Thinking of buying real estate in Austin, Texas? If so, sooner
would be better than later. Prices in Austin continue to rise,
and there's no sign that they will level off any time soon.
Why is Austin real estate becoming such a hot commodity? Fist,
consider the city itself:
Austin, Texas is a great place to buy a home. The weather is
relatively mild. There's plenty of history and culture. A series
of highway-improvement projects will soon make commuting a
breeze. And, of course, there's the music -- Austin has been
dubbed the "Live Music Capital" of America.
But if you're thinking of moving to Austin to buy a home -- or
if you currently rent in Austin and wish to purchase your first
home -- you should move quickly. Prices are rising, and they
will likely continue to rise in the foreseeable future.
You can blame it on supply and demand. Sure, a lot of new
residential areas are being developed. But the land prices are
going up, which means the houses that sit on the land will also
increase in price.
On top of that, the influx of new Austinites is outpacing the
supply of houses. In a recent article in the Austin Business
Journal, John Doyle, director of land acquisitions for KB Homes
in Austin, cited the influx factor as a key reason for the
steady increase in land prices. Doyle also noted the high volume
of Californians flocking to the Austin area.
To find out why so many Californians are moving to Austin, just
do the math. Homes are much more affordable in Austin than in
most parts of California. A $200,000 home in Round Rock (a
suburban city north of Austin) might go for as much as $700,000
in San Diego.
Add in the fact that the climates and cultures are somewhat
similar, and you've got the makings for a continued immigration
of former Californians. The result? Continued increases in land
and housing prices.
And that, of course, affects anyone thinking of moving to Austin
-- whether they're coming from San Diego, California or Fargo,
North Dakota.
* Copyright 2006, Brandon Cornett. You may republish this
article in its entirety, provided you leave the byline, author's
note and website hyperlink intact.
About the author:
Brandon Cornett is the editor of HomeBuyingInstitute.com, one of
the Internet's largest and most respected libraries of
home buying
information -- more than 100 expert articles in 12 different
home buying categories! Put this knowledge to use by visiting
http://www.HomeBuyingIn
stitute.com.
