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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/

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Update on Lakeway Development Projects

LAKEWAY/ BEE CAVES AREA IS GROWING!

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Ranch Road 620

1. The Oaks at Lakeway – New Town Center of Lakeway. A total of 175,000 SF of retail space is planned. HEB has been open for several weeks. A total of 13 new businesses have signed leases to move in to the center, including several restaurants. Tenants to date include: HEB, High Five, Trattoria Toscano, Factory Mattress, Level 12 Salon, MOD Pizza, Twin Liquors, Pro Nails, Orange Leaf Yogurt, MAD Greens, Torchy’s Tacos, Subway, Asia Cafe, McArthur’s Restaurant, Raising Cane’s and Engel & Voelkers.

2. Lakeway Medical Center Village – The Harbor at Lakeway is a 150-room assisted living center now open. The Goddard School of Lakeway pre-school and day care is about to open. The 125-room independent living facility under construction behind The Harbor. Newest planned is an 80-90 room La Quinta and similar sized Marriot hotel.

3. Gateway at Falconhead Business Park – New office/ retail development under construction south of Falconhead Boulevard along the frontage of RR 620. The development includes 80,000 SF of office space in 6 buildings and 46,000 SF of retail space in 7 buildings. The buildings will be two-stories with a planned completion of June 2016.

4. The Backyard – New development approved by the City of Bee Caves to include 335,000 SF of office, 125-room hotel, 16,000 SF of meeting/ restaurant space, 4 firm and recording sound stages, 3,410 person capacity Live Oak Amphitheater, 500-person capacity private party venue and 2 parking garages.

5. The Terrace – New development approved by the City of Bee Caves to include 250,000 SF of office, 120-unit Ethan’s View Condominium project and 6,500 SF of restaurant space.

 

State Highway 71 West

1. Summit 56 Complex – Located on SH71W near Vail Divide currently has Nitro Swim Center and Hill Country Guitar & Golf, proposed Covert GM Auto Dealership (was proposed to be BMW Auto Dealership at one point) plus has site plan approval for two 4,500 SF fast-food restaurants and a 5,000 SF of convenience store space with gas pumps.

2. Canyonside at Falconhead West – Ash Creek Homes newest Master-planned Community at the northwest corner of SH71W/ Vail Divide with 60-70 homesites. LTISD also owns 100 acres across SH71W with 30 acres currently transportation facility and remaining 70 acres planned for 2nd Lake Travis High School.

3. The Mansions of Lakeway – New 300+ unit luxury apartment complex is under construction at the northeast corner of SH71W/ Serene Hills Dr. Units will range from 800 to 2,500 SF. Intersection also includes the two-story 24,000 SF retail/ office building space which recently got approved for a 15,000 SF joint replacement medical center. The northwest corner is still owned by HEB.

4. LTYA Field of Dreams Two – Conceptual 70-acre master-planned sports complex to include 10 soccer/ lacrosse fields, 9 baseball fields, 3 softball fields, 13 batting cages, 3 sand volleyball courts, 3 football fields, 2 playscapes, two-story indoor basketball/ volleyball building and 2 perimeter hike-bike trails and one zipline to connect to the new Lake Travis Middle School.

Source: Ross Frie, KW Commercial

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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/

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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.

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September 2015 Austin Real Estate Review

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

AUSTIN, Texas – October 22, 2015 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), Austin-area single-family home sales and prices hit an all-time high for the month of September. Home sales increased by seven percent year-over-year to 2,603 home sales and median price increased eight percent year-over-year, reaching $258,000 in September 2015.

Barb Cooper, 2015 President of the Austin Board of REALTORS¬®, explained, “While current demand bodes well for home sales throughout the rest of year, affordability issues continue to impact Austin-area homebuyers. Fortunately, we have two strong solutions on the November ballot to help increase housing affordability and support Central Texas infrastructure growth.”

On next month’s ballot, Proposition 1 would permanently lower the cost of homeownership in Texas by raising the homestead exemption from $15,000 to $25,000 for most homeowners and from $25,000 to $35,000 for homeowners who are disabled or over the age of 65. That change would mean a permanent property tax reduction of $125 per year for the average Texas homeowner. Additionally, Proposition 1 would create a permanent ban on real estate transfer tax, protecting Texas’ housing affordability in the future.

The Austin Board of REALTORS® also supports Proposition 7, which will bring increased funding for Texas transportation projects and ensure future sustainability of the state’s infrastructure by closing the gap on the $5 billion in transportation needs that go unmet each year.

“We need a combination of property tax relief, broader development of medium-density housing options, and funding for transportation projects to have a lasting impact on Central Texas affordability and infrastructure,” added Cooper. “Central Texas REALTORS® urge Austin-area voters to vote ‘yes’ on November 3 for both Proposition 1 and Proposition 7 to help ensure Texas is an affordable place to live and work in the future.”

According to September’s MLS report, the average price for Austin-area single-family homes increased five percent to $324,150 in September 2015.

New listings increased 11 percent to 2,860 listings and active listings increased by four percent year-over-year to 6,759 listings. In addition, pending sales increased nine percent to 2,391 single-family home sales. Homes remained on the market for an average of 47 days in September 2015, three more days than September 2014.

Monthly housing inventory remained unchanged compared to September 2014, staying flat at 2.8 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.

September 2015 Statistics

  • 2,603 – Single-family homes sold, seven percent more than September 2014.
  • $258,000 – Median price for single-family homes, eight percent more than September 2014.
  • $324,150 – Average price for single-family homes, five percent more than September 2014.
  • 47 – Average number of days single-family homes spent on the market, three more days than September 2014.
  • 2,860 – New single-family home listings on the market, 11 percent more than September 2014.
  • 6,759 – Active single-family home listings on the market, four percent more than September 2014.
  • 2,391 – Pending sales for single-family homes, nine percent more than September 2014.
  • 2.8 – Months of inventory* of single-family homes, unchanged from September 2014.
  • $843,762,450 – Total dollar volume of single-family properties sold, 13 percent more than September 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 September 2015 was 269, an 11 percent increase from September 2014. The median price for condos was $220,250, which is eight percent more than the same month of the prior year. These properties spent an average of 40 days on market, unchanged from September 2014.

Leasing

In September 2015, a total of 1,593 properties were leased in Austin, which is 15 percent more than September 2014. Properties spent an average of 38 days on the market, or two fewer days than in September 2014. Active property listings increased by four percent compared to September 2014, reaching 1,937 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.