Tag Archives: Buying a home

Looking to purchase a home in Austin? Doreen Zelma is a real estate professional ready to help, whether you are a first time home buyer or seasoned second time or move up buyer.

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.

Homestead Exemptions

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On September 1st changes were made to the proof of residency requirements for homeowners applying for property tax homestead exemption. Under the new law all applicants must show a copy of their Texas Driver’s license or state ID card and vehicle registration receipt. All of the documents must show the same address as the property they are seeking exemption for.  

Applicants that do not own a vehicle can use a utility bill showing the matching address, but also must sign an affidavit stating that they do not own a vehicle.

The new law does not affect those who have already received tax exemption status. The new homestead requirements also apply to applications for the over-65, disability, disabled veterans, homeowner’s surviving spouse and manufactured (mobile) home exemptions.

The homestead exemption form must be filed between Jan 1, 2011 and April 30, 2011.   To qualify you must have owned your home by January 1, reside there as of that date and not claim an exemption on any other property.

Home Owners Associations

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Home owners associations are common in neighborhoods in and around Austin. Some are voluntary like in Travis Heights, for example. Most are mandatory, which means that if you choose to own real estate within the boundaries of the Association – membership is mandatory. Home owners associations often provide additional restrictions above and beyond what the City imposes.

Rules and by-laws are defined and outlined for each home owners association and can include anything from buildings restrictions, pet limitations and quiet hours. H.O.A.s impose fee’s to manage common charges and services impacted by the community. Mandatory home owners associations are typically created at the time the subdivision is created whether it is a neighborhood of houses or a condominium community.

H.O.A.s are a legal and financial entity designed to fund and manage common services and areas. Gated entrances, pools, fitness centers and playgrounds are all examples of common areas. Common services can include water, cable, trash and even gas. What services are included typically depends on how the subdivision was initially designed. Home owners associations can be powerful; they will impose fines and can even place liens on a property if fees are not paid or rules are not complied with.

Home owners associations often manage community activities as well, which provides an environment to socialize with neighbors within the community.

Austin HOA Rules and Restrictions

Whether or not a home owners association will work for a buyer will depend on many factors. If you are looking to build and want the freedom to choose any material you want or size of home, a neighborhood with a home owners association may not work for you. Having horses or parking an RV or boat next to a house – may not be allowed. You may be limited to the kinds of fences you can have. Dog breeds that are typically labeled as ‘aggressive’ are often not allowed as well.

Some people like limitations and rules within a community. Members of an association often like the structure within the community and welcome the limitations. Some people like a common aesthetic theme limited building materials bring. They also like the sense of community and small town feeling common amenities often provide.

Home owners associations can include many amenities, rules and by-laws or very few. H.O.A.s vary greatly in terms of when fees are due. Some are monthly; others are quarterly or even paid annually. Frequency is often determined by the size and scope of the association.

Unless I have a buyer who truly doesn’t like the idea of a home owners association, I often suggest clients be open to the idea. You can often tell just by driving through a neighborhood if it is heavily restricted or looks fairly laid back. With so many of them in the greater Austin area, it is hard for prospective buyer to completely rule them out.

Austin Market Spotlights

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I have selected subdivisions in the greater Austin area and listed their current real estate market data.   My selection is based on the communities I have visited over the last 3 weeks.  This also happens to be my 100th blog post!

The data below is specific to single family houses, unless otherwise indicated.  If there is an area you want me to spotlight -please let me know.

Tarry Town  (Central)
Number of Active Houses on the Market:                      16

Average Days on Market:                                              81

Median List Price: $                                                  $606,500

Elliott Ranch (Buda)
Number of Active Houses on the Market:                     12

Average Days on Market:                                            99

Median List Price: $                                                 $432,400

Whispering Hollow  (Buda) Still Developing
Number of Active Houses on the Market:                     17

Average Days on Market:                                            59

Median List Price:                                                    $218,835                                              

Garlic Creek (Buda) Sill Developing
Number of Active Houses on the Market:                   16

Average Days on Market :                                         76

Median List Price:                                                   $199,106          

Austins Colony (East)
Number of Active Houses on the Market:                  18

Average Days on Market:                                          86

Median List Price:                                                   $109,950                                  

Pemberton Heights (Central)
Number of Active Houses on the Market:                    6

Average Days on Market:                                          71

Median List Price: $                                           $1,535,750

Towers of Town Lake (Downtown Condominium Community)

Number of Active Condos on the Market:                   9

Average Days on Market:                                         74

Median List Price:                                                    $289,500

Austin City Limits 2011

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The Austin City Limits Music festival celebrated its 10th anniversary in Zilker Park.  Roughly 75,000 people were in attendance on each day of the 3-day festival setting a record.  The Austin City Limits Music Festival draws visitors and musicians to Austin from all over the world.  This year the ACL music festival not only benefited the local economy, but also through donations made for wildfire relief efforts as well.

According to the Austin City Limits Festival website, attendees and The Do Good Bus raised $20,826.90 for The Red Cross and The Texas Wildfire Relief Fund. In addition, C3 Presents matched Friday’s donations for a grand total of $35,088.10.

The ACL Music Festival moves to cooler weather next year during the weekend of October 12, 2012.

Austin Real Estate Close to Zilker

Looking to live close to Zilker Park?  Here is a link to houses and condos for sale close to Zilker Park.  I can also set up a customized search to send you homes specific to your needs.

Marisol at the Oasis

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Last month, I viewed properties at Marisol at the Oasis, a gated enclave of what will ultimately be 30 luxury homes overlooking Lake Travis and the Texas Hill Country.  Located in what is now considered Oasis,TX, Marisol at the Oasis can be found off of Comanche Trail on 620 in Northwest Austin.  Residents enjoy the luxury of being steps away from the famous sunset view of the Oasis Restaurant, in addition to Uncle Billy’s Brew and Que.  The Oasis master plan is a mixed use community which includes about 30 eclectic retail shops as well.

A variety of builders have contributed to the community, including Crescent Estates, Redbud, Precise, Waldrop and Waterford Custom Homes.  Inventory homes are available for purchase or can be built to suit.  All of the homes are very unique from one another, offering different floorplans and aesthetic materials like stonework. 

Homes range from $800,000 to $2 million.  Here is a link to my new Marisol at the Oasis webpage, which shows some of the MLS listings available.