As America’s financial mess continues, everyone wants to know: What’s going on with Austin real estate values?
Local real estate agent, investor and educator Jay Carter says the local real estate market will get worse for sellers before it gets better. “Not since the oil and gas bust of the 1980s has Austin seen such a wonderful opportunity for Austin real estate buyers and investors,” Carter says. “For sellers, this is only going to get worse.”
Carter disagrees with many prominent local Austin real estate agents who are suggesting that home prices will keep rising. “They absolutely won’t,” says Carter, who has already spotted several listings across Austin where sellers have had to significantly cut their asking price. “The rules of Austin real estate are changing right before our eyes.”
Carter predicts further price declines and more foreclosures to occur well into 2009. “The real estate stock market will keep falling over the next several months and you’ll also start to notice average real estate prices falling in Austin either this winter or early next year.” The current median price of a home in Austin is $182,600 according to the Austin Board of Realtors.
“In economic cycles like this, everyone – from homeowners to hedge fund managers – will want to get out of debt and accumulate cash. This will lead to big discounts on cars, boats, furniture and even real estate,” Carter says. “You’re about to see this happen more and more.”
“The good news here is for future Austin real estate buyers. This will be an unbelievably good time to buy a home, but only if you do it right,” says Carter. “You must be well-qualified and know what you’re doing.”
On Saturday, November 1st, Carter will teach a brand new course for Austin real estate buyers entitled, The New Rules of Buying a Home in Austin. The class, which is based on today’s current economic downturn, will cover not only what is happening now but what’s likely to happen in the Austin real estate market over the next 1 to 2 years and how home buyers can reap the benefits.
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Austin Realtor Jay Carter’s
Predictions for Austin Real Estate
– Average real estate prices in Austin will drop even further for at least the next six months as the public continues to react to stock market declines.
– Austin area foreclosures will increase this winter and spring.
– Homeowners who think they’ll need to sell anytime soon should sell right now. The prospects for Austin real estate sellers will only get worse in 2009 and possibly even 2010.
– Not since Austin’s oil & gas crash of the 1980s has there been such a good time for Austin real estate buyers to find a fantastic bargain, due to the likelihood of further price cuts and still-low home loan interest rates.
Jay is available this week either as a morning show guest or for taped interviews to speak about:
– Current examples of real estate on the market in Austin today where sellers have already dramatically dropped their asking prices
– How Austin will experience a further decline in real estate prices within the next year, and most importantly, why it will happen
– This Saturday’s (11/1/08) seminar for home buyers, The New Rules of Austin Real Estate, which will be held at Austin Community College
For details: Contact Michele Kim Carter, public relations manager for LivingInAustin.com Real Estate, at 512-413-2253 or visit www.livinginaustin.com