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2013-03-18 12:29:54
Are homes in the Austin area affordable in 2013?

So I was reading an article in the Austin Business Journal about Austin’s top 10 finish in the Zip Realty’s “Best markets in the U.S. for finding an affordable home” list. We are ranked number seven, in case you haven’t read the article. It’s no secret that the Austin area real estate market is booming. It’s also no secret that we live in one of the most affordable cities in the nation. So for a lot of us this was nothing new.  However, it did make me think about the affordability of housing in today’s home sales environment versus time past and this is what I came up with:

Affordability Comparison

1989

2012

Average Home Price

$94,000

$177,000

Average Interest Rate

10%

3.4%

Monthly Principle & Interest

$825.00

$626.00

As amazingly strange as it is to say, homes are more affordable in today’s market than in 1989's. We are in the midst of one of the rare occasions that a major product (real estate) has become more affordable not more expensive.

Are you sitting back waiting for it to get better? Of course, no one has a crystal ball but it would be hard to imagine a better time or better place.

So if you’re thinking of buying your next home or selling your existing and upgrading/down grading… seize the opportunity or let it pass you by.

Remember to call the Big Man, because Size Does Matter in Texas real estate!

Robert T. Evans aka. the 'Big Man'
BigMan@bigmaninrealestate.com
https://www.BigManInRealEstate.com
Cell: (512) 417-9785
Office: (512) 346-3550
Fax: (512) 623-6038
 
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