Austin Area Real Estate Trends

Austin Home Sales Improve!

Thu, 08 Sep 2011 07:54:00 GMT

This summer has been a GREAT real estate market in Austin, TX! Supported by the fact that home sales improved over 2010 in virtually every category.

Nearly every area of Austin, nearly every type of housing, nearly every price range saw improved home sales over last year.

It is often national financial factors that cause improvement, and Austin home buyers recognize interest rates below 4% may be very temporary, while knowing that Austin's soft real estate prices are temporary as well.

The combination of low mortgage rates and low home prices puts more buyers in the market as first time buyers, but has also created something many buyers never expected - the ability to buy a home prevously out of reach.

Having just closed a Cedar Park home where the payment was approximately $361 less than the buyer expected to pay for a home like this, its easy to see that a few years from now many home buyers will look back and feel very fortunate that they were able to take advantage of this time in Austin real estate history, while many more buyers will wish they had!

Tell anyone you know... timing may be be this good!

Make it a Powerful Day!

Austin home sales...

Tue, 31 May 2011 09:51:00 GMT

According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, 1,690 single-family homes were sold in the Austin area in April 2011, 16 percent fewer than the same month of the prior year when the federal homebuyer tax credit expired. At the same time, the median price for Austin area homes was $196,400, three percent more than April 2010.

Each month of 2011 has been compared to 2010, when the homebuyer tax credits were in place, a slightly unfair comparison of course. That’s particularly true for this month, since the tax credit expired on April 30, 2010, creating a surge in demand that month.

Here's some good news for 2011... in April, homes spent an average of 88 days on the market, 28 percent longer than April 2010, but the shortest “days on market” figure in the Austin area since September 2010.

Additionally in April 2011, the number of homes that were placed for sale fell 25 percent, and the number of homes actively on the market was down 10 percent. The most telling stat though are pending sales, which were down 27 percent compared to April 2010.

Sixteen percent fewer homes were sold in April 2011 than April 2010... not a bad stat since we were without the benefit of a tax credit.

IN addition, prices for Austin area homes continue to rise in many areas, and overall, appreciation is slight, but its a whole lot better than none at all!

Here is a summary:

$458,676,140	— Total dollar volume of single-family properties sold, four percent less than April 2010.
$196,400	— Median price for single-family homes, three percent more than April 2010.
1,690	— Single-family homes sold, 16 percent less than April 2010.
88	— Days on market, 28 percent longer than April 2010.
3,330	— New single-family home listings on the market, 25 percent less than April 2010.
9,679	— Active single-family home listings on the market, 10 percent less than April 2010.
2,054	— Pending sales for single-family homes, 27 percent less than April 2010.

Austin MLS Statistics...

Wed, 20 Apr 2011 06:53:00 GMT

According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, 1,112 single-family homes were sold in the Austin area in February 2011, a figure that is statistically unchanged from February 2010.

In the same time period, the median price for single-family homes in Austin was $193,000, up two percent from February 2010, and homes spent an average of 98 days on the market, 27 percent longer than February 2010. In addition, new listings were down 24 percent in February 2011 compared to February 2010 and active listings were down eight percent.

The fact that all fewer homes were on or entering the market in February is a good sign for home sellers because it means that buyers may encounter more competition for properties heading into the summer selling season, and that positive for home prices.

At the same time, increases in the days on market for Austin homes means sellers should prepare to be patient if they want to earn full value for their properties... nearly 100 days is the average, 27% longer than this time last year.

In February 2011, pending sales for single-family homes were down 11 percent when compared to February 2010.

Additionally, leasing activity in the Austin area increased in February with 1,117 properties leased, up five percent from the same month last year. The median lease price in February 2011 was $1,200, nine percent more than in February 2010.

February 2011 Statistics

$271,752,784 – Total dollar volume of single-family properties sold, statistically unchanged from February 2010.
$193,000 – Median price for single-family homes, two percent more than February 2010.
1,112 – Single-family homes sold, statistically unchanged from February 2010.
98 – Days on market, 27 percent longer than February 2010.
2,335 – New single-family home listings on the market, 24 percent less than February 2010.
8,605 – Active single-family home listings on the market, eight percent less than February 2010.
1,543 – Pending sales for single-family homes, 11 percent less than February 2010.

Austin Home Sales in 2011...so far so good...

