It's no secret that Austin was chosen by Money Magazine as the No. 2 Best Big City in their "Best Places to Live" index, and was also picked from almost 400 U.S. cities by Moody's Economy and was rated #1 for the economic vitality index. What more could you ask? Well - how about being voted the 'Greenest City in America' (chosen by MSN, referring to Austin's commitment to sustainable living)? This month, Austin has yet another feather in its cap - an independent company (that is not a realty company!) has confirmed what real estate agents in Austin already knew - this place is still booming! Austin is ranked as one of ten cities in the U.S. that has less than a one per cent chance of seeing a decline in realty. This will be no surprise to the people of Austin, who have sat back and watched high rise after high rise going up in the downtown Austin area. This declaration has been stated by an independent company who recently published a chart of major U.S. cities. The cities were ranked according to mortgage risk in each metro real estate market. The private mortgage insurance company (called PMI) ranked risky and safe cities in the United States for mortgage security. Their chart is completely unbiased, from a real estate point of view. In fact, the reason it has been drawn up is so that the company does not offer to insure a mortgage on a property that is likely to drop its price. These projected market fluctuations represent their opinion, which is based on their own analysis. All these excellent votes of confidence point to the fact that Austin - and consequently the realty market in Austin - is really strong and booming. If first time buyers are looking for a strong market and plenty of job prospects, Austin is the place. The largest retail store yet to be built in the new Mueller development is scheduled to open later this year. Austin Energy's Green Building Program encourages sustainable design in the city, which this retailer is endeavoring to follow. The 141,000 square foot Home Depot being built in the Catellus Development Group's Mueller redevelopment is aiming for the three star rating. It will be the first Home Depot in the area to implement such guidelines. Austin has been a reliable realty market. It did not really fall prey to the crazy rush of the last two years, neither has it dropped its prices when they all did. Austin home values have kept rising slowly and steadily, and there is a lot of scope for a first time buyer to acquire a modest home. If you are working on a limited budget, it is a good idea to buy a small (size and price) house at first. At least this way you will have your foot on the bottom rung of the realty ladder. If prices do take a jump, your home will jump with them. You can learn renovation tricks and the investment in your home will be returned to you when you sell. Three-bedroom homes are still available in this thriving realty market for as little as under $150,000. These prices, added to the fact that mortgage interest rates are still down and the knowledge that Austin is such a booming city should have you rushing to Austin.
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