Tough Austin Rental Market Could Spur Home Sales | Agent Aaron, 512-845-4204 | Austin TX MLS
I read a story a few days ago about the low rental vacancy rates spurring construction of new apartment complexes in and around Austin TX, and was a little surprised. Rents have been climbing a little lately, but not enough for me to be suspicious that the vacancy rates on the major apartment complexes in Austin TX and the surrounding Central Texas markets could be that low.
So I did some research on our apartment listing service and found that it was true: many complexes are well over 90% occupied, and a few had waiting lists.
I am not sure what this means for short-term home sales in and around Austin TX, but many Hill Country cities, specifically Kyle TX, Buda TX, and Hutto TX have a lot of what I would consider bargain-priced homes. And, according to a news story in April's Fortune magazine, the country has a severe shortage of completed new construction homes right now. This story features quotes from a Dripping Springs TX-based data expert. Allegedly, builders will be ill-equipped to handle the major turnaround that's just around the corner.
Since I am in real estate, I welcome these events as potentially great news for the market. And there seems to be a lot of pent-up demand from home-buyers who have been sitting on the sidelines, waiting for the market to send clearer signals that this is indeed a good time to buy a home in and around Austin TX.
But I am a pragmatist and realist, and I am still a bit skeptical on the short-term improvements to our home-selling market. There are a lot more people looking at homes right now, I can attest to that. But the loan process is still frustrating many, and other clients are still not impressed with the "deals" that are the reality of the current market.
And it seems like every time there is some good news about the economy — such as jobs finally being added — there is a counter-point of potentially bad news, like another bank failing. So what does all this seemingly conflicting information mean to the immediate housing market in and around Austin TX?
My guess is the bottom is falling out on prices, and the current mortgage rates are about as low as we can expect them to get. So, if you are sitting on the fence, wanting to buy a home but afraid to make the move, I honestly don't think the timing could be better than right now — assuming you have good credit, a stable job history for the past couple of years, and haven't missed any payments for the past year or more.
If you would like some honest answers, or just want to chat about the market in and around Austin TX Hill Country, please give me — Agent Aaron — a call at 512-845-4204. Who knows? Maybe we'll hit it off and we will want to work together. If so, great! If not, I promise I won't be offended. =)