• Real Estate Tips,  Selling in Austin,  Stats

    FAQ: When is the best time to sell my home?

    One of the questions I receive the most is, “when is the best time to sell a home”.  There are many ways to dissect this, most notably is your own personal situation. But assuming one has no outside pressure and is simply trying to “market time” the sale, let’s see if we can shed a little light statistically. It’s no secret that the home selling season follows the school year and the bulk of recorded sales in the MLS definitely show this. May through August consistently have the highest number of closings and that of course has been the case for at least the past five years. (Click to enlarge:…

    Comments Off on FAQ: When is the best time to sell my home?
  • Buying in Austin,  Real Estate Tips,  Selling in Austin,  Stats

    Market Quick Hits = Opportunity

    Market Quick Hits “We often miss opportunity because it’s dressed in overalls and looks like work” ― Thomas Edison Units closed in April 2017 decreased 3.8% compared to April 2016. Year to date we’re up 1%. The Austin MSA inventory is up 16.9%, 15.1% in Travis County and 14.6% in Austin City Limits. Year to date condo sales are up 13%. Condos currently represent 10% of the total sales in the Austin MSA and 20% of the total sales in Austin city limits. Current interest rates for a 30-year fixed are 4%; down 0.125% from the beginning of May. Builder incentives and seller concessions are on the rise once again. Percentage of sold price…

    Comments Off on Market Quick Hits = Opportunity
  • Real Estate Tips,  Stats

    1Q17 Market Watch

    How’s that real estate market, you ask? 1Q17 single family units sold were 0.5% higher compared to 1Q16.  This is a clear continuation of the market slowdown we noted previously, but make no mistake, we are still on pace to beat last year’s numbers. Even if it’s just by 0.5%What continues to raise my eyebrow is the interest rate increases over the last 9 months. Consider the graph above that shows the interest rate fluctuation for a 30-year fixed rate mortgage over the last 5 years. If you are considering a home  purchase, think about this: A July 2016 homebuyer had an average interest rate of 3.41%, an average price of $353K, and a monthly principal and interest (PI) payment of $1,560. Today,…

    Comments Off on 1Q17 Market Watch
  • Stats

    Board of Realtor Stats vs MLS Data – Jan 2017

    The Austin Board of Realtors (ABOR) just released their report on January home sales. As we wait for all the media to report the data, I think it’s a fun exercise to check that data. The graphic below illustrates the difference in ABOR’s data and that which you can find in Matrix (the software Realtors use to list properties and to find opportunities for prospective home buyers). The top of the graphic is ABOR’s data. The bottom shows screenshots of the MLS data found in Matrix. Of note, demand, represented in the ABOR graphic is up 7% while Matrix shows a 4.4% increase. Supply represented in the graphic by months of…

    Comments Off on Board of Realtor Stats vs MLS Data – Jan 2017
  • Buying in Austin,  Real Estate Tips,  Selling in Austin,  Stats

    Looking Ahead To The 2017 Housing Market

    Looking ahead to the 2017 Housing Market Blame it on the election cycle, the climbing interest rates or affordability, and I’ve heard it all, the central Texas housing rate of growth very clearly slowed in 2016 compared to previous years. The good news is that the Austin metro area had another record breaking year with home values and sales. Though the housing market traditionally slows every presidential election year, I wouldn’t blame the second half of last year being slower than the previous three years solely on the election. The normalization of our market in 2016, meaning a less aggressive rate of growth, will likely continue – though check out the…

    Comments Off on Looking Ahead To The 2017 Housing Market
  • Buying in Austin,  Real Estate Tips,  Selling in Austin,  Stats

    Reviewing the 2016 Housing Market

    “Change in the Air”Reviewing the Housing Market 2016 proved to be another solid year for Texas home owners, sellers and buyers. Here in Central Texas, home values continued to climb to record numbers as did the total units and dollar volume sold. But with change hanging over heads all year long, it’s little surprise to see some rates of change slow to a more “normal” market, as yours truly projected last January. This time last year the Austin Board of Realtors reported that during 2015 the metro area saw 5% growth in terms of units closed and an appreciation rate of 8%, and citing it was “primarily due to our…

    Comments Off on Reviewing the 2016 Housing Market
  • Buying in Austin,  Real Estate Tips,  Stats

    Consider This: Fall Season Is Home Buyer Season

    Consider this Fall season is buyer season! Last week we closed a first time home buyer who purchased a remodeled 3 bed, 2.5 bath home in south Austin, north of Slaughter, for only $233,500. That buyer only brought $8,000 to the table (earnest money, downpayment, inspection and appraisal) and left with a 3.5% interest rate and $1600 monthly payment.  Still think Austin isn’t affordable? This graph shows the number of sales and the percentage of original list price sellers received by month in 2015. Consider that though the sales numbers dip in the fall, buyers very clearly have negotiation strength as sellers discount more during this time of year. The low rates and increase in seller concessions…

    Comments Off on Consider This: Fall Season Is Home Buyer Season
  • Buying in Austin,  Selling in Austin,  Stats

    January 2016 Housing Stats for Central Texas

    January stats have been posted and it looks like we’re off to a bit of a slow start. Keep in mind that January closings are a result of December sales and as previously discussed, the last quarter was suggested to be slower than expected due to new mortgage regulations known as TRID. That said, I fully expect the stats to catch and surpass those of 2015. Election years are historically slower than others and though I’m still predicting a year that looks a lot like the past few years statistically, the slow start suggests now is the time to be a buyer! Why, call me and I’ll explain! Even if…

    Comments Off on January 2016 Housing Stats for Central Texas
  • Buying in Austin,  Selling in Austin,  Stats

    2015 Housing Statistics For Central Texas

    Once again, 2015 was another amazing year for the Central Texas housing market for homeowners as well as those in the housing industry. Now that the final numbers for 2015 have been released, we can see that 2015 bested 2014 in every major category. Median and average prices are both up 8.6% and 7.6% respectively. All signs point to more of the same yet again for the Central Texas housing market. It’s a wonderful time to be a homeowner for sure! Of note, the number of sales for October, November and December look remarkably similar to those of 2014. However, local loan officers that we work with suggest that numbers for…

    Comments Off on 2015 Housing Statistics For Central Texas
  • Buying in Austin,  Selling in Austin,  Stats

    2016 Economic Forecast

    2016 Economic Forecast Last week we attended multiple economic forecast presentations. My personal takeaway: more of the same once again for the local housing market. Sound a little familiar to the past few years? The fundamentals for our local housing market remain strong as we enter 2016. We have strong employment and population growth, we have low inventory with affordable house prices relative to the rest of the country (see chart below) and we have pent up demand in multiple buyer sectors. This year we are primed to see:  First time home buyers enter the market as rents continue to escalate Boomerang buyers reenter the market with new sense of market confidence (buyers sidelined from the market due to a…

    Comments Off on 2016 Economic Forecast