Austin Real Estate

Austin-area real estate sales volumes continue to surge in second half of 2011
Austin Board of REALTORS® releases October 2011 real estate statistics

According to the Multiple Listing Service (MLS) report released in November by the Austin Board of REALTORS® (ABoR), 1,455 single-family homes were sold in the Austin area in October 2011, which is 19 percent more than October 2010. During the same time period, the median price for Austin-area homes was $189,720, three percent less than the same month of the prior year.

Judith Bundschuh, Chairman of the Austin Board of REALTORS®, commented, “With October marking the fifth straight month in which home sales volume has outpaced the prior year, it’s clear that demand for real estate continues to drive the economic recovery in Austin.”

Austin-area homes spent an average of 82 days on the market in October 2011, ten days less than the same month of the prior year. The Austin market also featured two percent fewer new listings, 18 percent fewer active listings and 15 percent more pending sales than October 2010.

“The inventory of Austin-area homes continues to decrease and was lower than any month since 2008, indicating continued momentum in Austin real estate,” said Bundschuh.

In October 2011, the Austin market had five months of inventory, 1.4 months less than October 2010 and the lowest figure reported since ABoR began tracking the statistic in January 2009.

The following sections describe trends in other sectors of the Austin real estate market.

Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in October 2011 was 161, which is 38 percent more than October 2010. In the same time period, the median price for condos was $179,000, 12 percent more than October 2010. When compared to the same month of the prior year, these properties spent 11 percent less time on the market, or an average of 88 days.

Leasing
In October 2011, 1,160 properties were leased in Austin, which is four percent less than October 2010. The median price for Austin-area leases was $1,280, seven percent higher than the same month of the prior year.

* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the past 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

October 2011 Statistics

■1,455 – Single-family homes sold, 19 percent more than October 2010.

■$189,720 – Median price for single-family homes, three percent less than October 2010.

■82 – Average number of days that single-family homes spent on the market, 10 days less than October 2010.

■2,186 – New single-family home listings on the market, two percent less than October 2010.

■7,926 – Active single-family home listings on the market, 18 percent less than October 2010.

■1,615 – Pending sales for single-family homes, 15 percent more than October 2010.

■5.0 – Months of inventory* of single-family homes, 1.4 months less than October 2010.

■$368,237,220 – Total dollar volume of single-family properties sold, 16 percent more than October 2010.

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New Home Search iPhone App Version 1.2.1
Check out the new iPhone App developed by Builders Digital Experience, LLC. This new iPhone App was developed to search for new homes, comparing and researching new home communities, plans and more. Visit NewHomeSource.com to begin your search and signup for new home listing alerts. This is free and you won’t be contacted by the company or a Realtor. You can use the iPhone App on the go and as you drive by a new home community and can be handy to get information without having to speak to a sales person.

Click here to Download NewHomeSource.com New Home Search Version 1.2.1 and begin your home search from anywhere.

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Everybody loves new and there’s nothing better than a New Home!

Austin has new home opportunities and communities all over the greater Austin area. New home builders offer master planned communities, luxury homes, golf course communities, lakeside communities, acreage communities, acreage home sites, build on your lot and so much more.

Austin Premier Realty has worked with many new home builders and knows the ins and outs of the industry. DeeDee Kallam, broker and owner of Austin Premier Realty, has first hand knowledge of the building process, having worked for one of the nation’s leading home builders in the past. When buying a new home, you want a Realtor to represent you and support you through the process to ensure you feel comfortable through the entire transaction.

10 GREAT reasons to BUY a NEW HOME

1. Energy Efficiency: Great new developments are here that will help you save money and mother earth.

2. Warranty: Save thousands in what could be warranty covered work.

3. Better Products: There are always new improvements in materials from windows to framework.

4. Appreciation: The fastest period of appreciation in a home is within 7-8 years.

5. Interest Rates: At an all time low, need we say more?

6. Ownership Pride: This is your house and no one has ever laid claim to it.

7. Easy To Buy: You work with a builder who has experienced the sales process numerous times.

8. Modern Design: You are buying the most up-to-date design styles and contemporary techniques.

9. Wired: Many new homes are pre-wired for the high-tech world we now live in.

10. New Neighborhood: Communities are now master planned with better continuity.

Why work with a Realtor when buying a new home?

Representation and guidance. Also, a Realtor can attend builder meetings and construction meetings with you or in your absence, visit the home site, check progress, provide updates. A Realtor can also attend to matters pertaining to your new home when you are away due to business, travel or relocation.

Shouldn’t I Cut Out the Middleman?

When buying a new home, prospective homeowners are looking for the best deal possible, giving them the best home and amenities for their money. Many buyers mistakenly believe that bypassing a Realtor will save them commission dollars, as they are cutting out the “middleman” who will certainly take their own cut.

In some industries, direct buying is a wise, money-saving choice, but in real estate, foregoing the services of a Realtor can cost you big in the long run.

