Moving to Austin
If you're thinking about buying a home in Austin and wondering if it's a good idea, we're going to get right to the point. Yes! Buying a home in Austin is a wonderful idea. As a matter of fact, several organizations have named it the top place to buy a home in Texas and one of the best places in the United States. Here are some reasons why this is such a good investment right now:
Over the last two decades, Austin has nearly doubled its population By 2050, the population of the metropolitan area is expected to double again. That means the city's growth spurt isn't going to slow down anytime soon. Big tech companies are moving in providing jobs galore, and Austin is a small business-friendly city too, so many people are coming here to create startups and even more jobs. With such a forecast for growth, it's important to buy a house sooner rather than later. Inventory is already low in the city. Get it now while you still can.
There's been a lot of talk about recession lately, and many economists predict there will be more of that in the next year. Many people may balk at buying a home during an economic downturn, but Austin may be the exception to the rule. The city is often deemed "recession-proof," which means that even if a recession hits, it probably won't have a huge impact on the local economy. A low unemployment rate, a strong housing market, low need for social assistance, great schools, and the number of people who come to Austin from other cities and states, be it for college or just to enjoy a vacation, all play a role in this prediction.
Earlier this year, SmartAsset deemed the Austin real estate market the top housing market for growth and stability. According to the site, "Home prices increased nearly 368% from 1997 through the end of 2021, the highest increase among all 400 metro areas in our study. Meanwhile, there was a 0% chance that a home would suffer a 5% drop in price within 10 years of being purchased." Experts point to economic growth and job creation as the two main reasons why the housing market remains so stable while others across the nation are starting to slow down.
Jobs and the economy aside, Austin is making a lot of "best of" lists lately. Several educational sites have labeled it one of the best places to raise a family, thanks to the highly-rated schools and districts located here. LinkedIn named it the city with the most migration. It's been especially attractive to people from New York, Los Angeles, and the Bay Area. Again, it's also considered one of the best places to start a business too.
Renting can be cheaper than owning a home in Austin, but the price of rent is rising and can be just as much if not more as a mortgage. If you wait to invest in a home, those prices are likely to rise, as will interest rates. The moment you invest in a home in Austin, you have equity in something, which gives it the edge over renting.
Austin is still largely a sellers' market with something of an inventory shortage, and it doesn't show many signs of slowing down. It's one of the only cities in the country that has fully recovered from the Great Recession, and while you may be tempted to think it's currently in a housing bubble, it's not. The consistency of growth the city has shown and will continue to show prove otherwise.
If you're ready to buy a home in Austin or still undecided about making that big investment, talking to a trusted realtor who knows the local market can help. Contact me, realtor Heather Burke, at (512) 434-9004 or [email protected] today to get started.
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Heather is well aware of how challenging a move to a new city can be and enjoys helping new residents get established and find their happy place in Austin. Contact Heather today!