A couple of weeks ago I wrote about the strength and optimism of the multifamily residential market in the Austin/Central Texas market:
A strong sign of confidence in multi-family properties
I promised to keep an eye on this and report further news. Today, this article indicates the same kind of confidence nationally:
Optimistic Outlook for Multifamily Development, NAHB Indices Show
This is a good sign for the larger residential real estate market. Not only are developers and builders recognizing stronger demand for living space, but this move indicates broader investor confidence. Barring unforeseen market disruptions, we should see meaningful growth in single family construction permits in the coming months.
In the Austin area specifically, we continue to add jobs and population, and all those people need places to live. The increased demand has begun to push rental rates higher, driving investment in new rental capacity. Next, as those new Austin-area residents get settled and build savings and job history many will qualify for mortgages and become homeowners. That trend will gain momentum as home values stabilize and begin to appreciate in the cities and states that have suffered most through the housing downturn, allowing some new Austinites to sell their homes elsewhere and purchase here.
Are we on our way back to 2006 market conditions? I hope not, but a return to real, sustainable growth will be welcomed. As I have suggested previously, I am convinced that 2011 is our year of transition, building the path to a strong 2012 and beyond.
Like this:
Like Loading...
Related
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.
Discussion
No comments yet.