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For the first time since 2008, we are headed towards a real estate crash. But here are 3 reasons why this time it wont be anything like 2008 according to article.The News: The crash we face this time wont be anything like the 2008 crash <ul><li>Lenders aren't so flexible with their lending prices, which means fewer borrowers likely to land in hot water. </li><li>Homeowners are doing fine, with mortgage forbearance programs allowing struggling borrowers to pause payments until they're back on their feet.</li><li>There's still plenty of supply, there's a huge demand with a shortage of supply.&nbsp;</li></ul>What does this mean for renters near UT Austin for August Prelease? Buy your house now, or as soon as possible can help to cushion the crash of the real estate crash, regardless of how bad it is. Ask our REspace agents to help you find a property soon.

https://moneywise.com/investing/real-estate/should-i-wait-for-real-estate-prices-to-crash-before-i-buy-a-house-here-are-3-simple-reasons-why-this-housing-downturn-is-nothing-like-2008

Should I wait for real estate prices to crash before I buy a house? Here are 3 simple reasons why this housing downturn is nothing like 2008

For the first time in U.S. history, the median rent cost nationwide surpassed $2,000 per month in May, according to a report.The news:&nbsp;rent is climbing fastest in Sun Belt cities. <ul><li>In Austin, Seattle and Cincinnati, rent has grown by over 30% in the last year, per&nbsp;<a href="https://www.npr.org/2022/06/09/1103919413/rents-across-u-s-rise-above-2-000-a-month-for-the-first-time-ever" target="_blank">NPR</a>. In Austin, Texas, asking rent surged by 48%, the largest increase in a metro area that&nbsp;<a href="https://www.redfin.com/news/redfin-rental-report-may-2022/" target="_blank">Redfin</a>&nbsp;has on record.</li><li>Even in cities that were formerly known as “affordable,” average rent prices are over $2,000. For example, Nashville’s median rent cost is at $2,140, which is 32% more expensive than last year,&nbsp;<a href="https://www.npr.org/2022/06/09/1103919413/rents-across-u-s-rise-above-2-000-a-month-for-the-first-time-ever" target="_blank">NPR</a>&nbsp;stated. </li></ul>Why is rent so expensive?&nbsp;Daryl Fairweather, chief economist for Redfin, told&nbsp;<a href="https://www.npr.org/2022/06/09/1103919413/rents-across-u-s-rise-above-2-000-a-month-for-the-first-time-ever" target="_blank">NPR</a>&nbsp;demand is what is driving rent costs. <ul><li>After the last housing crash, Fairweather says that not enough homes were built for a decade. “That lack of supply is the biggest force pushing up home prices,” and making it harder for people to afford to buy and rent homes and apartments, according to&nbsp;<a href="https://www.npr.org/2022/06/09/1103919413/rents-across-u-s-rise-above-2-000-a-month-for-the-first-time-ever" target="_blank">NPR</a>.</li><li><a href="https://www.cnn.com/2022/03/23/success/us-national-rent-february/index.html" target="_blank">CNN</a>&nbsp;states that demand, mostly from young renters, is another factor driving rent prices. Rising home prices are influencing more young people to rent houses and apartments.</li></ul>What does this mean for renters near UT Austin for Aug pre-lease? Reserving your house, duplex or apartment as soon as possible is paramount. Due to the slowdown of the sales transactions due to the fast climbing interest rates, even more people are looking to rent now. Ask our Respace agents to help you find a property soon.&nbsp;

