Comparing Austin real estate market information for June of 2008 to June 2007, we see that sales are down 20.2% compared to last year.  However, despite being down from last year, June was once again a strong month for sales in the Austin market. Additionally, homes sales in May still represent one of Austin’s strongest sales months ever.

Inventory, or number of homes for sale, is up 19.9%, but this is actually an improvement, because it was up 26% in the first 4 months alone.

Median home prices are up 7.07% over last year.  Any improvement in value is positive since other stats are still negative.

One might consider our real estate market to be negative, but only if you look at it without considering the big picture!  Austin’s economy is still one of the country’s best, with low unemployment and strong job growth. In addition, all indicators point to improvement!

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Best Cities To Buy A Home
Maurna Desmond, 07.14.08, 6:00 PM ET (Forbes)

We examined the country's 40 largest metropolitan areas and looked at cities where home prices have appreciated over the last two years. We also measured tightening vacancy rates. These metrics indicate places where buyers are investing in homes in order to live, not just make a quick buck, and where the housing market is relatively solid. We culled our vacancy and home price information from the U.S. Census Bureau and the National Association of Realtors.

Lots To Like In The Lone-Star State - Texas dominated our lineup of mortgage-worthy areas. Thanks to a business-friendly tax environment, many large corporations call the Lone Star State home, which creates jobs and tax revenue.

The University of Texas campus provides young blood and research-related jobs to No. 2 city Austin. This state capitol is a hip area on the rise. The vacancy rate has fallen by 37.5% in the last 24 months to just 1.5%, despite a lot of building in recent years. And buying isn't much more expensive than renting. An average mortgage payment is $1,022.40, and average rent hits $767.

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New home buyers can receive up to $7,500 Tax Credit!

 New legislation just passed that will allow first time home buyers to receive strong incentives from Uncle Sam… or so it seems!  You’ll hear about the tax credits available, but you should also know that every dime of that $7,500 has to be paid back at the rate of $500 a year (for 15 years) or from the equity of the sale. 

Sure, that’s less incentive, BUT it’s still an interest free loan.  Call or e-mail if you’d like to get more details.

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Remember to ask about our Cash Reward Program!

Our clients receive up to 6% back when they purchase a home.  Buying a median priced home would get you  up to $12,000 in Cash Rewards!  Investors can actually use the Cash Reward money to buy more property!

You can also receive up to 3% in Cash Rewards when you refinance your current mortgage. 

Call 1-800-571-1842 x 700 for details!