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The Gibbs Team

512-431-2403

Austin Real Estate

December 11, 2015 By Mary Lynne Gibbs

Holiday Home Selling. Sell it, Santa!

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Holiday Home Selling Myths

Myth #1: No one wants to buy a home during the holidays. People often believe that during the holidays, the last thing people want to buy is a home. They want to avoid the hassle of looking, closing, and moving. The market just isn’t there.

Fact: Homebuyers who are serious about moving shop 365 days a year. The smart homebuyer knows there won’t be as much risk in getting into a bidding war with other homebuyers. The available homes might be slimmer, but perhaps homebuyers are fine with having fewer options. After all if they want to move in by the end of year, they need to act fast. For sellers, a smaller inventory of homes means they could probably get more value for the home than they could during any other season.

Myth 2: Transactions take twice as a long. People figure with the holidays arriving, businesses are on limited availability, employees are out, and transactions take twice as a long to get done. You’ll be lucky if you get this sale in the books this year.

Fact: While limited personnel might be true, there are fewer transactions that take place during this season. This means the mortgage lenders have fewer loans to process, attorneys have fewer closings to do, and home inspectors have fewer inspections to fulfill. All of these factors should lead to a quicker transaction and closing for everyone involved.

Myth 3: It’s ok to take a house off the market during the holidays if it hasn’t sold.
A house hasn’t sold in almost two months and the holidays are upon us. In Austin, this duration is almost unheard of that we might as well call it quits until the New Year right?

Fact: There’s a whole different group of homebuyers coming into the picture. In fact, taking the property off the market abruptly may send the wrong message to prospects and destroy any possible opportunities you might have had. Take advantage of the time and think about offering incentives to homebuyers. Can you reduce the cost? Offer any concessions at closing? Just like buying a car, homebuyers appreciate extra incentives for these life-changing purchases, especially at holiday time.

Research Shows the Holidays Aren’t So Bad

A Realtor.com study shows that 79% of agents surveyed reported that more serious buyers come out during the holidays, and 61% said less competition from other properties make it a great time to sell. In addition, 17% of agents said the cold weather is actually a benefit, making homes feel cozier. These facts and others can be found in NAR’s Field Guides.

Source: Austin Board of Realtors: http://www.abor.com/blog-holiday-home-selling/

Filed Under: Blog Tagged With: Austin Real Estate, The Gibbs Team

December 2, 2015 By Mary Lynne Gibbs

2015 Election Results; State & Local Elections

State props pass; Courthouse bond fails.

Travis County prides itself on being not like the rest of Texas. That makes statewide constitutional amendments an interesting litmus test: Did local residents vote the same as the rest of the state, or did they go down a different path? Statewide, all seven amendments on the Nov. 3 ballot passed and, on four of the seven, Travis County votes were basically within margin of error of those statewide results. So what were the three issues on which they distinguished themselves, by either outright rejecting the proposition, or being more than 10 points away from the state result? – Richard Whittaker

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Prop 1: Increased homestead exemption from $15,000 to $25,000

Statewide: 86% for, 14% against
Travis County: 82% for, 18% against
Same: The affordability argument won out over arguments against education spending cuts.

Prop 2: Tax exemption for disabled veterans spouses

Statewide: 91% for, 9% against
Travis County: 86% for, 14% against
Same: Proving yet again that any measure will pass if you put the word “veteran” on it.

Prop 3: State officers no longer must reside in the capital

Statewide: 66% for, 34% against
Travis County: 45% for, 55% against
Different: If Travis voters had their way, this measure – widely seen as a way for indicted officials to pick and choose where they get prosecuted – would have been rejected. Considering how Collin County prosecutors have taken Attorney General Ken Paxton to task, those worries may be ill-founded.

Prop 4: Allowing professional sports team charitable foundations to run raffles

Statewide: 69% for, 31% against
Travis County: 58% for, 42% against
Different: The measure that passed by the lowest percentage, as voters wondered why franchises don’t just give their foundations more cash. However, Travis voters were much more vociferous in their opposition.

Prop 5: Increasing the number of counties building private roads

Statewide: 83% for, 17% against
Travis County: 80% for, 20% against
Same: A three-point gap for a measure that most people didn’t understand anyway.

