Austin Real Estate News

These are crazy economic times - leaving many reconsidering thoughts of buying Austin real estate. We’ve got good news for those of you on the fence: money is out there, and Austin is the place to buy.

It’s true that subprime Austin home loans are now nearly impossible to get and expensive when they are offered. In addition, banks are scrutinizing all loans these days to mitigate risk. That means even prime borrowers (people with good credit and an income and loan-to-value (LTV) ratio lenders like to see) will have to show more documentation on their income and appraised property value.  The good news is banks are still lending for Austin home purchases. In addition, rates appear to be coming down (at least in the short term according to some experts – rates are quite volatile overall). Today, a 30 year fixed rate mortgage for an Austin home purchase is around 6.35% and a conforming 5/1 ARM is at 6.06% (source: kxan.com). These are still historically low rates - in the 1980’s rates were in the double digits.

So you may just be able to get a loan after all, and the rate may look great but the question remains, should you buy an Austin home?  Here are a few reasons to buy:

1. Austin is ranked #1 by Forbes for Best Bang for the Buck.

2. Deals are out there!  The Austin Board of Realtors reported slight increases in the average sales price for the Austin area in July and August, but September saw a 3.2% sales price drop, indicating a good time to purchase an Austin home.

3. Austin is seeing job growth.  The Austin economy is faring well with a 2.4% job growth increase in August since the same time last year, and only a small rise in unemployment (up from 4.4% to 4.5%). Read more about Austin’s job growth on our recent blog post:  Austin Job Growth – 2nd Nationwide.

These are good reasons to buy, but if you are new to the area, you also need to know that Austin is simply a great city to call home. Ask around and you’ll find that the weather is sunny practically year round, we boast an affordable cost of living, the music scene is second to none, recreation opportunities abound, our workforce is well educated and highly skilled, and the city itself is vibrant and beautiful!

Ready to move? Give us a call at 512.600.1800 and we’ll help you find great Austin real estate today!

The #1 hits just keep coming for Austin, Texas.   Forbes.com recently ranked Austin #1 in it’s America’s ‘Best Bang for the Buck’ Cities list. Forbes analyzed the country’s forty largest metropolitan areas and calculated the ratios of a cities median homes prices and median income while factoring in cost of living and job growth using data from the US census, National Association of Realtors and Moody’s Economy.com.  Based on Forbes calculations, Austin ranked number one overall as the city where your money went the furthest.  Other Texas cities appearing on the list were #2 San Antonio, #4 Houston, and #7 Dallas. Loyal readers of the Austin Real Estate News Blog know we always report on these city rankings. Based on our rough estimate, Austin is also #1 for appearing on the most lists from best place to live, best place to start a business, and more great rankings.  Let Great Austin Properties help YOU get more bang for YOUR buck. Call us to see homes at 512-600-1800.

Today marks a new chapter in AustinHomeListings.com’s history.  Great Austin Properties, an Austin residential real estate company, created AustinHomeListings.com to provide users with the easiest to use Austin home search tool for finding properties and reviewing neighborhoods.  You’ve probably noticed that we’ve made some changes to the site today in terms of appearance and functionality. In addition to the new site look and feel, we are now asking all visitors to create a free personal profile in exchange for access to the listings data. By registering you will also benefit from the following free tools:

1. Favorites Folder - This tool allows you to save listings to your “Favorites Folder” so you can conveniently manage and view your favorite listings at any time.  When you find a listing that you would like to add to your Favorites Folder, click the “Add to Favorites” link in the Tools box. Once you’re logged in, you can manage your Favorites (add, remove, view, email, etc.) without having to reenter your login information. Additionally, you can recall your Favorite Listings from any page using the “Favorites” tab at the top of the page.

2. Search Saver - This tool allows you to save searches to your “SearchSaver” folder so you can conveniently manage and view your searches at any time and receive email notification when new listings that fit your search criteria become available. When you run a search that you would like to add to your “SearchSaver” click the tab located on the top of the page that says “Email me when new listings match this criteria”. Once you’re logged in, you can manage your “SearchSaver” (add, remove, view, email, etc.) without having to reenter your login information.  Once you run an initial search, you may opt to refine your search. This will narrow your search results to fit your new criteria, such as price range, minimum square footage and more. Anytime you receive search results, you will have the option to “Save This Search” and receive an email notification when new listings that fit your search become available.

Thank you for using Austin Homes Listings. If you have any questions or thoughts about our new data access policy, please feel free to call me direct at 512-600-1800 or post a comment below.  I’ll be happy to answer all your questions. Rest assured, Great Austin Properties will NEVER sell, rent or release your personal information outside of our company. For more information about our privacy policy, please visit Our Privacy Policy.

Sincerely,

Michael Reilly, Owner

Great Austin Properties, LLC