, they will be on the market a while. Buyers should not be afraid to make offers on properties. I'm finding that making an offer on a listing six months ago might not have been accepted then, but today, it might. Sellers must price their homes very competitively and do the necessary 'fix-up' to attract buyers."
Blanche Evans is the publisher of Agent News and the associate editor of Realty Times, the Internet's largest independent real estate news service. She is the author of two best-selling real estate books: The Hottest e-Careers In Real Estate, Real Estate Education Company, an Internet marketing primer for real estate professionals, and homesurfing.net: The Insider's Guide To Buying And Selling Your Home Using The Internet, Dearborn, a consumer homebuying and selling guide. In 2000, she was recognized by the editors of REALTOR(r) Magazines as one of the 25 Most Influential People In Real Estate.
Published: May 10, 2002
© Copyright 2002 Realty Times. All Rights Reserved.
Republication or redistribution of Realty Times content is expressly prohibited without the prior written consent of Realty Times. Realty Times shall not be liable for any errors or delays in the content or for any actions taken in reliance thereon.