Brad Hunter, Chief Economist for Metrostudy, recently talked with Bloomberg News about the state of the housing market. In that conversation, Hunter talks about how the recent uptick in the national housing market has led to low home vacancy rates and a shortage of lots for builders of new homes.
Austin Texas is no exception to this. In fact, the Austin home market has been growing much faster than the rest of nation due to a thriving economy bringing in a lot of jobs. Our population is rapidly growing and so our home supply – both new and resale – is rapidly shrinking. September of 2012 saw only 3.7 months of inventory which is 1.7 months less than September 2011 and the lowest inventory figure seen in Austin Texas in the last decade. The large population growth has also caused home rental prices in Austin Texas to skyrocket. The median price for a single family home in Austin is at $198,250, still in the affordable range for many people especially with today's historic low mortgage rates.
Low interest rates on mortgages, affordable home prices and high rental rates present a once in a lifetime opportunity to Austin home investors. The only catch? Homes are selling fast! The average Austin home is selling in 65 days and the best opportunities are selling even faster. To get the best deals, you have to check the market daily for new listings and move quickly when a good Austin home investment pops up.
If you are looking for an Austin home investment, then get in touch with us. We'll do all the hard work of finding the right home in the right location and helping you find the right financing. We even have an inventory of Austin Texas investment homes that aren't on the market. Many of us are home investors ourselves. We truly are the experts when it comes to investing in Austin Texas.