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Local Economic Challenges, Relative Strength

The Central Texas economy paid its dues in the late 1980s and again in 2001-2002 with the end of the “dot-com” bubble, giving up significant percentages of home values and, particularly six or seven years ago, substantial high-tech employment.  After that last downturn, we entered a new phase of strong but reasonable growth — very different from the “gold-rush” that California, Nevada, Arizona, and Florida experienced.  That allowed our housing market to weather the past couple of years much better than over-inflated metros in those areas.

An article in today’s Austin American-Statesman indicates that we are feeling the nationwide recession nonetheless:

Central Texas job losses are deepest since 2003
Unemployment rate dips slightly to 7.2 percent, still near record levels.

Year-to-year, Austin’s total employment has clearly moved in the wrong direction, but we actually gained a very modest number of jobs from July to August — almost unique nationally.  Still, Angelos Angelou, well-respected economist and forecaster, says that there is a risk that perceived weakness in our job-creation prospects could slow in-migration and complicate our expected early recovery.

I remain optimistic that we will find 2010 the beginning of a strong new market cycle.  With caution, a variety of local business people offer their similar opinions in this article, also from today’s Austin American-Statesman:

Austin businesspeople look for signs of a rebound:

I am making a conscious effort to keep from being pollyannish about this, but long experience working here, and my daily exposure to ground-level market forces, lead me to believe that we’ll be just fine.  Look forward to spring and summer 2010.

About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.


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