If you're currently renting an apartment or a house in Austin, Texas, you have probably gotten that dreaded notice from the landlord that your rent is going up this year. Take comfort -- most of the buyers I'm working with today have decided to purchase for that same reason!
In 2006, the Austin rental market was considerably softer but still considered healthy. You could get a starter 1-bedroom apartment, usually around 650 square feet, built within the last 10 years and in a good area like Monterrey Oaks or the Arboretum, for $599 to $650. Those same apartments today are renting in the range of $800 to $850!
There are a few major factors at work here. One is the perception that the loan market is too tight, that peopl with imperfect credit won't qualify for mortgages. (Not true, by the way.) Another is the influx of people moving to Austin to take advantage of the healthier job market here. And yet another is the most worrisome: the lack of new building in the rental sector.
If developers aren't building new apartments in desirable, close-in locations and at affordable rental rates, then the rates for all of us will continue to climb. The now $800 apartment will likely be $900 when we assess the market again next summer.
On the positive side, interest rates have never been this cheap in our lifetime. And the variety of homes out there at unbelievably low prices is staggering. Add in the Mortgage Credit Cerificate program offered by the state of Texas and you could receive $2000 a year in tax credits (that's literally $2000 back in your pocket) every year that you pay in more interest on your home. It's a perfect storm of awesome reasons to become a homeowner!
Let's talk about your future as a homeowner in Austin, Texas. Renting vs. Buying in Austin today is an absolute no-brainer!
We've dropped the price on our 78704 City Home to $399900! This 2008-built luxury townhome-style condo shares only one wall with only one neighborh and has top-notch finishes and quality soundproofing. Intelligently designed to maximize privacy while steps away from the SoLa district in Central South Austin. Walk to Maria's Tacos, Matt's El Rancho and Kerbey Lane! This vibrant neighborhood is contrasted by the quiet, private feel to the interior and its high-end finishes. From the maple staircase, to the granite countertops in kitchen to the master bedroom balcony and rain shower. Check out a few more photos here!
June was a brisk sales month for West Austin, as buyers snapped up single-family homes in neighborhoods like Tarrytown, Clarksville and Enfield. Here's a rundown of the home sales stats in 78703 from the period between 6/1/2011 and 6/30/2011.
26 closed sales
31 newly pending contracts
Average percentage of sold price relative to original list price: 93.2%
Average days on market: 88 (higher because a few abnormally slow-selling homes finally sold and affected the average)
Median days on market: 57
Average sold price per square foot: $289.20
Thinking of buying or selling a home in West Austin? Let's talk about the market in Tarrytown, Clarksville and surrounding. I'm looking forward to it! 512-736-3353
Begin your home search here! http://AustinTexasResidence.com
Seriously, I already get it that the headline of this article sounds like an infomercial come-on...but it's true! I have two separate clients who are looking to capitalize on sub-$100K foreclosure homes for their first home purchases ever and everything that we looked at online last week is now under contract!
Even far east Austin areas like Meadows at Trinity Crossing, Austin's Colony and Meadows Walnut Creek that have experienced more than their share of foreclosures are seeing their foreclosed inventory sell very quickly in the past three weeks.
BOOKMARK THIS! Here's a helpful link if you're looking to purchase foreclosed property in Austin, Texas. Save this link--- it's a continually updated list of newly marketed foreclosed properties in the Austin area (past seven days):
Call me today at 512-736-3353 to talk about your goals in purchasing property in Austin at a discounted price. I build my business from referrals, and referrals come from you being a super-satisfied customer. And what better way to impress you than to get you a great deal!
Photos Coming Soon!
New listing:
2720 Charlesworth DR, Austin TX 78745
Cherry Creek 3/2/2 w/ huge kitchen, new tile and roof shingles replaced in 2009.
1420 Square Feet, located just of William Cannon and West Gate BLVD. Walk to Starbucks, restaurants, and yes, bowling!
Listed at $189,995, this corner lot home is going to make someone very happy! Just one more reason why I love the Cherry Creek neighborhood in 78745 (South Austin)!
If you haven't explored Cherry Creek, then you should! One of the last centrally located, walkable neighborhoods with homes for sale between $140-220K, Cherry Creek is the #1 choice for folks looking to purchase an affordable home while retaining that famous Austin flavor!
Call me today and let's talk about why Cherry Creek is right for you. More photos of this one to come soon!
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I'm never too busy to answer your questions about buying and selling real estate in the Austin, Texas area. I've built a business based on referrals from very satisfied clients!
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