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I'm in central Texas and I hear daily about this downturn in the real estate market here.....but the agents I know personally say it's a bunch of baloney.
What is the real story? This is typically a slow time of year for real estate in Texas, but has this sub prime shake up and mortgage problems really hurt sales that much more? or are realtor here just trying to keep positive and say it's a temporary thing.
I'm in central Texas and I hear daily about this downturn in the real estate market here.....but the agents I know personally say it's a bunch of baloney.
What is the real story? This is typically a slow time of year for real estate in Texas, but has this sub prime shake up and mortgage problems really hurt sales that much more? or are realtor here just trying to keep positive and say it's a temporary thing.
In what area are you in central Texas? We can probably dig up the stats for you, as we are a very pugnacious and relentless group. We'll dig up the "truth" for you.
In what area are you in central Texas? We can probably dig up the stats for you, as we are a very pugnacious and relentless group. We'll dig up the "truth" for you.
Thank you Magellan! San Antonio/Austin area. I'm not a realtor, but my business depends on the housing market. I'd LOVE a straight answer!
Hi wCat - I'm an agent in Round Rock (just north of Austin).
We are going through the annual slowdown, and although I don't think the subprime/mortgage shake-ups have affected us that much, I think we're in a wait-and-see time. The perception of what's going on has had an impact, IMHO. It's definitely on everyone's mind. Folks visiting open houses usually have a comment or a question about it.
The closest indication of mortgage problems I see are the listings for homes that are less than three years old and are over $200K. On the other hand, I'm seeing 'starter' home sales chugging along rather well. Overall, it's not a bad picture. We're in a buyer's market IMHO, but not another tech bust by any means.
What is funny, is that both Austin and San Antonio are attractive cities. Any downturn is going to be temporary. Investors should keep the market pretty hot until a subprime substitute comes along.
Thank you Magellan! San Antonio/Austin area. I'm not a realtor, but my business depends on the housing market. I'd LOVE a straight answer!
(love the word "pugnacious")
Here ya go.
Austin*:
Sept. 07 compared to Sept. 06
Sales are down 23%, (2586 to 1993)
Inventory is up 17% (9097 to 11,379), and at Austin's highest level ever
4.7 months of inventory, longest since Jul. 05 (but not a bad number)
Prices are up 10.6%
San Antonio**:
Sept. 07 compared to Sept. 06
Sales are down 19% (2245 to 1817)
Inventory is up 40.5% (9169 to 12,884), and also at SA's highest level ever
6.3 months of inventory, longest since Oct. 1998
Prices are up 7%
Dallas***:
Sales are down 20%
Inventory is up 3%
Prices are up 6%
Houston****
Sales are down 15%
Inventory is up 15%
Prices are level
You can also look up other Texas stats on there. Just go over to "Home Sales" and click on that link to see other stats. The info is put together by the Real Estate department at Texas A&M.
That's really strange about Dallas, because according to this article, Dallas was up .7%:
Is it a good investment to purchase a home in San Antonio those days? buy in cash, No mortgage, rent it for now and hopefully sell it in the future.
I'm not so sure about this Tomy. There are a lot of people that have come out from Clalifornia and did just that....bought 2-3 homes for what they sold their home for on the West Coast. There may be some appreciations slowly, but what it's done is put a glut on the rental market causing rental properties to have more competition and have to lower prices. That's a good thing for longtime residents who have struggled with the increase in rental properties recently. Some areas are off the charts.....but they're now facing reality and too much inventory!
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