Staging Your Home to Sell

Holiday Package Delivery Theft Prevention

Holiday Package Delivery Theft Prevention Tips

The holidays are upon us. Many people have already begun shopping for gifts for their family and friends. Shopping online has exploded over the past several years. During this season law enforcement agencies nationwide see a surge in package delivery thefts. Oftentimes, thieves will follow the delivery trucks on their routes waiting for a package to be left unattended. Within minutes of the delivery truck leaving a package on the doorstep, thieves can walk up and make off with your gifts. Here are a few tips to help you avoid being the victim of these holiday “Scrooges”:

Have packages delivered with a signature required. This ensures that the package will not be left unattended on your doorstep.

If you know that you will not be at home when a package is due to arrive, and your workplace allows, consider having your purchases delivered to your place of work.

Sign up for delivery alerts through each delivery service’s website. If you have a trusted neighbor, once the package is delivered, have them retrieve it and hold onto it until you get home. Most services also allow you to change the delivery date, so you may be able to change it to a day or time that you will be home.

Most delivery services also have alternate delivery options. FEDEX can be delivered to a local FEDEX Office location and they will hold your package for in-person pickup. UPS has options to deliver to a UPS Store, UPS Access Point location, or hold your package at the UPS Customer Center. Amazon.com has Amazon Locker locations at convenient locations throughout the city.

If you must have something delivered when you are not home, leave instructions for the delivery service to place the package somewhere out of view from the street.

If you believe that someone has stolen a package, confirm that it was delivered, and then make a report with the Austin Police Department.

Finally, please watch out for your neighbors. Call 911 immediately if you see suspicious activity—get an accurate description of the activity and/or vehicle or person. Relay that information to the 911 call-taker as soon as possible.*

*Article courtesy of the Austin Police Department 

Tips for your Property Tax Appraisal Hearing

18 Tips on How to Avoid Losing Your Tax Appraisal Hearing

• Do not get into a shouting match. 
• Forget about tax rates. The tax rate is not decided by the appraiser and has no place in either the Informal Meeting or the Formal Meeting. 
•  Do not talk about your inability to pay taxes. Not being able to afford paying taxes is immaterial. 
•  Do not assume that the purchase price reflects true value unless the home was acquired within six months before or after January 1^st of the appraisal year. Some appraisal districts use a time adjusted value. 
•  Do not compare your property to properties that are located outside of the CAD determined neighborhood or homogeneous subdivision. Find out your neighborhood boundaries before the hearing, not after! 
•  Do not show front-view photographs of your neighbors’ properties without showing a front view of your property. 
•  Crime and noise influences on your property values are difficult to establish unless you can show that you and your neighbors are unduly and repeatedly threatened. If actual sales have been affected, this makes for a stronger argument. 
•  Do not rest your argument entirely on minor settlement cracks in the walls, floors, and ceiling. Many homes in the Austin area are subject to minor stress cracks and settling. Should you consider the situation serious obtain a construction bid to correct the issue and provide that. 
•  Leaking roofs are considered by some CADs and ARB panels to be due to the lack of normal maintenance often reimbursable by insurance but in any event not due an adjustment. 
•  Do not volunteer information about improvements you have made to your property. Obviously if asked, reply in the simplest terms possible. The CAD may be aware of remodeling from reviews of building permits, drive by or aerial photography. 
•  Do not forget you have the right to cross examine the appraiser during the Formal Hearing. 
•  Use your special knowledge of the detrimental aspects of your neighborhood and property. 
•  If the appraiser is not comparing reasonably comparable properties be sure to not this out to the appraiser during an Informal Meeting or the Hearing Panel at the Formal Hearing. 
•  First impressions count so we suggest that you dress professionally. 
•  Avoid sexist or discriminatory remarks. 
•  Make eye contact during your presentation. 
•  Provide handouts and photos to each panel member therefore four copies. 
• Work diligently to make your presentations uncomplicated and simple.*

*Article Courtesy of Gordon Gorychka 
 
 

Austin headed for one of the highest rent hikes in U.S.

Austin, brace yourselves for one of the highest rent hikes in the U.S.

Hopefully you’ve invested in residential real estate property in Austin, because 2016 is promising some big numbers. However, if you’re not a homeowner who rents out a property, well, the forecast doesn't look too hot for you. 

HomeUnion, a real estate investment management firm, has identified the top 10 metros with the strongest investment home rental growth in the country. Austin comes in at No. 8, with some data that might excite or scare, depending on which side of the spectrum you’re on.

