I grew up here, born at St. David's Hospital in 1976. It might sound trite or obvious to us all, but things change. I mean really, really change. I spent most of my life on the far south side of Austin in an area called Manchaca. It was always a bit removed from things, but never too far away from the conveniences of the big city. It was really the best of both worlds, beautiful greenbelts and creeks and roads that either lead you further away from people and things, or towards them. I watched 20+ years of growth along Manchaca Road and FM 1626 where I grew up. I can tell you that there has been more visual change to that area in the past 10 years than the previous 20.
Things not only change, but they change exponentially at some point it seems. A sea change as they call it, the point at which the momentum of things changes the environment around it permanently. What I can see clearly now around me is this change. However you feel about it, let's go back to the good old days or full steam ahead, there is no going back.
And it’s only going to get bigger. The noted Austin economist Angelos Angelou recently gave a speech on his economic forecast for the City of Austin in 2015 this past Thursday. KVUE discusses the highlights of this on their website.
So chief among concerns for all this growth is transportation. An interesting story has come out about just how serious talk of a subway system in Austin might be in link below.
The Capital Area Metropolitan Planning Organization, who plans for regional growth in a six county area, estimates that this area could have a staggering 4.1 million people by 2040.
As shocking as that number sounds, I believe it. What does that say for the future value of your home? Well, it's hard to put that in $$ terms for each and every person reading this. There is always an immediate local context to home value, sure. But overall, what does a potential growth of almost 4x speak to the housing demand of the future? A home is a product like any other, there are people who can make the product. There are consumers and everybody else who is directly or indirectly involved with it, the participants in this tug of war we call supply versus demand. The basic economics of supply and demand are always there to consider. One thing’s for sure, the population is booming and will likely continue to do so.
So what of those of us who wonder what time is the right time to buy a house or sell their house? We encourage ourselves to act, getting excited by what we see, we get hyped when there's activity buzzing around us, new houses going up everywhere. But we also remember in our minds the lean times too and stick our heads back in our shells. These types of decisions usually are made by what we see in the moment and not what the bigger picture is so to speak. It’s sometimes hard to judge the change we see around us as one of these sea changes that raises the bar and changes the game. But if you listen to the economists and planners, growth is inevitable and a visible force. And it’s more or less constant. So how does the average person relate this epiphany that our area is growing and there's no turning back, to whether or not to wait to buy or sell real estate?
Mortgage rates are at low levels. Houses are selling quickly, and their no shortage of buyers in the future according to predictions of economists and regional planners. So the answer might be, there's no time like the present.
To learn more about the future of Central Texas and Real Estate in the area, contact your local Real Estate experts at Up Realty right here: http://austin.uprealtygroup.com/ . We are your Austin, Pflugerville, Round Rock, Cedar Park, Georgetown, Kyle, and Buda Real Estate experts and would be glad to help you buy or sell your next home in these areas!
By Curtis Watts, REALTOR