Tag Archives: Austin Real Estate Market

Pool Season

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PoolSwimming pools: the instant source for entertainment, relaxation and exercise. They provide a backyard retreat and a tranquil view that is a luxury marker some buyers dream about having. For those buyers who want a pool, houses with them are much easier to sell. Forget the condition of the house– that oasis in the backyard, especially on a hot day kind of sells itself, doesn’t it?

Pools can be more of a hindrance than a help. Not everyone wants a pool. In fact, I would say 70% of people don’t. Pools cost money and time to maintain. In addition, there are safety concerns for people with small children and pets. They can also take up a lot of yard space.

Swimming Pool Tips for both Buyers and Sellers

Swimming Pool Owners
•Maintain and update your pool. Nobody wants to buy a money pit (literally).
•If you can afford switch to saline — do it, it is a selling feature.
•If you own in a subdivision where most homes have a private pool…buyers will be comparing your ‘pool’ appeal.
•Make sure the pool area looks clean, maintained and inviting.

Buying a Home with a pool
•A general inspector will not inspect a pool, but many pool companies do. Have a pool inspection – they can be costly to fix.
•If you want to know how much it costs to maintain a pool including what you will spend on chemicals, electric and water — the answer is — you don’t want a pool! They can be costly, and if you are already watching your budget — a pool is going to blow it.
•Remember, pools limit your potential number of buyers, so they can take longer to sell when the time comes.

As someone who grew up having a pool, I understand the appeal of having one from a lifestyle perspective. My experience is that they are great for moments in time. You will spend more time staring at a pool during your ownership, then you will spend in it. If you have a pool, don’t let it become another 4-letter word make sure it shines because it can make or break a sale.

Pools in Austin

Austin Texas has a variety of options for people who want to enjoy a pool, but don’t want to maintain one. Many planned single family home communities in Austin have pools that are included with HOA fees or may require a nominal additional fee. Condominium communities in Austin often have a private pool as well for residents. An automated home search can be customized to only include properties with community with pools.

There are many public pools in Austin as well. There are 27 neighborhood pools and 6 municipal pools in total. The most well known pool is Barton Springs, located in Zilker Park. Centrally located in the neighborhood of Barton Hills, Barton Springs Pool is spring fed, just over 900 feet long and maintains a consistent temperature of 68 degrees year round.

The Wizard of Oz

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wizardWhen I bought my first house in 1993 and had a lot of questions to answer.  No, they weren’t to my parents or even my friends, they were written to the underwriter who was processing my loan.  One of the questions was what I spent $1,000 on because they saw the funds withdrawn from my bank and wanted an explanation.  I played the guilt card and told them it was for my wedding dress, when in reality it was for a vacation.

The world we live in today is very similar to that period of time.  Yes, it is certainly easier for people to get loans than say 2 years ago, but lenders are cautious and are analyzing quite a bit to make certain people can actually afford what they are trying to buy.

There is a lot of dialogue when a buyer initially purchases a home between a seller’s agent, a buyer’s agent and loan officer.  A seller’s agent looks at the pre-qualification letter to see if the lender has completed certain steps to make certain the buyer is viable.  The buyer’s agent initially has a buyer talk to a lender and get pre-qualified before even shopping for a home to ensure they can afford it.  The loan officer reviews credit scores, the debt to income ratio, loan programs and funds to find a product that meets their criteria and is affordable.

After all is said and done with the buyer under contract, the wonderful wizard takes over.  This is the final stretch to the finish line.  I refer to underwriter as the Wizard of Oz because it paints a picture people can relate to.  It is the underwriter who blesses the file before closing to make sure all of the loan conditions have been met.  The underwriter doesn’t always know everything.  The underwriter simply opens a file, reviews it and may ask lots of questions along the way.  The process can be extremely frustrating for a buyer as it may seem repetitive and even invasive.