National rent is over $2,000 per month for the first time in U.S. history

AUSTIN (KXAN/CNBC) &mdash; Tesla CEO Elon Musk may be moving to Texas,&nbsp;<a href="https://www.cnbc.com/2020/12/02/tesla-ceo-elon-musk-plans-to-move-to-texas-friends-and-associates-say.html" target="_blank" rel="noreferrer noopener">according to a report from CNBC</a>.
This comes after Musk, who was&nbsp;<a href="https://www.kxan.com/news/100b-year-propels-elon-musk-past-bill-gates-to-become-the-worlds-2nd-wealthiest-person/?ipid=related-recirc" target="_blank" rel="noreferrer noopener">just named the the second-wealthiest person in the world</a> by the Bloomberg Billionaire Index, has announced increasing developments in the state and in Travis County.
Construction at the Tesla site near State Highway 130 and Harold Green Road in Travis County. (KXAN Photo/Frank Martinez)
In the summer, Tesla&nbsp;<a href="https://www.kxan.com/news/business/tesla-is-coming-to-austin-area-car-company-picks-texas-site-for-second-us-vehicle-assembly-plant/?ipid=related-recirc" target="_blank" rel="noreferrer noopener">chose the Austin area</a>&nbsp;as the site for its largest auto assembly plant, which could potentially employ at least 5,000 workers. The plant will sit on a 2,100-acre area near Harold Green Road and State Highway 130.
SpaceX also has a launchpad in south Texas. SpaceX has been operating in Texas since 2003.
&ldquo;Now, several of his close friends and associates say that Musk has told them he&rsquo;s planning to move to the Lone Star State,&rdquo; CNBC reported Dec. 4.
Musk has been critical of pandemic closures in California,&nbsp;<a href="https://twitter.com/elonmusk/status/1259159878427267072" target="_blank" rel="noreferrer noopener">threatening to move</a>&nbsp;Tesla&rsquo;s headquarters to Texas and Nevada in May. He also placed his California properties on the market earlier this year, CNBC said.
Income tax could also play a factor. California has the highest income tax in the U.S., and Texas has no state income tax, which could save Musk billions, CNBC reported.
<a href="https://www.kxan.com/news/local/austin/elon-musks-friends-say-he-has-plans-to-move-to-texas/?fbclid=IwAR0rOdZLkWCIRD-75L-H5tskW0EIx3pQGE6Csg7XLGw7NjZ7I8hmb2f_LeE">https://www.kxan.com/news/local/austin/elon-musks-friends-say-he-has-plans-to-move-to-texas/?fbclid=IwAR0rOdZLkWCIRD-75L-H5tskW0EIx3pQGE6Csg7XLGw7NjZ7I8hmb2f_LeE</a>

