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Displaying blog entries 231-237 of 237

When To Lock In That Rate

Saturday, May 19, 2007
by Terrill Fischer & Kent Redding
As real estate agents we are asked by our buyers numerous times a week, "So, do you think I should lock in my interest rate now or should I wait?" 

According to David Reed with CD Reed mortgage -Austin in reality, nobody knows where rates are headed.   A lot of people think they know but they're bluffing.  Your mortgage lender should not be guessing - educated are not - with a your mortgage payment. 

There are simply too many things that can go wrong with a strategy that buyers have no control over.  No need to go over them all but it could be some oil refinery in Nigeria getting blown up again or a factory suddenly lays off - or hires - a jillion workers.  You get the picture.

Dave's best advice from his book "Mortgage Confidential" is this:

Assume whatever you decide, it will be the wrong decision.  Which way would you rather be wrong?

Would you rather lock in now at acceptable rates or would you float another day and get something worse? 

That's good advice for two reasons: if you're comfortable in the current market -after all, if you're shopping or refinancing you've been following mortgage rates for a few months now - then lock.  It also helps you sleep at night without wondering what the markets might do the next day.  Heck, you can always refinance.

Lock. Sleep.  Go buy new drapes and enjoy life.  Thanks Dave!

North Austin Hi-Rise Condo Project & Hotel Planned

Monday, May 14, 2007
by Terrill Fischer & Kent Redding

The Atlanta Based Developer, Novare Group who are building the 360 Condominiums in downtown Austin, have announced they will build a 28 story Condo tower and Hotel in the Domain Project that is in North Austin. This will be the tallest building located outside of downtown Austin.

The Domain Project  has been under development near North MoPac Boulevard (Loop 1) and Burnet Road, is being developed by Austin-based Endeavor Real Estate Group LLP.

Construction is set to begin in the spring of 2008. The condo tower will have 360 Condos and a hotel in it called “The Twelve”, which is a hotel that Novare has built in Atlanta. This hotel has some very cool automated tech systems for the guests. This should be one the new hip places to stay in north Austin once it’s built.

We’ve seen the downtown austin sector heat up with condo developments. Are we going to see this happen in North Austin? I don’t think so, unless it’s surrounded by a high end retail development like the Domain. We’ll keep you posted on how this development goes.

Austin is a Hot Buyer’s Market

Saturday, May 12, 2007
by Terrill Fischer & Kent Redding
Austin is again popping up near the top of a national list again with the being the 5th rated best home buying market in the country. Actually there 5 real estate markets in Texas that ranked very high according to the annual Housing Predictor Hottest 10 Buyers Markets forecast. This another indication of how bullish real estate has become in Austin and Texas

Five Texas real estate markets made the annual Housing Predictor Hottest 10 Buyers Markets forecast, with Austin securing the fifth spot at nabbing the second spot at 8.2 percent forecast for 2007. Other Texas markets to make the list were McAllen (second), Houston (sixth), El Paso (eighth) and Dallas (tenth). Albuquerque, N.M., was named number one. Housing Predictor’s selections are based on surveys of 75 out of more than 250 housing markets forecast on its website. The highest amount of forecast appreciation during the remainder of 2007 was given the heaviest weight in the survey. Market conditions, sales velocity, pricing and more than 20 other factors were also considered.
[Source: McAllen Economic Development Corporation]

If you are a buyer thinking about buying real estate now is the time to find something because if you don’t the prices are going to continue to rise. Contact us for special buyers package we have that will give you a great overview of all the areas around Austin.

Austin Area Real Estate Market Report

Saturday, May 12, 2007
by Terrill Fischer & Kent Redding
The Texas Real Estate Reseach Center at Texas A&M University came out with a report that stated that the number one download on its website this year was the 2006 Austin-Round Rock Area Market Overview Report.
For those considering buying or selling your Central Texas home anytime soon, or if you are considering a relocation to the area, you should consider reading this report. It has a ton of great information from demographics and education, to employment. to go to the downloadable pdf report

Austin Real Estate Market Update for April 2007

Tuesday, May 08, 2007
by Terrill Fischer & Kent Redding

The Month in Review:  April 2007

New listings were down by 23.05%.

