Austin is a great place to be. If you live here, you already know that. We’ve got great weather, amazing cultural events, and a broad selection of great food in all kinds of dining environments. And, as the inaugural F1 race this weekend showed, the rest of the world has taken notice of our once sleepy little town.
On top of everything, or more likely because of everything, the housing market here continues to outperform that of other cities, which leads to a virtuous cycle where things just keep getting better and better. Nowhere is that more true than for homeowners looking to renovate.
The Joint Center for Housing Studies of Harvard University recently announced that the combination of low interest rates and an improving housing market are driving projections of strong gains in home improvement for the rest of 2012 and into at least the first half of 2013. The JCHS’s Leading Indicator of Remodeling Activity (LIRA) is the basis for this report.
LIRA, according to the JCHS, is designed to estimate national homeowner spending on improvements for the current quarter and subsequent three quarters. The indicator, which is measured as an annual rate-of-change of its components, provides a short-term outlook of homeowner remodeling activity and is intended to help identify future turning points in the business cycle of the home improvement industry.
On a more regional level, the Texas A&M University Real Estate Center continues to provide exciting data regarding the Austin market. According to the most recent data on their website, since May of 2012 home sales in Austin are the strongest they’ve been in the past three years – in some cases by a substantial margin. Further, every month but April of 2012 has shown stronger sales than the same months in 2010 and 2011.
With all of this data to back up the general confidence get from living in one of the most exciting cities in the world, the future looks very bright indeed. When you’re ready to make a bold stride into that bright future by renovating your home, whether the one you live in now or your next one, Watermark & Company is here to help.