Elon Musk’s friends say he has plans to move to Texas

<h2 class="gnt_ar_shl" style="font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; font-weight: normal; font-stretch: normal; font-size: 18px; line-height: 23px; font-family: 'Georgia Pro', Georgia, 'Droid Serif', serif; color: #303030; margin: 10px 0px 2px;">Billionaire and technology executive Elon Musk confirmed to the Wall Street Journal, that he has moved to Texas, but did not say where in the state he now calls home.</h2>
Elon Musk says he is now a resident of the Lone Star State.&nbsp;
"Yes,&nbsp;I have moved to Texas," Musk, the billionaire CEO of electric automaker Tesla and aerospace company SpaceX, said Tuesday during a video interview at the Wall Street Journal CEO Council Summit.
Musk did not say where in Texas he has moved.&nbsp;
Musk -- currently the world's second-wealthiest person behind Amazon founder Jeff Bezos -- said a&nbsp;move to Texas has been in the works for months. He said he already spent significant time in Texas, as Tesla and SpaceX both have significant operations in the state.&nbsp;
Tesla is currently building a $1.1 billion assembly facility near Austin, and SpaceX has a launch facility in South Texas. In fact,&nbsp;Musk said he was speaking from the SpaceX facility in Boca Chica on Tuesday.
"The two biggest things that I've got going on right now are the starship development here in South Texas, which was set in motion five years ago, and then&nbsp;the big new factory development for Tesla, which is called GigaTexas, just by Austin.&nbsp;Those necessarily drive the&nbsp;use of my time here," Musk said.
Musk also recently relocated his private foundation to Austin.&nbsp;Bloomberg news service reported that the Musk Foundation, which was based in California, created an entity in Austin over the summer. The two entities then merged, according to a certificate filed with the Texas Secretary of State in October that Musk signed, and the resulting entity is now based in the Austin area.
Musk's Tuesday comments came after months of hints that he was considering a move&nbsp;to Texas. CNBC reported last week that some of Musk's friends and acquaintances said Musk had told them he planned the move.&nbsp;
Austin has increasingly become a hub for Musk's companies. In July, Musk announced that Tesla would build a&nbsp;$1.1 billion Austin area manufacturing facility, where the company will&nbsp;produce its Cybertruck, Semi, Model 3 compact sedan and Model Y vehicles. It's also possible the factory, which could employ as many as 5,000 people,&nbsp;will produce battery cells, according to documents filed with the state.
Construction of the factory&nbsp;in southeastern Travis County&nbsp;is moving fast, with plans to start rolling out vehicles as early as next year.&nbsp;&nbsp;The company received tax breaks approved by Travis County and the Del Valle Independent School District that are valued at a minimum of about $60 million combined as part of an incentive deal to build the factory in the area.
The Boring Company -- Musk's tunneling and infrastructure transportation firm --&nbsp;also has an Austin presence. The company, in a cryptic November tweet, posted job openings for Austin in both engineering and operations.&nbsp;
A move to Texas could potentially save Musk millions of dollars in income tax.&nbsp; Texas has no state income tax, while California has the highest tax in the nation.&nbsp;
Musk has been critical of California in recent months, amid disagreements with lawmakers during the pandemic.
In his interview with the Journal, Musk compared California&nbsp;to a championship sports team that has won for too&nbsp;long. He also said Silicon Valley is declining in relevance.
"If a team is winning for too long, they tend to get complacent,&rdquo; Musk said. &ldquo;California has been winning for a long time, and I think they&rsquo;re taking it for granted.&rdquo;
In May, amid a public spat with California lawmakers, Musk tweeted that he would move Tesla headquarters and future operations&nbsp;to Texas and Nevada, after&nbsp;his Fremont, Calif.,&nbsp;factory remained shut down due to&nbsp;the state's COVID-19 restrictions. No change of headquarters for the Palo Alto, California-based&nbsp;company has followed so far.
The move to Texas also follows a tweet in May in which he said he was selling his properties and would own no home or "physical possessions." He proceeded to list several of his California properties for sale.&nbsp;&nbsp;
&nbsp;
<a href="https://www.statesman.com/story/business/2020/12/08/elon-musk-confirms-he-has-moved-texas/6495684002/?fbclid=IwAR17eNuatV-BYeUx-FHlw1m82E7OXp8ilEIdMRwQ16ptujZnpBL_4Fv3V6c">https://www.statesman.com/story/business/2020/12/08/elon-musk-confirms-he-has-moved-texas/6495684002/?fbclid=IwAR17eNuatV-BYeUx-FHlw1m82E7OXp8ilEIdMRwQ16ptujZnpBL_4Fv3V6c</a>

