Austin Texas Housing Market Is A Great Bargain!
January 8th, 2008 Categories: Austin Area News, Austin Area State Parks, Austin Real Estate News
Here is a recent article I read from the Austin American Statesman that really puts Austin’s housing market into perspective:
Austin and other Texas housing markets are among the most undervalued in the nation, according to a new analysis of data by Global Insight Inc. and National City Corp.
The companies looked at prices in 333 metro areas in the third quarter of 2007. Such reports are considered important indicators of potential decline and growth in specific cities.
In calculating valuations, the companies used a complex statistical model that included prices, interest rates, household incomes, population density and any historical premiums or discounts for each market. The percentage of over- and under-valuations is intended to reflect where a housing market’s price should be.
In Austin, and in Texas overall, recent rapid increases in home prices never occurred, so the state has avoided the real estate bubble that has plagued coastal areas.
If a city’s housing is over- or undervalued by up to 14 percent, it is still considered within a fair market range. Anything outside that range means a considerable over- or undervaluation.
For instance, Austin, at -9.1 percent, is in the fair market range, while Dallas, at -28.1 percent, is considered undervalued.
Looking for a real estate bargain?
Contact Jeremy K. Frost today! (512) 636-2746
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