SellAustinTexas

According to Trulia’s rent vs. Buy Index 2011, the smart choice for most Austinites right now is to buy.

Austin is among the top 50 U.S. cities where it is “Much Less Expensive to Buy Than rent”, coming in at #35. What does that mean? Well, when you look at the average home price vs. the average monthly cost of rent in Austin, the numbers show that it is significantly more affordable to buy in most areas of the city. With rental rates increasing and interest rates at historic lows, buying is financially the smarter choice. So, is buying right now the right choice for you? This is a sampling of Austin MLS areas:

Rent Vs. Buy MLS Area Comparisons

This “perfect storm” of home buying conditions aren’t going to last for long. Take advantage of low mortgage rates and low home prices. There’s never been a better time to buy than now.

If you have questions on the Austin housing market or want to get started on buying a home, call Chuck Stephens, our buying expert, at 512-947-8077 or drop him an email at cstephens@cbunited.com.  To see current inventory, visit our web site www.dmtx.com.

Night Skyline

Austin’s excellent quality of life, strong economy and high employment rates made it a top choice among American cities in several recent studies and best of lists for 2011.  Here’s a quick re-cap of some of the bigger accolades as compiled by the Austin Business Journal:

•In July, Forbes and the Praxis Strategy Group named Austin America’s No. 1 “boom town.”

•Earlier this month, Austin was ranked by the Milken Institute as the fourth best-performing city in the U.S.

•Austin was ranked this month as the top city for the highest job levels in a decade but Forbes magazine cited a 19 percent drop in high-tech jobs over the past decade when it ranked Austin No. 32 on a list of best cities for tech jobs.

•In September, Austin snagged fifth on a list of U.S. cities with the most healthy employment outlooks.

•The Brookings Institution named Austin among the best green job generators in its “Sizing the Clean Economy: A National and Regional Green Jobs Assessment” report.

•Ajilon Professional Staffing said Austin has the second best jobs market in the U.S. but Forbes ranked the Capital City No. 3 for best jobs market in its January report.

•Austin leads the nation for having the most favorable conditions for small businesses, an April report said.

•Businessweek listed Austin among the best places to live, Business Review USA chose Austin as one of the eight best places to live and work in the U.S., and RelocateAmerica named the Capital City as one of the 100 finalists in its 14th annual best places to live contest.

For a more expanded list, read the full article here.

Parenting magazine recently named Austin the #2 city for families right behind Washington, D.C.  The magazine compiled data based on quality of schools, affordability of homes, strong job market, parkland space and cultural activities.  The article noted our city’s 27,000 acres of parkland(!), abundance of pools to keep us cool, Town Lake, great schools and many pediatricians.  It also mentions the many year round festivals in Austin and, most importantly, the many innovative companies who make Austin a progressive city.  Other cities include Honolulu, Omaha, Seattle and Boston.

Homes sales in Austin continued to see a rise in volume for August of 2011. A total of 1,669 single family homes sold in the Austin area in August compared to 1,381 in August of 2010. The total volume of sales rose to $454,979,712 compared to $381,540,256 in August of 2010.

Average sales price fell to $272,606 from $276,278 in August 2010. Not as bad as the dramatic decrease we saw in July. This is still directly attributed to a big decrease in home sales in the luxury market. $500K+ home sales in August of 2010 contributed 9.7% total volume compared to only 8.3% in August of this year.

In price ranges that are affordable for most buyers, home sales are remaining steady or increasing. Mortgage rates are low and loans are readily available for qualified buyers.

If you are interested in purchasing home for investment purposes, now is the time. The facts about the Austin real estate market remain the same. We have a booming population, mortgages are cheap and rents are rising. Check out this great recent Wall Street Journal Article for six mistakes to avoid when looking for a home investment.

If you have questions on the Austin housing market and whether or not it’s the right time to buy or sell, feel free to give Chuck Stephens, our buying expert, a call at 512-947-8077 or drop him an email at cstephens@cbunited.com. To see current inventory, visit our web site www.dmtx.com.