Elon Musk confirms it: He has moved to Texas

<ul style="list-style-type: disc;">
<li>Oracle is the latest tech company to relocate out of California.</li>
<li>The coronavirus pandemic has given a number of tech companies an excuse to exit Silicon Valley.</li>
<li>HPE announced its move to Houston earlier this month.</li>
</ul>
<a href="https://www.cnbc.com/quotes/?symbol=ORCL">Oracle</a>&nbsp;is the latest tech company to move its headquarters out of California. The company said on Friday it&rsquo;s moving its headquarters from the Silicon Valley to Austin, Texas.
&ldquo;Oracle is implementing a more flexible employee work location policy and has changed its Corporate Headquarters from Redwood City, California to Austin, Texas. We believe these moves best position Oracle for growth and provide our personnel with more flexibility about where and how they work,&rdquo; a spokesperson confirmed to CNBC.
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Bloomberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2020-12-11/oracle-moves-headquarters-to-texas-joins-exodus-from-california?srnd=technology-vp&amp;amp;sref=ctSjKj2N" target="_blank" rel="noopener">first reported</a>&nbsp;the move.
A bulk of employees can choose their office location, or continue to work from home part time or full time, the company said.
&ldquo;In addition, we will continue to support major hubs for Oracle around the world, including those in the United States such as Redwood City, Austin, Santa Monica, Seattle, Denver, Orlando and Burlington, among others, and we expect to add other locations over time,&rdquo; Oracle said. &ldquo;By implementing a more modern approach to work, we expect to further improve our employees&rsquo; quality of life and quality of output.&rdquo;
Oracle is one of Silicon Valley&rsquo;s older success stories, founded in Santa Clara in 1977. It&nbsp;<a href="http://www.redwoodcityhistory.org/timeline" target="_blank" rel="noopener">moved into its current headquarters in 1989</a>. Several of the buildings on its campus there are&nbsp;<a href="https://www.businessinsider.com/oracle-employees-enjoy-pool-yacht-2015-1#that-cylinder-shape-of-the-buildings-is-an-insider-geek-joke-the-symbol-for-database-oracles-flagship-product-is-a-cylinder-10" target="_blank" rel="noopener">constructed in the shape of a squat cylinder</a>, which is the classic symbol in computer systems design for a database, the product on which Oracle built its empire.
The coronavirus pandemic has given a number of tech companies and prominent Silicon Valley figures an excuse to exit California.&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=HPE">Hewlett Packard Enterprise</a>&nbsp;announced earlier this month that it will relocate its headquarters from San Jose, California, to Houston, Texas. Data analytics software company&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=PLTR">Palantir Technologies</a>&nbsp;also&nbsp;<a href="https://www.cnbc.com/2020/08/19/palantir-headquarters-moves-from-silicon-valley-to-colorado.html">moved its headquarters</a>&nbsp;to Denver, Colorado from Palo Alto, California, earlier this year.
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<a href="https://www.cnbc.com/quotes/?symbol=TSLA">Tesla</a>&nbsp;and SpaceX chief Elon Musk also&nbsp;<a href="https://www.cnbc.com/2020/12/08/elon-musk-confirms-he-moved-to-texas.html">confirmed this week</a>&nbsp;that he moved to Texas, though his companies still maintain their major operations in California.&nbsp;Larry Ellison, Oracle&rsquo;s co-founder and chairman, serves on Tesla&rsquo;s board. Ellison has a longstanding friendship with Michael Dell, whose computer company was founded and remains headquartered in the Austin area.
&nbsp;
<a href="https://www.cnbc.com/2020/12/11/oracle-is-moving-its-headquarters-from-silicon-valley-to-austin-texas.html?fbclid=IwAR3q1k5ZmcqQoo-TQD4g-dJXtiTZNiOxj5huZbizCRgUEuWESjAgAxTdAYM">https://www.cnbc.com/2020/12/11/oracle-is-moving-its-headquarters-from-silicon-valley-to-austin-texas.html?fbclid=IwAR3q1k5ZmcqQoo-TQD4g-dJXtiTZNiOxj5huZbizCRgUEuWESjAgAxTdAYM</a>

