As the interest rates began to climb and market demand slowed, Austin homeowners have seen some of the equity gained during the last calendar year diminish.
However, according to James Austin, Austin general manager at New Western, Austin "is still one of the most equity-rich markets in the country, providing an opportunity zone for investors, especially those who are able to pay in cash."
The Austin market is now seeing an inevitable drop in home prices, Austin said, "because the conditions that drove prices up over the last three years were not sustainable with the steep rise in interest rates as we saw this year.
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