Is the Austin Real Estate Market Getting Better?
Tuesday, January 26th, 2010Austin Real Estate tumbled and touched the bottom-most point like any other real estate market of the United States. Property price was going down, and in the last two years this continuous drop in price caused many Austin realtors to panic. Many Austin homes were up for sale, but no buyers were looking at it, and home owners lost their hope. Hence, “Austin Homes for sale” placard was gathering dust, as no one cared about it anymore.
Then came February, and it brought the good news. Congress approved American Recovery and Reinvestment Act of 2009 sanctioned $8,000 tax credit to the first-time home buyers. Thanks to this legislation, the buying sentiment returned to the market.
Since then, the Austin real estate market has recovered a great deal. And the news that Austin will be among two cities to recover earliest from recession is adding up to the positive market sentiment in Austin.
Real estate studies
According to a new nation forecast by IHS Global Insight, Austin and its Texan cousin San Antonio will be the two cities that will be quickest in beating the economic recession.
