Austin Real Estate Market

May 26, 2015 By Mary Lynne Gibbs

11251 Pinehurst Drive

11251 Pinehurst (MLS #8477261) – a recently updated home due to the Halloween flooding of 2013 and located in Onion Creek in South Austin – sits on the edge of a cul-de-sac and boasts a large lot with mature trees and a private oasis in the backyard.

Offered at $359,500, this three bedroom and two and a half bathroom home is quite the find.

Built in 1978, tax records show a square footage of 2226. However, this number does not include the approximately 1400 square-foot, screened-in back porch located on the back of the home, nor does it include an air conditioned/heated office space in the side-entry, two-car garage.

11251 Pinehurst is open, light, bright and airy with a lovely covered front porch to welcome residents and guests alike. Covered with a metal shingle roof, this home contains a variety of exquisite characteristics that you will be delighted to discover.

For example, a dining area just off of the front entrance leads into a sizeable living area that features a massive stacked rock fireplace flanked by built-in shelving units. This main living area has vaulted ceilings and lots of windows, which lends itself to a comfortable and relaxed atmosphere. Three windows located at the top of the entrance wall offer extra sunshine in the morning.

Additionally, the entire home is covered with tile flooring, some of which looks like wood planks. The flooring is definitely a sight to behold and a must see!

All three bedrooms are located off of the living room on the left side of the home. The two extra bedrooms are spacious and connected by a large Jack-and-Jill type bathroom, which also possesses a few disability features.

The master bedroom has a vaulted ceiling with a wood beam running the length of the room. This bedroom is suited for a king-sized bed, along with several more large pieces of furniture and the bathroom is absolutely magnificent! Featuring a sizeable shower area, the master bathroom contains his and her vanities, a spacious dressing area and two walk-in closets.

11251 Pinehurst boasts an eat-in kitchen with walls of white cabinets, Corian-type countertops, a convection oven, recessed lighting and an attached table countertop that seats three. The kitchen is connected with an impressive breakfast area that is currently being used as a den.

I saved the best for last! The backyard is truly an amazing outdoor retreat with a salt water pool, hot tub and gorgeous landscaping. The pool is partially covered for those who don’t want to swim in the sun and it is deep enough for a diving board. The covered patio area has space for several seating arrangements and for a dining area.

Right off of the backyard is the screened-in back porch which includes a countertop and sink-station, along with another outdoor living area and dining area – great for entertaining or just relaxing after a long day!

Other features include a sprinkler system, gas dryer connection, gas water heater, and storage building. This area is known for its great golf courses, parks, country club and tennis courts!

If you are interested in 11251 Pinehurst or buying/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!

December 30, 2014 By Mary Lynne Gibbs

Great Economic Trends Going into 2015

Recently, 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

December 10, 2014 By Mary Lynne Gibbs

2015 Housing Predictions

As the year draws to an end, 2015 housing predictions are already being calculated. Seems like we just started 2014 and here we are closing it up!!

Nonetheless, Realtor.com’s Top 5 Predictions are not all that shocking, but they are definitely good to know if you will be looking to buy or sell real estate in the upcoming year.

The entire article can be found at 2015 Housing Predictions if you would like to peruse what economic experts have to say in detail about the following list. But, for the shorter version…look no further.

The 2015 housing industry expected trends include:

1. Mortgage Rates Will Head Back Up

2. Millennials (ages 25-34) Will Set up House

3. Builders Will Break New Ground

4. Credit Will Continue to Be a Major Factor

5. We’ll Close Out the Foreclosure Crisis

Basically, mortgage rates can’t stay low forever, but good credit will be the determining factor of whether banks will loan someone money because of continued stringent mortgage qualifications.

This just means that if you are thinking about buying a home in the near future, you must tighten up your spending, pay bills on time and straighten up any credit issues you currently have.

Moreover, with more millennials buying homes, builders will have to add inventory to keep up with the housing demands. The home building industry will be interesting to watch in 2015, as their greatest issues include shortages in labor and materials.

The best news is that the U.S. economy continues to strengthen and that helps people find jobs to pay their mortgages and in effect puts a halt to the foreclosure crisis we have seen in the past several years.

Obviously, every market is different and if you would like to know more about the Austin area real estate market, please contact Mary Lynne Gibbs at 512.431.2403 or austinluxurybroker@gmail.com. It would be an honor to earn your business!

November 12, 2014 By Mary Lynne Gibbs

Selling Your Home During the Holiday Season

Most people think that the real estate market drops off the face of the earth once summer ends and school starts. Fortunately, for a REALTOR® like me, this is just not the case. Selling your home during the holiday season is still a viable option.