Austin is expecting a 5 percent price increase in 2016 for home rentals, with a projected year-end average rental price of $1,787 for a single-family home. Factors of population, a healthy economy, and steady job growth place Austin in the top 10. Additionally, more people are choosing to rent versus buy due to the lack of affordable housing options, making the demand for rental properties even higher in our city.

"Austin’s presence as the tech hub of Texas supported the fourth fastest growing job market in the country in 2015," says Steve Hovland, manager research services for HomeUnion. "More than one-third of the jobs created in the market during the past 12 months were in the high-paying professional and business services sector, which includes most tech positions. As young tech workers gravitate towards the city center to practice a live-work-play lifestyle, rental demand is very high.

"Apple’s new 1.1 million-square-foot campus also contributed to the optimistic outlook for rent growth in the metro," he adds.

The top three cities on the list are San Jose, California ($3,459 year-end rent forecast, 7.3 percent growth forecast for 2016); Orlando ($1,348 rent, 6.1 percent growth); and Seattle ($4,191 rent, 5.9 percent growth). The only other Texas city in the top 10 is San Antonio at No. 9, with a $1,165 year-end rent forecast and 4.8 percent rent growth.

While the study spells good news for Austin real estate investors, it means bad news for renters. Even so, compared to some of the nation’s struggling cities like Milwaukee, Cleveland, and Detroit, Austin’s economy is strong, and that’s something to be thankful for.*

*Article Courtesy of Austin CultureMap

5 Misconceptions about Down Payments

5 Misconceptions about Down Payments

Myth 1: Programs are only for first time homebuyers. While first time homebuyer programs may be common, it's important to note that the definition of a first time homebuyer is someone who has not owned a home in three years.  In addition, the index find that 37% of programs do not have a first time homebuyer requirement.

Myth 2: Homeownership programs make financing more difficult. There are now more than 2,400 programs available across the country (206 in Texas) and 85 percent have funds available for homebuyers. It’s important for new buyers to seek homeownership education. It’s often a requirement for down payment programs and it gives buyers confidence with the home buying process, financing options, including down payment programs, and budgeting.

Myth 3: You need to put 20 percent down. Today, a 20 percent down payment is not required and depending on the buyer’s situation, it may not be optimal. Homeownership programs allow buyers to save on the down payment and retain savings for home maintenance and improvements. Today’s programs include grants, first mortgages with below-market interest rates and annual tax credits.

Myth 4: Programs aren’t available in my area. There are programs available in every community across the country – rural and urban. It’s important for buyers to search for programs early in their home buying journey because it may help determine the most affordable part of town or price point.

• There are 19 programs available nationwide.
• 24 percent of programs are available statewide, offering broad opportunities not specific to a county or neighborhood. Statewide programs can often be layered with local programs.
• States with the greatest number of homebuyer programs, ranked in order:
  
  • California (412)
  • Florida (230)
  • Texas (206)
  • Maryland (111)
  • New York (77)
  • Massachusetts (73)
  • Pennsylvania (71)
  • Colorado (67)
  • Georgia (63)
  • Washington (59)
• Complete list of state-by-state data.

Myth 5: It’s too expensive to buy in my market. More than 14 percent of programs are designed for individuals providing an important community service, including educators, protectors, healthcare workers, veterans and other special circumstances. Especially helpful in high cost markets, the programs help workers live in the community they serve.*

*Article courtesy of Austin Board of Realtors

December 2015 Housing Statistics

December 2015 Statistics

 

• 2,390 – Single-family homes sold, 5% more than December 2014.
• $270,000 – Median price for single-family homes, 10% more than December 2014.
• $348,904 – Average price for single-family homes, 13% more than December 2014.
• 57 – Average number of days single-family homes spent on the market, 1 day more than December 2014.
• 1,646 – New single-family home listings on the market, 6% more than December 2014.
• 5,214 – Active single-family home listings on the market, 3% more than December 2014.
• 1,601 – Pending sales for single-family homes, 1% less than December 2014.
• 2.2 – Months of inventory* of single-family homes, unchanged compared to December 2014.
• $833,880,560 – Total dollar volume of single-family properties sold, 19% more than December 2014.

*Courtesy of the Austin Board of Realtors.

End of Year Statistics

Austin Real Estate Statistics  

2015 Year-End Totals

 

• 29,068 – Single-family homes sold, 5% more than 2014.
• $263,900 – Median price for single-family homes, 9% more than 2014.
• $333,558 – Average price for single-family homes, 8% more than 2014.
• 49 – Average number of days that single-family homes spent on the market, 2 days more than 2014.
• 36,810 – New single-family home listings on the market, 4% more than 2014.
• 6,044 – Active single-family home listings on the market, 5% more than 2014.
• 29,839 – Pending sales for single-family homes, 5% more than 2014.
• $9,695,852,178 – Total dollar volume of single-family properties sold, 13% more than 2014.*

*Courtesy of the Austin Board of Realtors

Homeowner Tax Relief Proposition

 

On November 3, voters are encouraged to vote for Prop 1 (The Homeowner Tax Relief Proposition), deciding whether to amend the Texas Constitution to increase the homestead exemption by $10,000 and ban real estate transfer taxes—or taxes on home sales—permanently.