Solds increased by 17.34%. 

As for Average Prices:

"New Listings" average list price is up 18.61% to 332,105.

Sold average sales prices increased 5.87% to $243,425 compared to $229,921 in 2006.

Did You Know...?

That we had 8,874 active listings during the same week in 2006?  Today there are 9,332 active listings! 

May is normally one of the busiest sales months for real estate in Austin. So stay tuned for some HOT activity to happen. Lots of new listings and plenty of SALES.

Austin Home Values On the Rise, But Overall Sales Are Down

Friday, May 04, 2007
by Terrill Fischer & Kent Redding

Continued Record Growth Should Positively Impact Austin Housing Market 

First quarter residential sales in greater Austin showed continued “goldilocks” market conditions with home appreciation rates up market-wide 6% over 2006, and sales down compared with 2006 with inventory dipping to a 3.5 month supply. Fewer sales have not translated into longer days on market with homes averaging faster sales time compared to 2006. The once-sizzling Central Texas home market appears to be moderating.  

Sales of preowned single-family homes in March totaled 2,343 for the month, a slight 1 percent increase over the year-ago period, according to the Austin Board of Realtors. 

“The lenders are becoming a little bit more leery about the loans they are making and underwriting,” said Jim Gaines, a research economist at the Real Estate Center at Texas A&M University. The subprime shake-out is hitting first-time buyers harder and is contributing to slowing sales in lower price ranges —$180,000 and below. In Texas, subprime loans account for nearly 13% of all residential mortgages. Even so, Texas has a strong job market, healthy economy, and moderate home-price appreciation. As a result, it’s unlikely that Texas homeowners will experience what has happened in other markets – where home values have fallen dramatically, leaving borrowers with subprime loans owing more than the home is worth. 

The population of the Austin metropolitan region grew at one of the fastest rates in the country over the last six years, according to recently released data from the U.S. Census Bureau and should continue to positively impact the local housing market. 

The Austin-Round Rock metropolitan statistical area expanded its population 21 percent between April 2000 and July 2006 to just over 1.5 million people. That makes Austin the 19th fastest growing MSA in the country. In terms of overall gains, Austin ranked 15th in the nation with 263,802 new residents over the six-year period.

 

Austin Home Values On the Rise, But Overall Sales Are Down

Friday, May 04, 2007
by Terrill Fischer & Kent Redding

Continued Record Growth Should Positively Impact Austin Housing Market 

First quarter residential sales in greater Austin showed continued “goldilocks” market conditions with home appreciation rates up market-wide 6% over 2006, and sales down compared with 2006 with inventory dipping to a 3.5 month supply. Fewer sales have not translated into longer days on market with homes averaging faster sales time compared to 2006. The once-sizzling Central Texas home market appears to be moderating.  

Sales of preowned single-family homes in March totaled 2,343 for the month, a slight 1 percent increase over the year-ago period, according to the Austin Board of Realtors. 

“The lenders are becoming a little bit more leery about the loans they are making and underwriting,” said Jim Gaines, a research economist at the Real Estate Center at Texas A&M University. The subprime shake-out is hitting first-time buyers harder and is contributing to slowing sales in lower price ranges —$180,000 and below. In Texas, subprime loans account for nearly 13% of all residential mortgages. Even so, Texas has a strong job market, healthy economy, and moderate home-price appreciation. As a result, it’s unlikely that Texas homeowners will experience what has happened in other markets – where home values have fallen dramatically, leaving borrowers with subprime loans owing more than the home is worth. 

The population of the Austin metropolitan region grew at one of the fastest rates in the country over the last six years, according to recently released data from the U.S. Census Bureau and should continue to positively impact the local housing market. 

The Austin-Round Rock metropolitan statistical area expanded its population 21 percent between April 2000 and July 2006 to just over 1.5 million people. That makes Austin the 19th fastest growing MSA in the country. In terms of overall gains, Austin ranked 15th in the nation with 263,802 new residents over the six-year period.

 

Displaying blog entries 231-237 of 237