Monthly Archives: January 2010

Austin Market Snapshot

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How is the Austin Real Estate Market doing?

Understand when the number of new listings are low, (meaning a surplus of homes don’t hit the market at the same time), the inventory that is already out there starts to diminish. It is just basic supply and demand. When inventory is low, prices are higher, because there are less homes to choose from. I always point this out to sellers when I go on a listing appointment. It’s not just what competition is out there, but how much of it is out there as well.

Week in Market Review

Units for Sale:

Dec. 27 – Jan. 2, 2010

(compared to the same week in 2008)

New listings down this week 17.04%

Pendings are down this week 0.98%

Solds are up 10.05%

As for Average Prices:

Dec. 27 – Jan. 2, 2010

Sold average sales prices increased 13% to $252,483.

In 2008 it was $223,430 for the same week.

I support local Austin; after all I think it’s only neighborly. Need a house? Contact me below.

Doreen Zelma

Realtor, BA, GRI

Keller Williams Realty

T: 512-531-2914

E: dzelma@kw.com

W: www.SupportLocalAustin.com

Time is of the essence

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Last week I found myself saying “time is of essence” for varied reasons.   In matters of real estate, it is required for compliance on time sensitive matters.  Option money needs to be receipted within 2 days of the executed date of the contract.  It doesn’t matter if it’s Sunday, or even Good Friday, as my case was.  Earnest money needs to be deposited within 2 business days, with the title company.  

Sometimes, time matters, in terms a response to an offer.  Nobody likes waiting. Seller’s don’t like to, and neither do Buyer’s, there is always one side that is full of hope and anticipation, and there in that feeling lies the joy in what I do.

I support local Austin; after all I think it’s only neighborly.

Property Tour and Downtown projects

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There’s nothing like cramming into an elevator or taking flights of stairs or walking around on cement that has been baking for hours with 90 other agents.

I went to get an update on the W, The Austonian and the Four Seasons, as well as taking a peak at some units that are somewhat cumbersome to see without a tour.  

The Four Seasons Residences are 50% pre-sold, in fact buyers now have the opportunity to pick finishes, so if you know anyone who is interested, let me know.  The units are priced between $450k and $3.5 million.  The HOA is .62 cents a sq foot, which includes a staff dedicated to the residents. That means room service, or having Fluffy walked for you at 2am – is only a phone call away.

I support local Austin; after all I think it’s only neighborly. Need a house?

Energy Audit misdemeanor

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I had many conversations last week with fellow agents in regard to the energy audit.  Word on the street, is that if you want to try to get an exemption, it is best to call them rather than email.  

The mandatory performance of an energy audit upon property sale is not a Real Estate law; this is a City Ordinance specific to Austin Energy customers.  Will you still close, if you don’t have one?  The answer is yes.  It is my understanding, that if the deed is recorded without the audit recorded with it…the Seller will be fined in accordance with a Class C misdemeanor.  Are we having fun yet?

I support local Austin; after all I think it’s only neighborly.

Spring Condominiums offer multiple views

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What condo tower in Austin, gives you multiple views in every unit?  Its Spring Condominiums. 

What do I like about Spring?  It is a 100% owner occupied building.  80% are primary residences, 20% are secondary.  The HOA is .38 cents a sq. ft, which is one of the lowest for Downtown living.  It has guest suites, so you don’t have to worry about where to keep your relatives.

Want more fun facts?  Only the exterior walls of the units are load bearing.  So, if you want to move an interior wall, or take one out – you can.  It also has gas cooking.  The big thing for me was the view…the layout of the units offers multiple views from each unit.  Typically, you have to choose a Downtown, or UT tower or lake view.  Most of these units had 2 or 3 unique views in each unit, so you don’t have to choose.

I support local Austin; after all I think it’s only neighborly.

Do what your mother told you – pick up your underwear

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Selling a home can be challenging, between homes not appraising, buyers unable to obtain loans, throw in a hail storm (which can literally blow the roof off a deal) and you often feel like you’ve scaled Mt. Everest when you actually get to the closing table.  Having no control over many aspects that can go wrong, only makes taking control of things we can…that much more important.  

I often tell buyers, when its meant to be – it will, but that wisdom very much applies to Seller’s as well.  There isn’t always a logical reason why one house sells faster than another, sometimes it is an emotional one.  We don’t post remarks like wood flooring matched color of grand piano, or bedroom paint color matched bedding buyer already had.  Again – I didn’t say it was logical.

What should be logical for Seller’s are things like putting underwear away or picking up toys so that you can walk into a room.  Yes, some of the homes I saw last week defied logic.

I actually told a Seller last week that when he was serious about selling his home – to give me a call.  If they know you are coming…and still can’t pick up the underwear, are they serious Sellers?  You instantly get the message that they don’t really care to sell it.  Again – an emotional response, not typically the truth.   You want someone to buy it, right?  Serious Sellers will attract serious Buyers that really want to get to that closing table, so its important to send the right message.

Buying a house can be like buying a car when it comes to resale

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I taught the Buyer Consultation class to new agents this week. When you are buying a home, especially in an area where there is still building going on, you need to be mindful of reselling it. If you are planning on selling in less than 3 years, you may very well be competing against new construction. One year young – is not new. You will not be able to price your home equal to a new build, if all other things, like lot location, are equal. This is why certain areas have excess inventory right now.

The Resale market slowed down in price points over $500,000, especially in areas where new construction going on. Why buy used, when you can buy new? If your home is listed for resale in these areas, you need to be competitively priced. Its like picking a car off the lot, instead of ordering one. I always say money has a way of making things disappear. So, maybe you can’t ‘pick your colors’ as with new construction, but if a buyer can save some money on your resale…you may be able to make that existing paint color vanish.