We want you to be fully informed on Prop 1 before you cast your ballot. Here are the four things Prop 1 does…

1. Increases the homestead exemption from $15,000 to $25,000. This is great news for Texas homeowners because it lets you keep more of your hard-earned money.
2. Extends the full benefit of exemption to seniors and people with disabilities, providing them a lower property tax cap, which helps keep their property tax burden low.
3. Prevents local governments and other taxing jurisdictions from reducing their homestead exemptions through 2019.
4. Bans a sales tax on real estate transactions, keeping homeownership affordable and avoiding double taxation on property.

Good Reasons to Vote For Prop 1

• Voting for Prop 1 ensures Texas’ housing market and economy stays strong, keeping homeownership within reach for many Texans.
• Homeowners can build more equity in their home without the fear of being priced out.
• The increased homestead exemption will be absorbed by the State of Texas, meaning it does not and will not affect public school funding.
• 37 states have a transfer tax. The passage of Prop 1 guarantees Texas is never added to that list.*

Join us and vote for Prop 1! Early voting starts Oct 19-30. Election day is Nov 3.
For more information, visit texansforprop1.com. 
*Courtesy of the Austin Board of Realtors

August 2015 Austin Real Estate Stats

Austin-area home prices set August record, outpace household income growth in August 2015

Austin Board of REALTORS® releases real estate statistics for August 2015

AUSTIN, Texas – September 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 remained high in August, increasing eight percent to 2,943 home sales compared to August 2014. Austin-area single-family median home prices, for both sales and leasing, set a record for the month of August. Median home sales prices increased by eight percent year-over-year to $265,000, while median home lease payments increased by seven percent to $1,600.

Barb Cooper, 2015 President of the Austin Board of REALTORS¬®, explained, “As Austin REALTORS®, we’ve seen our city expand in ways we never could have imagined, but household incomes have not been expanding at the same rate as the cost of living in Austin. We will continue working with our city’s leaders to find a solution to the complex affordability issues, with the end of goal of providing affordable and diverse housing stock for our growing population that aligns with the actual incomes of Central Texas residents.”

Recent data from the U.S. Bureau of Labor Statistics shows that approximately 65 percent of Austin-area professionals made less than $50,000 in 2014. Additionally, the City of Austin’s 2014 Comprehensive Housing Market Analysis cited that affordable housing costs should be less than 30 percent of gross monthly income.

That means for residents making $50,000 per year, a mortgage payment translates to $1,250 per month and would fall in a home sales price range of $200,000–$215,000. To compare, the August 2015 median home price was $265,000 and the median lease payment in Central Texas was $1,600.

Simultaneously, median home prices continue to rise and have increased by more than 30 percent from August 2010 to August 2015, a $65,000 difference over the last five years.

Average home price increased six percent compared to August 2014 to $329,620. Total dollar volume continued to rise year-over-year to $970,071,660, increasing by 15 percent.

Monthly housing inventory decreased by 0.1 months compared to August 2014, remaining flat at 2.9 months. This number is still well below the Real Estate Center at Texas A&M University’s balanced housing inventory level of 6.5 months.

New listings increased two percent to 3,364 listings and active listings increased by four percent year-over-year to 6,979 listings. In addition, pending sales increased 11 percent to 2,686 single-family home sales. Homes remained on the market for 42 days in August 2015, the same length of time as in August 2014.

Cooper concluded, “This new report from the Bureau of Labor Statistics provides further evidence of the affordability issue in Central Texas. The growing disparity between rising home prices and what Austin residents can afford, combined with low inventory levels, will continue to drive residents outside of Austin’s city limits to buy a home, putting further strain on our region’s infrastructure and resources.”

August 2015 Statistics

• 2943 – Single-family homes sold, eight percent more than August 2014.


• $265,000 – Median price for single-family homes, eight percent more than August 2014.


• $329,620 – Average price for single-family homes, six percent more than August 2014.


• 42 – Average number of days single-family homes spent on the market, unchanged from August 2014.


• 3,364 – New single-family home listings on the market, two percent more than August 2014.


• 6,979 – Active single-family home listings on the market, four percent more than August 2014.


