NOW is an IDEAL time to buy a home in Austin, Texas

Now is REALLY the ideal time to buy a home.  I know this is not what you are hearing on the  news or reading in the paper, or it may sound like a cliché, but it is true all the same.   Why is this true; because the Austin housing market is chock full of opportunities.

1. Rates are Historically Low -  This statement cannot be overvalued.  Low interest rates reduce your monthly mortgage payments for the term of your loan.  Savings over time can be in the 10s of thousands on a 30 year mortgage.  Alternatively, it can increase your purchase power by allowing you to buy more house due to the savings in mortgage interest.  This is an opportunity that will not last as the national economy improves and mortgage interest rates rise.

2. The Price is Right – Prices are suppressed. While the bottom of any market cannot be found until it is gone, we are no longer seeing a decline in housing prices over the previous year.  This means that you as a buyer can feel confident you are getting a good deal and not feel anxious over any loss in value.   You should take full advantage of a market that is poised to grow and gain equity.

3. Choices, Choices, Choices - The resale home inventory right now is plentiful.  This means as a buyer you have many more options than usual.   This larger selection of homes allows you to determine the best home that meets your family’s needs.  You have the ability to be more selective.  In addition, the increase in competition generally makes sellers more conciliatory in negotiations to pre-approved buyers.

4. Economic Growth – Presently Austin’s economy is ahead of the recovery curve.  Our local economy is often cited as the best in the country.  Austin’s job growth is 2.3% year to date for 2010; that means that more than 2,500 new jobs were created in the first 9 months of 2010.  Our unemployment rate is 3% less than the national average. Austin’s economy is out performing other cities and the future is even brighter.

The current market conditions add up to savings and investment opportunities that rarely come together. You can invest now while the market is beginning to recover, and in turn, reap the recovery gains over the next few years.  This opportunity is available to all those who are willing to see beyond the national press and look locally for the best deals.  Remember, you wouldn’t wake up and turn on CNN to get a weather update to determine how to dress for the day, you would turn on the local news to find out how to dress appropriately.