Austin Real Estate Blog

April brought some of the biggest gains in the US home buyer market. The number of home buyers who have agreed to purchase a previously owned home took the biggest gains by leaps and bounds in the month of April. Historically, it is the largest jump in previously owned homes since 2001.

Even as the market is moving forward, home buyers can expect prices to continue to fall in different areas around the country. One benefit of shopping for a home in the Austin market is that it has not been a part of the huge pricing swings. Prices in this market are not expected to swing in one direction or the other.

According to the Austin Board of Realtors there were 1,919 pending sales anticipated to close in May, bring the April total up 3%, the highest number since July 2008.

Home prices will increase once foreclosures stabilize again. Currently on the national level, there is still a plethora more homes in the sales inventory base, than home buyers. This is changing, as seen in the evidence from April, and forecasters only expect this trend to continue until the end of the year.

With the growing expectations and the increase in pending home sales, the market is ripe for new home buyers. For 2009 there is available an 8,000 dollar new home buyer tax incentive. This is an increase from the previous 5,000 and in addition to any incentives being offered at the state level. This means that the buyer’s market is reaching its pinnacle in 2009.