Austin Housing Trends

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Shiloh Austin, TXHow does Austin stack up?

Click the link below which will take you to a document with national real estate and local Austin housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

Austin Housing Trends

The report includes results comparing the Austin real estate market to the rest of the United States. Mortgage data, employment findings, building permit numbers and pricing trends are posted.

Austin Housing Inventory

 

 

Custom Home Search

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The more detailed the criteria I use to find a home, the lower the number of search results.  However, I do have to use some criteria when looking like a zip code or MLS area.  The Austin MLS system will only allow me to pull 100 properties for any given property search.  It is rare though that I do not have enough criteria to narrow the search to less than 100.  After all, everyone typically has some criteria whether it’s a neighborhood, school district and of course – price.

 For those who really want to narrow the field down further, I can get very specific in terms of how I search for a property.  Understand, I may be lucky to find one property if the criteria are too narrow, but the flexibility in how I search for properties is available for those looking for something really specific.

Search for a Home in the Greater Austin area

Here is a list of some unique criteria I can use when searching for a property:

  • Elementary School
  • Master bedroom located on the first floor
  • Number of stairs to enter a house
  • Fireplace
  • Fractional ownership (time share)
  • Year built
  • Pool
  • Duplex, triplex or fourplex
  • Building materials (i.e. all sides masonry)
  • Media Room
  • Modified for wheel chair
  • Area amenities (i.e. club house, jogging path, lake privileges
  • Flooring
  • Type of utilities
  • City view
  • No backyard grass

There are too many criteria to list.  The intent is give you some idea of how detailed I can get.  One thing to note is that not all agents add as much detail as they can to a listing.  If an agent does not add that a property has a view of downtown, for example, the system is not going to pull it if your criteria include only city view properties.  There are fields that, as Realtors, we have to fill when entering a listing, while others are voluntary.

Home for the Holidays

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I wrote an article a couple of weeks ago about why sellers should keep their homes on the market during the holiday season. There are advantages for buyers as well during the holidays for those who can find some extra few hours in their shopping schedule. One thing buyers have going for them is that there are less people shopping for homes.

Fewer buyers mean fewer offers to sellers. I’ve talked before about wants and needs. Some owners need to sell now, they don’t just want to sell. Many people make job changes this time of year which nowadays, may mean moving to a different state. Sellers are often more flexible this time of year with price because they don’t have the buyer traffic they would have other times of the year – there is simply less demand. Investors know this, which is why I work with more investors this time of year than any other.

Interest rates are also very low right now, which gives you more buying power. You can qualify to spend more on a house when interest rates are low, than you can when they start to go up. Why? Lenders look at 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 home purchase 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 criteria of debt to income.

Real Estate Traffic

Ironically, another advantage this time of year for buyers is time. People often take off a few days between Christmas and New Years. When shopping for presents has ended, people often find they have extra time to look for a house without the stress of spending the day at work. In fact the busiest day to search for a home on-line is December 26th, the day after Christmas.

Happy Holidays to You,

Doreen

Downtown Austin Condo Data

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Austin Downtown Districts

What’s moving Downtown and how are other hot condo areas doing?  I have selected specific condominiums and popular areas in Central Austin to offer some data points. Downtown Austin and the surrounding areas offer great varieties in unit sizes, amentities and styles. There are low rises and hi-rise living options in a variety of price points. The large variety of  locations, styles and price points offer truely something for everyone.

The data below is specific to condominium homes.  

If there is an area you want me to spotlight -please let me know.

Central Austin Condo Market Data

All Downtown Condos
Number of Active Houses on the Market:         81
Average Days on Market:                              109
Median List Price:                                 $ 399,900

Spring Condominiums (Downtown)
Number of Active Houses on the Market:         10
Average Days on Market:                                 85
Median List Price:                                 $ 408,500

360 Condominiums (Downtown)
Number of Active Houses on the Market:            6
Average Days on Market:                                  51
Median List Price:                                 $ 387,000

W Residences (Downtown)
Number of Active Houses on the Market:             9
Average Days on Market:                                138
Median List Price:                              $ 1,149,000

Milago Condomniums (Downtown)
Number of Active Houses on the Market:             5
Average Days on Market:                                   85
Median List Price:                                  $ 339,000

All Condos in zip code 78704
(South of Downtown: SoCo / Zilker area)
Number of Active Houses on the Market:            65
Average Days on Market:                                    96
Median List Price:                                   $ 250,000

All University of Texas Condos
Number of Active Houses on the Market:            44
Average Days on Market:                                  143
Median List Price:                                    $ 208,750

All condos in zip code 78703
(West of Downtown: Tarrytown area)
Number of Active Houses on the Market:             45
Average Days on Market:                                   102
Median List Price:                                     $ 370,000

Deck the Halls

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‘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

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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

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 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.