It’s obvious that Austin is feeling the effects of the Real Estate panic that began on the east and west coasts. Homes are, on average, staying on the market longer, and home inventory is piling up. But the actions that caused the declines and crashes elsewhere simply did not happen in Austin. There is really no boom to crash from. The boom of 2006 was relatively minor and for the most part, was localized to mini-markets like central Austin. The climate is much different than it has been when Austin has had real hits. This Realtor is wondering why people aren’t over the panic yet and why buyers aren’t taking advantage of this opportunity to negotiate with sellers facing two mortgages.Austin remains at the top 5 of most national lists as great places to buy and invest. Why this news is played on deaf ears is beyond me while news localized on markets 1000 miles away has Austinites scared beyond Halloween.

Check it out:
CNN/Money Magazine/Business 2.0: Where to Buy Now

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