Austin Home Sales Predictions for 2016

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New yearsThe market is on the move with no signs of slowing down as we settle into 2016 and look at Austin home sales. The Fed did raise interest rates as expected. With the economy well on the mend, additional upticks are on the horizon as interest rates slowly drift to normal levels. The interest rate always affects the housing market because it taps into buying power. Interest is part of the monthly mortgage payment. Higher rates mean a higher payment, which affects debt-to-income ratio.

Austin Home Sales Predictions 2016 and Housing Demand

Historically, rising interest rates generally decrease home prices because buyers can afford less; but it can also create an immediate demand. Buyers want to lock into mortgages when they know rates will be increasing.

In Austin, the demand for housing was already high without the rate increase. I expect increasing rates will only create more motivation to buy a home.

Realtor.com says Austin-Round Rock will be the fifth most sought out city for 25- to 34-year-olds looking to purchase a home.

As long as the demand is high and inventory is low, housing prices in Austin will continue to rise.  There is currently about 2.6 months of single-family home inventory in Austin for sale.

Holiday Wish List

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holiday pic As we say goodbye to November, the holiday season is officially upon us, though honestly it feels like it started right after Halloween this year. ‘Tis the season to make lists and there are lots of them. A list to tell you what needs to be done after work, on the weekend and even at lunch. On top of that, we manage a calendar this time of year probably more than any other, which could contain a list was well reminding us where we need to be and when.

Wish list when searching for homes

Some items on our list are mandatory, while others are considered luxury items. Certainly they would be nice to have, but you will certainly find a way to survive without them. When buying a home, your wish list is no different. Like any list, your must-have features need to be at the top. Add too many items and you are either custom building or not buying anything. In the beginning, I suggest my clients start with items like location, price, size range and number of bedrooms. From there, we look at the inventory and modify. Maybe excluding an item like a pool, for example, if that is a deal breaker. It is better to just add a few items and see how many homes meet the existing criteria before adding more.

Homes for Sale in Austin

The Austin Real Estate Market inventory is very low. The goal is to find enough properties to have choices. After consulting with a client, if I can find 15 or more properties that meet the must-have list, then I know we are in the realm of matching expectations and goals. If the search is only pulling 5 houses, it may be because the search location is small or it is not a common floor plan in that area and price point. Like any list, the smaller your must-have criteria list is – the greater your chance of getting through it will be.

The Best Time to Sell a Home in Austin

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Cottages at NorthwoodsIt’s that time of year again when homeowners start to question whether to sell now or wait. The answer lies in the advantage for each individual seller.  If the goal is to sell for the highest price, that number is determined by what the market will bare.  Remember the real estate market when you are selling is centered around the price, condition and location of the home in question. 

Where Homes are Selling in the Austin

The only thing that matters is how the market specific to that home is moving.  If there are a lot of similiar homes currently on the market (competition), then it may best to wait.  If there is hardly any inventory out there, you are in a good position to sell now.  Waiting for more competition to hit the market doesn’t make much sense when you ideally want scarcity.

The Holiday Season has Ready, Willing and Able Buyers in Austin for Ready and Willing Sellers

The holiday season is upon us and if that means to a potential seller that friends and family are coming every weekend making it hard to show the house – wait until January.  After all, it is hard to sell a home that can’t be shown. If a seller is not ready and willing to sell a home, it is best not to introduce potential buyers to it prematurely.

The Best Time to Sell a Home in Austin

We don’t have magic potion to predict the future.  What a specific real estate market is going to look like for any particular seller in January or even April is dependent on what the competition looks like at that particular time.  The market now, combined with the owner’s willingness to show it during the holidays, will help determine whether it is the right time to sell.

Home Sold in Shiloh l South Austin 78745

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Shiloh Austin, TXJust sold in the Shiloh neighborhood in South Austin. Sweet single story charmer on a tree lined street lets the sunshine in. Great layout offers: Large living room with fireplace, plenty of  cabinetry and sprawling granite counters in kitchen, separate dining area, with access to outdoor deck and fenced in backyard.

2716 Cameron Loop, Austin Texas 78745

2716 Cameron Loop features 3 bedrooms, 2 baths and a 2 car-garage. Extra details
include silestone counters in baths, laminate and tile flooring throughout along
with surround sound.

Shiloh South Austin 78745

2716 Cameron Loop was built in 1982 and is just under 1,400 square feet. 2716
Cameron Loop is located zip code 78745, in the popular South Austin neighborhood
called Shiloh, with a park located across the street.