Oracle is moving its headquarters from Silicon Valley to Austin, Texas

At this point, we're running out of ways to say: Austin's real estate market is on fire. November was another record-breaking month following a record-breaking <a href="https://austin.culturemap.com/news/real-estate/11-19-20-austin-median-home-prices-surpass-440000-for-first-time-ever/">October</a>,&nbsp;<a href="https://austin.culturemap.com/news/real-estate/10-15-20-austin-real-estate-home-sales-september-abor-travis-hays-caldwell/">September</a>, and&nbsp;<a href="https://austin.culturemap.com/news/real-estate/09-17-20-austin-home-prices-hit-historic-highs-during-record-breaking-summer/">August</a>.
Despite the sky-high numbers, local real estate experts quoted in the Austin Board of Realtors' November Central Texas Housing Report issued a stern warning: this growth is not sustainable.&nbsp;
"While we&rsquo;re grateful that the housing market rapidly recovered, last month&rsquo;s numbers should give us all pause,&rdquo; said Romeo Manzanilla, 2020 ABoR president, in the report. &ldquo;Central Texans who could not find a property within Austin&rsquo;s city limits have historically been able to expand their searches outward to find a home. But, when the entire region has virtually zero inventory, its leaders must think about how such a broad lack of housing will ultimately impact Austin&rsquo;s suitability as a destination for businesses and economic growth.&rdquo;
And if&nbsp;<a href="https://austin.culturemap.com/news/city-life/12-16-20-oracle-move-california-influx-higher-home-prices/">Oracle's recent relocation announcement&nbsp;</a>isn't evidence enough, that economic growth is showing no signs of slowing down. Austin's residential real estate market, which has struggled with affordability and inventory over the past five years, simply needs more housing.&nbsp;
&ldquo;With a steady influx of job creation in the pipeline, the housing market will continue to post strong numbers well into 2021,&rdquo; said Mark Sprague of Independence Title. &ldquo;But, because Austin&rsquo;s housing market is not slowing down, we will continue to see demand outpace the inventory available. This growth is not sustainable. The one variable that will hold the market back is the lack of inventory.&rdquo;
Austin-Round Rock metro area Home sales in the Austin-Round Rock metro jumped 23.8 percent year over year to 3,397 sales, despite both a global pandemic and the holiday slowdown that traditionally accompanies November and December. Median home prices &mdash; surprise, surprise &mdash; also jumped, hitting $365,000 (a 19.7 percent increase over November 2019) in the five-county metro area.
City of Austin Per usual, inside the city of Austin, home prices hit an all-time monthly high (again), rising 10.1 percent to $433,493. The frenzy of residential real estate sales Austin has seen over the past few months continued into November, with&nbsp;residential sales increasing 28.2 percent to 1,105.
Sales dollar volume &mdash; a key indicator of sales activity and prices &mdash; ballooned&nbsp;more than 47.2 percent to $600,496,127 over 30 days. (That's more than the entire annual gross domestic product of Dominica.) Monthly housing inventory, or how long a property sits on the market, fell to just one month.
Travis County Like the greater metro area,&nbsp;median home prices in Travis County also climbed&nbsp;19.7 percent, to&nbsp;$425,000, while sales rose 25.2 percent year-over-year to&nbsp;1,720 sales in November.
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As for housing inventory, the county fell to 0.9 months, less than 30 days, while active listings decreased a whopping 47.2 percent, meaning properties are moving at lightning speed.&nbsp;
Hays, Bastrop, Caldwell, and Williamson counties As people push further and further into the suburbs, home prices in the surrounding counties are trending upward. In Hays County, median home prices hit $303,525, an 18.5 percent increase over November 2019. Hays also boasted 403 sales, a 30.4 percent increase.
Bastrop saw a smaller boon, but a boon none the less. Median price for residential homes increased 6.4 percent to $260,950, while home sales climbed 14 percent to 114 sales.
Caldwell's home prices remain the most affordable within the five-county area, hitting a median home price of $204,750 (though still more than 11 percent climb year-over-year).&nbsp;Home sales increased 65 percent, to 33 sales in November.
Williamson County unsurprisingly has the highest median home price aside from Travis County, at&nbsp;$326,725. Home sales in the county increased 19.8 percent to 1,127 sales, while housing inventory to fell to 0.5 months &mdash; the lowest in the metro area.&nbsp;
&nbsp;
<a href="https://austin.culturemap.com/news/real-estate/12-16-20-austin-home-prices-climb-higher-as-real-estate-experts-issue-warning-to-city-leaders/?fbclid=IwAR2MWHtZaqPb9VSIbfL90pK66DyRUfXMOTnvuuxPMkxwNCyAlfeBzSIQ_60">https://austin.culturemap.com/news/real-estate/12-16-20-austin-home-prices-climb-higher-as-real-estate-experts-issue-warning-to-city-leaders/?fbclid=IwAR2MWHtZaqPb9VSIbfL90pK66DyRUfXMOTnvuuxPMkxwNCyAlfeBzSIQ_60</a>

Austin home prices climb sky-high as real estate experts issue warning to city leaders