Sat, 19 Mar 2011 17:26:00 GMT

Homes in Austin, Texas are selling a a better pace than most places in the U.S., and for that we are thankful. We have certainly been affected by Short Sales and Foreclosures in Austin... there is no question that home sellers are feeling the sting of the recession and home buyers are taking advantage of a good home buying market.

Many of my sellers are making the lower home prices they are forced to accept a little less painful by taking advantage of the current market in order to lessen their losses. What do I mean? Well let's look at a few alternatives:

First, some of the home sellers I have represented have chosen to keep thier current home as a rental because the current value of that home is less than they are willing to, or can actually accept. Also, because the Austin rent market is very strong right now, the chances of renting the home quickly and at top dollar is better than ever. Think about it, when mortgage are difficult to obtain, what happens, well rental homes are in more demand.

That home seller can then purchase a home at today's deflated values, wait until the market recovers, and then sell the rental at the height of the market... the good old "Buy low, Sell High" philosophy actually works!

Second, if renting the current home is not a good alternative, then selling at a lower price than they may have hoped for can be compensated for by buying another home at today's low interest rates and low prices.

Because Austin home values in every price range has been harshly affected by recessionary factors including unemployment, foreclosures and short sales, a home seller who accepts less than they may have hoped can then buy a home at below market values as well.

Depsite the fact that it is not a great time to "sell" there are compensating factors that make it an acceptable time to sell a home in the Austin real estate market.

Make it a Powerful Day!

Selling a Home in Today's Market...

Sun, 27 Feb 2011 09:45:00 GMT

Let's get back to the BIG question... is this a good time to sell a home? The answer is yes and no... let's address the "Yes" first.

Statistically, more Austin homes sell in the 2nd quarter of the year than any other, and that includes suburbs and home sales in Round Rock, Geogetown, Cedar Park and other suburbs.

We have seen increased online activity since Jan. 1 compared to 2009 and 2010, and in addition have shown more homes since Jan. 1 than in 2009 or 2010. The next and most important fact is that we have also sold more homes since Jan. 1 than in either of the last two years.

These are just our company statistics, but if we can interpret this as a trend based on 2 months data it follows that the 2nd quarter will be even better than the first, as is the case for Austin home sales every single year.

The areas that are peforming best at this time are dramatically different in nearly every way... SWW (Far Southwest) is the #1 performing area in Austin real estate and its avg price is over $290k, while MLS area N, the #2 area is directly North and has an average price of $190k, and area 3E, located in NE Austin has an avg price of about $115.

The more pronounced statistic is that 6 of the top 10 areas in the Austin MLS are actualy suburban locations... this is unusual in that these areas nearly always lag behind Austin proper. Though not in the top 5, the MLS area in West Round Rock came in at #6, remaining in the top ranks of the Austin MLS for several months, after years of being a much lower ranked area in terms of home sales.

Perennial high ranked areas located in central Austin rank farther down on the list of Austin MLS areas than I have ever seen... 3 areas that are usually in the top 10, located along Mopac, north of UT, just south of the river, are now found starting at a ranking #32!!

What does it mean? This points to several market factors:

1 - More "Values", such as foreclosures and short sales are found in suburban neighborhoods.

2 - The high price per square foot asked in close-in locations are in less demand by consumers than in the past.

3 - Higher priced areas have been hit harder by the economy than more affordable suburban areas, thus sales have decreased.

This is a good time to sell, expecially for home owners located in areas just outside the central Austin area, and for those located in suburban areas.

Make It A Powerful Day!

Austin Home Sales Still on Track...

Sun, 23 Jan 2011 20:31:00 GMT

According to Multiple Listing Service statsistics, sales of single-family homes in the Austin area were six percent higher in December 2010 than December 2009 with 1,442 homes sold. That is GREAT news, putting a halt to the dramatic declines we have seen each of the past several months!

In the same time period, the median price in Austin was $191,760, approximately the same as December 2009, meaning that Austin home prices are still maintaining a reasonable level, while other markets across the country are still falling.

Homes spent an average of 98 days on the market, 13 percent longer than December 2009, and though this is a negative change, we are ok with homes staying on the market a liitle longer as long as more are selling and they are selling at prices similar to a year ago!

In December 2010, pending sales were up three percent compared to December 2009, indicating stronger demand leading into January than this time last year.

