Is this a good time to buy a house in Austin, Tx. or should I wait a year?

Question

not sure which way the housing market is going....will it be more or less expensive to buy (the same) house in this area?

Answer 1

Best Answer - Chosen by Asker

Austin (my hometown, btw) is still growing by leaps & bounds... we're not anywhere near capacity yet and being a regular Money Magazine "Best Places To Live" means our growth is expected to continue for quite some time.

While any decision to buy is neighborhood/subdivision dependent, and highly personal to boot, if you plan on being in the greater Austin metropolitan area for three or more years, it'd be silly to not get a foothold in the real estate market ASAP.

Buy now... homes are appreciating between 4%-10% per YEAR and it doesn't make financial sense to continue renting for another year.

Hope this helps,
    TX Griff

Asker's Rating:

Asker's Comment:

Thanks....i will start looking now

Answer 2

Of course it's all just going to be speculation, but like the other person said, Austin has been growing immensely the past 5 or so years, and doesn't really show much sign of slowing down. Most real estate agents are saying "buy now", as prices keep going up and up, especially as you get closer to downtown, but real estate agents always say "buy now". It's anyone's guess how long it will last, but for me personally, I just bought a house in the city in pretty much the last area that I could afford (East Austin), and it was nearly impossible to even get that one because demand is so high. It might take a while to find the right house for you (or the right house for you that doesn't already have 2 other bids on it), so it probably wouldn't be a bad idea to start looking now, then when something you like does come along, you can pounce.