Prop 6: Constitutional right to hunt

Statewide: 81% for, 19% against
Travis County: 61% for, 39% against
Different: The second biggest gap – a 20-point variance – on a measure that no one, barring gun rights paranoiacs, saw as pressing.

Prop 7: Dedicated taxes for state highway fund

Statewide: 83% for, 17% against
Travis County: 74% for, 26% against
Same: Concerns about handcuffing some sales tax to road construction in perpetuity were outweighed by traffic jam blues.

 

How Will Prop. 1 Affect AISD?

Texans love constitutional amendments almost as much as they love tax cuts. For the second election cycle in a row, voters passed a full slate of propositions, adding seven rewrites to the Texas Constitution. Topping the list was Prop. 1, one of the state’s beloved tax cuts: an increase in thehomestead exemption from $15,000 to $25,000, which passed with 86% of the vote. Yet education advocates warn that the small savings for homeowners come at the cost of education finance, cutting taxes collected by school districts an estimated $1.2 billion next year.

Its passage seemed a foregone conclusion – so much so that Austin ISD accidentally set the homestead deduction on its online property tax calculator to the new, higher level a week early. TheTexas AFL-CIO, under advice from educators’ union Texas AFT, officially opposed Prop. 1, calling it “a case of misplaced priorities.” Yet it seemed the labor groups were spitting in the wind. Even before early voting numbers came in, Texas AFT president Louis Malfaro said, “Do I expect proposition one is going to pass? Yes I do. Did I vote for it? No, I didn’t.” He explained, “It’s a nice thing when people get $125 off their property taxes, but all the state is doing is reducing its revenue a time when it’s under-spending massively on education and health care.”

The cut was a priority issue for Repub­licans last session. Senate Finance Commit­tee Chair Jane Nelson, R-Flower Mound, filed it as Senate Bill 1 (the number normally reserved for the budget): In fact, her first draft was much more aggressive, requesting a new exemption of 25% of the statewide median market value of all residential homesteads. When asked about the change, the response from AISD Chief Financial Officer Nicole Conley via the communication office was that “school districts are not supposed to be affected.” That’s because the legislation ensures the state will initially fill the statewide reduction in school district tax receipts. However, AISD Board President Gina Hinojosa said she was “uneasy” about that promise. Malfaro warned, “The state does not have unlimited amounts of money,” and it’s still unclear where those make-whole funds will come from – presumably cuts elsewhere in the budget.

In a statement, Gov. Greg Abbott applauded the passage of Props. 1 and 7 (permanently allocating a portion of sales tax and motor vehicle tax to the general highway fund), stating, “Voters sent a clear message tonight in their support for lowering taxes and building more roads.” Malfaro countered that argument: “If our priorities are highways and tax cuts, then where does that leave us with our 5.2 million Texas school children?” – R.W.

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Eckhardt on Courthouse: “We Will Find a Way”

“Our next steps?” asked Travis County Judge Sarah Eckhardt late Tuesday, as she reassured the county courthouse bond campaigners still comprehending the narrow defeat that had just occurred. “We evaluate the most cost-effective, fastest way to move forward. We need this [courthouse] capacity yesterday. Justice can’t wait another three years for another bond election. So we will find a way to move forward.”

The mood among the crowd awaiting the evening’s results at the terrace above the 816 Congress building had gone from cautiously optimistic, to somber, to resolute in just a few minutes. Just before Eckhardt spoke, Judge Eric Shepperd, president of the Austin Bar Association that had led the defeated campaign, quoted Teddy Roose­velt: “It is not the critic who counts, but those who dare greatly. That’s what everybody here did. … And this is by no means through. We’re not done yet.”

Eckhardt followed with a fiery speech much in the same vein, reiterating that although it will be “politically dicey” to move forward with the courthouse project, “I know my community will show the courage to provide accessible justice to every member of our community.”

Before the evening’s disappointing outcome, the mood had been generally upbeat and cautiously optimistic. Although the early vote, posted by the County Clerk about 7:30pm, had shown the bond trailing by more than 5% (52.7-47.3%), the first election-day post had reversed that percentage (while the bond still trailed in the total vote), and the subsequent updates had steadily improved the bond’s chances.