Hefre is the summary and a graph of the December, 2010 Austin real estate statisitcs:

$191,760 – Median price for single-family homes, unchanged from December 2009
1,442 – Single-family homes sold, six percent more than December 2009
98 – Days on market, 13 percent longer than December 2009
8,182 – Active single-family home listings on the market, one percent more than December 2009
1,102 – Pending sales for single-family homes, three percent more than December 2009

Austin Area Real Estate Activity...

Thu, 20 Jan 2011 02:00:00 GMT

It does go back to the basics, but online activity is where it all starts. The number of people online this week looking at homes in Austin, Round Rock, Georgetown, Cedar Park, Leander, Pflugerville and other Austin suburbs is the highest it has been in over 10 weeks.

I know, activity in November is not all that impressive, but the number of Austin area home buyers looking at homes online fell steadily through the end of the year, as did home sales.

Since the second week in January, we have seen the number of home buyers online increasing, and the number of buyers looking at homes is steadily increasing as well. Those with homes for sale are realizing this, as home buyers are looking at their homes for the first time in many weeks.

Its not a trend yet, but with interest rates moving up, buyers are responding, as is typical for buyers when mortgage rates look to be increasing. Our advice, unlike most years is to beat the crowd... more homes are placed on the amrket in April and May than any pother tiome of the year. This means of course, there will be more competition than any other time of year.

To avoid that competition and possibly entice some quality interest rate conscious buyers, going on the market in February or March might we worth considering this year. And no I do not say this every year, as a matter of fact, this is the first time I have made that suggestion other than to take advantage of the tax credit in 2010.

Make it a Powerful Day!

Short Sale Stats Improving... NOT!

Tue, 28 Dec 2010 02:00:00 GMT

Well the economic indicators and the prognosticators and the real estate experts are all without answers. Sure they'll give you an answer, but there is no substance to it.

What question are we looking for an answer to? How's the market looking for 2011? We get resonses regarding the employment situation in Austin and central Texas and the year to date sales compared to 2009 and other statistics that have little to do with the question.

Though not infallible, the number of home owners who are unable to make mortgage payments and are lookiung to a Short Sale to get out of their current home addresses several siatuations at once... Employment in our area may be stronger than other areas, but when home owners are unable to meet their mortgage payments, employment situations are the most common reason.

If they cannot make payments and need to sell, but cannot sell their home due to real estate values, that speaks to the real estate market and the lack of appreciation in home values.

When home buyers are looking to purchase homes in the market, Short Sales are an appealing alternative and the number of these homes available has an impact on the choices buyers make.

So, the bottom line is this... there are more Short Sales available in today's market than there were just 2 months ago. In Round Rock for example, Short Sales consist of 1 of every 11 homes for sale, compared to 1 in 13 the first week in November. This may not seem like a substantial change, but a 12% increase in just 2 months is something we cannot ignore.

More people are in financial straits than last year and 2011 will be a year when these homes must be sold to make way for market recovery.

Make It A Powerful Day!

Austin Homes For Sale Online...

Mon, 06 Dec 2010 08:01:00 GMT

One factor that Austin area home owners must take under consideration when selling their home is this: "How many people will actually see my home on the Internet?"

Most real estate agents cannot tell you this... most will throw statistics at you that have little bearing on how many people saw your home... a common response is "We have over 1,000 people a day through our web site." Great, but how many people see YOUR HOME online?

Another common response is "We place your home on Realtor.com and Zillow and 35 other web sites." Great, but how many people see YOUR HOME online? (By the way, every home placed on the Austin Multiple Listing Service is automatically placed on those same 35 web sites)

Another common response is "Our web site comes up on the first page of Google for several key phrases such as Austin Homes for sale." Great, that is very impressive but how many people see YOUR HOME online?

The internet is the absolute, positive, #1 place where home buyers will see your home, or NOT. Indirect responses to a legitimate question should be less than acceptable. Especially when the tools and information are readily available to give you the response to that question.

You see, no matter how many sites your Austin home is placed on, no matter how many people come through their company web site, no matter where their site shows up on Google or Bing, the fact of the matter is the more people who see YOUR HOME the better.

Strategies exist to accomplish more views for a home even if it exists on the very same web sites. One agent can accomplish 3 times as many views for your home in Round Rock as another, while having your home on the very same web sites!

