Austin Suburb Housing Market (Orange, Nevada: for sale, real estate market, condo)

[Jazzedforhim]

Just curious...the market here in Norcal is the worst I've ever seen! It's just hard to describe...extremely slow. We've never had such problems selling our home. It's well below market...but no one is looking.

I'm wondering...what's the market like in Austin and the Austin suburb areas? Is it a buyer's market? Is it moving fast? Slow? Curious!

[Trainwreck20]

Austin-Steve posted some data recently, if you search on it. Compares the first 6 months of last year to the 1st 6 months of this year, so it is not an 'absolute' number, but shows a fairly hot market.

[Jazzedforhim]

Thanks, I didn't even think of doing a search! I thought it would be outdated info!

[TheHarvester]

Something to consider about CA vs. Texas --- Austin will eventually experience a recession in housing just as is happening in CA and other parts of the USA. Surely you know all the reasons, the lending practices and stupidity of banks and borrowers, it's a typical cycle that will play itself out.

California real estate will ALWAYS bounce back. What's not to like? It's beautiful, most people on the planet wish they could live in CA because it has a fairytale reputation outside of this country. Prices rose too quickly, lenders went crazy with their attitude that "prices will rise so we don't need a down payment on this interest-only loan" --- it's the financial institutions that tanked CA's real estate market.

After the dust settles, bargain-hunters will snap up properties and the cycle will begin again. This is a very bad time to sell a home in CA, it would be better to try to ride out the storm if possible. And this isn't a very good time to buy in parts of Austin because the prices haven't yet hit the inevitable ceiling. We'll get our recession. It happens everywhere, it always cycles and there's not a single location that can escape this unpleasant fact of life. But Austin has some suburbs that will probably rise in value because the inner-city is over-priced. The downtown condo market is ridiculous, it's the one I predict will be the most risky over the next 5 years because of the attitude that the boom can't stop. All booms stop. And when they do, the people in the boomiest places are the ones who get hammered worst. Ask anyone who tried to sell their west-LA mansion in the early 1990s.

[gigi927]

Keep in mind that while the market in Austin is still very good and very strong the definition of "hot" is relative to where you've come from. I've lived in the Bay Area, Orange County and Phoenix where the markets have truly been HOT. For me (a realtor) a really hot market is when even crappy properties backed to highways sell within the first week of going on the market with multiple offers and tens of thousands of dollars over the asking price. Here, the market is much more normalized and much less ridiculous! There are areas where things move faster than others but overall it is much more stable.

So...even with the market being slow in CA don't expect a "hot" Austin market to mean "hot" by CA standards - thankfully so!!!!!

[austin-steve]

Austin will eventually experience a recession in housing just as is happening in CA and other parts of the USA.

I'm not so sure about that. A slowdown maybe, but not nearly of the scope and price declines happening elsewhere. Austin has always been a boom/bust economy, but it's leveling out as we become a bigger, more diverse metropolis.

What's happening at present in California, Nevada, Arizona, Florida, etc. real estate markets is the result of a great deal of stupidity both on the lending side and the investor/speculator side. Much of the price run-up was a direct result of bad loans and dumb "investors".

The loan products that drove real estate to crazy prices over the past 5 years are no longer available, and the "investors" have been thinned out to a substantial degree.

All during this 5 past years, from 2001 through 2005, the Austin real estate market was flat, so we escaped the frenzy rather nicely I'd say. Austin's current price appreciation is solidly grounded in real, actual job growth and economic success, not bad loans and speculators.

So, we are not climbing upon an unstable perch from which to fall, but are rather steadily marching up a sloping hill.
Steve

[Jazzedforhim]

I have to say, I've never seen the market like this in California. I feel like there are crickets around every for sale sign! We can't wait it out as hubby's company needs him in Texas...yesterday! In fact, he'll probably start working long distance with video conference and such. Ok, no preasure...just homeschool the kids while hubby is working from home AND keep the house in perfect condition just incase someone comes by to look at it...which lately no one is!

We're priced well below market...we're posted everywhere online...we're having open houses...we're offering incentives to the realtor and the buyer...it's a good deal! Where's that buyer? It only takes one! Sell home sell!

Thanks for all the feedback about Austin. I think we'll be able to find something reasonably priced when we're ready and it seems things are a bit more stable there as well. Besides...who wants your value to go up too much when your property taxes are linked to it! LOL!

[achtungpv]

Originally Posted by Jazzedforhim

I have to say, I've never seen the market like this in California.

It crashed last time in the early 90s. Some areas of CA saw a decline of over 40% in value. It took over 10 years for a lot of areas to get back to the pre-crash price levels.

History always repeats itself because people have a short memory.

[Jazzedforhim]

Originally Posted by achtungpv

It crashed last time in the early 90s. Some areas of CA saw a decline of over 40% in value. It took over 10 years for a lot of areas to get back to the pre-crash price levels.

History always repeats itself because people have a short memory.

Sigh...I'm getting depressed!

[LACAMOM]

I live in LA and things are still definately selling, as long as they're somewhat desirable. People aren't just getting 30% appreciation annually on their homes anymore.