Homes sales in Austin continued to see a rise in volume for July of 2011.  A total of 1,671 single family homes sold in the Austin area in July compared to 1,389 in July of 2010.  The total volume of sales rose to $459,970,464 compared to $408,616,832 in July of 2010.

Average sales price fell to $275,266 from $294,180 in July 2010.  This is directly attributed to a big decrease in home sales in the luxury market.  $500K+ home sales in July of 2010 contributed 11% to total volume compared to only 9.1% in July of this year.

So, what do the numbers mean?  In price ranges that are affordable for most buyers, home sales are increasing.  Mortgage rates are low and loans are readily available for qualified buyers.  With the recent downgrading of the U.S. government credit rating, we have seen a dip in the U.S. government borrowing rate – which directly affects mortgage rates.

It’s mixed reviews out there as to what affect the recent downgrading of the credit rating of the U.S. government will have on the mortgage rate.  It’s safe to say that interest rates will move in the same direction as the U.S. government borrowing rate because there is government backing of mortgages on nearly all mortgage originations in today’s market.  It’s also possible it could have no affect at all.  With economic turmoil throughout the world and credit rating agencies not looking so “credible” after having awarded the best triple-A ratings to subprime mortgage bundles during the housing bubble years, the U.S. government still looks like one of the safest bets out there.

Even with bad news all around, the facts about the Austin real estate market remain the same.  We have a booming population, mortgages are cheap and rents are rising. As the above stats show, it’s becoming increasingly apparent to many buyers that buying is cheaper than renting and owning a home in Austin is a much better investment than betting that savings on the roller coaster that is the U.S. stock market.

If you have questions on the Austin housing market and whether or not it’s the right time to buy or sell, feel free to give Chuck Stephens, our buying expert, a call at 512-947-8077 or drop him an email at cstephens@cbunited.com.  To see current inventory, visit our web site www.dmtx.com.

Here’s a snapshot of the current state of the residential market as of May and how we compared to last year. 1,891 single-family homes were sold in Austin last month, or 8 percent fewer than in May 2010.  The median home price increased 4 percent from May 2010 to $198,100.

Austin added 3,127 new single-family homes on the market in May, 2 % more than last year. There were a total 9,744 active single-family homes listed — new in May and existing — or 13 percent less than the year ago total.

Homes spent an average 81 days on the market – 27% longer than May a year ago, but the lowest figure since October. At the same time, pending homes sales were up 53% year over year to 2,156 in May.

It seems last year’s tax credit created demand earlier, causing the market to peak in the spring. The considerable increase in pending sales from May could indicate Austin is returning to a typical seasonal cycle.  While sales are still down, the increase in pending sales and the decrease in days on market shows a rising demand for homes in Austin.

Another important fact to note: a total 1,269 leases were signed in May, 4 percent higher than the same time last year. Tenants paid a median $1,250 monthly in rent, which is about 4 percent higher than last year.  The increase in leases and the increase in rent show a rise in demand in the lease market as our population increases.  This makes landlords very happy!

If you have questions on the Austin housing market and whether or not it’s the right time to buy or sell, feel free to give Chuck Stephens, our buying expert, a call at 512-947-8077 or drop him an email at cstephens@cbunited.com.  To see current inventory, visit our web site www.dmtx.com.

Not only does this Spring in Austin and central Texas mean warmer weather, bluebonnets and heading to the great outdoors, it is alsolooking like a great Real Estate season here and in Texas.  With new construction of both homes and multi-family properties slowing dramatically and, according to the Austin American Statesman, central Texas employers adding 11,400 jobs from February 2010 to February 2011, the time may be right again to buy central Texas real estate.

A recent article in Fortune proclaimed “Forget stocks. Don’t bet on gold. After four years of plunging home price, the most attractive asset class in America is housing” .  With a historic drop in new construction and with housing prices down…now is the time to buy.  As the economy continues to grow and with rental rates still rising, buying and investing is up.  Because there is very little new construction happening..demand could start exceeding supply and prices will once again begin to rise.

