A.D. Stenger home in Ridgewood, just listed today! 3 bed, 3.5 bath, with a 2 car garage backing to a conservation easement, $685,000. Call me if you’d like to take a look, 512/771-1776 or aria@kilpatrick.org.
Listed with Moreland Properties.
Austin Real Estate Report
November 10, 2009 By Leave a Comment
Austin Real Estate Report
Austin-area real estate market shows improvement over last year
Austin Board of REALTORS® releases September 2009 real estate statistics
October 19, 2009 – According to the September 2009 Multiple Listing Service report by the Austin Board of REALTORS®, activity in the Austin-area real estate market has shown signs of improvement from September 2008.
In September 2009, 1,780 homes were sold, a six percent increase from 1,673 homes sold in September 2008. The median home price for Austin in September 2009 was $185,250, up two percent from the same month the prior year.
“This spur in activity compared to last year is a good sign,” said Jay Gohil, chairman of the Austin Board of REALTORS®. “It shows the Austin-area real estate market is healthy and has remained stable.”
According to the report, the average median home price in the third quarter of 2009 is statistically similar to that of the third quarter of 2008. In addition, the third quarter of 2009 represented the highest quarterly average for home sales this year. There was an average of 1,857 homes sold during the third quarter of 2009, a 3 percent decrease compared to the third quarter of 2008 which averaged approximately 1,912 homes sold.
Gohil continued, “As the deadline for the first-time homebuyer tax credit approaches on Nov. 30, we may continue to see increases in home sales into October and November.” On Nov. 30, the tax credit for first-time homebuyers of up to $8,000 expires. To qualify, first-time homebuyers must close their real estate transaction by that date, a process that requires anywhere from 14 to 60 days or more. For more, visit www.AustinHomeSearch.com.
September 2009 Statistics:
- $431,530,740 – Total dollar volume of single-family properties sold, a seven percent increase from September 2008.
- $185,250 – Median price for single-family homes, a two percent increase from September 2008.
- 9,148 – Active single-family home listings on the market, a ten percent decrease from September 2008.
- 1,780 – Single-family homes sold, a six percent increase from September 2008.
The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas. For more, please contact Angela Brutsché at 512/454-7636, ext. 1300. 
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For quarterly market update, visit AustinHomeSearch Live 
Austin Inventory Continues to Decline
November 5, 2009 By Leave a Comment
September sales numbers & statistics are in for Austin housing and it’s official, our back-log of inventory is shaking out. We now have fewer months of inventory (calculated based on how long it is predicted to take to sell all of the homes currently for sale in Austin) than we had in 2003 after the tech-bust and are closing in on the momentum from 2007.
See updated Austin Housing Statistics Here
Choose: Housing Data – Months of Inventory
(This post & chart are dated 5th Nov, 2009)
Lower M.O.I. figures show a seller's market, higher show a buyer's market. Current levels represent a neutral market.
To put this in perspective, I’d like to share a chart from another Realtor in Tucson, Arizona. This should help show how stable our market here in Austin is compared to other parts of the country. From The House Chick in Tuscon:
Tucson, for example, has seen fluxuations from 6.1 to 16.6 months of inventory in the past two years while Austin has remained between 4.5 to 7.4 in the same time period.
Home Sales Up 9.4% in September
November 3, 2009 By Leave a Comment
By Alan Zibel and Alex Veiga
ASSOCIATED PRESS
Saturday, October 24, 2009
WASHINGTON — Racing to complete their purchases before a tax credit for first-time owners expires, homebuyers pushed sales up last month by the largest amount in more than 26 years.
After jumping 9.4 percent in September, home resales are up nearly 24 percent from the bottom in January, the National Association of Realtors said Friday. But the market’s momentum could be affected if Congress declines to extend the credit of up to $8,000 for first-time buyers beyond the Nov. 30 deadline.
Nationwide sales rose to a seasonally adjusted annual rate of 5.6 million last month, up from a downwardly revised pace of 5.1 million in August. It was the strongest month in two years and beat economists’ forecast of 5.4 million, according to Thomson Reuters business news service. Sales, however, are still down 23 percent from their peak in 2005.
