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Three reasons why now is a great time to buy real estate in Austin.
If you’re considering buying a home in Austin, you might be wondering if now is the right time to do so. The answer is a resounding yes, and I’ll explain why. The Austin real estate market saw a significant change in 2022, moving from a competitive seller’s market to a more favorable environment for buyers. This shift presents a unique opportunity for those looking to purchase a home in Austin, and there are three reasons why:
1. Low interest rates. One of the biggest reasons to buy now is the current state of interest rates. After a period of them being low, rates increased recently and created concern among many potential buyers. However, they have stabilized and are now at their lowest since September. This presents a prime opportunity for buyers, as every time interest rates increase by 1%, you lose 12% of your purchasing power.
2. Increasing property values. Despite a slowdown in the past year, the median sales price in the Austin area hit a record high of $503,000, an 11% increase from the previous year. This indicates that property values are still rising in Austin and that now is a good time to buy in order to take advantage of future increases. By purchasing now, you can start building equity in your home.
3. Increased inventory. While housing demand in the Austin metro area still outstrips supply, the number of homes on the market has increased, giving buyers more options to choose from and less competition. This means that sellers are more willing to give concessions, such as paying for closing costs, making repairs, and even accepting lower-than-list-price offers.
If you’re ready to take the next step, reach out to me by phone or email, and I’ll be happy to guide you through the process.
