I had the priveledge yesterday morning to hear Gary Keller of Keller Williams Realty International speak about the shifting real estate market and it's recent effects. If there is one thing that I came away that I would call the "nugget" is the fact that right now is an execellent time to be a buyer. Interest rates are on the way down and money is again becoming more available. Austin is still one of the most affordable places to live. I personally can attest to this as I have just returned from a trip to San Jose, CA, where the median priced home is still hovering in the high $500K's. I'm talking about a 3 bed/2 bath 1500 sf 40 year old home. Not much of a match to what we have here which is newer, nicer with greater amenties.
What I hear most these days are Buyers who want to wait until prices bottom before jumping off the fence. The question is, where is the bottom or jumping off point? Do you know, I certainly don't and anyone who says that they do is sadly mistaken. The truth is nobody knows.
With that said, when the market does turn back upwards, it will happen quicker than you can shake a stick and you will have missed a great opportunity. How long will interest rates be this low? Another good question...nobody knows. One thing I do know...real estate is a better investment than any "paper" (stocks, bonds, etc.) you might buy. Historically, in Austin property values have doubled in value every 10 years or so. Not bad odds....
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