Bill Morris: Home ownership instead of apartment living?

Home ownership instead of apartment living?

Earlier today I posted an update on www.AustinMarketInfo.com about the interaction between home prices and availability and the rental market in the Austin area:

"The increasing affordability of homes will likely entice some renters to buy homes in the coming months ...."  More:  http://austin.bizjournals.com/austin/stories/2009/11/09/daily1.html

As I have commented previously, home values in the Austin area have generally not taken much of a hit during the downturn that has affected other parts of the country very dramatically.  (See www.AustinMarketDashboard.com.)  Nonetheless, housing affordability here is attractive relative to other cities (Housing Affordability Index of 1.56 in Austin vs. 1.33 U.S. average).

Austin remains a target for in-migration from other states.  Our great location and climate, the Austin lifestyle, one of the healthiest local economies in the United States, and continuing employment growth are attracting new residents, many of whom will buy homes.  Couple those natural growth factors with government incentives for homebuyers, and it will put pressure on apartment investor-owners over the next 12 to 18 months.  This should be a very good time to become a Central Texas homeowner.

Bill F. Morris, ABR, CRS, CDPE, e-PRO, MBA
RE/MAX Capital City
Call or Text:       512-785-3345
Toll-Free:           1-800-692-8784, x 162
Email:                 
bmorris@remax.net
Web:                   www.eHomesByMorris.com  

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Comment balloon 2 commentsBill Morris • November 10 2009 05:21PM

Comments

Bill, it is a fantatic time to buy, and I hope your Austin buyers reach this realization before all of the opportunities disappear.  Lower prices, great inventory, low mortgage prices, plus the buyer incentives available - it has never looked so good.

Posted by Kathryn Acciari, Brand Ambassador and Business Coach (Century 21 Real Estate) almost 10 years ago

Kathryn,

I completely agree that the time is right in most metros.  There is certainly some risk of a "double dip" market bottom, but for buyers that have been trying to "buy low" this looks like the time!

Posted by Bill Morris, ABR, CRS, CDPE, ePRO, MBA (RE/MAX Capital City) almost 10 years ago

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