Austin Real Estate
 
Many in the industry were wondering what would happen when the government tax credit incentives expired on April 30th. Would real estate agent's phones stop ringing? Would buyers who didn't find a home in time just give up? Would sellers want to take their home off the market and just hunker down? While the tax credits definitely had a positive impact on the market, real esate in AUSTIN is still going strong!We have a theory as to why this is the case.
  • The European currency crisis has made the US Dollar more attractive to investors and is thereby helping to keep interest rates below 5% for many buyers.
  • Many buyers who didn't qualify for the tax credit have been sitting on the sidelines, waiting for the mad rush to be over, so there would be less competition and more flexible sellers.
  • The home prices in many Austin neighborhoods are still lower than they have been in several years, so buyers see an opportunity to find a deal.
The number of homes sold in Austin last month was about the same as April 2009 but the number of homes under contract shot up 64% on the heels of the home buyer tax credit deadline. The median price of homes sold in April was down about 1% from $196,000 to $194,000 while the average time it took a home to sell dropped from 80 days to 65 days.

STAY TUNED FOR MORE AUSTIN REAL ESTATE TIPS SEND US YOUR QUESTIONS AND WATCH THE SHOW TO SEE YOUR QUESTIONS ANSWERED ON AIR BY THE PANEL!
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The Producers of The Austin Real Estate Experts, DIGITAL EXPOSURE apologize to our viewers for last night's (May 11) obvious airing mistake. KBVO has apologized for not airing the show concerning Landscape Design with our guest Annie Gillespie of BOTANICAL CONCERNS.

Since this was our last show of the season the Producers are going to re-air the show for the following week.

So stay tuned for MAY 16th on KVNA and MAY 18th on KBVO for the episode.

Continue to support The Austin Real Estate Experts and send in your questions to the panel so we can have a lively discussion with your issues.

Thank you for watching,
DIGITAL EXPOSURE
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We have so much more information to come in our future episodes.

We hoped you enjoyed watching Wayne Morgan from Building Systems and Science and visited their website for all the great tips and pictures. Perhaps you even made the move to be green and save hundreds of dollars by following all of their new tips.

THIS COMING WEEK!
Our green episodes continue with our special Mother's Day episode about flowers and landscape design.

The Austin Real Estate Experts proudly guest stars ANNIE GILLESPIE of BOTANICAL CONCERNS to explain all of her great tips make your yard sell, look fantastic, and save you money.

Watch the show, send us your questions and head on over to our guests websites for more information and help for any of your green home needs.
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The Austin real estate market is hotter than we've seen it in more than two years. Buyers are out in force, anxious to find a deal and sellers are enjoying heavy buyer traffic, sometimes getting multiple offers.The number of homes sold in Austin last month rose 24% compared to March 2009 and the number of homes under contract is up 47% which indicates we'll have an even stronger April. The average price of homes sold in March rose almost 2% from $227,559 to $231,904 while the average time it took a home to sell dropped from 83 days to 69 days. You will probably be surprised to know that, on average, homeowners received 97% of their asking price.As we've mentioned before, there is a perfect storm of factors driving this improvement in the housing market.
  • Pent up demand. Many buyers who took a year or two away from their home search are back in the market and ready to buy.
  • Lower prices. Prices in some areas have come down quite a bit, although we seem to have found the bottom in the Austin area.
  • Low interest rates. Interest rates are still very near their historic lows, with many borrowers able get financing at rates around 5%, but experts expect rates to go higher in the coming months as the economy recovers.
  • Government incentives. The First Time Home Buyer and Move-up Tax Credits, which expire this month, are incentive enough to get many off the fence to get a home under contract by April 30th and close by June 30th.
Here's the bottom line. If you hope to sell this Spring, now is the time to price your home competitively and to get it sold. If you want to buy, prices and interest rates aren't likely to get any better and the inventory is likely to shrink as the temperature warms.Beyond real estate, the national media has been shining a spotlight on Austin. CNN has a great two minute video on why we are doing so well relative to other US cities and Time Magazine recently ran a cover story on the businesses that are driving Austin's economic rebound.
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OUR FIRST SEASON IS ALMOST OVER!
But, we still have some great shows coming soon:

Starting the first week of May, THE AUSTIN REAL ESTATE EXPERTS will feature episodes dedicated to GREEN living and tips for our viewers. 


One of our guests will include Wayne Morgan from Building Science and Systems

STAY TUNED FOR MORE INFORMATION AND WATCH THE SHOWS IN MAY FOR ALL THE GREAT EXPERTS TIPS FOR YOUR HOME.

Green Living Tip:
A leaky faucet can waste up to 20 gallons of water per day, and a leaking toilet can waste up to 200 gallons a day. More Green Fast Facts
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There are still ongoing concerns that the recession is not over just yet due to high unemployment in the U.S. This may not be the case for the economy in Austin! The Austin Area is rank 10th on a list of best places for business and careers by Forbes. Below are some other rankings where Austin falls high on the list. 

