Category Archives: Home Buying

Home Buyer Tax Credit Still Available for Military

Posted on by

Remind your friends and family in Austin, or anywhere in the United States that qualified veterans and other members of the military have until April 20, 2011 to take advantage of the tax credit incentive.  That’s right; members of the Foreign Service, uniformed service and other federal employees of the intelligence community serving outside of the United States have until April 30, 2011 to be under contract and will need to close by June 30, 2011. 

Individuals must have served outside of the United States on qualified official extended duty for at least 90 days between December 31, 2008 and May 1, 2010.  If married, only one spouse needed to serve during those dates to qualify.

There is an $8,000 tax credit for first time home buyers and a $6,500 tax credit for repeat home buyers.

“Qualified service member” is defined as a member of the uniformed services of the U.S military, a member of the Foreign Service of the United States, or an employee of the intelligence community.

“Official extended duty” is defined as any period of extended duty outside of the United States for duration of at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.

Contact your local lender for more details.

By the Numbers

Posted on by

How many homes are for sale in Austin, in a community near you?  What are the median list prices?  What are the current average days on the market?  Let’s explore some random subdivisions and condominium communities to look at some current market data.  Note these numbers are by specific subdivision name, not by area.  So there may be more homes available in the neighborhood’s area.  When buyers are looking in a general area, like Travis Heights or Tarrytown, I typically set up a map search.  Older neighborhoods are made up of many micro-subdivisions as the land was and is developed.  The list below will give you an overall idea of what to expect in terms of available inventory price points.

Jester Estate, Crestview, Onion Creek and more….

Jester Estate
Number of homes for sale                       12        
Median List Price                                   $440,750          
Average Active Days on the Market         120

Circle C Ranch
Number of homes for sale                       24                    
Median List Price                                   $316,500
Average Active Days on the Market         57

Parkside at Slaughter Creek
Number of homes for sale                       11
Median List Price                                   $207,900
Average Active Days on the Market         110

Crestview
Number of homes for sale                       16
Median List Price                                   $249,389
Average Active Days on the Market         141

Agave
Number of homes for sale                       6
Median List Price                                   $238,700
Average Active Days on the Market         129

Travis Heights
Number of homes for sale                       9
Median List Price                                   $599,000
Average Active Days on the Market         149

Western Oaks
Number of homes for sale                       25
Median List Price                                   $246,500
Average Active Days on the Market         98

Onion Creek
Number of homes for sale                       32
Median List Price                                   $308,000
Average Active Days on the Market         145

360 Condominiums
Number of homes for sale                       17
Median List Price                                   $339,900
Average Active Days on the Market         117

Spring Condominiums
Number of homes for sale                       3
Median List Price                                   $403,000
Average Active Days on the Market         70

Some Restrictions May Apply

Posted on by

Let’s take a minute to talk about fences. Fences can certainly add data points to a home, and help it sell faster. They keep your pets and children in. They keep neighborhood pets and children out. Fences can provide privacy as well. Privacy is generally determined by material and height; which you don’t always have control over. City restrictions will determine height limits and may require a permit. Home Owners Associations will have restrictions as well, which may include allowed materials. For example, Granada Oaks requires stone and wrought iron and Plum Creek requires white picket fences.

When looking at houses keep fences in mind, so you can research what you would like to do in the future, before you purchase.

5517 Agatha Circle in The Statesman

Posted on by

My listing at 5517 Agatha Circle has been spotlighted in the Austin Statesman. Here is a link to the article.  This stunning home is a head turner due to its modern 3-story design.  The home fits right into it’s community of modern homes, which is called Agave.  Agave was originally referred to as 969, which is what Martin Luther King Boulevard transitions into as you head further east.

Over 12 architects contribute to the modern floorplans, colors and details of this community. Keven Stewart was the architect who designed 5517 Agatha Circle.  The first floor includes 2 bedrooms, and one full bath with polished concrete floors.  Make you way up the bamboo wood staircase to find a living area, eat-in kitchen and utility room with plenty of extra storage space.  The floor also feature a half bath and outdoor deck.  The third level of the house includes a master bedroom, master bath and flex room.  There is also a large deck off of the master bedroom.

