We are officially in a Seller’s market. Typical time on the market is less than 90 days (3 months). Prices are inching up because the demand for housing is rising in the area and the available inventory is down considerably from last year.
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Apartment hunters are even finding it harder to find a place to rent. Leases are typically annual whether it is an apartment, duplex or house, so expect rent to increase when it is time to re-lease. Tenants need to always consider this when they are thinking about transitioning into becoming ‘buyers’. With a mortgage, your monthly payment is fixed for the life of the loan. Sure taxes go up, but you generally have an idea what you are paying. The one thing that inhibits a tenant from becoming a buyer…is the down payment and closing costs. Closing costs can be negotiated a bit with the seller, but you do need some money to put down.
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Austin was recently names the top city in the U.S. for job creation and people are moving here (1,500 per day to Texas). If you are thinking about putting your home on the market now is the time.