Now is the Time to Buy!

Posted on Tuesday, February 12th, 2013 at 4:24am.

Austin real estateImpact News recently released updated projections regarding Austin’s population growth over the next ten, twenty and even thirty years. The news is what many of us have come to expect- Austin is projected to keep growing at a rapid rate. The City of Austin’s demographic information estimates that Austin’s total population is expected to increase from just over 820,000 in 2012 to nearly 1.1 million by 2030 and perhaps even as high as 1.28 million by 2045. So rapid is the projected growth that the city has hinted at the possibility of growing pains in three key areas:  Water and wastewater, Parks, and Housing. The City has done a great job of planning ahead to take care of the water and parks departments, but what does this mean for Austin homeowners and renters? As far as Austin real estate is concerned, the forecasted continuation of job growth in the city virtually guarantees that more and more people will continue to relocate here. In reaction to the steady flow of new Austinites, housing starts are continuing to increase, but not enough to keep up with demand. Therefore, rentals prices, whether apartments or homes, are rising quickly, which makes the option of owning a home in Austin a great alternative. But single family homes are and also in high demand, and will likely remain so for the foreseeable future. So what should you do if you are considering moving to Austin (or moving across town)? In short, you should buy a home here as quickly as possible, because demand for Austin housing will only continue to rise. Real estate, like everything else, has its seasons. At times it’s good to sell, others it’s good to wait until the market improves. With experts predicting that the city will continue to bring in more and more people, there’s no better time than now to buy a home in Austin- so don’t delay! If you’re considering buying a home here, Reilly Realtors would love to help you. Click here, if you’re ready to start your home search or contact us for more advice & information about Austin homes for sale.

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