Austin has been named as one of a handful of metropolitan areas still enjoying some real estate growth during the market crisis, and investment property growth appears to remain vibrant. 

    On October 30, Real Estate experts voiced their opinions at the annual Institute of Real Estate Management Forum, according to Shonda Novak and M.B. Taboada in the American-Statesman.  While the housing market has slowed down, job growth and low unemployment have helped to solidify Austin’s apartment market.

    According to Tim Hendricks, Senior VP in Austin for Cousins Properties Inc., Austin is expected to add about 23,000 new jobs next year, resulting in a need for millions of square feet of new office space.  With that projection, office rents and occupancies are expected to continue to increase.

    Increased population due to career opportunities brings increased retail needs.  Experts predict that retail growth will continue to occur, both in established retail spaces and new construction. 

    In one way or another, Austin remains a healthy financial community even as it weathers its version of the nation’s real estate woes.

The RealtyPro Team helps sellers, buyers, and investors with their residential real estate transactions all over the Greater Austin metropolitan area.  To search all currently available property listings, visit www.AustinRealtyPro.com/SearchAustinListings

    As fears continue over America’s rocky real estate market and mortgage crisis, some good news is on the horizon for our community.  According to a CNNMoney.com article by Paul Kaihla, a new study lists 10 metropolitan areas which seem to be shunning the market norms during this tumultuous time.  Of course, Austin made the list.
    The study, conducted by Business 2.0, working with Moody’s Economy.com, shows projections for Austin’s real estate growth potential over the next two years.  While most markets are expected to continue to decline for at least another year, the listed 10 are expected to see growth of 4-7%.
    High paying jobs, generally young and educated residents, and comparably low median house prices make Austin one of the premier places to live and work.  While San Francisco home prices have stagnated since 2005, Austin’s have enjoyed a 6% growth. 
    With the median home price still under $200,000, Austin has established itself as a real estate investor’s dream.  And with these new projections, those investors can also look forward to 4.7% growth by the end of 2009. 

The RealtyPro Team helps sellers, buyers, and investors with their residential real estate transactions all over the Greater Austin metropolitan area.  To search all currently available property listings, visit www.AustinRealtyPro.com/SearchAustinListings

 Tighter lending standards and general market slowdowns are changing the process of buying a home, but in ways that may surprise some buyers and sellers. 

 According to a Washington Post article (www.washingtonpost.com), lenders and appraisers are frequently determining home values higher than contract prices. Essentially, buyers are getting quite a deal on many of these homes, especially as properties sit unsold for a period, resulting in dropping prices. The valuation of a property is determined by comparable sales, comparable listings, statistical trends, special features, property locations, etc. For now, even as prices drop, the value of homes in many parts of the country remains steady.

 Everyone involved in the real estate market should remember that “more than half of the major housing markets in the country have yet to see prices drop,” according to a Money article (www.money.cnn.com). However, in slower markets patient buyers who are approved for a mortgage and have funds for a down payment may have their pick of available properties. There is less competition and better prices, generally, than during the recent housing boom. 

 The Money article also confirms that sellers need not despair. With some easy upgrades and a lot of patience, there is most likely a buyer out there for every property. Sellers may want to consider waiting to put their home on the market for a few months until the “panic phase of the mortgage crunch passes.” In the meantime, see http://blog.austinrealtypro.com/item/183868 for some great tips on making your home ready to sell in any market. 

The RealtyPro Team helps sellers, buyers, and investors with their residential real estate transactions all over the Greater Austin metropolitan area.  To search all currently available property listings, visit www.AustinRealtyPro.com/SearchAustinListings

 Although market conditions have declined this year, one recent survey finds that most existing home owners retain consumer confidence. According to Realty Times (www.realtytimes.com) the online broker Share Builder determined that 67% of responding home owners were “’just as confident’ in their ability to make mortgage payments.”

 Home owners are making their home a priority, choosing to decrease spending on travel (19%) and dining out (19%) rather than on their house. 28% of home owners surveyed plan to increase spending on home improvements. In fact, the market for such home improvements continues to grow, though the growth is not as strong as in past years, according to an American Institute of Architects survey. 

 The market conditions, according to AIA Chief Economist Kermit Baker, have been showing declines generally. However, he also confirms that the custom and luxury markets have stabilized somewhat, and remodeling spending remains strong compared to the building market.

The RealtyPro Team helps sellers, buyers, and investors with their residential real estate transactions all over the Greater Austin metropolitan area.  To search all currently available property listings, visit www.AustinRealtyPro.com/SearchAustinListings

    According to the Washington Post (www.washingtonpost.com), the newest amenity to hit the luxury home market is the wine cellar. The average cellar holds about 1,000 bottles of the good stuff, but increasing demand means some home owners and builders are building bigger and better cellars, sometimes for upwards of $100,000. 

    Baby boomers are entering retirement and many have been collecting bottles for years, so much of the demand comes from them. However, the younger sets who can afford upscale homes (4,000+ square feet) want to outfit those properties with all the amenities possible.

    Even in the shaky real estate market, home owners are continuing to build these high-end improvements, partially with the belief that the cellar will ultimately increase the value of their home. Cheers!

The RealtyPro Team helps sellers, buyers, and investors with their residential real estate transactions all over the Greater Austin metropolitan area.  To search all currently available property listings, visit www.AustinRealtyPro.com/SearchAustinListings