Category Archives: Home Buying

Modern Home for the Holidays

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5517 Agatha Circle

I will be holding my listing on 5517 Agatha Circle on Sunday, December 12th from 1-4pm. This sophisticated home is located in Agave, a modern home community. Agave is a community of trendy, modern homes inspired by host of urban architects. Agave has been featured on the ‘Today Show’ and was voted Best Cubist Neighborhood in the Austin Chronicle.

3-story floor plan

 Main Floor: entry, 2 bedroom, 1 full bath, storage nook
 Second Floor: eat-in kitchen, living area, half bath, utility room with floor to ceiling storage, outdoor deck
 Third Floor: Master bedroom, master bath, flex room (could be nursery, office or yoga room), outdoor deck
 Ideal floor plan for guests, teens or roommates

Green Features in 5517 Agatha Circle

 Tankless water heater
 Low V.O.C interior paint
 Bamboo flooring
 Low-e glass in double-pane windows
 Polished concrete flooring on foundation level
 Composite exterior decking and fencing
 Spray foam icynene open cell insulation at roof
 BIBS (blown in blanket system) at walls
 Low-flow toilets
 Water-saving shower heads and faucets
 14 SEER HVAC system
 Programmable digital thermostats
 2-stage poly seal air infiltration system
 Energy Star-rated appliances
 Silestone counters in kitchen and bathrooms

Central East Austin Location

Less than 10 miles from Downtown and the University of Texas
Less than a 5 minute drive to 183

View:
UT Tower and Downtown from front lawn and 3rd floor flex room.

This will be my last open house of 2010.
When: Sunday, December 12th, 1 – 4 pm
Where: 5517 Agatha Circle
Directions: East MLK Blvd, to Sendero Hills Parkway, Right on Agatha Circle

Austin Market by Zip Code

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Some people know Austin areas by name; others know them by zip code.  Looking at market data by zip code gives you an overall snapshot of how an area is performing.  Understand there are a variety of factors within a zip code that will affect how different subdivisions and neighborhoods perform.  Some subdivisions are near the lake, while others are near a major roadway.  Factors like walk ability and proximity to a park or a school, can affect market performance within a particular zip code.

Taking a look at market data by zip code does give us a good overview of how different areas of Austin are performing.  It also helps us capture all of the data in a particular area.  Certain locations like Travis Heights and Tarrytown are comprised of dozens of micro-subdivisions.  So, looking at market data by zip code gives us a snapshot of overall performance.

Be mindful that price will affect the size of the buyer pool for a particular market.  A higher priced market area naturally has less buyers who can afford the homes there.  The result means longer time on the market.

Austin by the Numbers

78759 (North West: includes Great Hills)
Number of Active homes on the market:            98
Number of Sold homes in the past 90 days:       73                   
Median Current Listing Price:                           $345,975

78746 (West Lake Hills Area)
Number of Active homes on the market:            158
Number of Sold homes in the past 90 days:       56       
Median Current Listing Price:                            $1,172,000

78703 (Central:  includes Tarrytown, Pemberton)
Number of Active homes on the market:            126
Number of Sold homes in the past 90 days:       43                   
Median Current Listing Price:                           $599,450

78757 (Central:  includes Crestview)
Number of Active homes on the market:            90
Number of Sold homes in the past 90 days:       51                   
Median Current Listing Price:                            $247,250

78702 (East: includes just east of Downtown)
Number of Active homes on the market:            107
Number of Sold homes in the past 90 days:       22                   
Median Current Listing Price:                           $209,900

78749 (South:  includes Circle C Ranch and Western Oaks)
Number of Active homes on the market:            99
Number of Sold homes in the past 90 days:       74                   
Median Current Listing Price:                          $234,975

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

Doreen Zelma
REALTOR, GRI
E: doreen@SupportLocalAustin.com
W: www.SupportLocalAustin.com
T: 512-761-0567

Tis the Season

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I had lunch with a former client last week, who asked me if my business slows down this time of year.  The truth is my business just changes.  It doesn’t really slow down, because I don’t really slow down.  The one thing I tend to do a little less of between Thanksgiving and Christmas is open houses.  Buyers who don’t have agents tend to go to open houses.  When you are looking for a house on your own, you tend to have other things to do on the weekends during the holiday season, especially if you are not really focused on what you want, or what you can afford.  Buyers who have agents, have the luxury of having someone else help them, which saves time, so serious people are still out there buying.  At the end of the day, Buyers still need and want to buy, and Sellers still need and want to sell.

I love listing homes this time of year for a couple of reasons.  The first, is because people tend to have company this time of year, so they are naturally organizing and cleaning.  Selling your home is not always a great motivator for cleaning it, so knowing Grandma Jean is coming to count the cobwebs tends to naturally motivate homeowners.
 
Do you know what the biggest day of the year to start looking for a house is?  It’s December 26th — the day after Christmas.  That’s my second reason I like listing homes this time of year, because we are ready for December 26th.  We have all of the marketing in place and the house is clean and organized.  So, as I would say:  It’s ShowTime!

