Originally Posted by tour
I'm not sure you are too late because there are multiply offers in Austin. Sure, it would have been nice to get into the market before the multiply offers began. However, Austin has gone through a very flat appreciation for the last 10 - 20 years. I do agree with samzell, the areas near downtown Austin are hot, and the out-lying areas are not.
However, I do remember that San Diego went through a similar cycle. The nicer areas appreciated first, until buyers started looking at less desirable neighborhoods, until they wound up in South East San Diego, which was the fastest appreciation area for the last couple of years.
Anyway, I curious to find our why you think Austin is dead because a couple of areas have appreciated in value? The home price to income ratio is about two for some areas. These people can afford to pay more for their home, they just don't believe it.
Currently, you can buy properties in the Austin area for under $75/S.F, I know because I just did. I'm currently buying three homes in Austin and one home in San Antonio. You can not build a home for under $75/S.F., especially since the cost of building supplies have gone up substantially. Prices of homes in Austin will go up, as long as jobs continue to flow into the area. It is much easier for Texas companies to attract good talent than California ones. Where would you like to start out?
I do think that Texans will limit their property taxes once the properties reach a median of $200k.
Anyway, I think Texas has a long way to go before it is done. Many people thought CA was done in 2003, including me.