So don't settle for indirect responses to important questions... get answers to the questions that mean something to you and the successful sale of your home!

Austin Real Estate Market Shows Life...

Mon, 29 Nov 2010 02:00:00 GMT

Market performance for various property types will differ dramatically based on the current market conditions. I think most real estate professionals know that condos tend to suffer a little more than single family housing in a market downturn and our current market is no exception. The decrease in sales of condos is more pronounced than that of single family homes in Austin.

The 1 Acre Plus market tends to outperform the typical single family market though, and in every downturn in the past homes on an acre or more have faired well.

Austin's Real Estate market cycle has been the only exception I have seen, as homes on acreage have actually increased in inventory more than the overall market, and deeper price reductions have benn necessary to accomplish sales of these homes.

Just in the last few months and even weeks, we are seeing increased interest in homes on an acre or more. Have prices improved? Well, no, but with improved sales comes improved prices. We saw more than twice the number of contracts and and nearly twice the showings on our homes this past week alone!

From Hutto to Libery Hill and Round Rock to Georgetown, homes all over our market are seeing more action, bu especially homes on an acre or more, as these homes were looked at more online and in person than in any 1 week period in over 4 months!

A week, or even a few months does not make a trend, but it is certainly shows that this market is viable.

Another important note is that these buyers are well qualified and for the most part, even those who did not purchase one of our listings, did buy other homes, showing that buyers who are looking at homes right now are serious about buying a home.

Based on activity in November, I predict December to be a very solid sales month for homes in the Austin area!

Round Rock Short Sales Unchanged...

Tue, 02 Nov 2010 08:59:00 GMT

Well, we have seen some major changes in our market over the last 12 months, but this month's statistics still show a market that is virtually unchanged. Austin real estate statistics show that home sales are still being affected by Short Sales and foreclosures, but the affect is similar to a year ago... not really any worse or any better.

Short Sale homes available for sale in Round Rock account for 1 in 13 of the active homes for sale. Since this stat does has not changed, it is unlikely that market conditions will show change.

Because Short Sale homes are simply homes which have mortgages in excess of the home's value... until the number of these these homes diminishes, the market conditions will probably not change. Because banks are allowing owners to sell homes, while taking less than what is owed, it shows that Austin home values are still weak, and while Short Sales are still being actively marketed and sold, increased home values are virtually impossible.

The good news... yes there is good news... the number of Round Rock and Austin area Short Sale homes is virtually unchanged, meaning that market conditions have not worsened, as has been predicted by many economists.

We do still have some time before a true recovery... which has been predicted for as early as 2010 or 2011, and as late as 2020. No matter what the predictions, I will be watching the number of Short Sale homes being marketed, sold and closed because it provides a great indication of current market conditions!

Another Foreclosure Update in Austin....

Tue, 26 Oct 2010 07:26:00 GMT

The halt to foreclosures started by the Texas Attorney General will impact the Austin real estate market in multiple ways, and in stages.

??First, since a sizeable percentage of Austin home sales are foreclosures, the absence of those homes from the market could result in rising home prices in the short term. However, since we do not know the extent of and the timing of the resolution of the foreclosure debacle, buyers may be hesitant to buy because of fear of what will happen when foreclosures become available again... more forelcosures, declining prices.

Though optimists might speculate that there could be some short term positive impact on Austin homes for sale, it is more likely that the negative impact will negate any short term benefit.

There is always a positive though and for Austin home owners, that is simply that our economy is stronger than nearly any other U.S. city, meaning that a smaller percentage of our home sales are foreclosures than virtually any other U.S. market. E, and itven if you buy now and see a drop in values due to forelcosures, there will will be a rebound driven by Austin's economic strength because its job growth is consistent and is out-performing most cities nationwide.

Those are not just the opinions of a humble real estate broker, but of Forbes, Money, The Wall Street Journal and more!

So, although you will hear and read a variety of predictions regarding the foreclosure moratorium, just know that buying a home in Austin, TX is a good thing for the mid to long term. I am certainly against buying a home if you will have to sell in a year or 2, but I advise against that in nearly any market.

Its your choice, so Make it a Powerful Day!

Austin Home Buyers Take Heart...

