The Austin Housing Boom is in full swing. Just like during the Gold Rush in the 1840’s, news stories are promoting opportunities and driving the migration. Instead of attracting people into California though, this time the hype is pushing them out.
A recent article in the San Francisco Chronicle promotes Austin as the ideal city to relocate to. “A larger, newer house in Austin with a yard and access to better schools is around half the price” of one in the Bay Area. One buyer bought a new house in Austin, “never moved in and sold it for a profit of more than $200,000.”
At the beginning of the year, numerous stories about big tech companies relocating to Austin created a surge a well-qualified buyers into the Austin metro who succeeded in driving the median sales price up nearly $100,000. Stories like the one in the Chronicle will likely attract even more to Austin.
Potential buyers who are waiting on the sidelines for some type of price correction, should take this as a warning. Your affordability window is closing quickly.
Charles Lewis is a REALTOR® in the Austin area. He helps people all over the greater metro area buy and sell houses. Schedule a no-obligation phone call to find out he can help you accomplish your real estate goals.