• 2,686 – Pending sales for single-family homes, 11 percent more than August 2014.


• 2.9 – Months of inventory* of single-family homes, 0.1 months less than August 2014.


• $970,071,660 – Total dollar volume of single-family properties sold, 15 percent more than August 2014.

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

Townhouses & Condominiums

The volume of townhouses and condominiums (condos) purchased in the Austin area in August 2015 was 305, a one percent increase from August 2014. The median price for condos was $225,500, which is five percent more than the same month of the prior year. These properties spent 37 days on market, or three more days than August 2014.

Leasing

In August 2015, a total of 2,080 properties were leased in Austin, which is three percent more than August 2014. Properties spent an average of 36 days on the market, or four fewer days than in August 2014. Active property listings increased by eight percent compared to August 2014, reaching 1,986.

* 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.

The Austin Real Estate Market is One of the Healthiest in the Nation!

 

It's an encouraging time to buy a home in Austin, according to WalletHub. The Capital City claims the No. 12 spot among 2015's Healthiest Housing Markets. Broken down by city size, Austin also ranks as the large city with the healthiest housing market.

 

In addition, six of the top 10 spots for 2015's Healthiest Housing Markets are located in North Texas, with Frisco nabbing the No. 1 overall title, followed by Allen at No. 2 and Plano at No. 4. Carrollton claims the No. 6 spot, followed by McKinney and Richardson at Nos. 7 and 9, respectively. 

The list was created by comparing 300 cities on their real estate markets and their affordability and economic environment, which were made up of 14 relevant metrics. Some of the metrics included percentage of houses underwater, how long it takes to sell a house, population growth and job growth.

Austin placed on the list because of its high ranking in the affordability and economic environment category. Frisco topped the list because of its high ranking in the highest median home price appreciation and lowest percent of mortgage holders in delinquent categories.

Houston lands at No. 55 on the list, followed by San Antonio (No. 67) and Dallas (No. 99).

Courtesy of CultureMap Austin 2015

First Time Home Buyers are Going it Alone These Days

It used to be that purchasing your first home was something that typically happened after marriage. According to Zillow, that's no longer the case.

An analysis done by the real estate website that uses buyer characteristics based on the federally funded Panel Survey of Income Dynamics shows that nowadays only 40 percent of first-time homebuyers are married, compared to 52 percent two decades ago.

That can be attributed to fewer people getting married overall, but that's not the only major change in profile statistics. The average age of buyers has risen from 30 to 33, and people are renting for much longer — six years on average when it used to be more like four — before plunking down a down payment.

In the 1980s, a starter home typically cost 1.9 times a person's annual salary. Today it's more like 2.6, which roughly equates to $140,328, and Texas especially is seeing a spike in home prices.

For their money, single buyers tend to be choosier and less willing to do heavy renovations themselves. Without someone to share the maintenance and repairs that's understandable, but there's certainly an argument to be made for all that freedom you get in exchange.

 Courtesy of CultureMap Austin August 24th 2015

Austin Housing Market Healthiest in America

The Healthy Austin Market

Austin's housing market is the healthiest among large cities, according to a study from WalletHub. 

Austin was ranked No. 1 out of 62 U.S. cities with more than 300,000 residents, the report found.

For the overall study, analysts compared 300 cities nationwide in several size categories across 14 metrics, including foreclosure rate, median home price, vacancy rates, population growth and unemployment rates to determine their "health." Seven other Texas cities were on the list of large cities analyzed:

• No. 10: Fort Worth
• No. 14: San Antonio
• No. 15: Corpus Christi
• No. 17: Arlington
• No. 24: Dallas
• No. 26: El Paso
• No. 55: Houston

Also in Texas, Plano and Frisco near Dallas were named the healthiest midsize and small city markets, respectively. Frisco claimed the No. 1 spot overall, with Allen, Texas, at No. 2 and Plano at No. 4. Allen also ranked No. 2 on the small cities list.

Austin's home market is undoubtedly strong. It was recently announced that Austin home sales have hit an all time high.  However, a handful of reputable sources on the national level have recently deemed Austin homes to be significantly overvalued. 

Courtesy of www.bixjournals.com

Thinking of Renting? Think again

Thinking of Renting? Think again

We know rents are high, but now we know for sure that they're higher than paying a mortgage. Like, a lot higher.

Zillow's newest affordability report reveals that rents hit their least affordable point in the second quarter of 2015, when U.S. renters were shelling out 30.2 percent of their monthly income for that temporary roof over their heads. Fifteen years ago, it was only around 24.4 percent.