5517 Agatha Circle is ideal for someone really looking to make a statement.  It is finished with green details like silestone counters, a tankless water heater, low V.O.C paint and Energy Star rated appliances.

Listing # 6640723

The Agave Community is nestled within a hillside in east Austin.  It is about 3 minutes to 183, 6.5 miles from the University of Texas and less than 10 miles to downtown Austin.

Like a G6

Posted on by

The Gulfstream G650 jet is the fastest civil airplane in the world.  The Federal Aviation administration is set to certify it to fly at 704 mph or mach .925 in the next year.  Once you are under contract to buy home, the time starts going by – like a G6.  The option period is typically 7 days long and it starts ticking the minute the offer becomes a contract.  So, time is of the essence.

The better educated a buyer is before the option period begins, the smoother the time goes by.  Understanding the loan program you are qualifying for, choosing a home inspector, and having liquid funds available for option and earnest money fees are just a few of the things that add stress and take time. 

Any amendments made to the contract need to be agreed upon by midnight of the last day of the option period.  If the Seller has not signed the amendment by midnight on the last day of the option period, the buyer has 2 choices.  The buyer either accepts the property based on the initial terms and conditions, or must terminate contract in order to get their earnest money.

It’s no fun waiting until the last hours of an option period to wait for either party to decide what to do.  The best advice I can give is to be prepared before you find a home. Don’t waste days during your option period to prepare.  Planning ahead lets you take off like a G6 and allows time to educate yourself on the home, without feeling rushed.

Austin Neighborhood Spotlights

Posted on by

What’s going on in a neighborhood near you? I have selected some random neighborhoods in Austin and cities surrounding it, to provide some current real estate market data. If there is an area or neighborhood you would like me to spotlight – just let me know.

Overall, the Austin market is going strong into 2011 strong. Neighborhoods averaging 3 months or less are considered to be seller’s markets, because there is a demand to live in them. Neighborhoods averaging 4 to 6 months are considered neutral markets. Six months or more time on the market is considered to be buyer’s markets. The exceptions to this rule: luxury properties over $800,000, simply due to less buyers and new homes under construction where the houses are actively marketed before or during building.

Austin Homes for Sale

Hyde Park (Central Austin)
Number of Active Homes on the Market: 10
Average Days on Market: 124
Median Home Price: $ 323,500

Jester Estates (Northwest Austin)
Number of Active Homes on the Market: 8
Average Days on Market: 127
Median Home Price: $ 423,700

Rob Roy (West Austin)
Number of Active Homes on the Market: 11
Average Days on Market: 202
Median Home Price: $ 1,250,000

Onion Creek (South Austin)
Number of Active Homes on the Market: 30
Average Days on Market: 142
Median Home Price: $ 310,950

Plum Creek (Kyle)
Number of Active Homes on the Market: 24
Average Days on Market: 71
Median Home Price: $ 143,825

Downtown Condo Market

Posted on by

Some are old, some are bold, others are modest and brand new – there is an Austin downtown condo available to suit everyone looking to live an urban greener lifestyle.  Let’s take a peak at the inventory and how well it’s doing…..

Downtown Condos by the Numbers

Based on current 90 day data, there have been 171 condominiums that are available for actively available for purchase, have an accepted offer and are pending, or have closed in downtown, Austin. 

Downtown Condominium Inventory breakdown:

  •          107 units are Active
  •            34 units are Pending
  •            30 units have Sold

    • The median time on the market for a downtown Austin condo is 94 days.

    Downtown Condos by Price and Size

    Active units currently range in price from $109,900 to just over $5 million.  The median list price is currently $325,000.  Downtown condominiums currently available for purchase range in size from 494 square feet (per tax record) to 7,113(per agent).  The median size of a unit available for purchase is currently 1,219 square feet with 2 bedrooms and 2 baths. 

    Just as there are many factors that make up the market price of a house, there are many things that factor into the price of a condo.  Building amenities, floor height, views, and interior finishes all factor into the price of a condo.  You have heard the saying in real estate “location, location, location”, and condominiums are no different.  The locations of the buildings within downtown, and the location of the unit within the building, are also factors that will ultimately affect the list price.

    Remember:  Buyers are not just purchasing a unit in a hi-rise, they are buying convenience.  Is Near Town Lake? the Warehouse District? the office?  Convenience is defined by the Buyer.