Sat, 16 Oct 2010 21:15:00 GMT

The consumer determines what products and services are offered in nearly every industry and in every market. The Austin and Round Rock real estate market is no different. Because so many home owners are in situations in which their home's value is less than their current mortgage, the demand for agents who are knowledgeable about the Short Sale process is at the highest level we have ever seen. When 1 out of every 12 homes for sale in Round Rock is a Short Sale, that pretty much causes the demand.

Many agents now claim to be able to process Short Sales, and more agents will close Round Rock Short Sales this year than in any previous year. As a matter of fact, Short Sale training programs are more common than "Get Rich" Infomercials on TV after midnight. As a result, more agents are getting into Short Sales in order to help home sellers. There are plenty of home sellers who need help with their Short Sale and there are now plenty of agents who can help them. (though only a precious few are truly successful at this process)

What about the other consumers though? No, I don't mean the home owners who don't need a Short Sale, I mean the home buyers who need help. There is no such thing as a Short Buyer of course, (well, maybe there is, but not in the real estate sense) but this economy has resulted in a higher percentage of prospective home buyers whose credit will not allow them to buy a home.

Thus, the demand for "credit repair" has hit an all time high as well. And like the precious few real estate brokers who are truly successful in naviating the complex Short Sale Process, there are truly a precious few companies who offer Credit Repair service that is effective and affordable.

Most consumers who have tried any kind of Credit Repair Service have overpaid, received little to no results, and are nothing less than cynical about the whole process.

There are Credit Repair Services that offer true value and successful results. As a real estate broker, my goal is certainly a little selfish, but if I can help prospective home buyers restore their credit, they can buy homes and well, I may just be the broker who assists with the purchase.

So, take a look at www.TruthBehindCreditRepair.com and remember that our goal is to help you buy a home, and we are soooo confident in the Credit Restoration Service we refer that we Guarantee that you will be able to buy a home or you pay NOTHING. Take a look... you couold truly be buying a home in as little as 45 days!

Foreclosure Update in Austin....

Mon, 11 Oct 2010 20:46:00 GMT

Most of us are aware the Texas Attorney General has called for the halt to foreclosures at least until Oct 15. Several other states have followed these actions. Bank of America has put a stop to their foreclosures, and though the legal strangth of the states' demands are not completely ironclad, it is expected that other banks will follow BOA's example.

Its expected that the current real estate environment, including the volume of Short Sales in Round Rock, Austin and surrounding areas will remain unchanged unless this moratorium is extended. If this halt to foreclosures is extended, then logically the sheer number of Short Sales will increase because fewer homes will be going to foreclosure.

Though it is certainly too soon to make those predictions, we have to look ahead and plan market strategies based on potential and probable market changes, and the complete clamp down on foreclosures would be a market change that will have more than a little impact!

Currently, about 1 in 12.5 homes are Short Sales in Round Rock... slightly more than three months ago, more than a year ago, and that number wil probably rise if foreclosures are decreased. If foreclosures are not processed, and home owners are behind on payments, Short Sales are an extremely likley adaptation to that scenario.

Since Austin Short Sales are selling at a higher value than foreclosures, this would result in a slightly better situation for home sellers and possibly Austin real estate values.

Once again, its too soon to make these predictions, but we will keep close tabs on the situation.

Short Sales MUST sell for Market Improvement!

Sat, 02 Oct 2010 02:00:00 GMT

One of the most common questions asked of me is "When should I sell my home, should we wait until Spring or wait until the market improves?" Most real estate agents, by nature and by training want to make sure the reasons for selling "Now" are well known to any home owner who asks.

Granted, there are some pretty darn good reasons to sell now... if you are selling in a soft market, then buying in a soft market will compensate for taking a little less for a home than the seller might have anticipated. However, if there is a choice, I have pointed out to my prospects and clients that 2, or even 3 years or more may be needed to see some strength return to the Austin real estate estate market.

As indicated in recent blogs, the sheer volume of Short Sales and foreclosures on the market and coming to the market will continue to impact home values in Austin, Round Rock and surrounding areas. When Short Sale homes are available at prices below competing homes, its probably even more impactful than the foreclosures. This is because Short Sale homes are often still owner occupied, still maintained, and still in reasonalbe, if not good condition, thus they will compete more readily with typical home owners.

The reason homes continue to sell in competition with foreclosures is becuase many buyers do not want the risk of a foreclosure, even if it is priced below market. That is not the case with Short Sales.