Step 1: Call a Lender

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Tony Robbins is a pretty well known motivational speaker.  One of the things he is known for, are his Personal Power® seminars, which are designed to motivate and reorganize your life.  I had one of his first tapes years ago.  The first lesson was about making a list of the things you need to get done or want to do.  The advice he gave, which has always stuck with me, is to do what you have the least desire to do first. 

I have said this before, and you will hear me say it again, looking at homes is the fun part, so it’s the item on the list buyers want to do first.  Unfortunately, it should be last on your list.  The first thing you need to do is contact a lender.  Nowadays, it’s not just about what you get paid, but how you get paid. If you get a commission based salary, qualifying for a loan is different.  Your assets, debt and credit score are also significant factors in determining how much of a house you can afford.

I understand, talking to a lender is work and it takes time.  Look at it as a way of self assessing whether you really want to buy at house.  If it all seems like more trouble than its worth – you are not ready. If it seems logical to get a good idea of what you can afford, then you are ready to buy a house.  Looking at homes takes time. Buying a home takes even more.  Spending time looking at things you can afford will save you time, not to mention, unnecessary disappointment in the end.

Austin Market Spotlights

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I have selected some random subdivisions, zip codes in Austin and cities surrounding it, to provide some current real estate market data.  If there is an area or neighborhood you would like spotlighted -please let me know.

Overall, the Austin market is strong.  Areas averaging 3 months or less are considered to be seller’s markets.  Four to six months are considered neutral markets.  Six months or more time on the market is considered to be buyer’s markets.  The exceptions to this are:   luxury properties over $800,000, because there are less buyers and new construction where the projects are actively marketed before or during building.

Austin Condominiums

78704 Condos

Number of Active Condos on the Market:  113

Average Days on Market:  138

(new construction projects make the average days high)

Median Home Price:  $ 275,000

Downtown Condos

Number of Active Condos on the Market:  151

Average Days on Market:  127

Median Home Price:  $ 349,500

Austin Single Family Homes

Circle C Ranch

Number of Active Homes on the Market:  33

Average Days on Market:  67

Median Home Price:  $ 314,900

Travis Heights

Number of Active Homes on the Market:  15

Average Days on Market:  115

Median Home Price:   $ 499,000

City of West Lake Hills

Number of Active Houses on the Market:  29

Average Days on Market:  136

Median Home Price:    $1,220,000

Shady Hollow

Number of Active Houses on the Market:  26

Average Days on Market:  108

Median Home Price:    $284,450

Cat Mountain

Number of Active Houses on the Market:  21

Average Days on Market:  134

Median Home Price:    $520,000

Barton Creek West

Number of Active Houses on the Market:  8

Average Days on Market:  58

Median Home Price:    $562,363

Austin City Limits Music Festival sells Austin to future homeowners

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The Austin City Limits Music Festival is an event for all of Austin, not just music lovers. Now in its nineth year, it has been reported that ACL will generate over $80 million for the city, of which $51 million will come from visitors.  Austin will host an average of 65,000 guests per day, most if not all; will be visiting Zilker Park where the event is held.  Those visitors will be staying in hotels, dining out, shopping and going to nightclubs, taking in everything Austin has to offer.

Real Estate sales are always interesting this weekend.  People often get sold on Austin this weekend, which generates home sales in the future when visitors ultimately decide to call it home.  Serious buyers will take a break from the music and will be shopping, simply because time is of the essence.  The Barton Hills, Zilker, SoCo, City of West Lake Hills and downtown, Austin areas will take center stage in terms of real estate, as visitors drive around exploring the shops and eateries thinking about what it would be like to actually live in the area, as they pass a house for sale.

Will it be a big open house weekend?  No.  Again, this is a weekend for serious buyers, but it doesn’t mean it isn’t a big real estate weekend.  The Austin City Limits Music Festival helps sell Austin to future buyers, who will decide to stop visiting and one day call it home.

Buying Power – By the Numbers

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School is back which adds to a little more traffic, but also tends to re-focus people overall as we move out of vacation mood and settle into the daily grind. What am I seeing out there? Interest rates are in the 4’s, which haven’t been this low in decades.

Low interest rates give people more buying power.

For example, a $200,000, 30 year fixed rate loan at 4% will be $954.83 a month, while the same loan at 6% will be $1,199.10. Not only is your monthly payment lower, but your total debt-to-income ratio is lower too. In other words, you may qualify for a higher loan amount, than you normally would at 6%. People are taking advantage of this in 2 ways, by re-financing their existing loans or selling their existing homes and moving up.
 
Understand, re-financing costs money, so while you can often add some of your closing costs into the new loan — it still costs something because you are adding to the principle. If you don’t see yourself living in the house for 3 years or more, if may not be worth it. If you are saving $100 a month because you received a lower interest rate, but is costs $3,000 to close — are you really saving any money if you move in 2 years?

I am starting to see slightly longer days to close as a result of the lower interest rates. Although purchases tend to take priority with lenders, re-fi’s still add to the amount of work that needs to be done. I am starting see lenders ask for 40 days, when it normally takes 30 to close.