Housing Costs Reach All Time High

Housing Costs Reach All Time High

The Austin Board of Realtors announced in October that the housing costs in October had reached an all time high.  The question on everyone's mind is whether or not this is a bubble or is the trend likely to continue.  No one can say for sure, although many experts are expecting the market to level or even dip next year.  All I can tell you is that there are still over a hundred people moving to Ausin every day, and there is insufficient housing on the market to satisfy that demand.  We all know what limited supply and high demand means.  Prices soar.  My personal belief is that prices may level off over the next year.  But as more and more local Austinites are unable to afford to buy in their own town, being forced out of the market by out of town buyers, the market is likely to shift downward in the coming years.  With Austin being dubbed "the next Silicon Valley," and high tech companies coming into Austin for cheaper than Bay Area pricing, there will be a tug of war between locals not willing to pay high prices and out of towners who can easily afford more than the local price points having sold houses in distant states at twice the value of the median home price in Austin.  The tension is likely to cause a break in the economy and a downturn of prices.  When it happens only time will tell.  

To find the approximate value of your own home text frankvalue to 512-213-0377.

That is it for this week.  

Fank Minogue, J.D.. LL.M.


JP & Assoc REALTORS, Austin

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Phone: 512-806-6005
Dated: November 4th 2015
Views: 607
About Yolanda: Let someone who knows the beauty of Central Texas show you all the reasons you would want to buy in ...

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