The ever increasing traffic problems and long lines at favorite local hot spots can put a damper on any Austinite’s mood. However, though hard to see, there are some actual BENEFITS to the population surge.
In fact, the recent Austin real estate boom could have many Austin residents changing their tune completely. According to KXAN, Austin is now number one in the country for fast home sales. Recent studies report 40% of Austin homes now sell within 7-10 days at an average of $60,000 more than other big Texas cities like Dallas, Houston, and San Antonio.
For homeowners, this is more than amazing news. There has never been a better time to put your beloved home on the market!
Population Increases Demand
It’s simple math. With an average of 110 people moving to Austin every day, it’s only natural the real estate market would also benefit. As of April 2014, Austin’s population totaled more 865,000. The entire metro area reached nearly 2 million.
Think about how many of those people need homes? No wonder Austin homes are selling like hot cakes. The demand is extraordinary.
Strong, Steady Market Here To Stay
Whether residents want to admit it or not, the growth is here to stay and will continue. Why not embrace it? After all, it is the main contributor to the strong, steady housing marketing real estate professionals and Austin homeowners have come to enjoy over the last couple of years.
In fact, many realtors claim the market will stay reliable and strong as long as interest rates and housing inventory remains low. Add the booming Austin economy, the ample job market, low rental rates (compared to other popular US cities), and overall cheaper cost of living and you’ve got yourself the perfect equation.
Should I Think About Selling?
With so many homeowners taking advantage of the current situation, you may start feeling the pressure to put your home up for sale. It’s well maintained, renovated, and in a prime location. Just think: selling your home could finally be the financial break you’ve been waiting for!
Not so fast. Experts suggest not jumping the gun so quickly – no matter how good the market is. Yes, there are definitely small fortunes to be made, but as a homeowner, it always proves beneficial to err on the side of caution.
For example, it is always in your best interest to do your own research before seeking outside assistance. Checking things like the prices of homes sold in your area or homes similar to yours for the past 30 days could supply you with a tremendous amount of insight considering the everchanging nature of Austin’s current housing market.
Not to mention, the population growth has made many previously undesirable locations now desirable. If they can’t live downtown or within the confines of the exclusive 78704, chances are they’ll settle for locations that are close by. In fact, some transplants are so desperate to move to Austin that they’ll even settle for locations outside the city limits just to finally become a resident!
You’ll find obtaining this information (along with any other tidbits that you feel could make your home sell for above asking price) will result in a much more productive and hands-on meeting with your appraiser and help you ultimately decide on your next steps going forward.
On the other hand, your findings may take you in the completely opposite direction. Waiting to sell may prove to be the better option. If this is the case, property management companies suggest exploring the idea of renting your home instead. In doing so, you can still reap the benefits of the population boom but not have to officially part with your cherished home.
What are you waiting for? It’s time to stop complaining about the population surge and start taking advantage of it! The odds have never been so much in your favor. Just remember to use caution, perform your own research, and take guidance from real estate professionals to ensure the most satisfying and lucrative plan of action.