Most of you have read and heard information that the residential real estate market has recently taken a precarious turn downward.
I believe that most of the hesitation we are seeing in the market is a result of the barrage of headlines about the national real estate market and the fall-out from the sub-prime lending market. While these events may marginally affect Austin, the bottomline is that its still a great time to buy real estate in Austin Texas.
Austin is:
· Is ranked by Business Week as having the most affordable housing of any metro area in the nation
· Is in the top 10 markets nationally for job growth and actually has the healthiest job market in the last 6 years
· Has a foreclosure rate that has actually fallen since last year
· Is expected to double in population in the next 20 years
· Has never seen the dramatic rise in prices that has troubled many markets around the country
· Is absolutely the coolest place to live in the country
· Has absolutely NO fundamental problems in the real estate market
· Has a great selection of homes to choose from, making this a great time to buy-it's like having a clearance sale!
If you or someone you know is in the market to buy or sell a house, please call Lori Wakefield at 512.657.4455 - I look forward to hearing from you!
Monday, October 1, 2007
TOP STORY: Gary Keller: The only market that matters is yours!
Last week on the Today Show, during a segment on the national real estate market, CNBC’s Jim Kramer uncompromisingly stated, “now is the absolute worst time to buy!”
Concerned that remarks such as these from so-called experts might be pushing potential buyers to the sidelines?
Here’s what Gary Keller, co-founder and chairman of Keller Williams Realty has to say about waiting out the current market:
First, residential real estate is not a national market product — it is a local one. To say from a national position that this is either a good time or a bad time to buy real estate is like saying the national forecast for the U.S. today is 92 degrees — it is a useless and irrelevant perspective. What is happening in your local market is all that matters.
Second, trying to predict when it is a good time to buy, or not, means you’re trying to time the market. Staying on the sidelines is the surest way for most people to never time anything correctly.
Last, and maybe most important — there are always two markets in every market. There is the market of properties that are good buys and there is the market of properties that are not a good buys. Interestingly enough, this is true in either buyer or seller markets. To categorically say that this is the time to buy or not is absolutely ignoring the fact that every market really has two markets inside it.
Concerned that remarks such as these from so-called experts might be pushing potential buyers to the sidelines?
Here’s what Gary Keller, co-founder and chairman of Keller Williams Realty has to say about waiting out the current market:
First, residential real estate is not a national market product — it is a local one. To say from a national position that this is either a good time or a bad time to buy real estate is like saying the national forecast for the U.S. today is 92 degrees — it is a useless and irrelevant perspective. What is happening in your local market is all that matters.
Second, trying to predict when it is a good time to buy, or not, means you’re trying to time the market. Staying on the sidelines is the surest way for most people to never time anything correctly.
Last, and maybe most important — there are always two markets in every market. There is the market of properties that are good buys and there is the market of properties that are not a good buys. Interestingly enough, this is true in either buyer or seller markets. To categorically say that this is the time to buy or not is absolutely ignoring the fact that every market really has two markets inside it.
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