This Round Rock Short Sale is in excellent condition, is still maintained by the owner and is priced well below market.

Getting to the point... the inventory of short sales and foreclosures must decrease and even become neglible once again for home values in Austin to rebound. As long as buyers have choices that include homes priced well below market including homes priced belwo market that are in good condition, it will be difficult for Austin home values to appreciate.

To see this home and every other "Bargain" home in the Austin and Round Rock markets, take a look at www.SeeAustinShortSales.com.

For now, and the near future Short Sales in Round Rock, Austin, and surounding areas are part of the market and do impact values... they are not going away soon, but they have to in order for values to start appreciating again.

Austin Short Sales and Foreclosures...

Mon, 27 Sep 2010 07:56:00 GMT

The number of Short Sales available in any real estate market is an indication of the current status of that market. Since a Short Sale by definition means that selling that home at market value will not cover the mortgage, more Short Sales on the market means more time needed before market recovery.

Short Sales show us the number of home owners who are taking steps to avoid foreclosure in a weak real estate market. As this number decreases, it means that values are inching up enough that fewer homeowners need to use a Short Sale to move their property.

If you just look at the homes for sale in Round Rock, 1 in 14 is a Short Sale, a very similar percentage to this time last year. Because there has been little change in the number of Round Rock Short Sale homes available since a year ago, it is not hard to mane the assumption that real estate has not made much progress since that time. When you consider the fact that homes for sale has increased slightly, values have remained fairly similar and the number of sales year to date is within a few percentage points of last year, it points to the number of Short Sales being a pretty good indication of current market strength.

Since Short Sales available in Round Rock mean that home values in Round Rock have not rebounded enough to provide equity needed to sell those homes, how about the success of selling those homes. I have said often over tha last few years that in order for the market to recover, the Short Sales and foreclosures must sell first.

Actually, Short Sales in Round Rock are selling at a quicker pace than the typical market. The reason is because Short Sales are often still owner occupied, well maintained, and sell 15-25% below market. Unlike foreclosures, which are often in poor condition, Short Sales offer the best of both worlds... well maintained homes at below market prices.

We will continue to watch this part of the market, and we will continue to help home owners and buyers with Short Sales as long as they are necessary in the Austin real estate market!

Refinance NOW!

Sat, 18 Sep 2010 16:30:00 GMT

Yes, Yes, Yes, we all hear it, interest rates are incredible. With Austin home prices at low levels and foreclosures and short sales in Austin and well, you get the point, the combincation of prices and interest rates means owning a home you may never have a chance to own again, or have the lowest payment you have ever had on the home you planned to buy anyway!

Its amazing more people are not taking advantage of this... that is our assumption since home sales are down, but the truth is that they are taking advanatage of them. Talk to any loan officer working with a bank like Regions or Wells Fargo and they will share with you how the bulk of their business right now is refinance. Loan officers with smaller firms are experiencing the same, but do not seem to be as busy as the larger banks... yes consumers are refinancing in another wave.

There is no question that they should... we keep saying it and there is no telling how long we wil keep saying it, but we may never see interest rates this low again! I know home Austin buyers and everyone else may be tired of us saying that, only to have them dip lower that when we last said it, but in the very near future, we will be looking back and thinking how small a window this was.

Don't be one who wishes they had taken action, go take action! I did... am approved for a fixed rate below 4%!! Closing soon and I will never say I told you so, except to a favored few of course.

Don't let the one in your life who says I told you so have the chance... go refinance NOW!

Austin Home Sales Weaker, Or Are They?

Tue, 07 Sep 2010 06:20:00 GMT

According to the Multiple Listing Service (MLS) report released for July, 2010 by the Austin Board of REALTORS®, the Austin real estate market appears to have experienced its summer peak early this year due to the expiration of federal homebuyer tax credits in April.

The volume of Austin area home sales in July 2010 was 1,518, down 25 percent from the same month in 2009. The median price for July 2010 was $222,000, up 15 percent from July 2009. In addition, the number of days on market decreased three percent to 73 days for July 2010 when compared to July 2009.

To gauge trends in the real estate market, which is cyclical, we usually compare one month’s performance to the same month the prior year. This year, however, we have the unique situation of the homebuyer tax credits that inspired many buyers to purchase homes sooner than usual. Thus, it’s more meaningful to evaluate our market from a year-to-date perspective, instead of month-to-month, to gain a clear picture.