In contrast, mortgages are costing homebuyers only 15.1 percent of their monthly income. Before the housing bubble burst in the late 2000s, buyers could expect to budget about 21 percent for their mortgage.

In high-demand cities such as Los Angeles, San Jose, Miami and San Francisco, the rents are predictably nuts: up to 40 percent of monthly income. With Austin having one of the healthiest housing markets in the country, it sure seems like an excellent time to live in the Lone Star State.

Courtesy of CultureMap Austin, 2015

June 2015

 

 

Austin-area home sales top 3,000, $1 billion in volume in June 2015, prices remain high;
Mid-year results show 2015 on pace to exceed historical sales volume in 2014

Austin Board of REALTORS® releases real estate statistics for June 2015 and mid-year 2015

AUSTIN, Texas – July 21, 2015 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), Austin-area home sales topped 3,000 sales for the first time since July 2013, increasing five percent year-over-year to 3,051 sales for the month of June. Mid-year statistics show that Austin-area home sales increased an average of four percent year-over-year to 13,917, putting 2015 on pace to potentially exceed 2014’s historical high in sales volume.

In June 2015, total dollar volume reached $1,018,625,166 and increased by eight percent compared to June 2014. Additionally, the total dollar volume of single-family properties sold in the first half of 2015 was $4,617,178,959, a year-over-year increase of 12 percent.

Barb Cooper, 2015 President of the Austin Board of REALTORS¬®, explained, “June’s increased home sales, combined with total dollar volume exceeding $1 billion for the first time ever, shows the amazing equity Austin homeowners have in the market and the powerful impact of real estate in Central Texas. However, this increase heightens the need to replenish and expand housing stock to help achieve sustainable growth.”

According to the report, the median price for Austin-area single-family homes increased eight percent year-over-year to $272,250 in June 2015, while average price increased two percent to $333,866 during the same time frame. Keeping with the upward trend over the last several months, less than three in 10 single-family homes sold in the Austin area were priced below $200,000.

Price increases are similar for the first half of 2015, with median price increasing 10 percent to $263,000 and average price increasing eight percent to $331,765. At the same time, homes spent an average of 50 days on the market, three more days than the same time last year.

“If this growth continues, 2015 could become another historical year for Austin-area home sales. Both homebuyers and sellers can expect a strong, competitive market for the rest of the summer selling season,” said Cooper.

June 2015 Statistics

• 3,051 – Single-family homes sold, five percent more than June 2014.


• $272,250 – Median price for single-family homes, eight percent more than June 2014.


• $333,866 – Average price for single-family homes, two percent more than June 2014.


• 42 – Average number of days single-family homes spent on the market, three days more than June 2014.


• 3,812 – New single-family home listings on the market, three percent more than June 2014.


• 6,701 – Active single-family home listings on the market, four percent more than June 2014.


• 3,023 – Pending sales for single-family homes, eight percent more than June 2014.


• 2.8 – Months of inventory* of single-family homes, unchanged compared to June 2014.


• $1,018,625,166 – Total dollar volume of single-family properties sold, eight percent more than June 2014.

2015 Mid-Year Statistics

• 13,917 – Single-family homes sold, four percent more than the first half of 2014.


• $263,000 – Median price for single-family homes, 10 percent more than the first half of 2014.


• $331,765 – Average price for single-family homes, eight percent more than the first half of 2014.


• 50 – Average number of days single-family homes spent on the market, three days more than the first half of 2014.


• 19,865 – New single-family home listings on the market, three percent more than the first half of 2014.


• 5,727 – Active single-family home listings on the market, eight percent more than the first half of 2014.


• 15,984 – Pending sales for single-family homes, five percent more than the first half of 2014.


• $4,617,178,959 – Total dollar volume of single-family properties sold, 12 percent more than the first half of 2014.

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

Townhouses & Condominiums

The volume of townhouses and condominiums (condos) purchased in the Austin area in June 2015 was 331, a 12 percent increase from June 2014. The median price for condos was $234,500, which is eleven percent more than the same month of the prior year. When compared to June 2014, these properties spent 8 more days on the market, or an average of 39 days.

For the first half of 2015, 1,510 Austin condos were sold, which is seven percent less than this time last year, while the median price was $226,250, or six percent more than the first half of 2014. Condos spent an average of 43 days on the market, one day fewer than the first half of 2014.

Leasing

In June 2015, a total of 1,861 properties were leased in Austin, which is fourteen percent more than June 2014. The median price for Austin-area home leases was $1,600, seven percent higher than in June 2014. In the first half of 2015, a total of 8,525 properties were leased in Austin, which is eight percent more than 2014, and the median lease price was $1,520, a five percent increase from the first half of 2014.


* 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.