When considering buying a home in Austin, Texas, it’s easy to wonder if your great opportunity has been missed. Be you first home buyer or have purchased many homes during your life, you do not want to overpay and end up getting a mortgage in excess of the value of the property. And this happens – in some cities. However, Austin is unique for many reasons. Here’s why you can still enter the Austin housing market, value values and all that.
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One of the best places to live
US News & World Report recently ranked Austin as one of the best US cities to live in. Using a combination of economic and social data, the publication compiled a ranking of US cities to determine the quality of life, and it was Austin’s quality of life assessment that brought him to the top of the ranking.
It’s no secret that Austin is a haven for outdoor enthusiasts, music lovers, foodies and educated millennials. And the factors that influence Austin’s quality of life scores won’t go away anytime soon.
Yes, according to the Austin Council of Realtors, the overall attractiveness of buying a home in Austin is influenced by prices, which have recently risen 3.5% per month (42% over the past year). But what sets Austin apart is that he has no end in sight. Buy a home today and you will probably start to appreciate values.
One of the best places to start a business
Last year, Inc. magazine named Austin the best place in the USA to start a business. Austin is not only one of the most educated cities in the United States, but also has a large population, aged 18 to 44, who are motivated and ready to go. Also, since there is no state income tax in Texas, owners end up with extra cash in their bank accounts who can go back to building their business.
It doesn’t matter if you plan to own a business or not. The fact that Austin is such a lure for business owners increases the likelihood that property values will continue to rise.
One of the best places for a family
Austin has it all when it comes to raising a family: good schools, lots of outdoor areas, culture and great food. And if you’re not planning on starting a family, the fact that Austin is attractive to those with children is still good news for the value of whatever property you purchase.
Most popular city for migration
Austin had a higher net migration rate in 2020 than any other US city, according to LinkedIn. This means more people are moving to the city than anywhere else. Plus, many new residents come from Silicon Valley, where home prices are easily tripled. These are the types of buyers who are likely to continue to add value to their homes.
The most popular city for foreign investors
An annual survey by the Foreign Real Estate Investors Association found that nearly one in four respondents rated Austin as the leading US market. Last year, the city took 10th place. Moreover, it was the first time that a small urban area was included in the top three cities of interest to investors. Simply put, Austin is also hot with foreigners.
Gratitude is nothing new
The rise in home prices in Austin is nothing new. A NeighborhoodScout study shows that Austin real estate has risen more than 102% over the past decade, resulting in Austin homes gaining 7.28% on average. This places the city in the top 10% of the nation by rating, and it retains mortgage lenders busy.
Austin is truly unique. But despite all the evidence that Austin real estate represents a sound financial bet, buying decisions should be based on whether the new home fits into your home. monthly budget and how much you want to live in one of the most attractive cities in the country.