Remember that a buyer who requires a loan is buying a house with the underwriter’s blessing. Appease the wizard and go with the flow, keeping in mind you are almost at the finish line.

Just Sold in Barton Hills

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1304 Robert E LeeJust sold, 1304 Robert E Lee Road in Barton Hills offers nearly 3,000 square feet of living space in this 2-story duplex.  Side A has 3 bedrooms, 2 1/2 baths and a loft space, with the master located on the main floor.  Side B features 3 bedrooms and 2 1/2 baths with the master on the second floor.  Each side of the duplex has it’s own private outdoor yard space, a wood burning fireplace, separate utility closets and carport space.

1304 Robert E Lee Road, Austin, TX 78704

1304 Robert E lee Road was an attractive investment property due to it’s hot 78704 location.  The zip code 78704 in Austin is the home of Zilker Park, Barton Springs Restaurant Row, South Congress Avenue in the SoCo District, the Town Lake Hike & Bike Trail, Lady Bird Lake, the SoLa District on South Lamar and the SoFi District on South First.

Barton Hills, Austin 78704

1304 Robert E Lee Road is very close to Barton Springs Pool, Zilker Park and the Umlauf Sculpture Garden.  This Luxury location is convenient when Austin’s local festivals like the Zilker Park Kite Festival, SXSW and the Austin City Limits Music Festival are taking place.

1101 Blue Fox Drive, Austin TX 78753

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1101 Blue Fox Drive, Austin TX1101 Blue Fox Drive is located in the North-East subdivision of Harris Ridge.  Built in 1993, this single story home has 3 bedrooms, 2 baths and a 2-car garage.  Highlights include a wood burning fireplace in living room and large backyard deck with covered lattice adding nice outdoor living space.

For Sale 1101 Blue Fox Dr., Austin TX 78753

The floor plan for 1101 Blue Fox Drive has the master bedroom separate from the secondary bedrooms.  There is a 2-car attached garage and a dining area that could be used for added living space.

Pride of Ownership shows through the extensive amount of updates throughout 1101 Blue Fox Drive which include: Roof, HV/AC, HWH (2010), Silestone kitchen counter with sink, ceramic and glass block tile (2011), Garage Door (2005), Backyard Fence (2009), Most of interior freshly painted, Energy Efficient Appliances (2007), Gutters (2006), In-ground Sprinklers (2006), Pergo flooring in main living areas (2005), Stained deck and new lattice (2013).

1101 Blue Fox Drive, Austin TX 78753 is located in the Pflugerville School District.  There is a neighborhood pool, park, sports court and field for soccer and other games.  Harris Ridge residents participate in a bi-annual neighborhood garage sale and an annual neighborhood party at the park.

The Harris Ridge subdivision is located near the well-known Tech-Ridge area of Austin.

Buying in a Seller’s Market

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Like a G6What am I seeing lately in the Austin real estate market?  A whole lot of craziness!  There are days right now that I feel more like a fire fighter and less like a Realtor.  The Austin real estate market is favoring sellers right now.

Austin Real Estate Market Activity

Inventory is low for tenants, so lease prices have been on the rise.  Higher leases and low interest rates have created an environment where a monthly mortgage payment is cheaper than rent.  This dynamic has added more buyers to the market and  many of them for the first time, where before owning a home was only a dream.  In addition, investment purchases are on the rise as well.  Higher leases and low interest rates are making it easier to positive cash flow than in the past, making purchases attractive to investors.

When there is less than 3 months of inventory available, it is known to be a seller’s market.  Neutral markets are defined as having 4 to 6 months of inventory.  Buyer’s markets have greater than 6 months of inventory.

Austin Homes for Sale

We are miles away from a buyer’s market right now.  With so little inventory buyers need to be creative when purchasing a home in this market.  Buyers need to see a house within 24 hours after it comes on the market if it looks good.  Some buyers are submitting an offer before they even see the property.  They will submit an offer early because hours can go by while waiting for a response, which gives them time to see it.  If the house looks promising and a buyer has been in the market long enough to know what is out there – it is not unusual for a buyer to offer even a little more than list.  Money is cheap to borrow right now.  It’s about $50 a month for every $10,000 you borrow.

