Tag Archives: Austin Real Estate Market

Buying the Perfect Austin Home

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So you think you’ve found the perfect home, but is it perfect for you?  The path to actually buying it can prove otherwise if you haven’t done your homework.  The Austin Real Estate market is very strong.  Interest rates are low, many people have jobs and companies are moving here creating more opportunities for people.  Formula 1 has also added yet another head turning reason to consider moving to Austin for those out of state.  Houses in Austin are selling.  If you found the perfect house today and don’t know how you could buy it, you shouldn’t be looking…yet.  After all, if you can’t afford it…the house is not so perfect anymore.

Austin Homes for Sale

Whether you are purchasing a first home or simply want to move to another, you need to do some homework.  Everyone has an idea in their head of what they want to spend on a home, but many don’t know how that translates in terms of how much of a house they can actually afford.  Your debt to income ratio is only part of the formula.  The other consideration that lenders will look at is your credit score.  Many buyers I talk to have no idea what their credit score is.  Credit scores run between 300 and 850.  A credit score of 650 – 699 is generally considered moderate, while numbers between 700 and 850 are considered good to excellent.  The combination of the debt to income ratio and credit score will determine what loan programs are available, what the interest rate will be and ultimately how much you will qualify for.

Buying the Perfect Home

A lender will explain what your options are and then we will talk about them.  I always try and keep lifestyle in the mix to help you decide what you want to spend.  You may need to be at the high end of what you can qualify for if living near Downtown Austin is important.  Likewise, if you are planning to expand your family or will need to purchase a car and know your monthly expenses are going to increase as a result; you may want to spend less.   Once you do your homework, you will find a home that fits your financial and lifestyle criteria. It will be the perfect home – that is perfect for you.

Austin Condominiums and Pets

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Autumn

I moved to Austin, Texas with a cat and two dogs that weighed 160 pounds combined. So, when I talk about pet restrictions, it is something I relate to as I went through the process of first finding a place to rent and then ultimately purchasing a condominium home in Austin. Pets are companions, protectors and in some households, like children. They give unconditional love and loyalty. Once we have a pet in our life, it’s hard to picture our lives without one. A pet means a long term commitment, sometimes a decade or even two, so you need to be mindful of your future home when choosing one.

Moving to Austin with Pets

I had a client moving to Austin who had a pit bull and wanted to rent a home. Pit bulls are on most aggressive breeds lists, which include those for insurance companies. That means home owners with a pit bull, german shepard or doberman pinscher (to name a few) will pay higher insurance premiums because there are certain breeds whose temperment and strength have a higher incident of attacks.

Austin Condominiums

Understand, I’m not a hater. I have met plenty of pit bulls who wouldn’t even consider biting me, and I have owned a yorkshire terrier or two who has. Since, the odds are higher with certain breeds and will cause higher premiums, your housing options will be lower. Having an aggressive breed or even an exotic animal will limit your options for renting a home in Austin and certainly buying a condominium. Austin condominiums generally have pet restrictions which can include limiting the number of pets, type of pet and even weight. I even know of a condominium community that will let you have a dog, if you are an owner, but not if you are a tenant. I am certain part of this has to do with insurance as well. In a condominium community, rules and bylaws try to ensure a peaceful environment for those living in close proximity.

Your Pet may Outlive your Current Home

Many of you will own a pet longer than you will stay in your current residence. Asking about restrictions on a new home upfront will eliminate potential disappointment for you and your pets.

Austin City Limits Music Festival 2012

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The Austin City Limits Music Festival began Friday, October 12th as 75,000 people began to enter Zilker Park to the theme from Star Wars.  The ACL Music Festival, now celebrating its 11th year, brings world-wide attention to Austin, Texas as the festival plays host to 130 bands over the course of 3-days on 8 stages.

ACL Music Festival

An estimated 220,000 attendees were at the ACL Music Festival, while many more were able to enjoy the bands from home this year through a live YouTube which covered 2 stages simultaneously, so viewers could choose which act to watch.  Like year’s past, the Austin City Limits Music line-up included something for everyone.  ACL Festival 2012 headliners included: Neil Young and Crazy Horse, the Red Hot Chili Peppers and The Roots.

ACL Festival brings Austin to Center Stage

Austin’s local economy certainly gets a boost during the ACL Festival to the tune of about $73 million which includes revenue from hotels and restaurants.  The Austin City Limits Music Festival supports the Austin economy in the long term as well, by giving out-of-town guests an additional reason to move here and call it home.  Here are some direct pages to specific Austin homes for sale near Zilker Park in the Barton Hills neighborhood, the Central Austin area, condos in zip code 78704 and of course Downtown.

A Game of Thrones

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In today’s Austin real estate market it is not unusual for multiple offers to be placed on a property hours after it has been listed.  A house becomes ‘hot’ when buyers feel that the condition, price and location are in ideal alignment.  Buyers in multiple offer situations tend to be educated in terms of the current inventory that meets their criteria and are able to identify a new to market home as having more appeal than the others. So, time is of the essence to act quickly and submit an offer.

Austin Texas Real Estate Listings

Hot houses tend to sell for list or very close because multiple buyers are driven to what they are getting at the asking price.  To them it’s worth list price and oh yes, sometimes even more than list price.  My clients can be very competitive and since buying a house is typically more emotional than one may realize – it is my job keep it rational.  This isn’t about winning.

