Why the Austin market is on fire.

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Tech companies learned something from COVID, but then what they learned changed.

When COVID begun it was like the wild west in business. A new frontier was born. For a slice of time it looked like the days of having an integrated workplace under one roof dissipated. Employers allowed their staff to work from home and some even called in permeant. Let's face it. Large brick and mortar offices come at a cost to both fir  they did not need the incredibly expensive large brick and mortar locations they once thought they  They have learned that their employees are actually more productive working from home. Meetings are better attended, more focused, and more work is being accomplished. Many tech companies already had partial work from home policies but the employees needed to live within driving distance from their office when in-person meetings would be required. Now that they have moved to permanently working from home employees now have the freedom to work from anywhere with broadband causing a new American migration to unfold before our eyes. That migration has people moving to places with better quality of life, lower taxes, more affordable housing (if there truly is such a thing), good schools, lakes/rivers, and plenty of outdoor life. With the droughts and fires devastating California, the high prices of silicon valley, many have their sights on Austin, Texas. Austin geographically is too far south to be affected by “tornado alley” like Kansas and Oaklahoma to the North. Austin, Texas is too far North to be affected by the Tropical Hurricanes from the gulf, and is free of earthquakes and other such natural disasters that has shown to have real and deadly consequences for so many. Now, Austin proper is not without its issues, but the suburbs of Austin seems to have it all and people are moving like never before. With an already limited supply of housing units the construction market in Austin is on overdrive and the Realtor community has never been busier having record breaking month after record breaking month. It has been two solid decades of growth and the perfect storm of events to make Texas the #1 choice for families looking for a better life. I myself moved to Texas for a better life in 2006 and has become one of the best decisions I have ever made. With interest rates so unbelievably low the actual monthly mortgage payment is at an all time low despite a growing median price point. A $300k purchase price at 6% interest has a monthly principal and interest payment of $2,425/mo. A $400k purchase price ($100k higher) at 2.5% interest rate (current rates) has a payment of $2,362. 100k larger purchase price with a lower interest has effectively a lower overall payment!  So with Austin having a much lower median price point ($400k) versus let’s say San Jose, CA ($999k) and Austin Texas having no state income tax, no transfer tax, better schools, newer homes with modern finishes, larger lots, bigger yards, temperate year round climate, less likelihood of natural disasters, beautiful lakes and rivers, it is the perfect utopia for many Americans looking for a better life. #RealtyTexas