The Austin real estate market is not looking so good right now - not horrible compared to the rest of the country, but not a picnic either. We've seen a 36% drop in sales from a year ago. The last time sales were down so much was in January of 1998. Average and median prices of homes are down 6% from a year ago. Condo sales are even worse. Check out mo' better writing on the subject here.
So what's a seller to do when their house has been sitting on the market for 11 months? Rent it out.
With the increase of rentals on the market, rents are expected to fall slightly this year, about 5%. Pretty good time to move here and try out a neighborhood, don't you think?
Take my neighborhood quiz to find out a good neighborhood match for your personality, and then check out the houses for rent in that area on craigslist.
Labels: Real Estate