Read Fortune’s article; “Real Estate: It’s Time to Buy Again” here

See Wells Fargo’s Texas Economic Outlook here

If you are ready to buy…whether first home, dream home or investments, start at www.DMTX.com where you can search all of Central Texas for your perfect home, ranch or waterfront property.

It’s March in Austin Texas, we have sprung forward, seen the last of winter’s chill and we prepare for over 200,000 internet enthusiasts, film buffs and music enthusiasts to visit our fair city for the SXSW Music Film and Interactive Festival.  We welcome not only the fans, but major film and television personalities, politicians and world renown musicians such as Jake Gyllenhaal, Al Franken, Kanye West, The Foo Fighters and many, many more.

There are even events for those of us who would prefer to avoid the crowds downtown, but still want to see amazing performances. This week SXSW is featuring a stellar lineup at Auditorium Shores…kid friendly and completely free!

Thursday, March 17th,  Luke Rahtborne starts the evening off at 6:00pm, followed by Twin Shadow at 7:00 and ending with The Strokes at 8:00.

Friday, March 18th,  Suzanna Choffel kicks it off at 6, followed by Bowling for Soup then Blue October finishes it up at 8pm

Saturday, March 19th is tailor made for the whole family starting at 11am with The Groundwork Music Orchestra, Ozokidz and MarchFourth Marching Band.  The evening ends with Bright Eyes taking the stage at 7:30 (see the full schedule here)

With all the energy, amazing March weather and, let’s face it, the incredible people who live in Central Texas, it’s no wonder that after SXSW there  is a renewed interest in all things Austin, including making it a new home or even 2nd home.  You can find your Central Texas home away from home on the DMTX Realty Group website…whether it be land in Hill Country, a lakeside retreat or your Central Austin dream house.

The past year has brought a lot of adjustments to the Austin market.  Here’s a year-end rundown on stats (compiled as of 11-30-2010):

Total dollar volume of single family properties sold: $4,180,259,992 – down 1% from 2009

Average price for single family homes: $194,000 – up 3% from 2009

Single family homes sold: 16,477 – down 6% from 2009

Average days on market: 76 – down 4% from 2009

Looking at the numbers, we saw the average price rise and the average days on market go down – both signs of improvement in the market.  However, the total volume went down in both number of dollars and number of homes.   These up and down stats point to a 2010 Austin real estate market going through a period of adjustment.  It will be interesting to see how 2011 turns out.

Here’s some recent good news in terms of the economy.  According to the Brookings Institution, Austin was one of only 15 major metropolitan areas to experience job growth in all 4 quarters of 2010. Forbes ranked Austin as the 10th most affordable city in the US. It notes our strong high tech job economy.

While Austin is featured in the top spot of Forbes’ list, 2008 brought in accolades for other parts of the Austin Area, as well.

Fortune Small Business Magazine named Georgetown their number two, second best place to “Live and Launch,” that is, to live and start/move your business. North of Austin, Georgetown offers a quieter suburban environment than the heart of the city, but still an optimal place to live and work. Fortune’s reasons for this choice? 

 - Georgetown welcomed 270 new businesses in 2007 and 2008

 - The state of Texas has no individual or corporate income taxes

 - Georgetown’s property taxes are among the lowest in the region, and Georgetown has low water and electricity rates

 - The area has other business development efforts that offer camaraderie for entrepeneurs, and a convention center slated to open this summer.

Money Magazine selected another north Austin suburb, Round Rock, as their #7 Best Place to Live for 2008. North of Austin but south of Georgetown, Money Magazine reports that Round Rock features:

 - Affordable Housing

 - Great Schools

 - Dell Headquarters (offering jobs and a strong IT presence for Round Rock and Austin)

 - Three medical centers

 - A Texas State University campus

 - Shopping (featuring IKEA and the Round Rock Premium Outlets mall)

 - A minor league baseball team.

The Dave Murray Team can help you find your ideal Georgetown, Round Rock or other Austin area property. Our property at Springwood listed at $449,900, or our waterfront custom on the San Gabriel River would both make wonderful homes. Contact the Dave Murray Team at www.DMTX.com any time you’re looking for great properties or have any questions!