By 9:30, about half the election day vote had been counted, and the total had shifted in favor of the bond, albeit by only 63 votes. That small margin soon grew to 210, and it looked like the bond might squeak through. But the 10pm results reversed the trend, showing the bond losing by about 900 votes out of about 70,000. The campaign team on hand acknowledged the few remaining boxes would be insufficient to reverse the tide. The clerk’s final, 10:33pm posting (still to be certified) showed 37,122 votes against the bond, 36,058 in favor: defeated by 1,064 votes.

A few minutes later, Eckhardt told those county staffers who remained, “We’ll be back in the saddle and working on this project. This is the most important thing that Travis County government delivers … a duty under our democracy to produce justice for our entire community, in a building that is fit for that calling.” Starting Monday, she continued, “We’re starting to work again on this project.”

Elsewhere, a jubilant District 6 City Council Member Don Zimmerman, who opposed the bond through his Travis County Taxpayers Union PAC, told the Austin Monitor, “You don’t see David versus Goliath victories every day.” He also credited the last-minute opposition by the board of the Real Estate Council of Austin as providing “the margin of victory.” Opponents had argued that the county should move the project out of Downtown.

Eckhardt said that possibility had been reviewed and rejected as both more costly, and moreover, unjust. “It will cost us more financially, it will cost us more in efficiency, it will cost us more in how we hold justice at the center of our community,” Eckhardt said. “It will mean that this low voter turnout is the new normal. It will mean that we no longer believe that justice is a basic pillar of our democracy – that justice is like fast food, and that is not what justice is about.”

Precisely what approach Commissioners Court may take in moving forward, Eck­hardt told the Chronicle, is not immediate or certain, but she said, “We’ll look at all of our options that are cost-effective.” – Michael King

Source: http://www.austinchronicle.com/news/2015-11-06/state-and-local-elections/

Filed Under: Blog Tagged With: Austin Real Estate, Austin Real Estate Market, The Gibbs Team

November 21, 2015 By Mary Lynne Gibbs

October 2015 Austin Real Estate Review

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Austin-area homes sales remain high, could signal record year.

Austin Board of REALTORS® releases real estate statistics for October 2015.

AUSTIN, Texas – Nov. 19, 2015 – Austin-area single-family home sales increased year-over-year for the fifth consecutive month in October 2015, according to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR). Austin-area single-family home sales increased by two percent year-over-year to 2,378 home sales and median price increased five percent by the same measure to $252,790 in October 2015.

Barb Cooper, 2015 President of the Austin Board of REALTORS­®, explained, “We’re on pace for another record year and while home sales typically slow each fall, housing demand has remained strong far past the typical peak selling season. This demand stems from strong employment and our area’s high growth rate—factors that help create a stable housing market.”

In a recent Freddie Mac report, Austin was ranked the second-most stable housing market in the U.S. The report ranked Austin’s housing market as “improving,” with positive gains in employment and mortgages in good standing.

“A stable housing market bodes well for Central Texas,” added Cooper. “But we need to find ways to give more Austin-area homeowners access to that stability by increasing our density, preserving our existing housing stock through stronger code enforcement and creating more affordable housing options.”

New listings remained unchanged year-over-year at 2,847 listings and active listings increased by three percent compared to October 2014 to 6,342 listings. In addition, pending sales increased four percent to 2,339 single-family home sales. Homes remained on the market for an average of 50 days in October 2015, one day fewer compared to October 2014.

Monthly housing inventory decreased by 0.1 months year-over-year to 2.6 months. Housing inventory remains at less than half of what the Real Estate Center at Texas A&M University considers a balanced housing inventory level of approximately 6.5 months.

October 2015 Statistics

  • 2,378 – Single-family homes sold, two percent more than October 2014.
  • $252,790 – Median price for single-family homes, five percent more than October 2014.
  • $333,452 – Average price for single-family homes, seven percent more than October 2014.
  • 50 – Average number of days single-family homes spent on the market, one day fewer than October 2014.
  • 2,847 – New single-family home listings on the market, statistically unchanged compared to October 2014.
  • 6,342 – Active single-family home listings on the market, three percent more than October 2014.
  • 2,339 – Pending sales for single-family homes, four percent more than October 2014.
  • 2.6 – Months of inventory* of single-family homes, 0.1 months less than October 2014.
  • $792,948,856 – Total dollar volume of single-family properties sold, 10 percent more than October 2014.

