Austin Real Estate Market
published on January 4, 2008
The headline of the business page today shows Austin new home starts at their lowest since 2004 with the market down 20% in the 4th quarter. For some this might bring fear and dismay at how one of the fastest growing cities in the country could be showing continued weakness in the real estate market. To those looking forward to better days to come, this is actually good news! It sounds elementary, but the truth is that the less new home inventory on the market the better our resales will hold their value over the long term. It looks like painful lessons from the past and the lack of tollerance from shareholders has motivated homebuilders to pull back as far as necessary to keep profitable (or at least we hope so). Keeping inventory at a managable level is key to stabalizing the real estate market so learning that builders are practicing responsible growth is good news. In the short term if you are looking to purchase a newly constructed home this is an excellent time to keep your eye open for homebuilders offering discounts on invetory homes. When we look back in 2009, this may just end up having been the best time to buy.
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