Tag Archives: economic outlook

Austin: First place in national economic rankings

Austin is on top again! After a brief slip to #3, Austin is back up to #1 in the On Numbers Economic Index. The Index measures the relative vitality of 102 major metropolitan areas with populations of more than 500,000. Its 18-part formula assesses private-sector job growth, unemployment, personal earnings, housing-price appreciation, and construction and retail activity. The top 5 cities on the list include: Provo, Utah (2); San Jose, CA (3); Dallas-Fort Worth, TX (4); and Oklahoma City, OK (5).

Check out the graphic below to see how Austin measures up!

Austin Ranked #1 in Economic Index Report

What Would Buyers Do To Get their Dream Home?

It’s no secret that, in the Austin residential real estate market, inventory is tight. Decreased inventory combined with worries about rising interest rates and prices, buyers in this competitive market may be willing to do a lot to get the home of their dreams (great news if you’re a seller!).  A recent survey conducted by Trulia in partnership with Harris Interactive shows just what buyers would do in order to get their dream home. As a buyer, would you be willing to go to these lengths to purchase a home?

What Buyers Would Do To Get Their Dream Home

 

What’s your home worth in June 2013?

What’s the real estate market doing in your area? What are homes in my area selling for? Is it a good time to sell my home? Is it a good time to buy a home? The Austin area MLS statistics are out for June 2013 and things are looking good! Check out all the Austin area MLS statistics below, and if you want to know more about what homes are selling for your specific area, contact us! We can help you determine what your home may be worth in this ever-changing real estate market.

Area-Wide MLS Statistics for the Austin area

Area-Wide MLS Statistics for the Austin area

 

Why are so many people moving to Texas? 3 Reasons

(Photo by Tom Pennington/Getty Images)

(Photo by Tom Pennington/Getty Images)

If it seems like everyone is moving to Texas these days, there’s a reason…they are!

According to the U.S. census bureau, Texas received the most new arrivals between 2011 and 2012 (210,590 new arrivals), distantly followed by North Carolina (60,106 new arrivals) and then Virginia (40, 844 new arrivals).

But why Texas? Here are just a few reasons people are relocating and making the Lone Star State home.

1.  JOBS:

Now, you may have already guessed this but, many people are moving to the State for employment. Strong growth in the areas of energy, technology, manufacturing and business services in Texas has put the state on top in terms of job growth. In fact, according to Joel Kotkin, professor of urban development at Chapman University in Orange, California, four of the top 10 metropolitan areas for job growth in 2013 are in Texas.

2.  IT’S CHEAPER

Lower median home prices, combined with an easier process of land acquisition makes it more affordable and less complicated for would-be Texans to call the state home. Dr Ali Anari, research economist at the Real Estate Center at Texas A&M University, says that a more abundant supply of land and fewer regulations make buying land/homes in Texas appealing to those looking to relocate.

3. LOW TAXES

According to Kay Bell, contributing tax editor at Bankrate, Texas is one of only 7 states in the U.S. where individuals pay no personal state income tax. And, according to Tax foundation Research, only 5 have a lower tax burden than Texas. This, combined with recent tax incentives & tax cuts to businesses, has many people and companies seriously considering a move to the Lone Star State.

Whether you were born & raised here, or just got here as quick as you could, watch out! Texas was also named the “stickiest state” by Pew researchers meaning, once you’re here, you may not be going anywhere anytime soon. But, with all that Texas has to offer, why would you want to? 🙂

See all 10 reasons why people are moving to Texas here

Wow! The Austin Area Real Estate Market is Heating Up!

Prices are going up, up, up! If you’re thinking about selling, this is great news! And, with interest rates still at low levels, it’s no wonder the real estate market is on the rise in the Austin area. Check out the most recent MLS statistics below!

Most recent MLS statistics for Greater Austin and the surrounding areas

Most recent MLS statistics for Greater Austin and the surrounding areas

Most recent MLS statistics for Greater Austin and the surrounding areas

MLS statistics for Dripping Springs and the surrounding areas.

MLS statistics for Dripping Springs and the surrounding areas.

MLS statistics for the Southwest Austin Area

MLS statistics for the Southwest Austin Area

Big Predictions for Housing for Next 2 Years

According to the most recent housing forecast, Fannie Mae economists predict that existing-home sales will rise by 10.5 percent this year, and by 6.2 percent in 2014. The forecast looks even sunnier for new, single-family home sales, projected to grow 15.1 percent this year and an amazing 44.1 percent in 2014!  Time will certainly tell if these predictions turn out to be true, but it seems like a great sign of a recovering housing market.

If you’re thinking about taking advantage of the market and some great interest rates, we’d love to talk with you! Give us a call at 512-829-2062, or search all the listings in your area here

Read the full article here: Big Predictions for Housing for Next 2 Years.

3 Reasons Why it’s a Great Time to Sell Your Home

Here’s the short version of why it’s a great time to list your home in the Austin area right NOW:

1. Inventory is down – At first this may sound like a bad thing, however, for you, the home seller, this means buyers are more limited in their selection, making your home potentially more desirable than when inventory is high.

2. Median Home Prices are up – In January 2013 we have seen an increase of about 10% in median home sales prices compared to 2012 (see chart below). That means that you may be able to get more for your home than you were able to one year ago. Recent statistics also show that sellers are also getting about 95% of their asking price – now that is good news!

3.  Closed sales are UP and Days on the Market are Down – MLS statistics are showing a 23% increase in closed home sales in the Austin area combined with a 22% decrease in the number of days a home is on the market until sale. So,if you need to sell your home quickly, now is the time!

Although we don’t have a crystal ball to predict your particular situation, we’d love the opportunity to work with you to get your home SOLD. If you’re thinking about buying or selling a home this year, let’s talk! Contact us at 512-829-2062 today!

We’ve also included all the most recent charts here below so you can see for yourself what the market is doing in the Austin area right now.

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Thinking about building? You’re not alone!

According to a recent U.S. Census Bureau report, new home sales hit a 2 year high in November making the highest rate of new-home sales since April 2010, when sales were inflated by a temporary $8,000 tax credit for home buyers.

New home sales are on the rise

New home sales are on the rise

This is good news for the housing market, which is starting to show signs of recovery. A combination of near record low mortgage rates, lower unemployment and a drop in foreclosures means there are more buyers interested in purchasing, and fewer available homes. That in turn has lifted home prices.

Wondering what’s in store for the housing market in 2013? Check out CNN’s 5 predictions for housing in 2013.

Austin Ranked #1 in Monthly Economic Rankings

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Image Credit: Austin Business Journal

This month Austin moves up on the On Numbers Economic Index due to its employment growth and its stable housing market. Austin has consistently been ranked #2 on this index for the last few months, but this month it pushed past Oklahoma City to earn the top spot.

According to the report:

  • The number of private-sector jobs in Austin has increased by 7.9 percent since late 2007, easily the fastest pace in America.
  • Unemployment rates are lower than 5.5 percent in only 12 metros. Austin’s rate is 5.3 percent.
  • The value of a typical Austin home has risen 4.2 percent in five years, the fourth-best increase in the nation.

Other Texas cities to rank in the top 20 are Houston (3) and Dallas-Ft Worth (14). For more information and the full article, visit http://goo.gl/U7j2L

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