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

Townhouses & Condominiums

The number of townhouses and condominiums (condos) sold in the Austin area in October 2015 was 230, a 15 percent decrease from October 2014. The median price for condos was $234,680, which is four percent more than the same month of the prior year. These properties spent an average of 48 days on market, unchanged from October 2014.

Leasing

In October 2015, a total of 1,384 properties were leased in Austin, which is one percent more than October 2014. Properties spent an average of 41 days on the market, or two fewer days than in October 2014. Active property listings increased by five percent compared to October 2014, reaching 1,891 listings.

The Austin Board of REALTORS® (ABoR) builds connections through the use of technology, education and advocacy to strengthen the careers of its 11,000 members and improve the lives of Central Texas families. We empower Austin REALTORS® to connect their clients to the region’s most complete, accurate and up-to-date listings data. For more, contact the ABoR Department of Public Affairs at marketing@abor.com or 512-454-7636. For the latest local housing market listings, visit AustinHomeSearch.com.

* 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 prior 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.

Filed Under: Blog Tagged With: Austin Real Estate, Austin Real Estate Market, Central Austin Real Estate, Keller Williams, Keller Williams Realty, Lake Travis Market Center, Market Update, The Gibbs Team

October 20, 2015 By Mary Lynne Gibbs

296 Limestone Trail • MLS #3231288

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296 Limestone Trail (MLS #3231288) – a charming, two-story home in Village at Ledge Stone right past Nutty Brown on Hwy 71 towards Dripping Springs – sits on a greenbelt lot in a private gated, kid friendly community.

This area is known for its incredible Dripping Springs schools! The community is a very sought after, tight knit community where neighbors are more like family. Enjoy many community amenities to include your own club house, community pool, play ground, jogging trails, and much more! It is just far enough out to beat the city traffic and to also see all the stars at night! You will love the twilight glimpses of white tail deer and being in the serene hill country just minutes from downtown Austin. There are also tons of restaurants, shops, and entertainment nearby.

Offered at just $300,000, this fo_30A7923_4_5_6_7_fusedur bedroom and three bathroom home is quite the find and priced to sell quick! Interesting enough, 296 Limestone Trail has an Austin address but is in highly acclaimed Hays County. Those looking in this area will love that the home and neighborhood features natural gas, which is much cheaper than propane in many of the surrounding communities like Belterra!

Built in 2007, tax records show a square footage of 2205. 296 Limestone Trail is light, bright, and has an open concept floor plan with a lovely covered patio that looks out to stunning hill country/ greenbelt views. Covered with a composition shingle roof, this home contains a variety of exquisite characteristics that you will be delighted to discover.

For example, the formal dining room when you first enter the main level foyer leads to a sizable chef’s eat-in kitchen featuring stainless appliances, a custom stone wall over a gas top stove with an attached breakfast area and breakfast bar. 296 Limestone Trail boasts Corian-type countertops, a self-cleaning oven, recessed lighting and has lots of room to grow, lounge or entertain guests._30A7713_4_5_6_7_fused

Throughout the home you will find inviting colors, fancy fixtures and well kept flooring to include tile, carpet and floating wood tile. The kitchen opens to the family living area with recessed lighting and lots of windows for a comfortable and relaxed atmosphere. Also downstairs is one of the three secondary bedrooms and bathroom.

The master and other two secondary bedrooms are located upstairs along with an office nook perfect for working from home. The two extra bedrooms upstairs are spacious and connected by a large Jack-and-Jill type bathroom.

The master bedroom is suited for a king-sized bed, along with several more large pieces of furniture and the bathroom is absolutely magnificent! Featuring a large walk-in shower and garden tub, the master bathroom contains his and her vanities and a dressing area._30A8073_4_5_6_7_fused

Built by award winning Lennar Home Builders, other features include a smoke detector, window treatments, gas dryer connection and gas water heater. You will fall in love with this cozy and comfortable home. It is move-in ready and will not last long! Easy to show! Come check it out!

