Why is everyone trying to buy a home in Austin at once?
A little over 3 years ago there was a wave of short sales across the country. After selling short, the former homeowner has to wait 3 years to qualify for a new mortgage. Early this year a lot of former homeowners re-qualified and began seeking homes.
Additionally, many people from parts of the country hit hard by the economic downturn have seen their home values recover to a point that they can afford to sell and get themselves to Austin.
Both of these began about February of this year. And like a flash flood, the first wave was dramatic. Behind the wave is a seemingly endless flood of people moving here.
I'm hoping the lakes fill up again in much the same way!
The key to this type of market is understanding. I have seen markets like this before. This is not a bubble. It is a correction of a downturn that barely affected us here. I expect we'll be back in our normal slow and steady appreciation more for the rest of the year. We sprinted and got back on pace this spring. This is not the new pace. Though with so many people seeing Austin as the safe economy of the country I'm thinking we're in for another decade or