Texas real estate has been booming, and Austin has felt that explosion quite clearly. Home prices are rising, sales are increasing every month, and total home purchases have continued on an upward path. All in all, Austin is feeling great about its housing.
According to Realty Austin’s 2016 statistics, the total dollar volume of single-family properties sold increased 15.6% since 2015. Excitingly, the average price of a single-family property also increased by 6.8% since last year! The number of single-family homes sold also increased by a whopping ten percent over the course of 2016. Rising interest rates, it seems, are encouraging more home buying.
Fortune Builders found that appreciation in Austin housing has risen far faster than in most areas of the country. For instance, “Homes purchased in the Austin, TX housing market nine years ago have appreciated, on average, by $125,729. The national average was $31,126 over the same period.” Due to Austin’s super-low unemployment rate (compared to the national average), investors and homeowners alike are finding themselves in favorable conditions.
So, what should you do?
First, if you haven’t already, start investing in local real estate. Prices are only expected to continue growing over the course of the next year, which means that your future projects could be incredibly lucrative.
If you have already started, make sure that you’re keeping up with local and regional growth in terms of geographical and economical data. Plan ahead and invest in particularly profitable market areas.
Second, if you’re a homeowner or investor, decide when the best time would be to sell. Based on current market analysis, Austin real estate is only expected to grow. However, recent data also shows that houses are beginning to take a few days longer, on average, to sell than they did in 2015. If you want to sell faster, recency is in your favor. If not, you might consider the growth potential of your neighborhood.
Keep in mind that the real estate boom is helpful for sellers most of all. Austin property sales are steadily increasing, prices are increasing, and investment is advantageous. If you’re looking to sell, the market is definitely in your favor.
Make sure, however, that you always look for regional and local data before making any big decisions. Any reliance on this information is at your own risk. The market is booming, and it’s time to take advantage!
Ready to invest in Austin real estate? Give us a call at 512-897-0009.