SellAustinTexas

According to Trulia’s rent vs. Buy Index 2011, the smart choice for most Austinites right now is to buy.

Austin is among the top 50 U.S. cities where it is “Much Less Expensive to Buy Than rent”, coming in at #35. What does that mean? Well, when you look at the average home price vs. the average monthly cost of rent in Austin, the numbers show that it is significantly more affordable to buy in most areas of the city. With rental rates increasing and interest rates at historic lows, buying is financially the smarter choice. So, is buying right now the right choice for you? This is a sampling of Austin MLS areas:

Rent Vs. Buy MLS Area Comparisons

This “perfect storm” of home buying conditions aren’t going to last for long. Take advantage of low mortgage rates and low home prices. There’s never been a better time to buy than now.

If you have questions on the Austin housing market or want to get started on buying a home, call Chuck Stephens, our buying expert, at 512-947-8077 or drop him an email at cstephens@cbunited.com.  To see current inventory, visit our web site www.dmtx.com.

The 30 year fixed mortgage rate dropped to 4.72% last week, down from the previous week’s 4.79% and way down from 5.59% this time last year. Mortgage rates moved to new lows with another volatile week in the global financial markets. The primary concern revolves around the outlook for the global economy and the possibility of Europe’s debt dragging the U.S. into another recession.

Greece announced that the emergency loans it received will cover its obligations and help the country avoid defaulting on loans, helping to ease investor fears. For the week, this catapulted the Dow 279 points higher. If the stock markets continue this upbeat trend, we’ll see the demand for Treasuries start to wane, which will inevitably push interest rates higher. Although, with the way the global markets have been lately, that demand for U.S. Treasuries might not let up anytime soon.

It’s also looking highly unlikely the Fed will raise interest rates anytime soon, perhaps even until 2011. The uncertainty in the markets and the slow economic recovery will most likely keep mortgage rates low for a few more weeks.

These low interest rates combined with the high inventory of homes throughout the Austin area, provide the perfect opportunity for all home buyers to take advantage of this fantastic market.