AUSTIN — Some economists caution this latest case of economic jitters could impact the just-recovering national real estate market, but here in Austin new numbers show the market is stronger than ever.
According to the Austin Board of Realtors, May was another record month for home sales in Austin; up 29 percent compared to May of 2012. Real estate experts believe as long as people continue moving to Austin, those upward trends will continue.
“Welcome to our house!” said George Wright, opening the door to his new home in Austin on Thursday.
Wright lives in Houston with his wife, but plans on retiring inÂ Austin.
“We love Austin. We’ve wanted to be here for a while, and we got a good buy on this place,” he said.
Thursday they closed on a three-floor condo about 60 yards away from Lake Austin.
“We love the trees out the back,” he said walking through the sun room.
Scenic views, unique light fixtures and there’s even an elevator in the Austin home, but sealing the deal wasn’t so simple.
“When we came and walked through it, we had about 30 minutes. There were probably about six people lined up outside to come in after we did,”Â Wright explained. “It was time to bid, and bid strong, and bid quick.”
“It was the easiest thing,” said Alexis Guggenheim, who recently sold her home on Southwest Parkway.
Guggenheim says they had an offer before it even went on the market.
“Somebody came and knocked on the door and said they saw the ‘coming soon’ sign and said they wanted to see if they could come in and see it. Next you thing you know, we had an offer. I mean, it was the same day,” she remembered.
Real estate experts say it’s typical for homes to sell quick in Austin, and as more people move to town, homeowners are jumping at the chance to sell in this market.
“It is truly a sellers market it seems like,” said Wright. “We had a lot of competition.”
For the Wright family, closing day was a sigh of relief.
“We’re glad to be here and excited to be your neighbor,” he said.
Now they can relax in their new Austin home.
Right now the median price for a single-family home is $231,500, up eight percent from May 2012.
Mortgage brokers KVUE spoke to say it might also be the time to buy a home. Interest rates are expected to rise significantly. Right now the average sits right around four percent.
Compliments of: Charlotte Lipscomb | Austin Portfolio Real Estate | 512.789.6225
Original Article: By SHANNON MURRAY / KVUE NEWS
Visit the original article here