The Texas Hill Country's crowning peak is Austin, where housing sales have been low to mixed following the dot-com bust, but the area is making a housing comeback.
"The Texas Hill Country comes alive in Austin, as rolling hills embrace meandering lakes...resulting in an unparalleled quality of life especially for lovers of the outdoors," says Realtor Todd Smith. "The area is popular with boaters, campers, golfers, and cyclists alike...and Austin's designation as the "Live Music Capital of the World" is a blessing unto itself!
About the market, Smith says, "The strong summer buying season has definitely been in full force for May, June and early July, as buyers take advantage of continued low interest rates buoyed by improving economic news. With the start of the school year just around the corner (sorry, kids!) parents are snapping up homes all over Austin at record pace, to lock in closings prior to the first day of school."
Says Realtor Janette Friend, "Austin is a great combination of friendly, highly skilled people, hill country charm, sparkling lakes and rolling farm land. The combination of high-tech, the University of Texas, and being the capital of Texas allows for a great entrepreneurial spirit to rise up here. Welcome to Austin, TXAustin is at an interesting point in the real estate market. The home prices are still at their best, yet showing only beginning signs of recovery. Buyers are looking to get the best value they can while interest rates start to creep upwards with home prices. Now is still one of the best times for purchasing a home, and getting a great value."
Observes Realtor Linda Beber, "Experience has shown that real estate is slow to respond to market changes. What can seem as a upturn in the economy may take a few months to catch up in the real estate market. There seem to be quite a number of bargain home prices and availability of resale homes in the Austin market due to builders overbuilding and offering big incentives for new homes. Now, even though the tech industry is coming back strong, those builder homes, now three to five years old, financed with buydowns and ARM's are finding their way back on the market as repo's or corporate buybacks when their owners relocated for employment.
"We still see many people moving into the area looking for employment, however, we see a large number of "empty nesters" finding the Texas Hill Country as the perfect place to retire," suggests Beber. "Our county alone has increased the population over 65 by 169 percent in one year. That doesn't mean they are buying little bungalows... no, they are either downsizing to a modest 2500 sq. ft. home or moving up to an acreage homesite with their dream 3000-3500 sq. ft. home. They want out of the city and traffic and want the small town atmosphere with all the city conveniences that Bastrop County offers.
"This little bump should last through the summer, then as the real estate market catches up with the economy, we will see prices go up and become a seller's market again," predicts Beber.
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Published: July 19, 2004
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