The Gibbs Team

512-431-2403

Mary Lynne Gibbs

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2015 Housing Forecast

Briarcliff.lakeviewThe Home Builder Association of Greater Austin recently presented the 2015 Housing Forecast that showed great news for the next few years! Always glad to hear good news!!

The information was gathered by 360° Real Estate Analytics and John Burns Real Estate Consulting – both of which are known for their expertise in economic analysis and the real estate industry. The information gave an overview of the U.S. economy, Austin’s economy and the many factors that directly relate to the housing industry.

One of the main points that I found interesting was that they pointed out that economic expansions after a significant recession normally last 3-9 years and that 2017 will mark the 8th year of our country’s economic recovery since the Great Recession of 2008. This data was useful when looking at their key assumptions for the housing forecast.

  • Assumption #1 – Mortgage rates on a 30-year fixed rate will remain low through 2018 with a rise to 4% in 2015 and up to 4.7% in 2018.
  • Assumption #2 – The U.S. will continue to have growth in the job market through 2016 with it slowing down in 2017-2018 (Hence, the reason for them pointing out that economies come back in 3-9 year intervals.)

Additionally, Austin had a 17% growth in builder’s active communities – the highest in the major Texas markets. Most of this is due to the rapid growth, 110+ people moving to our area every day and the lack of homes on the market.

Overall, U.S. home sales are expected to grow 6% in 2015 with a rise in mortgage payments of 4-10% each year through 2018. Payment increases will derive from rising mortgage rates and to price appreciation.

The rising payments is not surprising, as on average the national monthly mortgage payment rose 30% from July 2012 to December 2013. Austin was below average with only a 26% increase.

Unfortunately, first-time-home buyers account for only 31% of resale sales compared to a historical average of 40%. This could be due to high costs, people marrying later and many other factors.

However, as a whole, the future looks bright for the next few years with strong job growth and a healthy real estate industry – which means an overall advantageous economy for us all!

If you or someone you know would like to purchase real estate while the interest rates are still low or sell real estate while the Austin market is still great, please do not hesitate to contact Mary Lynne Gibbs at 512.431.2403 or austinluxurybroker@gmail.com. It would be an honor to earn your business!

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500 Irma Drive

930A7159_60_61_fusedEnjoy the convenience of living in Central Austin with this charming 1104 square foot home nestled among large towering trees! Even though 500 Irma Drive has gone under contract within EIGHT short days! They are certainly willing to entertain back-up offers!

Just a short distance from Austin’s light rail system, 500 Irma Drive (MLS #1311137) sits on a quiet street in the middle of the Highland area and offers quality craftsmanship in a 1955 ranch-style residence with .246 of an acre.

This one-story, three-bedroom home features a spacious, fenced-in backyard with a covered deck that is perfect for entertaining family and friends. The large space 930A7153_4_5_fusedwelcomes a plethora of outdoor activities and entertaining, along with a storage building for all of your lawn maintenance equipment.

500 Irma Drive has a large living area that is open to a breakfast area and leads into a galley-type kitchen which features a dishwasher, free-standing range, vented exhaust fan and plenty of cabinets for storage.

Nicely finished with ceiling fans in all three bedrooms, 500 Irma Drive has a bathroom that includes a handicap-friendly, wa930A7132_3_4_fusedlk-in shower with handrails and modifications for a wheelchair.

Other features include a large driveway for extra parking, a covered carport to keep automobiles out of the elements and a one-sided sandstone finish.

Offered at $300,000, residents of 500 Irma Drive attend Reilly Elementary, Lamar Middle School and McCallum High School, which is Austin’s only Fine Arts Academy!

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Top Websites to Get to Know Austin

ID-10044812With Austin’s continued highly ranked spot as a Top-Performing City in the U.S., it is no surprise that people flock to our area year after year to see what all of the hype is about! (To see the entire article on Austin’s ranking, please go to Austin Business Journal.)

Austin has welcomed many newcomers in the past few years and it is very likely more will come in 2015. So, I thought it would be helpful to put together a list of websites that could assist these new residents, visitors and guests to get to know our city a little better!

However, after looking at my list – it’s actually very beneficial for those of us who have lived in our area for a lifetime!!

My Top 20 Austin Websites include:

  1. The Greater Austin Newcomer Guide – www.aboutaustinrelocating.com
  2. Austin Visitors Guide – www.austintexas.org
  3. City of Austin Website – www.austintexas.gov
  4. Austin Entertainment Information – www.austin360.com
  5. Circuit of the Americas – www.circuitoftheamericas.com
  6. Austin City Limits Festival – www.aclfestival.com/
  7. SXSW – www.sxsw.com
  8. The University of Texas – www.utexas.edu
  9. The Greater Austin Chamber of Commerce – www.austinchamber.com
  10. Travis County website – www.traviscountytx.gov
  11. Williamson County website – www.wilco.org
  12. The Austin Chronicle – www.austinchronicle.com
  13. The Austin Business Journal – www.bizjournals.com/austin/
  14. Austin Entertainment Information – http://365thingsaustin.com/
  15. Austin Entertainment Information – http://do512.com/
  16. Downtown Austin Alliance – http://www.downtownaustin.com/
  17. Austin American Statesman – www.statesman.com
  18. Austin Monthly – www.austinmonthly.com
  19. Austin Food Trucks – http://roaminghunger.com/aus
  20. Community Impact – http://impactnews.com/

This is just a small sampling of websites that provide information about our unique city! However, it is a great start towards learning about Austin and enjoying what it has to offer!