Halloween Treats in Austin 2015

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Photo courtesy of elissamariecreative.com

Zombies, Stormtroopers and Minions unite! Halloween in Austin is always a big day for kiddos and the young at heart.  This year it is going to be huge.  Not only is Halloween on a Saturday, but Comic Con in Austin will also be taking place as well.  Drivers need to be extra careful of bands of pedestrians like a zombie horde in The Walking Dead.

Trick-or-Treating in Austin

If you watch The Walking Dead, a band of survivors are currently living in the Alexandria Safe Zone, which is an ideal representation of a community for trick-or-treating.  The homes are situated on a low-traffic street and set within close proximity to one another, not unlike Austin neighborhoods such as Circle C, Legend Oaks, Cherry Creek, Barton Hills, Crestview, Tarrytown and Plum Creek in Kyle.  Halloween is all about time management.  Kids look for the most houses they can visit in the least amount of time.

Austin Events

In addition to candy collecting, night owls will be enjoying an evening parade in East Austin and the annual Zombie Ball downtown.

If you are: a pedestrian — stay safe, a driver — stay alert or home living in a zombie prone community — have candy.

Austin is for Lovers

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Austin City Limits Music FestivalFall is one of the most diverse seasons in Austin for entertainment. Lovers of art, music, books, food, beer and even fast cars will find an event happening now and in the weeks to come.

Austin Events

Here is a list of some October/November Austin events.
For a complete list, go to: http://www.austintexas.org/visit/events/october-november/

Austin City Limits Music Festival
10/2/15 – 10/4/15 and 10/9/15 to 10/11/15
www.aclfestival.com

Texas Book Festival
10/17/15-10/18/15
www.texasbookfestival.org

Oktoberfest
10/17/15
www.germantexans.org/festivals

Formula 1 Grand Prix
10/23-10/25/15
www.circuitoftheamericas.com/f1

Austin Film Festival
10/29-11/5/2015
www.austinfilmfestival.com

Wizard World Comic Con
10/30-10/31/15
www.wizardworld.com/home-austin.html

Texas Monthly BBQ Festival
11/1/15
www.texasmonthly.com/bbqfestival

Fun Fun Fun Fest
11/6-11/8/15
www.funfunfunfest.com

Wurstfest
11/6-11/15/15
www.wurstfest.com

U.S. Vintage Racing National Championships
11/7-11/8/15
www.circuitoftheamericas.com/vintage

Ironman 70.3 Austin
11/8/15
www.ironman.com

East Austin Studio Tour
11/14-11/15/15, 11/21-11/22/15
http://east.bigmedium.org/

Turkey Trot
11/26/15
www.thundercloud.com/turkey-trot

Downtown Austin Market Data

Want to live in the heart of it all?
Here is today’s median data for active and pending single-family houses within 1 mile of downtown Austin:
Median List Price: $953,116
Median Size: 3 bedrooms / 3 baths at 2,459 square feet
Median Year Built: 1941

Median data for active and pending condos within downtown Austin:
Median List Price: $416,000
Median Size: 1 bedrooms / 1 baths at 852 square feet
Median Year Built: 2008

Changes in Closing Timeline

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DollarsFall is here. Leaves and wardrobes are starting to change and closings are too. New rules from the Consumer Financial Protection Bureau, going into effect October 3rd, will change your closing timeline. These changes are happening on the federal level, not just in Texas.

Know Before You Owe

Two forms, the Truth in Lending Disclosure and the Good Faith Estimate, that every current home owner is familiar with will be replaced. The Loan Estimate will replace the Good Faith Estimate and initial Truth in Lending disclosure and must be given within 3 days after receipt of the loan application.

The Closing Disclosure replaces the HUD-1 and final Truth in Lending Disclosure and must be given to home buyers 3 business days before the closing. For example, if the closing is on a Friday, the borrower will need to have the Closing disclosure by Tuesday.

A business day is considered every calendar day except Sundays and 10 specific public holidays. With a few exceptions, changes can be made to the Closing Disclosure without triggering another 3-day mandatory timeline prior to closing.

New rules do not apply if a loan application is submitted prior to October 3rd.

Closing Timeline now 45 days

Lenders and title companies cannot implement the new forms into their business practices until they are mandatory on October 3rd. Like any change, the beginning may be a little bumpy when the new deadlines take affect. In order to keep closings on track and avoid delays, it has been encouraged that buyers and sellers allow for a 45 day closing timeline. Contracts will be written with closing dates 45 days out instead of the standard 30 days we are accustomed to in Texas. Remember, closings are set to happen on or before to date in the contract, so if everyone is in compliance with the mandatory timelines we may be able to move the date up and close sooner. For now though, after October 3rd, closing timelines will be 45 days with few exceptions.  The changes are directed toward the lender and mortgage timeline.  Cash buyers would be an exception along with a few other specific loan programs.