Deck the Halls

‘Tis the season for shopping, baking, cooking, cleaning and maybe a little pepper spray in your eye. With all of the added things to find time for during the holidays, selling a home can seem an additional job we may not have time for. There are benefits though to selling during the holiday season and certainly things to be mindful of.

Austin Winter Real Estate Market

The holiday season is also the start of colder weather. In other parts of the country snow can really impact winter home sales. Fortunately, for the Austin real estate market snow and ice days are little and far between. Buyers can generally shop year round though it may be hard to find the time.

Only the must-see homes on the hot list make the cut this time of year. There are fewer buyers this time of year and with little time, those coming out to see a house are serious shoppers. Sellers will get less traffic but those that come out want or need to buy — now.

A decorated house brings warmth and whimsy to the décor which makes people feel good. Decorations help set the stage for your home. One of my sellers’ biggest challenges for selling a home is keeping it clean. Houses are generally cleaner this time of year because we clean anyway when friend and family are coming to visit.

Houses smell better this time of year as well. The real Christmas tree, those fresh baked cookies and gingerbread room deodorizers make buyers feel good when they come see your home.

There are many sellers that will take their house off the market between Thanksgiving and Christmas. I always encourage by sellers to keep their houses on the market. Serious buyers will miss your home if it is not for sale.

Austin Real Estate Market Data

I have selected randam subdivisions in the greater Austin area and listed their current real estate market data. Average Days on Market below 3 months are considered Seller’s markets, because homes are moving quickly.  Neighborhoods with homes on the market between 3 and 6 months are considered neutral.

The data below is specific to single family homes. If there is an area you want me to spotlight -please let me know.

Austin Market Spotlights

Legend Oaks (Southwest Austin)
Number of Active Houses on the Market: 10
Average Days on Market: 45
Median List Price: $ 266,025

Cherry Creek (South Austin)
Number of Active Houses on the Market: 16
Average Days on Market: 98
Median List Price: $ 184,970

Plum Creek (Kyle)
Number of Active Houses on the Market: 25
Average Days on Market: 89
Median List Price: $ 179,250

City of West Lake Hills
Number of Active Houses on the Market: 27
Average Days on Market: 122
Median List Price: $ 1,295,000

Barton Creek West (West Austin)
Number of Active Houses on the Market: 3
Average Days on Market: 60
Median List Price: $ 585,000

Cat Mountain (North Austin)
Number of Active Houses on the Market: 7
Average Days on Market: 85
Median List Price: $ 450,000

Bouldin (Central Austin)
Number of Active Houses on the Market: 6
Average Days on Market: 79
Median List Price: $ 447,000

Travis Heights (Central Austin)
Number of Active Houses on the Market: 17
Average Days on Market: 99
Median List Price: $  575,000

Buying the Dream

 As in life, there are things that we want in our next house and things that we need.  The ‘need’ makes life more comfortable in the present.  The ‘want’ is a goal we would like to acheive someday.  Needs and wants change as our lifestyles and conditions change.  They are two separate things and are two separate lists when looking for a house.  On the need list I expect to see things like the number of bedrooms, baths, location and garage space.  The items on the need and want lists are interchangeable.  You can add any item on either list because the need is a “must-have” and a want is a “nice-to-have” – it’s the goal. 
The challenge for buyers is to look at the two lists separately and not together.  When we have too many wants on the needs list, we start creating a dream house.  Every needs list has a dream house.  A dream house is a house that is universally appealing to many needs lists, but is also touches on 2 or more items that are on the wants list.  Examples of a dream house may include a 3-car garage on a golf course, a lake front home with nice outdoor kitchen and boat dock or a 5 bedroom house with horses allowed.

What all of these dream houses have in common is that they are scarce.  My challenge is often that buyers don’t always believe they are looking at a dream house. I never know when the ideal house is going to come up for someone.  Buyers and houses enter and exit the market constantly.  When a house is only 7 days old on the market and it’s a dream house, buyers often think they can wait. 

Remember a dream house is always going to show up in someone elses dream, so there is no telling when the next buyers are going to see it.  When buyers lose a dream house it can become very discouraging, but often need to go through the experience.  The next time my buyer won’t wait for another buyer to purchase their house.  All houses sell in their own given time.  It could be day 7 or day 150.  If a buyer sees their dream house on day 150 – it’s new to them!
I often find it a helpful exercise to show buyers the difference in inventory between their wants list versus their needs list.  A buyer may easily start with 35 homes that meet their needs criteria, but when I add a golf course view – we wind up with 5.
Remember our goals change in the future as life has a habit of changing.  Buying a new home is a dream in itself. Sticking to the present and what you need now will help keep that dream a reality.

Homestead Exemptions

On September 1st changes were made to the proof of residency requirements for homeowners applying for property tax homestead exemption. Under the new law all applicants must show a copy of their Texas Driver’s license or state ID card and vehicle registration receipt. All of the documents must show the same address as the property they are seeking exemption for.  

Applicants that do not own a vehicle can use a utility bill showing the matching address, but also must sign an affidavit stating that they do not own a vehicle.

The new law does not affect those who have already received tax exemption status. The new homestead requirements also apply to applications for the over-65, disability, disabled veterans, homeowner’s surviving spouse and manufactured (mobile) home exemptions.

The homestead exemption form must be filed between Jan 1, 2011 and April 30, 2011.   To qualify you must have owned your home by January 1, reside there as of that date and not claim an exemption on any other property.