The annual spring and summer upswing in Austin real estate is already underway, so if you plan to relocate to the Travis County area sooner, it’s time to get in line. There are lots of people buying at this time of year and many other positive signs for the market as well. That means home inventories could get snapped up quickly, causing a price increase for whatever’s left.
Simply put, there may be no better time to move to Austin than right now.
The Austin real estate market stayed strong through the recent fall and winter, and the numbers from January are very positive too. All indications are that this year will be the best in the region for home sales since the downturn began in 2006. Before this busy season gets too far along, however, let’s pause for a moment and take a look back at what’s been happening with the Austin housing and job market. We also have some predictions for what’s to come.
More than 65,000 people moved to Austin in 2012. Our healthy and active job market takes credit for much of that migration. Unemployment numbers remain at only about 5 percent. In fact, more than 26,000 new jobs — mostly in healthcare and education — were added to the job base last year.
In addition, big and established companies like General Motors and Apple have announced plans to bring even more jobs to Travis County in the coming months. Austin voters took a positive step, too, when they invested in their infrastructure and at the same time created jobs by voting in favor of a new University of Texas Medical Branch campus.
These and other positive signs meant big growth for the real estate market in 2012. New home construction and available housing inventories are now playing catch up to keep on pace with the strong demand for homes in Austin.
But what does all this mean for the rest of 2013?
Experts expect that more than 16,000 new housing opportunities will be added to Austin this year, and about 30,000 jobs are coming to the city too. Apple’s new facility in Austin will add at least 10,000 jobs, plus Samsung, Visa and other companies are expected to bring work as well.
Inventories are catching up with demand, but people continue to move to Austin. That surely means prices will rise through the summer and into the usually slower fall and winter months of 2013.
Last year set the stage for growth and started a positive trend that’s expected to continue through this year. Today, Austin’s real estate market is considerably stronger than it was at this time last year. That’s good for the industry, but it means the most attractive window of opportunity for moving to the city could be coming to a close.
If you want to buy a home in Austin, now’s the time to do it. We recommend you start on the pathway to purchasing your Austin home now — before prices rise any further. If you wait, you’ll pay more and perhaps have fewer homes from which to choose.
Contact us now if you’re ready to jump into the Austin housing market while the best deals are still available to you.