Thanksgiving is now a distant memory, Black Friday came and went, as well as those Cyber Monday deals. We are now creating lists, checking them twice and trying to manage our time in an effort to get everything done in time. 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. Continue reading
Author Archives: Doreen Zelma, REALTOR
2509 Cockburn Drive, Austin TX 78745
House for sale….Remodel. Invest. Enjoy as-is…plenty of options for this South Austin home with a 70’s vibe. Updates include: roof (2016), hot water heater (2013), HV/AC (2011), gutters & rainwater collector (2013) & disposal (2018). Continue reading
1228 Broadmoor Drive, Austin TX 78723
For Sale – 1228 Broadmoor Drive in the Wind
sor Park subdivision of Austin,TX. Fully-fenced single-story bungalow with gated entry. Nice floor plan with modern touches throughout. Kitchen is open to living area for easy entertaining. Enclosed patio for bonus dining/living space. Third bedroom works well as a second living/office. Continue reading
Austin Real Estate Market Sizzles
Recently Sold Home In Kyle
The summer home selling season is sizzling in Austin real estate news. Market activity set an all-time sales volume in May reaching $1.2 billion, according to the May 2017 Central Texas Housing Market Report released by the Austin Board of REALTORS®. By the numbers, May 2017 single-family housing market statistics in the Austin-Round Rock Metropolitan Statistical Area showed 3,170 Single-family homes sold, which was 9% more than May 2016. The median price for single-family homes was $310,000, an 8% increase over May 2016. The average time on the market was 43 days homes, which was one day less than May 2016.
Austin is Weird
The key to this market for a buyer is flexibility in terms of location and a solid understanding of budget. Austin is weird and the beauty of that is having a wide variety of home styles to choose from, in a unique mix of neighborhoods.
With low inventory, Buyers are searching for a home in a larger area then they once were.
The key to this Austin real estate market for sellers is also understanding that their home is also unique right now. In some neighborhoods, there may be only one house for sale in a particular price point. This creates a sellers’ market and an opportunity. The Austin housing market has buyers searching within a larger map area these days because of the lack of inventory and will keep looking elsewhere if the home does not show well.
Sellers are representing the neighborhood.
Keeping the house clean and cool in the summer are two of the easiest ways to welcome a buyer, show pride of ownership, and now-a-days represent the neighborhood.
Interest Rates Impact Housing Market Trends
Austin Texas Home Sales February 2017
Austin, TX … The water cooler topic these days is all about mortgage interest rates. Everyone is anticipating rates to go up, but it is not clear when that change will happen or even by how much. Interest rates factor into real estate because they help determine buying power. Lower interest rates increase buying power. Lenders look at the debt to income ratio when deciding to approve a buyer for a loan. Debt includes existing data like student loans and car payments, but the principle and interest on your proposed mortgage will also be a factor. The more you spend on interest the lower your principle payment on the house will need to be to meet the qualifying debt to income ratio.
People always ask me if selling next year means selling for more than this year. I can’t predict the future. When I list a house, and even when I represent a buyer, I look at trends in the market. Market trends vary about every 3 months based on how fast inventory is moving, what houses have sold for and what houses entering the market are being listed for. Austin housing prices are a reflection of both national and global economic factors that affect interest rates, the stock market, the bond market and employment rates to name a few. The volatility of market conditions makes it impossible to predict what your house will sell for a year from now. Sometimes I review sales over the past year, but it’s not to price a house – it’s to look at the trend.
Austin Texas Real Estate Markets are Local
Markets are local which can be scaled down to a particular subdivision or specific condo community. Markets can be defined as a school district, zip code, etc. Looking back in time longer than 3 months helps me see the trend of that particular market because – although the list price can’t be predicted a year from now, how hot a specific market is generally can. Price, on the other hand, is a moment in time.
Price is a Moment in Time
Interest rates go up and down constantly. A consistent steady decline or rise in interest rates does ultimately affect home values. Time will tell what this year will bring in Austin. Sales seem to have flattened a bit, but Spring is in the air.
