Forbes has been compiling data since the real estate debacle of modern times begun a few years ago. Their most recent study is of several metro areas with relatively low unemployment rates from 2007-2009. Their reason: to determine which major US cities are poised to not only survive, but recover the fastest from the housing recession. The results: Austin has tied Washington DC for the #1 spot on the list of cities that seem to be surviving the recession.
In this two-year time frame, the number of jobs in Austin rose by .98% with the job-growth expectancy of 8.09% growth over the next three years.
As for housing, other states in the country saw a run-up in home prices that led to a “bubble burst” effect that Texas did not have. There was not an excessive overbuilding in Texas, so the demand sustained. Texas also did not have a statistically-significant amount of ARM mortgages, although we did have a fair share of Alt-A mortgages.
As a professional in the real estate business, I firmly believe that Forbes is right on target. I have seen the demand of Austin real estate for residential buyers dramatically increase, and I have also experienced a similar increase in areas surrounding Austin like Bastrop.
We truly believe that now is the best time to buy a new Austin home. We think that interest rates are only going to go higher, and that even if the tax credits get extended, that the overall cost-to-purchase makes now THE time to buy and become a homeowner. If you’re curious about what’s out there, we have a great site to use if you’re interested in checking out Austin homes for sale.
All that being said: what do you, the buying and selling public, think about Austin and the recession?