Other Markets Hurting Austin
If you have followed the news or Austin real estate blogs like this one at all, you know that the Austin real estate market has cooled. With an annualized job growth of 3% and unemployment around 3.6%, you wouldn't expect a slow real estate market. What I have been seeing in addition to the sub-prime mess cutting lower-end buyers out is buyers who have not yet sold in other markets not buying yet. I have shown several prospective buyers lately who want to know what they can buy when they sell somewhere.
That takes me to a blog post Phoenix REALTOR®, Jay Thompson, wrote. Jay wrote that home sales in the Phoenix area were way up this April from a year before. According to Jay's post, 730 more homes sold this April compared to April, 2007. I would love to see that trend continue and I would love to see it extend to other markets. As other markets recover, buying in Austin should pick up.
Looks like it is time for me to check with agents in other markets that have been distressed.