The&nbsp;New York Post&rsquo;s Page Six&nbsp;<a href="https://pagesix.com/2020/12/29/chris-harrison-is-moving-to-texas-fueling-bachelor-exit-rumors/" target="_blank" rel="noopener">reported</a>&nbsp;December 29 that TV host Chris Harrison is building a home in West Austin&rsquo;s high-end Barton Creek area for himself and his girlfriend,&nbsp;Entertainment Tonight&nbsp;host Lauren Zima. Many of the homes in the Barton Creek area sell for well over $1 million.
Why Austin (or at least Texas)? Here&rsquo;s one clue: His son, Joshua Harrison,&nbsp;<a href="https://nypost.com/2020/08/13/chris-harrison-will-miss-bachelorette-taping-for-2-weeks-to-quarantine/" target="_blank" rel="noopener">attends Texas Christian University</a>, roughly 190 miles north of Austin. On top of that, the senior Harrison is a Dallas native and an&nbsp;<a href="https://okmagazine.com/news/chris-harrison-building-new-home-texas-leaving-the-bachelor-franchise/" target="_blank" rel="noopener">investor in Dallas&rsquo; Steam Theory Brewing Co.</a>, and his mom is Dallas real estate agent&nbsp;<a href="https://www.wfaa.com/article/life/what-its-like-being-chris-harrisons-mom/287-437904266" target="_blank" rel="noopener">Mary Beth Harrison</a>.
Harrison hasn&rsquo;t confirmed or denied that he&rsquo;s joining podcaster&nbsp;<a href="https://austin.culturemap.com/news/entertainment/08-10-20-popular-podcaster-joe-rogan-punches-one-way-ticket-from-la-to-austin/">Joe Rogan</a>&nbsp;and actor&nbsp;<a href="https://austin.culturemap.com/news/city-life/10-01-20-james-van-der-beek-relocates-to-austin/">James Van Der Beek</a>&nbsp;in making the move to the Austin area.
In early December, corporate relocation consultant John Boyd&nbsp;<a href="https://austin.culturemap.com/news/city-life/12-16-20-oracle-move-california-influx-higher-home-prices/">told CultureMap</a>&nbsp;that Texas in general and Austin in particular maintain a top-notch reputation as a magnet for talent, innovation, and wealth.
&ldquo;I expect we will be seeing more and more celebrity CEOs, media figures, pro athletes, and famous entertainers relocate to low-tax Texas in the months ahead,&rdquo; Boyd said.
Harrison&rsquo;s pending move to Austin comes amid thorny rumors that he&rsquo;s exiting&nbsp;The Bachelor&nbsp;and&nbsp;The Bachelorette&nbsp;franchise. The relocation to Austin from Southern California, where the reality shows are taped, adds fuel to that speculation. However, TMZ seemingly extinguished the rumors with its exclusive report that Harrison is staying put.
In May, Harrison&nbsp;<a href="https://www.kvue.com/article/entertainment/entertainment-tonight/bachelorette-production-might-move-to-a-different-state-amid-coronavirus-chris-harrison-says-exclusive/603-67f45fee-ceac-4bd8-898a-c8de9972d4a5" target="_blank" rel="noopener">suggested</a>&nbsp;that production of the next season of&nbsp;The Bachelorette&nbsp;might shift from California to another state &mdash; mentioning Texas by name &mdash; due to the COVID-19 pandemic. However, that season wound up being taped in a coronavirus &ldquo;bubble&rdquo; in Palm Springs, California. By the way, Harrison dropped the Texas reference during a TV interview with &mdash; who else? &mdash; his girlfriend.
<a href="https://austin.culturemap.com/news/entertainment/12-31-20-bachelor-bachelorette-host-chris-harrison-gives-a-rose-to-austin-as-new-home/?fbclid=IwAR1DIbS-myuXRTSwc-2uBWgqBZ91cBdvM4c6FyyUvZzpKc7bC_BQjxwBXvQ">https://austin.culturemap.com/news/entertainment/12-31-20-bachelor-bachelorette-host-chris-harrison-gives-a-rose-to-austin-as-new-home/?fbclid=IwAR1DIbS-myuXRTSwc-2uBWgqBZ91cBdvM4c6FyyUvZzpKc7bC_BQjxwBXvQ</a>
&nbsp;

The Bachelor host swaps Hollywood for wealthy West Austin enclave

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Should I wait for real estate prices to crash before I buy a house? Here are 3 simple reasons why this housing downturn is nothing like 2008

National rent is over $2,000 per month for the first time in U.S. history

Elon Musk’s friends say he has plans to move to Texas

Elon Musk confirms it: He has moved to Texas

Oracle is moving its headquarters from Silicon Valley to Austin, Texas

Austin home prices climb sky-high as real estate experts issue warning to city leaders

The Bachelor host swaps Hollywood for wealthy West Austin enclave

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