Don’t wait for someone else to buy your home and make an offer based on what it’s worth to you.

Take a Test Drive

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traffic jamI have spent the last few weeks in Mueller, Clarksville, Barton Hills and Downtown districts, the Oak Hill area of Austin, and a little time Round Rock and Pflugerville for good measure.  I had a conversation with someone recently regarding distance versus travel time.  Time is a very hard thing to judge in Austin simply due to the unpredictability of the traffic if you are not used to a flight path.  As you probably know, my office is close to the corner of Spicewood Springs Road and Mesa.  I can get to the office from Mopac, 360 or even I-35.  With no traffic on a Sunday afternoon, it will take me about 15 minutes regardless of my flight path.  During the week the story changes quite a bit.  During morning and evening rush hours, it can at least 45 minutes to get to and from the office on Mopac and 360. For many,  I-35 at end of day can be equivalent to sitting in a parking lot.

Austin Real Estate

It’s important to find the time during the initial stages of the home buying in Austin to see if a particular area is going to work for you.  Getting around Austin on the weekend is easy breezy for the most part, but during the week can be a much different story.  Nine miles doesn’t necessary mean about nine minutes of travel time.  It’s hard to plan for because buyers are often looking at homes on the weekend, because that’s when they have time.  It’s important to take the time though at least once before work or after to just to a test drive.

Austin Traffic

If you are tech savy, phone apps and GPS devices can also be helpful.  Very often current traffic conditions are taken into account when the program is calculating the estimated travel time.  You can often see the traffic to on the device.  Plugging the address into these devices when you would normally be doing the drive will help you estimate commuting times as well.

House of Now

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house of nowThe Austin Real Estate Market ended 2012 with a low inventory and substantial supply of buyers.  January has picked up exactly where 2012 left off only with more buyers.  A common new year’s resolution is to buy a new home, which means that on January 1st my phone starts ringing even more.  Every buyer starts off on the same path in that they look at homes that entered the market in the past.  Whether the house was put on the market 2 days ago or 2 months ago, it is new to the buyer who has just entered the market.

The strange dynamic that I often see is when a house has been on the market say 70 days, which by today’s standards is kind of long, and all of a sudden on day 71 it’s in multiple offers.  For 70 days nobody wanted the house and on day 71 it is in a bidding war.  Some buyers pass houses by that have been sitting, because they feel like there is something wrong or it’s overpriced.  More often than not, buyers pass by a house because they think they have time.  Whether it is day 3 or day 70, they think the home is going to be around until they decide if they want to buy it.

I have had more than one client who has lost an opportunity to put an offer on a house that was on the market for 3 days in the last 2 weeks.  These clients are now referred to as my Zen clients because we are looking in the now. We have looked at every home that might be a possibility and are now looking at what comes on the market – when it comes on the market.  If a house comes on the market that might be the right fit – we go see it within 24 hours.  My Zen buyers are not only pre-qualified, but they have a thorough understanding of what to expect in terms of closing costs and pre-paid costs like homeowners insurance and escrows for taxes.  I can write an offer the same day my Zen buyer wants to buy the house because we are that prepared.

How to Buy a home in Austin now

If you want to buy a house in Austin you need to be a Zen buyer.  Understand, it’s ok to just look, but you are constantly going to be looking in the past until you are ready to buy.  The houses presently for sale are going to sell, so it’s kind of waste of time.  A better use of time is to get pre-qualified to see how much you can spend or want to spend and then get closing costs and pre-paids estimated in order to have a solid idea of you can afford.  It costs money to buy a house, but it costs a lot of time too.

If you are planning to buy a house now – you need to prepare now.