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I think last year was the correction and these are the new prices in Austin.
Subject Expert
Other than your desire to buy, what factors do you think will contribute to a correction?
Rising interest rates may reduce the pool of buyers a bit, but there’s been a general lack of housing being built (outside of high rise condos downtown and the sprawl that is being built out to the North and Easy of the city). With lots of companies going remote, and tech companies shifting to Texas from high tax states like California, I can’t see any winds that would indicate any sort of “correction” or a drop in desirability or a rise in supply / affordability in Austin in the near future.
Mentor
No one can predict the future, so the best advice is to buy a house if you plan on living there.
In a generation, todays prices will be laughably low
Rising rates will always put downward pressure on pricing. That said inflation, continued migration to Austin, and rising build costs could all outweigh that pressure. If you can afford it comfortably and plan to live there for more than 2 years, I wouldn’t sweat the potential dip in value.
A house in my neighborhood 2 years ago would go for 500k tops. This week my neighbor went under contract in under 3 days for a 995k listing. I’m not worried about a crash. I’m more worried about affording an upgrade doesn’t the line