Think about it. When homes are built and sold, or simply when houses are bought and sold, there are many people "working" behind the scenes to make it all happen. And people working equates to a stronger economy.
Austin is a prime example of a market, even during the nation's economic downturn, that has remained stable, flat at worst. And leading economists are saying, "flat is the new up."
Markets like Las Vegas, Phoenix, and Riverside/San Bernadino and other California cities and counties, would love to be flat.
What factors contributed to the stability of Central Texas during the downtown?
•Stricter home equity lending laws in Texas than other states.
•A diverse local economy.
•Continued job and population growth (see my previous post on this specifically)
•More plentiful supply of land and lots
Also, Texas has a different mind-set towards home ownership. Traditionally, Texans do not look at residential real estate like a stock commodity or something to trade quickly. As a state, Texas was founded on the rights of the homeowner and purchases are made by decisions of where a resident wants to raise a family or retire or lay down roots.
This is not just a nice sentiment, but is reality. I advise my buyer clients to "buy what you like, buy where you want to live" in Austin. The end result is pretty positive.
For more Austin real estate information, whether buying or selling, I am here to assist you: Jenny Rosas, rosasjen@earthlink.net, 512-568-0483
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