Hey everyone! Here for your weekly edition of SCREAMIN EAGLE NEWS!
This week I wanted to talk about the market in Austin and the surrounding areas. Here's what we will cover this week;
Market interest rate changes and their impact on the market
Samsung factory news
The Rates
With all the Hussle and bustle that is always going on in Austin and big companies like Tesla, Dell, Apple, Tic Toc, and Indeed constantly coming and and going, Austin has pretty much always been the center of attention in Texas. These companies, along with the awesome scenery and all the great food have attracted people from all over. This constant rise in population has a direct affect on the Austins housing market. According to KXAN (a local news provider), Georgetown has been the fastest growing city in the country since 2022, with last years growth at a staggering 10.6%! But Austin has always been on the up and up. And with constant growth comes a volatile market because what goes up must come down. in the last year Austin has been on a down turn with rates going up and inventory going up and staying up, its turned into a buyers market. The problem is, with rates being so high in the upper 6-7%, and with the cost of living so high in the area, people are hesitant to buy. Well, just recently, the Feds have announced they will hold a meeting today on Sep. 18th to discuss rate drops. people are expecting a .25-.50% drop! This drop in rates will make people a little more likely to buy which might drive the average home prices up in the local area. So, if you are in the market looking to buy, I think now is a great time time get in before the deep pockets come in and swoop up all the real estate!
Taylor Samsung factory news
Meanwhile in Taylor, the Samsung factory construction progress has been steadily moving along. It is slated to be the largest factory foot-print in the country to ever be built! According to KXAN, when finished, the plant is expected to be a colossal 1200 acers! This will make it the largest plant in the U.S. and will create approximately 10000 jobs! Taylor is only about a 30 min drive from Austin. Samsung will use this plant to produce their newest and most advanced chipsets. However, according to Community Impact (a local newspaper) in early September, Samsung announced they withdrew 30% of their workforce in Taylor that everyone including main stream media assumed was because of Samsungs recent deal mishaps with QUALCOMM (one of the largest electronic device manufacturers in the world). According to THE TIMES OF INDIA (a local India news outlet) QUALCOMM announced that they will be relying on another chipset supplier TSMC to provide the next GEN of chipsets for their devices moving forward due to the expectation that Samsung would not be able to meet the volume and production needs of the deal. However, on Sep 16th. Samsung had this to say about the recent withdraw of employees, "This is a normal part of our operations as we rotate people based upon the need and phase of construction or operations. While we appreciated their support, it was time for them to transition back home.” Thankfully, construction at the plant seems to still be chugging along and Samsung does not seem to suspect this to slow anything down. So, if you were worried about the fall of Samsung in Taylor, The tech giant is just undergoing some minor set backs.... Hopefully.
Thanks for tuning in to SCREAMIN EAGLE NEWS, your go-to source for property inspection insight and local news! Stay safe out there and I will See you next week for another dose !
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