Austin Texas Area Real Estate

Yes, your home is your castle.  Finding the right one is important, but it is not a game of thrones.  There are times when my clients lose sight of this.   Before it becomes your home, a house is a product you wish to purchase with the bank’s permission and the underwriter’s blessing. At the end of the day, the appraiser decides what the house is worth – not the seller, buyer, lender or me.

So, put the sword away and don’t dual until you plan to eat roman noodles every night.    Not every house is going to be a deal in that a Seller may not be willing to negotiate off of list price. Asking price may actually be a deal especially if offers start coming in quickly.   Paying list price makes sense when compared it to everything else out there, the house in question is superior to everything else you have seen.   If that is the situation – go for it, otherwise somebody else will, but make the decision based on what it’s worth to you and not about slaying the other offers.

Vacation is Over

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I went to the East Coast to visit some family and friends.  Though I was only 20 minutes from the hustle and bustle of New York City, the area I grew up in still has many unemployed and houses are certainly not selling the way they are here.  Let’s be grateful and thankful that overall Austin has a strong stable economy. 

Last week was a big vacation and shopping week as people started to prepare for the new school year.  I do have a new listing in Sendera at 9432 Collazo Way, which is in South Austin and very close to the new Alamo Drafthouse on Slaughter.  I’ve also been working in Austin’s popular Central zip code 78704 lately for a condo buyer and an investor seeking a duplex.  For a change of pace, I sold a house in Buda to a repeat client and her husband in the community of Leisurewoods.  We looked at homes for about 2 years before we found the right house.

Austin Vacation Home Rentals

Last week, the City of Austin finally adopted an ordinance to put some controls in place regarding Austin vacation home rentals.  Vacation home rentals are very popular in areas of Austin like Barton Hills and Travis Heights because of the close proximity to local Austin attractions like Downtown, South Congress Ave and Zilker Park.  Vacation home rentals are the ideal alternative to staying in a hotel because they provide an added level of warmth and comfort and are often closer to an Austin attraction.  As the popularity of vacation home rentals increase, so do the problems associated with it simply by the fast overturn of the tenants renting these properties.  Noisy vacationers have become cumbersome for certain communites in Austin, so having an ordinance will allow the City to control the inventory of properties and impose a tax on them as well.

Austin Short Term Rental Rules

  • All short-term rental properties are required to be registered with the City of Austin.
  • Upon registration, all STRs must demonstrate certificate of occupancy or proof of inspection.
  • No more than 3% of single-family residences may be used as a non-owner occupied STR in a census track.
  • A packet containing viable community information must be shared with the tenant.
  • Short-term leases pertaining to home sales/closing terms (leasebacks) will not be affected by this ordinance.

Austin Investment Homes

The market is hot right now for Austin investment properites. Leases prices are in some areas 20% or more than last year. Purchasing an investment property whether single or multi-family property will typically have a slightly higher interest rate and a larger downpayment. With Austin inventory down, rents have increased making this a strong market for investors.

9432 Collazo Way Sendera

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9432 Collazo Way, Austin Texas 78749

9432 Collazo Way is a single story home for sale located South Austin, in the neighborhood of Sendera. Features white brick on 3-sides set large lot with trees providing shade in front and back yard including oak and a pear tree. Nice floorplan with master facing backyard and set separate from three secondary bedrooms.

Large living area painted and carpet in secondary bedrooms replaced 7 months ago. Sprawling Travertine Tile in main living areas and common bath. Master bedroom is tiled and features double vanity in master bathroom Fireplace in living room. Vaulted ceilings. Covered patio with large fenced backyard. Bowie High School area. Easy access to major raodways with retail nearby.

9432 Collazo Way features 4 bedrooms, 2 full baths, dining area off kitchen with open floor plan into living area. Per the tax records, 9432 Collazo Way offers 1,560 square feet of living space, an attached 2-car garage on a .26 acre lot.

Directions to From Mopac South, L on Slaughter, L on Bemner, L on Collazo, 9432 Collazo Way is on the Left hand side.

UT Condos and Central Austin Highlights

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The University of Texas is predicting 8,000 freshmen to enroll this year, which would be the largest in 10 years. If the prediction becomes reality there will be roughly 51,500 students enrolled, which would be with largest in UT’s history. Freshmen enrollment is trending to have 900 more students than last year. Although the largest, UT is not the only university in Austin. Other universities like St. Edwards may be seeing an increase in admission as well. The increased student population will affect real estate in a number of ways.

UT Condos

People come from all over the country to attend the University of Texas and other schools in Austin. While most students will initially take advantage of on campus housing, many will ultimately move to nearby condos. Many students with the help of their parents find that purchasing a condo makes more sense than leasing. Whether students lease or purchase through their college years, many offer decide to stay and make Austin their permanent home. With Austin’s outstanding scholastic reputation, constant influx of new business and healthy playful atmosphere, it is easy to see why people don’t want to leave.

Central Austin Real Estate

The real estate market is certainly healthy. Days on market are very low, which means things are selling quickly. I’ve been spending much of my time in the last 2 weeks in Buda and Central Austin. I have clients who get a hit on their custom home search every 2 weeks and I have others who are getting a few new homes per day to look at. In more urban areas the odds are greater in having more hits, but that doesn’t mean they are spending more time on the market. Central Austin is always desirable simply because of its easy accessibility to everything. It doesn’t matter if it’s a condo or a house. As long as it’s priced for what it is – it will sell. If it’s not priced right, it will miss its market because it’s going to look very expensive based on the other homes those buyers are looking at.  Here are some of the homes and condos I’ve seen recently.