Home Buyer Style Guide
They say you are what you eat. What kind of home you purchase can say something about who you as well. Austin is known for being weird. The eclectic mix of art, music, and culture is as unique as the architecture, landscaping, and aesthetic designs of Austinites who call this city home. There is quite a buffet of home styles in Austin to choose from.
Homes for sale in Austin offer a unique blend of vintage and modern designs. In Austin, you can turn a corner and be in a different neighborhood with a completely different vibe. I’ve had clients in the past who refer to master-planned communities as ‘Disney World’, because all of the homes conform to the same aesthetic tone. Other neighborhoods in Austin look like something out of a storybook with bungalow-style homes and lemonade porches.
Bungalow homes for traditional buyers in Austin
I have found, more often than not, that who you are as a person, has a lot to do with what type of home you pick as a homebuyer. Buyers who like antiques, and nostalgia tend to like colonial and bungalow-style homes. These buyers don’t care if the floors creek, have no finish and are original from the 1940’s. To them, the floors as real wood and they appreciate the history and authenticity they represent. These traditional buyers also like defined rooms. They like a formal dining room, separate from the kitchen and other rooms, because to them every room has a unique purpose and therefore should have its own identity.
Dated homes ready for a remodel attract creative types in Austin.
Unlike traditional personalities, progressive buyers roll with the times. In my experience these buyers tend to be creative, artist types who don’t always look at a house for what it is… but rather what it could be. These buyers are deciding what walls they are knocking down and how to expand the kitchen. These are the dreamers who know very well they may never get to every project they envision, but see the potential and possibility.
Modern homes in Austin for buyers who think out of the box.
Modern buyers are similar to creative types, but have a flare for drama. These buyers are drawn to open floor plans and like mid-century, contemporary and trend-setting designs. They feel boxed in with too many walls. They like vaulted ceilings with a uniform tone between living areas. To some people, these homes look like office buildings, but to modern home buyers, they are dramatic and unique – a work of art in their own right. For these buyers, a downtown condo may be a fine alternative to living in the suburbs.
Your inner child has something to say
The funny thing is that you typically don’t like what you grew up with. For example, I grew up in a mid-century modern single-story home, but my brother, sister and I have always lived in 2-story traditional homes. I find this to be the trend with most of my buyers. Maybe it’s the rebel in us or simply that we know deep down change is good.
Looking for a specific home style in Austin or surrounding cities in Central Texas? Ask me about creating a custom search today.
Austin Real Estate Market Winter Homes for Sale
Zilker Park Christmas Tree
‘Tis the season for shopping, baking, cleaning and sitting in Austin traffic. With all of the things to find time for during the holidays, selling or buying a home in Austin, or anywhere, is often taken off the to-do list. There are benefits to selling and buying during the holiday season which can make the prospect of doing so a little merrier.
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 days are few and far between. Home buyers in Austin can generally shop year round though it may be hard to find the time during the holidays.
Buying a Home, Selling a Home and Creating a Win-Win
The holiday season holds benefits for home buyers. Less buyers mean less competition. There are typically less multiple offers this time of year which can drive up prices along with stress levels. There is often more flexibility with a standard 30-day closing turnaround this time of year as well. Both buyers and sellers have a lot going on besides the thought of moving. In addition, banks and title companies are closed for the holidays which decreases the amount of business days. For some, a shorter closing timeline may be appealing and for others adding 10 days to the timeline to get past the holidays or doing a lease back so nobody has to move right away works nicely. The goal this time of year is to make it work and it usually can.
‘Tis the Season for Serious Buyers
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.
Home Staging Made Simple
Decorations set the stage by making a house feel like a home. A seller’s biggest challenge, in any given month, is keeping the home constantly clean. We tend to clean more this time of year anyway for visiting friends and family, so why not take advantage of the opportunity to show it.
There are many sellers that will take their house off the market between Thanksgiving and Christmas. I always encourage my sellers to keep their houses on the market. Serious buyers will miss a home if it is not for actively for sale, which is exactly the type of buyer they want.