In another positive sign, the inventory of unsold homes on the market fell almost 8 percent to 3.6 million. That’s less than an eight-month supply at the current sales pace and the lowest level since March 2007.
“The excess supply of unsold homes has declined a lot, and this reduces the downward pressure on home prices,” said Harm Bandholz, an economist at UniCredit Global Research in New York. “An improvement in house prices is an important condition for an increase in housing wealth and therefore higher willingness of households to start spending again.”
Although home sales and housing construction have risen steadily after bottoming out this year, most economists say that prices, which recently stabilized, will resume their descent. The median sales price last month was $174,900, down almost 9 percent from $191,200 a year earlier and slightly lower than August’s median of $177,300.
The main reasons prices are weak: Unemployment and foreclosures are still rising. With the current 9.8 percent jobless rate expected to rise as high as 10.5 percent next year, foreclosures will continue to set records.
Austin has best housing market in U.S.
October 12, 2009 By 1 Comment
A note from the Austin Home Pro…
The Austin real estate market has long been the economist’s stronghold on optimism, because our strong local economy centered in an economically strong state continues to beat the “doom and gloom” odds. Despite falling home prices around the nation, Austin has held strong. Due to Austin’s slow and steady growth even during booms elsewhere in the country, Austin has little of a boom to bust. Although national economic feats have affected our local market, the stability of Austin real estate continues to impress top experts around the country.
Ranked the healthiest by online industry magazine
AUSTIN (KXAN) – A homebuilding industry online magazine has ranked Austin the nation’s healthiest housing market. Builder Online cites low unemployment and high demand as reasons why the Austin market is making a comeback.
Home prices in Austin were still going up last year, unlike most of the country, but they have finally started to fall. The latest numbers show home prices down 4.6% in 2009.
“Clearly we’re not as good as we’d like, obviously we’d like for things to be better but still it gives you some feeling of assurance that things aren’t as bad as some people are having,” said Harry Savio with the Greater Austin Homebuilders Association.
Builder Online notes that Austin’s population grew by more than 4% during the first half of this year which created demand and will help to firm up home prices.
“The fundamentals are there for housing to continue to grow,” said Savio. “We don’t have a lot of inventory, we don’t have a lot of excess houses on the ground.”
How to sell a house in a buyer’s market
September 17, 2009 By Leave a Comment
Get it sold!
Home Seller’s Guide to Getting it Sold NOW
Things are picking up, but are still slow. We rarely see a buyer’s market in Austin, but right now the tables are turned. There are a few things you can do to put yourself ahead of the game so that the first home to sell in your area & price point is your home.
- Be Prepared. Mentally, emotionally, and financially. It’s going to take more effort, stress, time, and money. You will need to have a plan for making the house “show-ready” each day, even when you’re tired, frustrated, or otherwise less motivated. You will likely need to spend a bit of money making your house show it’s absolute best so that today’s extra-picky buyers won’t have any easy excuses.
- Be Patient. So you’ve decided to move. It may be a while before the big day homes. Don’t get too antsy or excited because it will only add to your frustration over time. Selling your house will likely be like a second job, particularly if you will be living there while it is on the market.
- It’s a Changing Market. Don’t expect the same to ring true for different areas, price points, and weeks. Some neighborhoods may pick up momentum while others continue to lag in sales and this will vary in different price-points from day to day. Your agent will need to stay on top of changing trends, so be sure that they are an expert in the area. It helps if they have lived there personally, particularly through changing markets.
- Get Read to Price Aggressively. This is a BIG one… This is not the time to get hung up on what your house might sell for on a great day or what you heard a neighboring house sold for. To be ahead of the game, you have to be the best house in the price-point so that your house is the best that buyers will look at (and fall in love with). This may mean entering a different price point by pricing lower than your previous expectations. You will need expert help with this to see where buyers are looking, since many have expanded their searches in this market. Your price should reflect price reductions that you anticipate on your competitor’s homes. We, at BridgeOne Properties here in Austin have had great success getting contracts even in the most over-saturated neighborhoods anticipating price reductions and the ever-expanding list of competing homes.
