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.
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