Confidence in New Home Building Hits Highest Point since 2007, Reflected in Increased Austin Home Searches and Austin Luxury Home Demand
Regent Property Group and home builders reported increased sales in May, indicative of improved sales for both new and existing homes in the Austin Home Search market and beyond.
Austin, Texas (PRWEB) June 01, 2012
Austin´s Regent Property Group reports home builders have a new confidence in the market for single-family homes following the gain of five points on The National Association of Home Builders/Wells Fargo Housing Market Index in May, bringing the total points up to 29. This is the index´s highest level since May 2007.
The index is based on a survey of home builders, who answer questions about the current market as well as sales expectations for the next six months. This jump indicates positive growth in the sales of existing homes as well, as evidenced in Austin, where Austin home searches are starting every day.
“Home builders don´t have reason to build if existing homes aren´t being sold off the market,” said Regent Property Group founder Brian Talley. “When home inventory begins to move faster and supply falls short of demand, like we are starting to see in Austin, then builders know they have a market.” Customization also plays a large factor in the growth of new home sales, as those in the market for Austin luxury homes often want to tailor their home plans to suit their needs.
Firming home values, improving employment rates, and low mortgage rates are drawing consumers back to the housing market, whether for existing homes or new homes. Austin´s rankings by Forbes and On Numbers as having a high population growth and growing economy intertwine with the growth in demand for housing. Some buyers have worried that older homes may bring the values of newer homes down, but The Appraisal Institute contends that complaints about too-low appraisals are not valid. Appraisals reflect the fact that many homes aren´t worth as much now as they were a few years ago, during the housing bubble. The Institute clarifies that appraisers are undertaking the same thorough research and thoughtful analysis that they always have in order to produce credible opinions of value.
“This is also evident in Austin,” Talley continued, “by the price of homes in rejuvenated neighborhoods throughout the city, from established neighborhoods like Great Hills to Barton Creek, with special concentration in areas where new homes are being built and older ones are being renovated, and both being sold at accurate and high price values.”
About Regent Property Group:
Brian Talley is the founder and owner of Regent Property Group. He is ranked among the top 1% of selling agents out of the 5,313 Austin Board of REALTOR® members. Over the past four years, Talley has been a top producer, closing multi-million dollars´ worth of transactions for homes located all over Austin. Talley has been active in real estate since 1998 where he began his career working in retail development, sales, and marketing. He formed Regent Property Group to serve the needs of Austin´s residential real estate clients, helping people buy and sell luxury homes in the greater Austin area. Contact Regent Property Group today at 512-554-9714.
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