- Get Your House in Tip-Top Shape. The most motivated sellers win the contract not only for pricing, but because they put the energy into an extra-long “To Do” list around the house from paint to carpet and caulking to landscaping. It may feel and sound cliche, but this is absolutely important to give your home the best first impression in an over-saturated market where instead of competing against 30 homes, you may be up against 100 homes! It should be cleaner and tidier than it has ever been, any clutter or personal items should be out of sight, new landscaping will really help, and a clean entry will make a great impression. Touch up paint, clean doors and baseboards, dust fans, clean clean clean! If you are unable to do everything yourself, a handyman will be a great investment here.
Fix any damage, big or small
- Make it an Easy Show. Some life situations don’t lend themselves well for showings, like young children, babies, and pets. Do your best to make your house available at as many times as you possibly can. If you are one of the many sellers that needs to remain in the house while it is on the market, get used to saying “yes” to Realtor calls, even if they are 10 minutes away and you are in the middle of something. If having your house on lockbox 24/7 is uncomfortable, ask your agent to put the lockbox on timed access or put the lockbox out yourself when an agent calls or when you head out to work or on errands. Make yourself a quick “showing preparation” routine. It could be tossing pet beds in a closet, throwing toys in a trunk, and should include turning the lights on. If this sounds like too much of a carbon footprint, make up for it by cutting something else (water bottles maybe?)
- Use Internet Marketing. Not all home search websites are connected to local Multiple Listing Services (MLS’s). Austin’s MLS, although it does feed Realtor.com, does not feed Trulia, Zillow, Google Base, and many other websites (contrary to what their marketing may lead you to believe). Make sure your Realtor’s listings are heavily marketed online because more buyers than ever do must of their hunting online, even if they also have an agent looking for them. If you’re not sure about your agent, find out the address of some of their other listings and try to find them yourself on both text and map-based searches. In Austin, agents can now post up to 25 photos for a listing in addition to a virtual tour with unlimited photos. Make sure they do it!
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Click to Enlarge
Quality Photography. If you follow this site, you know this is a sticking point for me with my “Bad MLS Photos of the Week”. This is because almost all buyers start and continue their home search online. If your house is under-represented in photographs, they quickly move on to the next listing. So many agents take only a few photos with a camera phone and move on. If an agent doesn’t have the equipment or education for good architectural photography, here’s a inside scoop for you: Professional Photography, like in the photo to the right on a previous listing of mine, costs around $80 and includes a virtual tour!
- Get Rid of Junk. This goes hand in hand with de-cluttering your house and chances are that you will be VERY glad you did it! It’s also a great opportunity to find tax-deductions and Craig’s list cash in your closets, because yes, even your closets should be clean and tidy for buyers. It gives a feeling of “my stuff will fit in here” to buyers and you’ll be amazed how refreshing a clean, tidy, un-full closet can be. Here’s a tip: make a list of everything you donate for your 2009 taxes. It makes things easier for your accountant, and if you do your taxes yourself, you can enter in your list in TurboTax.
- Offer Extras. This may be annoying, especially for us spoiled Austin sellers, but offering extras like service contracts, pre-inspections, and other warranties can be the decision maker between two homes, and puts the nervous buyers at east (and we have an extra percentage of highly nervous buyers these days!).
In the News: Pending home sales hit 6th straight increase
September 1, 2009 By Leave a Comment
Index jumps by 3.2% in July, beating estimates and marking its longest streak on monthly increases on record.
We’re hearing more and more good news lately, and it’s backed up by hard numbers. When our real estate market has recovered before, particularly in Austin, it recovers quickly and suddenly. Will we see this recovery soon? Will the scramble for good, decent, or even okay deals hit us after Labor Day as experts have predicted? The recovery does seem imminent and close. Do you think that a time will come when buyers scramble off the fence?
NEW YORK (CNNMoney.com) — More Americans signed sales contracts to buy homes in July than in June, marking the longest streak of monthly increases on record, said a report released Tuesday.
The pending home sales index from the National Association of Realtors rose 3.2% in July after rising by 3.6% in June. That’s 12% higher than July 2008, and it marks the sixth straight increase since record-keeping began in 2001.