Don’t be fooled into believing that dealing directly with a builder will offer big discounts. It is a rare case in which this is true. Most builders who ask to work directly with a buyer will park the price of a new home up to include what would have been paid to the Realtor. Buyers who take advantage of these “deals” direct from a builder’s representative will pay the same as they would when using a Realtor, but will lose the benefit of having an experienced voice working to help them with their purchase and any issues that may come up with the builder.

Why Would It Cost the Same?

Builders credit over 85% of their sales to real estate agents.

They want and need agents to bring buyers to their communities and work with the client to figure out what community and builder plan will work for the buyer. The builder typically will have only one on-site agent, sometimes two, but never enough to handle all the buyers who are interested in learning about their homes.

That said, builders will not undercut their main source of business by offering a discount to buyers without agents.

Realtors Offer Sales Guidance WITH Data

When selecting a new home for purchase, a Realtor can help you to select the features that best fit your needs. Many times, when working directly with a builder, buyers are offered excessive upgrades or substandard materials at a premium price. A Realtor can assess your financial situation and lifestyle needs to help you determine exactly what you need and can afford in your new home. Agents also help to protect you from shady builders, looking to make extra money by tricking buyers into allowing them to use a lower quality product.

In addition to giving advice on the options a builder offers, a Realtor can offer comparable sales from the MLS to ensure that you are getting a good deal on the price. Often the builder will quote a price to the prospect and see what sticks. By using an agent, you’ll have data to backup the price that you’ll pay for your home.

Realtors Are Your Advocate During the Process

Employing the services of a Realtor, particularly when purchasing a newly constructed home, will give buyers an extra line of defense against many of the common issues that arise during the buying process.

Rather than battling the builder ALONE when problems arise during construction, your Realtor will take matters into their own hands and work to assure that any problem is corrected in a way that is suitable to you.

With plenty of mediating experience between buyers and builders, an experienced Realtor knows what needs to be done to get the desired results.

Realtors are also experienced in contracts and contract negotiations. While the wording of a contract may be somewhat cryptic to the buyer, a Realtor can clarify any wording that is confusing and work to get changes made to contract stipulations that are unsuitable. This will help to prevent misunderstandings and misleading contract terms that are binding, once a purchase agreement is signed.

Still Want to Go It Alone?

While some have successfully purchased homes directly from a builder, buyers should ask themselves if this is a risk that they are willing to take. In most cases, the peace of mind and protecting that is given by using a Realtor is well worth their commission. By choosing to purchase a newly constructed home through a Realtor, the likelihood of a positive outcome is almost assured, from start to finish.

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When buying, selling or leasing Austin real estate, it pays to let a REALTOR® work for you. Unlike agents licensed only by the state, REALTORS® have taken additional steps to become members of their professional real estate association, the National Association of REALTORS® (NAR). This means they must adhere to NAR’s continuing education requirements and Code of Ethics, which mandates that all parties be treated fairly in every transaction.

REALTORS® can save you time, trouble and money in reaching your homeownership goals. Below are several powerful services and resources REALTORS® use to work for you.

Ethical Service
Under the REALTOR® Code of Ethics, REALTORS® are obligated to provide confidentiality, honesty, loyalty, fairness, competency, expertise and knowledge of the industry in interactions with clients. Working with a professional REALTOR® ensures you are treated fairly not only by legal standards, but by strict ethical standards as well.

Legal Knowledge
REALTORS®’ extensive knowledge of the legal processes associated with buying and selling houses in Austin can be very helpful to you. Whether you’re puzzled over closing paperwork or worried about liability when selling your Austin home, you can simplify your life by obtaining a REALTOR®’S insight.

Financial Expertise
REALTORS® have a sophisticated understanding of the Austin real estate market. They can help buyers determine how much home they can afford and explain financing options. REALTORS® also help sellers set realistic prices, pre-qualify buyers and negotiate the best price for their homes. REALTORS® can even help lessees find properties to lease.

Marketing Tools
REALTORS® know the best ways to effectively market homes for sale in Austin, Texas. In addition to using signs, ads and open houses to market properties, REALTORS® have access to a powerful network of agents throughout Central Texas who will be exposed to your property. REALTORS® also have the advantage of comparative market data content and a wealth of other Austin real estate market resources.

Continuing Education
All REALTORS® must complete mandatory ethics training and continuing education requirements to remain members of NAR. Many REALTORS® enhance this training by earning designations in specialized fields. Learn more about how these designations help consumers by visiting our Glossary of Designations.

Personal Relationships
Finally, REALTORS® have the knowledge and experience to help you find a home that suits your family and your lifestyle. REALTORS® bring a sense of partnership in your endeavor to buy, sell or lease the property that works for your personal situation.

Give me a call so we can get started.

DeeDee Kallam, Realtor
512-964-9925

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