The good news is that so far this year, 11,260 homes have been sold in Austin, a five percent increase compared to the same time period in 2009. In addition, the median price year-to-date was $194,000, up two percent from 2009, and days on market decreased 12 percent from 2009 to 71 days.

It is fairly obvious that the tax credit for home buyers helped tremendously, as home sales since the expiration of the tax credit have been less than the same months a year ago.

We do have a 7.4 month supply of active listings on the market, meaning that home sellers are involved in a more competitive market than they have been since 1991.

Here is s summary For July, 2010:

$434,812,884 – Total dollar volume of single-family properties sold, a 13 percent decrease from July 2009.
$222,000 – Median price for single-family homes, a 15 percent increase from July 2009.
1,518 – Single-family homes sold, a 25 percent decrease from July 2009.
73 – Days on market, a three percent decrease from July 2009.
11,774 – Active single-family home listings on the market, an 18 percent increase from July 2009.
1,556 – Pending sales for single-family homes, down 22 percent from July 2009.

Year-to-Date 2010 Statistics

$2,843,689,087 – Total dollar volume of single-family properties sold, a nine percent increase from 2009.
$194,000 – Median price for single-family homes, a two percent increase from 2009.
11,260 – Single-family homes sold, a five percent increase from 2009.
71 – Days on market, a 12 percent decrease from 2009.
10,529 – Active single-family home listings on the market, a nine percent increase from 2009.
12,960 – Pending sales for single-family homes, up two percent from 2009.

Real Estate stats from July, 2009 prove much weaker than July 2009, but year to date, Austin home sales are still showing improvement from 2009.

Help for Home Buyers Too!

Wed, 25 Aug 2010 02:00:00 GMT

Everyone seems to be focused on how to help home sellers get out of their "under water" situations... no question this is a service that is more badly needed than ever in Austin real estate. Short Sales are the rage right now, and they should be... a Short Sale is better for the seller than getting foreclosed, it is less expensive for the lender, and the buyer purchases a home under market that is still well maintained.

Short Sales are a terrific value, but there is a group of consumers who cannot buy a Short Sale. How about those people who have credit issues, maybe even resulting from a Short Sale they have on their credit from the past?

Home buyers who are looking to take advantage of this market, these interest rates and possibly even buy a Short Sale cannot do so because credit is sooo improtant now. The only option for these buyers is owner financed homes, and there are sooo few of them even available... only about 1.2% of homes for sale offer owner financing.

The problem is that most people believe all the myths about credit and don't think they even have a chance... that is not always the case. Take a look at www.TruthBehindCreditRepair.com to learn the truths that most consumers don't even know.

In order to take advantage of these 4.5% interest rates and the incredible bargains that homes available for Short Sale offer today... at least find out the Truthg about your credit situation, and what it will take to put you in a position to buy a home... chances are you will be VERY surprised.

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Where are Austin's home buyers coming from?

Mon, 02 Aug 2010 02:00:00 GMT

Many people selling their homes in the Austin area think that the very best source of buyers for their homes are people from California. Marketing to that group can be a pretty good strategy, as long as you realize you'd be focusing on the 2nd most likely state from which your buyers will probably move.

For quite some time, including this month, buyers are most likely to come to Austin from another location within the great state of Texas. As a matter of fact, online search results show that prospects from Texas outnumber those from California every month this year by as much as 13 to 1 in some months.

Houston is still the most likely place a buyer will move from when coming to the Austin area. Dallas follows and of course Ft Worth is high on the list of Texas cities from which prospects are perusing homes in Austin. This make ssense of course, since those are among the largest cities in Texas.

What surprises most home sellers is that the highest county in CA on the list usually comes in anywhere from 6-9... while home buyers in the Austin area continue to move in from other cities in Texas.

Tennessee is 3rd to California when it comes to the number of prospects looking at homes in Austin online.

One of the reasons for this is simply that many Texans want to remain in the state, and Austin is considered the best place to be in Texas. Say what you want about those California buyers, we are HAPPY to have them, but if your home in on the market in the Austin Texas real estate market, more buyers are looking at Austin TX homes from Texas than anywhere else and your most likely buyer will be from Texas!