According to a recent Trulia study, Austin ranks #3 on the list of the markets to watch in 2016. While other hot markets cool off, our city’s potential is worth keeping an eye on. What does this mean for prospective buyers? Well, simply put: it’s time to get a move on the market before things get too hot.
In addition to our overall potential, there are many other reasons why now is the time to buy a home in Austin. Take a look.
The city is growing—rapidly
Move over Dallas and San Fran—Austin recently topped the Forbes list of America’s Fastest-Growing Cities 2016. This ranking only means that the buyer’s market is about to get even more competitive. If you’re looking to buy before things get too crazy, let us know. We can help you land the home of your dreams.
Rent prices are on the rise
Across the country, everyone is feeling the pressure of rising rent costs. According to this article, Austin is expecting a 5 percent price increase in 2016 for home rentals. The projected year-end average rental price could be upwards of $1,787 for a single-family home. To put this into perspective, $1,787 will barely get you a one-bedroom apartment (with no parking, no dining room, and limited closet space) in Los Angeles at this point in time. However, this is still more than what Austinites are used to seeing.
With this increase looming, buying a home is a great alternative.
The highest ranked school in the state
Sure, you don’t have to buy a home to be a part of the Austin City School District, but it’s always nice to own one that’s within the limits of the highest ranking school in Texas (plus, it’s great for resale and/or rental value). Let us know if you’re looking for property that is within the Liberal Arts & Science Academy school district. This school happens to be a block from our office, and is in one of the many areas we are intimately familiar with!
The job market is healthy (and techy)
Between the hospitality and tech industries, Austin is considered the fourth-best-performing city for job growth and retention. A big factor for the job growth is that our city is a magnet for tech talent—which, of course, is spurred on by the famed SXSW festival that is held here each year. On top of that Google, Facebook, Apple, Dell and many others all have offices within the city limits.
Ready to get started looking for an Austin home? Check out this article to see what Habitat Hunters buyers can expect from our team and process.