If you are interested in 296 Limestone Trail or buying/selling real estate in the Austin or surrounding areas, please contact Mary Lynne Gibbs at 512.431.2403 or austinluxurybroker@gmail.com. It would be an honor to earn your business!

Filed Under: Blog Tagged With: Austin Real Estate, Austin Real Estate Market, Keller Williams, Keller Williams Realty, The Gibbs Team

August 27, 2015 By Mary Lynne Gibbs

Your Guide to Central Texas Roofing

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As many veteran homeowners know, it’s important to keep the roof of your home in good condition. A leaking or damaged roof can lead to costly and potentially devastating problems—from structural damage to pervasive mold—but a carefully selected roof can also be an essential part of your house’s curb appeal, since it is one of the most visible external features. Choosing the right roofing material is very important.The material should be matched to your overall house design as well as the state of weather at your residence. 

In this article, we’ll go over different types of roofing material and you can decide which one works best with your roof.

The most common types of roofing material are:

  • Asphalt shingles
  • Wood shingles and shakes
  • Clay tile
  • Slate tile
  • Metal

Now we’ll go over each type and see what the pros and cons are as well as give you a rough cost estimate.

Asphalt shingles – These are probably the most popular with about ¾ of the homes in the US using them. Why? They’re low cost, easy to install and resilient. Standard asphalt shingles come in a variety of colors, longevity options and price points. They can be used on just about any architectural style. However, there are cons to this type of roofing too. They provide low insulation and have a shorter life span than most other roofing products – about 15 to 30 years. They are also made from petroleum products and are not recyclable. They have the worst environmental record of any other type of roofing.

Cost – $50 – $150 per square. (100 square feet = 1 square).

asphalt

 

Wood shingles and shakes – Used most commonly in the Northeast, wooden shakes and shingles are among the best for the climate in that area. They are natural products that help the home blend into the environment and are very simple to replace if damaged. Cons are that they are not very fire-resistant; they are high maintenance and tend to rot, split and get mold.  The roof will last 30 to 50 years with some maintenance, however and the material is best for ranches, cottage houses, bungalows, historic and contemporary houses.

Cost – $100 – $150 per square.

wood

 

Clay tiles – They are non-combustible and very durable. They can come in lighter colors and stick to the cool roof standards, saving you energy. It is said that they can reflect 50% of the sun’s solar energy. They are elegant and enduring. They are very versatile and come in so many colors and shapes that they don’t even look like tiles at all. Unfortunately, they’re very heavy and require additional roof framing, which can add to your project costs. Clay tiles are among the most environmentally friendly whereas concrete can be made from a sustainable mixture.  They look great on Mediterranean, European, and Mission and contemporary and ranch homes.

Cost – $300 – $600 per square.

clay tile

 

Slate tiles – These tiles have a beautiful and distinctive appearance. A slate roof will last for about a hundred years, maybe more. It is easy to repair and recycle. It’s an excellent sustainable roofing choice. Unfortunately slate is very heavy. It’s also usually a dark color so it’s not recommended for high-heat locations like Central Texas. Slate roofs look best on Colonial and French style homes.

Cost: $550 – $1,000 per square.

slate

 

 

Metal –  Metal roofing is becoming more popular around the country. It’s pretty inexpensive, durable and easy to install. Metal roofing is usually made of aluminum or tin but can be made of steel or copper. The type of metal determines the cost. You can get your metal roofing pre-engineered to the size of your house so it will fit in one piece or you can use metal shingles. Properly maintained, metal roofs last at least 50 years. They are very green because they are energy efficient and environmentally friendly. They often have a high percentage of recycled content.  Metal roofing looks great on bungalows, ranches and contemporary or cottage homes.

Cost – $100 – $600 per square depending upon the material.

metal

 

There you have it, some of the more common roofing types and their pros and cons as well as their basic cost. Now that you know more about these roofing materials, perhaps you’ll be able to make an educated decision when it comes time to upgrade your roof.

Filed Under: Blog Tagged With: Austin Real Estate, Austin Real Estate Market, Keller Williams, Keller Williams Realty, The Gibbs Team

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