House hunters in Austin have a list of promising reasons to buy a home. The Austin real estate market was one of the hottest in the country in 2017, and this year, the market ranked second on the list of cities to watch in the US from Emerging Trends in Real Estate report’s forecast for 2018. A number of factors support Austin’s growing real estate market. Whether you’ve lived in Texas you’re entire life or you’re consider a move, here are the top reasons to buy a house in Austin.
Austin has a thriving economy and strong employment outlook. Austin is a hot spot for large businesses and desirable careers, particularly in the technology sector. The city’s strong economy is one of the main elements boosting the real estate market. Job growth is predicted to reach 3.6 percent, nearly double that of the nation average of 1.9 percent. Austin’s unemployment rate sits at 3.4 percent – one percent better than February 2017 and lower than 4.9 percent, the national average.
A promising job growth and more businesses moving to the area mean Austin’s population is on the rise. Austin is one of the fastest growing cities in the country, supporting new construction projects and fueling a healthy real estate market as new buyers move to the area. The population is expected to grow roughly 2.8 percent over the next five years, creating an estimated 42,000 more residents in Austin by 2023.
This year is a great time for investment property owners to consider selling their Austin home. With a hot real estate market, buyers on the rise and job growth expected to continue over the coming year, investors are likely to get a top return on home for sale in Austin.
Supply and Demand
Homes in Austin are sold nearly twice as fast as the national average. With a swelling population and desirable jobs, the city has become a promise land for young professionals and growing families. Home values are strong and with sellers eager to close the deal, buyers can look forward to quick decisions and a smooth closing.
The high demand and low supply means now is the best time to buy an Austin home. A single-family home in Austin in February 2018 cost $377,000 on average, nearly $20,000 more than the same time last year. Home prices continue to rise, so buying now means you’ll take ownership of a property before prices hit their peak.
Rising Mortgage Rates
If the rising home prices alone don’t encourage you to make a fast move on an Austin home, the ever-climbing mortgage rates should push you to consider a mortgage now. Mortgage rates have seen a steady climb over the past few months and the average rate in the Austin market is around 4 percent. Realtor.com predicts mortgage rates will hit 6 percent by 2019 or 2020. Buying a home for sale in Austin now will help you save thousands in future costs.
If you’re looking for a city with a thriving economy and strong job market, place Austin at the top of your list. The Austin real estate market is predicted to see continued growth, so make your move to Austin now rather than later!