The real estate experience in Texas has significantly grown in the last year says a new report from the Texas Association of Realtors. The last year has been quite fruitful in terms of job growths, population and the economy overall. All these affected real estate in the state in an extremely positive manner. People are moving in to Austin from other cities because of the growing jobs and the quality of life and the fact that Texas has no State taxes.
The capital city of Austin seems to be on a roll for the last four years in terms of the housing industry. Although the city fell a little behind during the summer sales, the last quarter has been quite strong. Home sales have risen about five percent from October through December creating a new record in itself.
Austin housing market
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Sellers:
It looks like this financial year will also see the real estate market in Austin growing like it did last year. Austin has had a seller’s market for the past three years and it appears it is going to be just the same for some time now. There is not much competition for sellers but still a few qualified homebuyers are out there looking out for homes to purchase. The current market conditions tend towards buyers looking for well positioned homes that are well maintained and rightly priced. Buyers are eager to buy homes before the prices go up higher and interest rates are affordable. However, there are still a few buyers who are on the lookout for competitive rates and may like to wait till they receive the best offer a seller can give to them. It is still a seller’s market as long as the offer made is not unreasonable.
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Buyers:
Since it is a sellers’ market in Austin, Texas currently, buyers will have to be deft and grab an opportunity to buy when they can. They might have to keep their options open and keep their finances in place before proceeding with any of the buying process. The market has several interesting rates to offer and buyers need to be prudent enough to take advantage of these rates while these rates are still in the market. Spring may introduce some new housing projects into the market but chances are that these houses will be pricier. Buyers need to be cautious and not hurry into things but lock in a good rate when there is an offer on the table.
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Investors:
Those of you who are looking forward to flipping property for profit in this market may find it a little difficult with the market stabilizing over time. You may want to buy and hold the property till the time is right to sell or buy and renovate the property but hold it for the right time to sell. The rental market is looking quite strong with prospects of considerable growth in the prices of leasing rental apartments. As a result, properties that have long-term tenants have brighter prospects, although in the current market new finding new tenants is not going to be too difficult either.