The holiday season can be an exceptionally great time to buy or sell real estate and as I have seen in the past, some agents have their best production in November and December. Surprising, isn’t it?

With over 100 people moving to Austin each day, it’s not surprising that even in the holiday months, we continue to experience a high volume of real estate transactions, but major factors do not disappear just because we are enjoying a great market.

As with most real estate markets around the country the key ingredient to selling your home during the holiday season remains motivation. Everyone who is looking to buy or to list their home during this time of year is serious. They have a need to buy or sell and it’s likely they need to do so quickly.

Two other reasons to go forward with listing your home during the holiday months is that (1) there is less competition with fewer homes on the market and (2) people may need or benefit from the tax deductions that come with buying and selling real estate.

Of course, pricing your home at market value is critical to selling your home at ANY time of year. If you price your home too high, buyers will be turned off and you will have missed your best opportunity to sell for the best price, which is within the first six weeks of the home being on the market.

Additionally, curb appeal and making your home look like a model home are also still very important in again, ANY type of market or ANY time of year. Buyers do not overlook mess, clutter, garbage, dirt or untidiness. The consensus is that if you don’t keep a clean home, you probably haven’t kept your home in tip-top shape and there might be something wrong with it.

So, if you are thinking about buying or selling real estate during this holiday season, please contact me, Mary Lynne Gibbs, at 512.431.2403 or austinluxurybroker@gmail.com. It would be a pleasure to earn your business.

October 29, 2014 By Mary Lynne Gibbs

Texas Economy and Market Update

The Austin Board of Realtors® welcomed Dr. James P. Gaines, a research economist, from Texas A&M University Real Estate Center to the Palmer Events Center on October 15^th to discuss the Texas economy and give a real estate market update.

Although I was unable to attend this event, I did obtain Dr. Gaines’ presentation and thought you might be interested to review his findings.

As we have seen in the past few years, Texas and the Austin Housing Markets have continued to lead the country’s real estate market. There have been record highs for the last five years in Texas for median home prices and 2014 has seen a 5% increase in home sales, which makes it the second best year ever recorded.

The four reasons Dr. Gaines gave for the Texas economy doing better than other states are job gains, housing prices, general business growth and population growth.

I thought it was interesting to note that Texas has added 14 million people in the last 40 years and is expected to add another 30 million people in the next 40 years. Dr. Gaines claimed that with this exponential growth Dallas/Fort Worth, Houston and Austin populations will explode.

Obviously, the overall real estate market reflects the economic health of any area and Dr. Gaines gave his economic outlook for Texas, which included:

Downside risk is a national (global) recession, but even then, Texas may do better than most other states IF energy is strong
Energy sector subject to global actions – not as robust
High tech and business services fueling job growth
Job growth expected to stay relatively strong
Population expansion continues to fuel growth
Local growth issues becoming more pressing, causing greater strain on state and local resources
Local non-residential construction strong

Additionally, he mentioned that even though the past 20 years has seen a housing roller coaster due to monetary policy, political directives and capital market manipulation which then caused a boom-bust-boom scenario; Dr. Gaines believes that housing market is “returning” to fundamentals. These include:

Employment-income
Household formations
Affordability: Interest rates and financing

Dr. Gaines said his top housing issues are:

Sustainable price increases and Affordability
Mortgage interest rates
Construction & labor costs
Lot inventory for new construction
Mortgage market changes: loan limits; variable qualifying; closing costs
Higher “other” costs: taxes, insurance
Stronger rental market
Return to fundamentals: employment/income, household formations, affordability.

Dr. Gaines gave his Texas housing outlook, which included:

Percentage slowdown from past two years
Emphasis in new construction on high-end price range
Entry-level new homes difficult to finance; Gen-Y buyers most affected
Labor and lot inventory shortage across the state
Urban-central and suburban markets both strong
National and local regulations and controls becoming more stringent
Non-residential construction leads nation
Future Issues: flood insurance; affordability; EPA regulations on upland wetlands; local growth management efforts

Overall, the Austin and Texas economies are better than most and continue to have considerable potential. However, there will always be pros and cons to exceptional growth. Additionally, it would do us well to remember that there can be major changes due to unforeseen challenges and uncontrollable situations.

“It’s tough to make predictions, especially about the future.” Yogi Berra

Keep in mind that each of us has an opportunity to have our voice heard by the privilege of casting our vote. So, don’t forget to either vote early (ends October 31^st) or vote on Election Day, which is November 4^th!

Austin Real Estate Market

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