One of the many reasons I like working at RE/MAX 1 is that they help their agents stay on top of the market through informational course offerings and many guest speakers throughout the year.
This week, we were presented Dave Tandy’s annual 2019 Austin Market Update. Dave Tandy is the President of Texas National Title (TNT) and a local real estate industry veteran.
The national headlines from mainstream media can paint a different picture than what is actually happening locally. Also, there are analysts out there and guru’s who want to be able to say they predicted the next correction so opinions can vary wildly. The reality is that the market is cyclical and it goes up and it goes down. And we are now at the tail end of one of the longest expansion periods in American economic history. So what’s next?
The good news for Austin is that we have an incredibly strong job market and major companies are relocating here building massive offices and leasing out some of Austin’s most expensive commerical office spaces. We’ve had a housing shortage for several years trying to keep up with this demand. At this point, we are closing in on the shortage gap, but the spring/summer market is just around the corner and there are numerous recent announcements of major employers coming to Austin.
Some headlines include Apple’s new campus at SH45 and Parmer Lane, Google’s leasing of a 7 story office space downtown. A new Domain-like development coming to Round Rock at I35 and SH 45 and another such development coming to Cedar Park at 1431 and Sam Bass. The new Kalahari Water Park and Convention Center will open next year across from Dell Diamond in Round Rock.
Affordability is the major road block in our housing market. At some point rising home prices and property taxes will outpace wage increases. There are tons of apartments being built all over Austin the metro to keep up with the housing demand. But many moving to the area, may not be able to purchase a home at some point and may be renting, whether they like it or not. The good news is that the newer apartments being built are pretty luxurious and offer nice amenities.
Overall for 2019, the Austin metro area is looking like a good place to be if you are looking for a job. Home buyers may see a tight market in Spring and Summer with likely multiple offers. So if you are serious about buying, let’s meet and get you in a good position to get your offer accepted. If you are thinking abut selling, don’t give away your money to discount brokers promising an “easy and fast sale”, let’s get you the most money possible. What’s Your Home Really Worth?
To get a copy of Dave Tandy’s Full 2019 Market Update Presentation, Contact Me.