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Old 05-01-2015, 07:22 AM
 
8 posts, read 10,112 times
Reputation: 10

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Hello everyone,

I am scared to buy a home in Austin and prices are way up and it has been pushing me away. Is it good to take a plunge?
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Old 05-01-2015, 07:51 AM
 
200 posts, read 228,656 times
Reputation: 274
Yes.
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Old 05-01-2015, 08:37 AM
 
Location: Texas
1,319 posts, read 1,102,615 times
Reputation: 1822
No it is a terrible time unless you want to either live here the next 40 years and you don't care that you will pay 30% over and in a few years your home will be worth less or you plan to move within the next 2 years-the bubble still might be here and you can sell for what you paid or even slightly higher.

My friend who is a burner yet a real estate person decided 2 years ago not to buy based on what he saw happening.
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Old 05-01-2015, 08:38 AM
 
Location: Austin, TX
12,745 posts, read 28,742,941 times
Reputation: 6350
*shrug* either yes or no.....
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Old 05-01-2015, 08:43 AM
 
Location: The People's Republic of Austin
5,184 posts, read 5,728,773 times
Reputation: 2553
The only downturns in Austin RE prices in the last thirty years have been tied to employment -- either job losses, or slowing of the hiring rate. Better question is do you expect either to occur? If you don't (and I don't see any way it happens, even if there is a slight slowing of the Texas economy due to energy prices), expect Austin home prices to continue up.
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Old 05-01-2015, 08:50 AM
 
Location: home
1,235 posts, read 1,126,501 times
Reputation: 1068
Quote:
Originally Posted by creepy View Post

My friend who is a burner yet a real estate person decided 2 years ago not to buy based on what he saw happening.
That's too bad - in the last 2 years the median home price in Austin has gone up 20%. He should have pulled the trigger.
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Old 05-01-2015, 08:52 AM
 
Location: Texas
1,319 posts, read 1,102,615 times
Reputation: 1822
Default He died anyway and no he made a good decision.

Quote:
Originally Posted by sojourner77 View Post
That's too bad - in the last 2 years the median home price in Austin has gone up 20%. He should have pulled the trigger.
He died anyway and no he made a good decision.
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Old 05-01-2015, 08:58 AM
 
Location: Austin, TX
12,745 posts, read 28,742,941 times
Reputation: 6350
Quote:
Originally Posted by sojourner77 View Post
That's too bad - in the last 2 years the median home price in Austin has gone up 20%. He should have pulled the trigger.
My thoughts exactly, he sort of missed the boat on that one, eh?

Quote:
no he made a good decision.
Why, I guess I would ask? Death notwithstanding, how could increasing equity in a home by 20% over two years be bad?
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Old 05-01-2015, 09:38 AM
 
547 posts, read 1,235,578 times
Reputation: 436
No disrespect to your friend, but he made a terrible decision. Trying to make up 20% on a huge leveraged asset is really expensive.

With respect to OP, just because things go up does not in itself mean they are in a bubble. The population is increasing every more, richer people are moving to Austin, employment remains strong. I don't see any indication of a bubble. People have been calling norther California, New York, etc a bubble for forty years. If you're planning to move within a year or two, no it probably doesn't make sense to buy a home. If you're planning to stay for the long term, it absolutely does.
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Old 05-01-2015, 09:43 AM
 
37 posts, read 30,676 times
Reputation: 48
Nowadays tech companies have locations in both Silicon Valley and Austin so its very easy for existing employees to make a move. With the housing prices of Silicon Valley skyrocketing a lot of people see moving to Austin as a way to go.
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