Happy Thursday, Y’all!
And for many of my fellow Austin parents, Happy Back-to-School Week! I’ve loved seeing all of the cute first day of school photos popping up on my social media feeds this week, and I hope this new school year brings tons of fun and joyful memories!
Speaking of this past week, Austin seems to be making many headlines! From Austin topping the list of U.S. metro cities with the highest population increase in the past decade to Netflix targeting Austin for a variety of new reality TV shows, there’s a lot of increased buzz and things going on in the city. (See below for the full scoop on some of this recent coverage!)
With the population continuing to rise in Austin and the real estate market booming, there’s a lot of talk about renting vs. buying right now. I recently read some interesting data from realtor.com that revealed that not only in Austin but across the entire U.S., rental prices are soaring. Rents usually fluctuate less than 1 percent per month, but in May and June, rents increased by 3 percent and 3.2 percent. Additionally, according to realtor.com, the median national rent is currently $1,575 compared to the median national monthly mortgage payment of $1,204, as confirmed by the National Association of Realtors (NAR).
So what does this mean? If you’ve been on the fence about buying vs. renting, then you might want to consider home buying at this time! Interest rates are low in Austin, and with continually rising rent prices, you can feel more steady with a set monthly mortgage. Plus, with less competition than the past previous months and a more stabilized market, there’s no need to fear jumping into this market — the water’s just fine (I promise!). My team and I have expert market knowledge and a ton of resources available, and we will find you your perfect home at the right price. Let me know if you or someone you know would like to learn more, and I’d love to chat!