The reading far exceeded forecasts of economists surveyed by Briefing.com, who predicted a 1.5% increase.
Signed real estate contracts often take many weeks or months to complete, so they are considered a forward-looking indicator.
A new directionMomentum in the housing market has clearly turned for the better, said NAR chief economist Lawrence Yun, in a written statement.
“The recovery is broad-based across many parts of the country,” Yun said. “Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit.”
The first-time home buyers tax credit, passed earlier this year as part of the economic stimulus package, is worth 10% of the home purchase price up to $8,000. People who have not owned a home in the previous three years are eligible for the credit.
However, the tax credit expires on Nov. 30 and it usually takes about 90 days to close on a house after a contract is signed. As of Sept. 1, there were only 90 days left before the credit ends.
[...Continue reading at CNN.com]
What do you think? Will a time will come when buyers scramble off the fence in Austin?
$8000 First Time Homebuyer Credit Expires Soon
August 26, 2009 By 2 Comments
If you’ve been wanting to take advantage of the $8000 First Time Homebuyer Tax Credit don’t put it off much longer! You must use this credit by December 1st, but don’t wait until the last minute because you must CLOSE on your new home by December 1st!
Here’s the basics, you can read more in-depth details here.
- “First Time Home Buyers” have never owned a home or have not owned a home for the past three years. Some previous homeowners will qualify. If you are married, you must both qualify.
- You can now use the $8,000 credit in the down-payment. This was added to this stimulus package after the fact.
Here’s why you need to act soon:
The typical real estate transaction used to take 30 days. Used to. We are seeing clean transactions, with over 20% cash down payments and credit scores over 800, taking 60-90 days. I recommend allowing 3 months for first-time homebuyers if you are depending on the $8,000 credit!
And what does three months look like?
Contact a Realtor® NOW to get your finances
in order because you need to get shopping soon!
I would love to help you in the Austin area or help you find a great agent (not just any agent) in your area through my networks!
Austin Makes Headlines in Entrepreneur Magazine
August 13, 2009 By 1 Comment
Where to be an Entrepreneur?
Austin tops the list in Entrepreneur!
The Cross-Pollinator: Austin, Texas
“What you have to realize about Austin is that it’s a city of scenes,” explains Bijoy Goswami, founder of the in-person and online community Bootstrap Austin, and Austin’s entrepreneurial culture guru. “We have a music scene, a food scene, a film scene, a tech scene. Recently we’ve gotten to critical mass with an entrepreneur scene, and there are a lot of things going on.” What’s happening is a commingling of creatives facilitated by events like High Tech Happy Hour where participants share their new ideas, Rise Austin seminars where experienced entrepreneurs share their journeys, and the popular South by Southwest Interactive conference. All of that is bolstered by a strong slate of resources like the Tech Ranch and Capital Factory incubators, as well as traditional and boutique VC firms and angel networks. “Theoretically, people here are competing, but the opposite is happening,” Goswami says. “Part of that Texas ethos has percolated into the entrepreneur scene: People in Austin just treat each other well.”
To continue reading, move on to entrepreneur.com.
Natl v Austin Median Home Sales Price Aug 2009
August 9, 2009 By Leave a Comment
National, Texas, Austin Median Home Sales Price
Here is the latest and greatest (and most accurate data out there) for you to visualize the trends you hear and read about.
About the real estate data & statistics on my site:
I’ve received emails about how my graphs look differently that Zillow’s/Trulia’s, and believe me, those websites’ notoriously inaccurate and incomplete information can be the bane of my existence. My promise to you is that this data is the absolutely most complete and accurate data out there! While other websites use error-ridden tax data & user-submitted listing data, my data combines sales from the national, state, and local MLS systems as well as builder associations and is compiled by the esteemed Real Estate Center at Texas A&M University. Addiitonally, you may see data from Austin Board of Realtors®, Texas Association of Realtors®, National Association of Realtors® (and related MLS systems), Austin Chamber of Commerce, the US Census Bureau, and the US Bureau of Labor and Statistics.