Economic Growth Projected: #2
Job Growth: #2
Job Growth Projected: #12

Unemployment by County: One of the main factors still straining the U.S. economy is the high unemployment rate. The Washington Post has an interactive map that can allow you to look at updated unemployment rates by county. You will be happy to find that the most counties in Texas have lower rates compared to the U.S. Interactive Map
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KBVO has set a better time slot for The Austin Real Estate Show.


We will now be on at 9:30pm on Tuesdays instead of 10:00pm so the show will not compete against the local news broadcasts.


We hope this will be a better time for our viewers and the network did apologize for any inconvenience.
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The asking price you set for your home significantly affects whether you will profit in the sale, how much you will profit and how long your home will sit on the market. Your real estate agent's knowledge of the overall market and what's selling - or not selling - will be invaluable in helping you determine the price. The objective is to find a price that the market will bear but won't leave money on the table. 

Here are some points to consider: Time. Time is not on your side when it comes to real estate. Although many factors influence the outcome, perhaps time is the biggest determinant in whether or not you see a profit and how much you profit. Studies show that the longer a house stays on the market, the less likely it is to sell for the original asking price. Therefore, if your goal is to make money, think about a price that will encourage buyer activity (read: fair market value).

Value vs. Cost. Pricing your home to sell in a timely fashion requires some objectivity. It's important that you not confuse value with cost - in other words, how much you value your home versus what buyers are willing to pay for it. Don't place too much emphasis on home improvements when calculating your price, because buyers may not share your taste. For instance, not everyone wants hardwood floors or granite countertops. 

Keep it simple. Because time is of the essence, make it easy for the buyers. Remain flexible on when your agent can schedule showings. Also, avoid putting contingencies on the sale. Though a desirable move-in date makes for a smoother transition between homes, it could cause you to lose the sale altogether.

from: antoniarealtor.com
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Conventional 30-year fixed mortgages are available at 4.75% today for well-qualified consumers paying a standard .07 to 1 point, says rate research website FreeRateUpdate.com. 

Today's 15-yr fixed rate is 4.125%, and the 5/1 ARM rate 3.625.

FHA mortgage rates continue to mirror those of conventional loans. While FHA loans do offer similar rates, the closing cost associated with those rates is significantly higher. That cost is set increase when MI, a premium charged at closing to borrowers obtaining FHA financing, is boosted from 1.75 to 2.25% of the amount borrowed on April, 05.

30-year fixed jumbo loans are available at 5.625% with slightly better rates (5.5) for borrowers with an extremely low LTV. Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, have been flat in the month of March. As a result, mortgage rates have been stable, unchanged since dipping slightly at the end of February.

Just one week now until the much anticipated end of government MBS purchasing. The Fed says ideally the end of buying, set for March 31st, will cause only a slight rise in mortgage rates.



The Austin Business Journal had an article about the population growth for Austin over the 15 years making it the highest growth city in Texas.  With that growth, it is likely that the demand for homes will outpace the number homes available. Builders will have to also have to increase their building substantially as the demand new housing units goes up. This will also cause real estate  prices to increase across the Austin area due the excess demand. If you are thinking about buying a home right now in this market, it is to your advantage to do it before that high growth kicks in otherwise you will be spending more money for a home. (see the complete article below)


AUSTIN (Austin Business Journal) – The population of the Austin metro area is projected to grow by more than 2.7 million by 2025, according to an analysis by bizjournals.
Austin’s projected growth rate ranks fifth among 250 U.S. metros studied.
Bizjournals forecasts an 87 percent growth rate from the area’s 2005 estimated population of 1.5 million to a 2025 projected population of 2.7 million, giving it the highest growth rate of any Texas city.
The McAllen-Edinburg area is projected to be the second-fastest growing area in Texas with an estimated 56 percent growth in population.

Among other Texas cities:
Dallas-Fort Worth – 50 percent increase to 8.8 million
Houston – 48 percent increase to 7.9 million
San Antonio – 41 percent increase to 2.7 million
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The recession has impacted the entire country but the good news is that Central Texas is one of the ones merging from the slump first!


The Austin-Round Rock Area is tied for 1st on a list of 10 cities best surviving the recession issued by Forbes. Below are some rankings and statistics that Forbes used to determine Austin's overall ranking among cities.

Unemployment Rank: 3  
Home Price Rank: 13  
Three-Year Job Growth Forecast Rank: 2  
Job Growth, 2007-2009 Rank: 1
Read More on Forbes

Frauds & Scams
During a time when money is tight it is especially important to protect yourself against frauds and scams. Below is a link to the Federal Reserve Bank that helps educate consumers on the different types. Read More

Financial Health
Many people are asking the question, "What steps do I need to take in order to be financially healthy?" Click on the following link to an interactive calculator to help you with all aspects of your finances, including house payment, debt, diversification, life insurance, and more! CNN Money Calculator


RATE UPDATES
Today (30-yr Fixed) - 4.95%

Week Ago (30-yr Fixed) - 4.97%

Year Ago (30-yr Fixed) - 5.03%

Source (www.freddiemac.com)
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Austin Real Estate