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Todd Harper
HarperResidential.com

Todd Harper

Agent
Mobile:
License:
718285
Northwest

Professional Update

I am currently pursuing my Master's Degree in Management with an emphasis in Real Estate Investment at the Harvard University Extension School.

Austin's Residential Market

As the ‘R’ word Recession is being mentioned in parallel with the COVID-19 pandemic, here’s a few stats that may make you feel better about owning a home in Austin and riding out a potential economic downturn.

  • At the peak of the Great Recession, Austin’s median home price fell only 1.16% [1] - that’s far less than nearly every other market in the country: the rest of Texas (-14%), California (-42%), Washington (-28%), New York (-14%), Florida (-50%) [2].
  • Austin’s median home value has increased every year over the last 30 years with the exception of three years, and these were relative blips on the radar: 2004 (-0.41%), 2009 (-1.16%), and 2011 (-0.19%) [1].
  • In the last 30 years, Austin’s median home price has risen an average 5.26% per year [1]. The U.S. average increase over that time was 0.86% per year [3].
  • For decades, Austin’s housing demand has outpaced the supply. The city’s current residential absorption rate is 1.5 months of inventory [4]. This tells us that if no new listings came onto the market, the city would run out of supply in six weeks. A balanced housing supply is defined as 6.5 months [5]. Austin’s peak absorption rate during the Great Recession was 5.3 months. And in the last 30 years, we have not had a single year where supply was greater than demand [1].
  • Austin has been the nation's fastest growing metropolitan market for the last decade - since the Federal Reserve began their policy of quantitative easing [6]. The Fed continues to aggressively pursue QE, and this will likely rise the prices of all real assets over the long term, including real estate.
You might cringe when taking a look at your stock market investments these days, but you can take comfort in having some historic perspective that your Austin home more than likely remains a sound investment.

 

Real Estate Services

Buy | Sell | Invest | Lease | Relocate

While I specialize in Central Austin, I am happy to help clients throughout the Central Texas region.

  • Helpful and knowledgeable
  • Quick and responsive
  • Available and accommodating

 

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Sample Mortgage Rates

For 4/07/2020

30 Year Fixed
3.625%
15 Year Fixed
2.875%
5/1 ARM
4.625%

For general informational purposes only. Actual rates available to you will depend on many factors including lender, income, credit, location, and property value. Contact a mortgage broker to find out what programs are available to you.

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