Median selling prices for Austin area homes are down 3.2% for February 2009, as compared to the median selling prices for February 2008. In addition, homes sold in February 2009 has decreased by 41% in number, as compared to homes sold during February 2008. Through February, bank rates for a 30 year fixed mortgage have continued to stay low at 5.25% (according to bankrate.com).
What exactly does this mean for you? For one thing, this is an excellent time to buy a home in Austin. If you are a first-time homebuyer, keep your eyes open for an opportunity to make use of low interest rates and put your $8,000 tax credit to use, as “good deals” may pop up in the market. To read the full article on what the current Austin real estate market means for both buyers and sellers, visit my blog.
Source: The raw data in this report was provided by the Austin Board of REALTORS® but interpreted by by Austin REALTOR® Brian Talley of Regent Property Group. The information contained herein is subject to errors, omissions and changes without notice. Any information, statistics, analytics, recommendations or opinions provided in this report are subject to errors and/or omissions and are not in any way guaranteed as accurate or reliable by Brian Talley or by Regent Property Group LLC.