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Real Estate Blog Tuesday, August 26 2008
The new magic number is $195,000- Austin’s median sales price for July 2008, according to the Austin Board of Realtors July Area Sales Report. This is a three percent increase from July 2007. Regionally, Realtor.org reports that the median price of homes in the South have decreased 3.5% in July 2008, compared to July 2007. Yet another confirmation that
 Details of ABOR's July Sales Report:
The areas within
NE (Northeast quadrant of Anderson and 35): +10.5% in July closings
SWE (Which includes San Leanna and Manchaca): +1.4% in YTD closings
W (NW quadrant of Mopac and 290): +12.1% in July closings
Surrounding Areas with record-setting numbers include:
5E (Approaching Webberville): +16.7% in July closings, with sales price increase from $107,956 to $113,725 (+5.3%)
CM (Comal, TX): +109.1% in YTD closings
FC (Fayette, TX): +50.0% in July closings, and +133.3% in YTD closings Monday, August 25 2008
Jean Kwon published a report that highlights the statements of Mark Dotzour, chief economist at the Texas A & M University Real Estate Center, concerning the economic forecast for Austin into 2009.
The report made predictions regarding jobs, the housing market, residential leasing,
 commercial real estate, and retail profit margins. The findings include:
- 8,500 new jobs by Aug 2009
- Austin area residential home sales will pick up much faster compared to other metropolitan markets
- Constructions in the new builder sectors will decline due to the inability of some to get new loans; should last until fall.
- Rental rates for apartments will be
 low. Occupancy rates will expected to be around 90.4% - Commercial office construction will have little activity, so as the economy starts to improve mid-2009, there will be higher rental activity.
- Downtown big brands, such as REI and Whole Foods which have been successful will have a difficult time in 2009.
For more information, please visit the Austin Business Journal. Tuesday, August 19 2008
 Mueller adds to its architectural collection with Greenway Lofts. Set for a move-in date of 2009, this 34-unit condo project will add yet another option among the cottages, single family homes, and row houses that already anchor the community. These condos will also participate in Mueller’s affordable housing program, as seven of them will be set aside for people who meet the particular income requirements.These one-bedroom and two-bedroom units, designed by The Hailey Group, will share attractive amenities such as 140 acres of parks, greenbelts, playing fields, trails and plazas, swimming pools, picnic areas, play grounds, and of course a convenient location to downtown. With sleek designs, easy access to outdoor activities, and location, location, location, Greenway Lofts will surely win over the crowds of Austin! Friday, August 15 2008
 Brandie Malay and Barry Woods- HGTV’s team that makes you think about your own home’s Hidden Potential. As you watch their show, you might get some grand ideas of how attractive your home can be to potential buyers if you would just add that foyer you saw them do to house number two. Before you rummage through your garage for that toolkit, take a look at “Cost vs. Value Report”, a study that REALTORS® participated in, published by Remodeling magazine.
They analyzed the ratio of returns that specific home improvement projects had. Due to the adjusting markets nationwide, the top values reflected in the 80%s.
Improvements With Highest Returns:
For recommendations of local remodeling contractors, consult your community members at Yelp.com. Wednesday, August 13 2008
As we approach mid-August, it is a great time to gather the family and really consider buying a home. This year’s changing real estate market had many metropolitan areas in the US crying for help. In Nevada, whose real estate woes are concentrated in Las Vegas, The Huffington Post reports that one in 122 households have received a foreclosure notice. Luckily, numbers here are not anywhere near that end of the spectrum. In fact, The Austin Board of Realtors boasts that as of June, median home prices were up 2.7% from 2007 and 11.2% from 2006!
Now that you are rest assured that the sky is not falling in Austin, let’s talk about why now is a great time than ever to purchase that piece of the American Dream.
1. Schools are About to Go Into Session: Many people who were counting on selling their homes to families are starting to feel the pressure. The homes that are large enough for two children and a dog are seeing their pool of buyers shrink as September nears
2. The End of Summer Equates to the Beginning of the Holiday Season: It is difficult to keep your house in tip top shape when you are concentrating on carving pumpkins, housing your in-laws, and hiding presents from your kids. During the colder months, sellers who keep their houses on the market keep them there because they are MOTIVATED.
3. The Government Wants You To BUY: In an effort to jump start the housing market, H.R. 3221, the Housing and Economic Recovery Act of 2008 is a gift from Congress and President Bush to you. It grants up to $7,500 in tax credits to first-time home buyers of both new and resale homes. Tax payers get this credit for homes bought between April 9, 2008 and before July 1, 2009. Remember, a tax credit is a dollar for dollar reduction on the taxes owed!
Lastly, don’t forget to utilize a REALTOR in your search for this new home. There is no reason not to. Find one that can meet your needs, negotiates well, and knows the parts of Austin you are eyeing. Happy House Hunting, Austin! |
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