The Austin Real Estate market is showing positive signs in 2012.  Mild weather, an improving local job market, and rising rental rates are increasing demand for good inventory,  which in turn is quickly being depleted.  Affordability is excellent with interest rates at all-time lows in the 3¾% – 4½% range and home loans are getting a little easier to get.Do not be surprised to find property that has been on the market for an extended period under-contract this month.  Also, be patient because a percentage of those which go under-contract will come back available.  Although loans are getting a little easier to get, the investor lending is still touch and go.  Cash deals are more prevlent now than they have been in my real estate career. Chart below from ALN Apartment Monthly News, shows the rate increase around Texas.

 

Occupancy
Dec. 2011

Change from
Dec. 2010

Eff. Rent
Dec. 2011

Change from
Dec. 2010

Austin

93.8% up .4% $883 up 6.2%

Dallas

91.9% up 1.5% $814 up 6%

Fort Worth

90.9% up 1.6% $701 up 4.3%

Houston

88.8% up 1.9% $768 up 3.3%

San Antonio

90.2% down .6% $740 up 5.3%

Lubbock

91.8% down .2% $664 up 2.5%

Amarillo

90.8% down .2% $615 up 5.1%

Abilene

90.7% down 2.5% $592 up 1.1%

Corpus     Christi

94% up 2.5% $718 up 3.1%
 

Leave a Reply

Your email address will not be published. Required fields are marked *

Set your Twitter account name in your settings to use the TwitterBar Section.