Why Now is Still the Best Time to Buy a Home in Austin

Why Now is Still the Best Time to Buy a Home in Austin

Are you considering buying a house or an investment property in Austin? As the second fastest growing city in the US, Austin is considered a highly desirable city for its upscale shopping districts, excellent restaurants, and outdoor attractions. In addition, more businesses are being developed to support the fast-growing economy. Read on for more reasons why you should consider buying a home in Austin today!

1. Austin real estate market

Austin is now experiencing a balanced market, which is characterized by rising inventory, less demand, and stabilizing prices. The median price for homes for sale in Austin is $599,519, which represents a 9% increase since January 2022. Despite the change in prices for homes in and near Austin, it is still a great time to purchase a home. Many seeking to buy a luxury home in a suburban neighborhood outside Austin might find that now is opportune with less competition and fewer bidding wars. For example, many are taking advantage of the current climate to buy houses for sale in Spanish Oaks, where they can find luxury estates with spectacular views.

Buyers will find that they can make more reasonable offers now than they would be able to if it were a seller’s market. Many sellers, in turn, have begun accepting offers under the listed price. Specifically, nearly 70% of homes sold within the past month were under the asking price. While prices are steady and there is less competition, you will most likely have more negotiation power when purchasing Austin real estate.

2. Why you should buy a home in Austin now

With the real estate market shifting and becoming less competitive, it is an excellent time to consider buying a property in Austin. The thriving economy and growing job market make Austin a good place for young professionals seeking illustrious careers or families looking for bigger homes closer to many sought-after amenities.

Thriving economy

In the spring of 2022, Austin was named the number one real estate market for substantial growth and stability. Austin’s economy is increasing because of several factors. For one, there is the emergence of tech companies such as Apple and Tesla. Other industries such as manufacturing, education, and health services continue to thrive and add more jobs, which offers the perfect climate for the population to grow exponentially. Austin has added more jobs at more than 5% annually – which is higher than the national rate. In addition, the unemployment rate is just under 3%. With a blossoming job force, Austin will continue to attract many people to the area.

Cultural and outdoor attractions

Another reason why many people are coming to Austin is the city's amenities. From strolling down the highly-regarded 2nd Street District to visiting many artsy galleries, there is much to do in this flourishing city. Residents can go to the luxurious Milk & Honey Spa for a complete body treatment to relax with natural ingredients. Furthermore, you can visit McKinney Falls State Park to view the beautiful waterfalls cascading into pools or hike the many walking trails through the woods. With many cultural and outdoor things to do, many simply love living in Austin!

Top-rated schools

As for families with children, Austin's schools are considered excellent. There are a variety of school districts, many of which have received A ratings for high academic performance, college preparation, and stellar teachers. With a diverse selection of high-quality schools, there is one that is likely to fit your child’s needs. At many of these schools, your child can receive a world-class education that will prepare them for college and beyond!

Exceptional neighborhoods

Whether you wish to live close to the thriving downtown area or in a tight-knit suburban community, there are many options. Consider the exclusive Barton Creek community, which offers many gated neighborhoods close to excellent private schools, fine-dining restaurants, and downtown Austin. Many Barton Creek houses for sale are expansive, with impressive lots and sought-after amenities, such as swimming pools, spas, outdoor kitchens, and fire pits. If you wish to live close to hiking trails and with beautiful hill country views, then you might want to consider the secluded and gated Spanish Oaks neighborhood. Located along the tranquil Lake Travis are impressive stately mansions close to many walking trails and the prestigious Spanish Oaks Golf Club. Homes for sale in Spanish Oaks offer many more options for socializing and engaging in outdoor pursuits. There are a variety of homes and neighborhoods that can satisfy many lifestyles!

Increasing home values

Thanks to the thriving economy and job growth, Austin homes are an excellent investment. Since 2000, homes in Austin have appreciated by more than 300%, rising nearly 7% per year. If this rate continues, you can expect most Austin homes to appreciate. When purchasing Austin homes, it is always a great idea to do some local research. Consider visiting the local city hall to find out the plans for developments. New constructions such as schools, shopping areas, and office buildings can increase the home's value. By knowing what future developments are planned, you can expect your Austin home to continue to appreciate!

3. Consult an award-winning top real estate agent in Austin!

The real estate market is known for being volatile. Sometimes it can be hard to determine the best time to buy a home. That is why you need to work with an expert team of realtors. By working with an award-winning real estate agent local to the area, you can receive expert guidance on everything from neighborhood insights to the real estate market. From the initial consultation to the signing of the papers, your award-winning real estate agent can help you find a dream home in Austin that aligns with all your must-haves and non-negotiables!

Want to buy a home in Austin? Then, you need to schedule a consultation with the expert team of realtors at the Kathryn Scarborough Real Estate Group. As the #1 real estate agent in the Austin area, Kathryn can help you buy a new home while delivering world-class service, undivided attention and care, and extensive localized insights.

*Header photo courtesy of Kathryn Scarborough Group

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Kathryn knows Austin and specializes in sales and marketing of the finest waterfront and luxury estate homes, premiere golf course communities, central Austin, and downtown high-rise living. No job is too small and no task is unattainable. Contact us to achieve the impossible!