If you’re questioning whether it makes sense to invest in the Austin housing market in order to enable your University of Texas Austin student to pay in-state tuition rates, here are some things you should know.
Home Prices in the Austin Housing Market Are on the Rise
After a huge uptick in recent years (after the crash of 2008), home sales in many markets across the country are slowing down. In some areas, prices are being lowered even as homes stay on the market longer. This signifies a cooling trend for many markets.
But this is not happening in the Austin housing market. With tight supply and steady demand, Austin continues to be one of the hottest housing markets in the state of Texas. Over the past year, Zillow reports that the median home values in Austin rose by about 6 percent—and the upward trend is forecast to continue in the foreseeable future. Plus, the Texas economy is strong, even in times of recession. Housing prices in Texas are less likely to face steep drops when the economy is in a downturn.
Austin also has one of the lowest average days on the market for listed homes among metro areas across the country. There is little doubt that investing in Austin real estate today will net a positive return tomorrow.
Austin Is a City That Is Growing and so is the Austin Housing Market
Austin has long been a popular city that frequently finds itself on many “best places” lists. U.S. News and World Report listed Austin as number 1 on its 2019 “best places to live” ranking. Despite its popularity, it is still one of the more affordable cities in the West when compared to other cities such as Seattle or San Francisco.
With its strong economy as well as its relatively affordable housing market, Austin continues to attract residents from elsewhere in Texas, the South, and across the country.
Our Advice Should You Decide to Invest
If you decide that it makes sense to invest in Austin real estate in lieu of on- or off-campus rental housing so your student can save money on UT tuition, we have some tips.
- Expect to have your work cut out of you. In a hot market, properties go fast—and prices will continue to rise.
- Start your search early and submit a strong offer when you find the right place.
- Take advantage of low-interest rates. There is no telling when they’ll go up.
Find Out More From the Experts at Resolute Properties
If you have a student planning to attend UT, it only makes sense to investigate ways to save on University of Texas tuition. Is purchasing an investment property to establish residency the best option for you? Call Resolute Properties; we have the experts who know the Austin area and who can help you make the best decision for your family, your UT student, and your bottom line. Contact us today!