I hope you will take advantage of the plethora of exciting events, sites, restaurants and entertainment options that are available in Austin, Texas!!!

If you or someone you know is interested in buying or selling real estate, please contact Mary Lynne Gibbs at 512.431.2403. It would be an honor to earn your business!

*Image courtesy of “Words Coming Out Of Laptop” by digitalart/FreeDigitalPhotos.net.

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Goals and Objectives

930A5923_4_5_fused (1)The first week of 2015 has flown by and that means if we haven’t already mapped out our goals and objectives for this New Year, we’d better get to it.

However, as I’ve been thinking of my own aspirations for 2015, it occurred to me that many people have dreams and goals, but have no idea of how to achieve them.

I’d like to help!

As a Realtor® I can help in four obvious ways: buying, selling, investing and leasing.

Some not-so-obvious ways that I can help include: service provider referrals, area information, up-to-date local news and happenings in my weekly blog, local and national information provided daily on Facebook, Twitter, LinkedIn and Google+, real estate market information, home market analysis, relocation information, and much, much more!

I grew up in the Oak Hill area and have called Lakeway home for more than 30 years, so I have a vast knowledge of the neighborhoods, culture and continued change our unique city of Austin is going through.

Additionally, I diligently stay current on our economy, market and industry – all of which are ever-changing and none have a crystal ball to tell us what to expect.

It’s no surprise that Austin is a bit different than most places in the country. The biggest difference I see is that Austin was not hit as hard economically as most areas back in 2008 and it is likely because after the fall of the Dotcoms in 2001 – Austin worked hard to bring in diverse industries. Therefore, our city has continued to bring new people, jobs and growth over the past several years.

Having said all this, economic indicators do show that mortgage rates may potentially go UP in 2015, which means it will be more expensive to buy a home. AND housing prices MAY be the highest they will be in our area for the short term.

Both of these indicators bode well for selling and buying real estate, of which I can definitely help with!

Please call me at 512.431.2403 or email me at austinluxurybroker@gmail.com if you have any questions. I would love to discuss your goals and help you in any way that I can. There is absolutely no obligation if you call me! I’m here to help!

Let me assist you with your 2015 real estate goals and objectives! It would be an honor to earn your business!

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Great Economic Trends Going into 2015

ID-1009183Recently, I read an article in the New York Times (online edition) about five economic trends that we should be grateful for as we enter into 2015.

I know, I know…it’s crazy that 2014 is already over and we are headed into a new year, but it sure has been a good one!!

Here are the five positive economic trends the article discussed.

1. Cheaper Gas Prices – This holiday season has been a great time to take a road trip due to the cheaper gas prices. No one knows for sure how long this will last, but I’m pretty sure everyone is taking advantage while they can!

2. Job Growth – Since 2010, job growth has been improving, but in 2014 it has taken a giant leap.

The best news is that according to the Forbes Best City for Job Growth List, Austin ranks No. 1!! We have certainly had a better economic recovery than most cities since the recession, but to be No. 1 is above and beyond what we ever expected!!

3. More Americans Are Leaving Jobs Voluntarily – This economic trend bodes well with the confidence Americans have that they can find a better job and that there are actually jobs on the market to be had. In past years, people have been much more concerned with layoffs than they are today and that is a great trend to experience.

4. Home Prices Are Rising More Slowly – According to the article, “The Case-Shiller index of home prices in 20 major metropolitan areas was up 4.9 percent in the 12 months ended in September (2014), compared with more than 13 percent in 2013.” A sharp increase of home prices can cause real estate bubbles, which in effect then cause many problems in the housing market because of inflated prices.

Austin, specifically, will be interesting to watch in 2015 as it continues to deal with all areas of development, rising housing prices, population growth, its aging infrastructure and the traffic issues it is currently facing.

5. American Households Appear to Be Done Reducing Their Debt – The article said, “Across the major categories of debt, including mortgages, credit cards and the like, debt levels are now rising again. Not at the kind of rapid rates that would signal a buildup of major new risks, but decisively upward.”

Debt may not sound like a good thing to many, but for the economy it means that people are spending and have confidence that they will be able to pay off any debt they incur. Of course, I would always advise to spend wisely…no matter what kind of economy we are facing.

I hope this information will help you set your goals for 2015 and beyond! Happy New Year!!!

If you or someone you know is interested in buying or selling real estate in the Austin area, please contact Mary Lynne Gibbs at 512.431.2403 or austinluxurybroker@gmail.com. It would be an honor to earn your business!

Photo courtesy of “Pumping Fuel” by Michelle Meiklejohn/FreeDigitalPhotos.net