Austin area home sales up 3.5 percent in February
By American-Statesman staff | Thursday, March 18, 2010, 09:46 AM
Austin area existing home sales rose 3.5 percent last month from a year earlier, the sixth year-over-year increase in a row.
The Austin Board of Realtors said 1,145 single-family homes were sold last month. The median price was $189,500, unchanged from a year earlier.
There were 1,738 sales in the pipeline to close in March, 24 percent more than a year earlier.
In Central Texas and across the country, home sales have received a boost from a federal tax credit that include $8,000 for first-time buyers and $6,500 for others, with certain income limits.
To qualify, the house must be under contract by the end of April and the closing must occur by the end of June.
On March 2, Forbes released their list of metro areas in the U.S. with the best economic recoveries. Austin, Texas sits on top of the list along with Washington, D.C.
According to Forbes, "jobs have been lost nearly everywhere in the last three years, but between December 2007 and December 2009 the number of jobs in Austin rose by 0.98%; more than any of the other major cities we looked at."
Economics professor Daniel Hamermesh points out Austin's strong housing market as one of it's biggest advantages. "The first advantage is that we haven't had a housing boom, and therefore there isn't much of a housing bust. The second advantage is that we have a diversified economy with lots of government and high-tech jobs." The third advantage, Hamermesh says, it Austin's desireability as a place to live: people stay even when "things go bad."
The state as a whole fared well through the recession in the housing market.
Says James P. Gaines, Research Economist for the Texas Real Estate Center at Texas A&M University, "the housing market got lucky, if you want to look at it that way. We didn't have excessive overbuilding, so we don't have a big overhang of unsold new homes, and because Texas has among most affordable housing in the country, the demand sustained."
"If one state is a poster child for economic recovery, it's Texas," writes Forbes.
Says Governor Rick Perry: "This Forbes ranking highlights the relative economic strength of our state's major metropolitan cities, which is good news not only for the people who live in Texas, but for those looking to move to a state with a strong economic future. Texas continues to be the best state in the nation to live, work and raise a family thanks to our low tax burden, predictable regulatory climate, skilled workforce and principled, disciplined spending."
For Austin Real Estate :
Crystal Kilpatrick
512-680-5835
| Area Market Stats | |
 Austin area home sales volume continues to increase; Statistics indicating future demand show positive signsAustin Board of REALTORS® releases February 2010 real estate statistics March 18, 2010 - According to the Multiple Listing Service report by the Austin Board of REALTORS®, the volume of Austin area home sales in February 2010 was 1,145, up four percent from the same month in 2009. The median price of real estate in the Austin area remained unchanged in the same time period at $189,500. "These results demonstrate that Austin's recovery is continuing steadily," said John Horton, Chairman of the Austin Board of REALTORS®. "Our area has been identified as one of the first to emerge from the recession and the real estate trends of recent months clearly support this assertion." According to Forbes Magazine, the Austin area tied for first place on a list of large metropolitan areas where the recession is easing first. Austin's low unemployment rate and job growth from 2007 to 2009 - just below one percent, which was more than any other city included in the research - were cited as key factors for the ranking. Mr. Horton continued, "It appears we're beginning to see an impact from this steady improvement, particularly in increases in pending sales and new listings, as well as a decrease in the length of time homes are staying on the market, all of which are indicators of future demand." In February 2010, homes remained on the market an average of 77 days, a 13 percent decrease from the same month in 2009. This is a substantial year-over-year decrease when compared to the fall of 2009, during which the average days on market for properties changed less than five percent from the prior year each month. In addition, pending sales were up 24 percent to 1,738; new listings increased by 16 percent to 3,067; and active listings remained unchanged at 9,335. "It's encouraging to see steady increases in sales volume and stability in price," said Horton. "Those two factors combined with positive changes in pending sales and days on market are good indicators for the Austin market." February 2010 Statistics
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Thinking about buying a home?
Then think about your credit history...the folks who lend money do!
It makes sense to find out about your credit and correct any errors now.
How well you have handled your credit obligations in the past is of utmost importance to lenders today. The good news is that this information, for the most part, is available to you and there are Credit repair companies out there to help you in case you need them (for a fee) or correct any mistakes on your report yourself by dealing directly with these credit bureau agencies without any cost but your time and effort (and proper supporting documentation that you will provide them).
Your credit history is maintained by three different private companies called credit reporting agencies: Equifax, TransUnion and Experian. Their websites and phone numbers are listed at the end of this article. You are entitled to receive a FREE copy of your credit report once a year. You can order your report by phone and charge it to your major credit card if you like. It usually takes about a week to arrive. You can even order your report online directly from each of the three agencies, but they have to verify your identity before you can obtain any private information.
By the way, avoid services that offer to obtain all your reports for you in exchange for a fee. You want the information directly from the reporting agency, blemishes and all. It's a good idea to get a copy of all three reports, because if an error exists on even one of the reports, it may negatively affect your chances of getting the loan you want.
Your credit report lists all the consumer credit that has been extended to you over the past seven years. It will show what your highest balance has been and what your current balance was on the date last reported by the creditor. It will also show how many payments you made on time and how many late payments were late. Late payments are grouped into categories showing how late you were. For example, if your credit card payment was over 30 days late one time, it might not be considered too serious. But if payments were over 60 days late four times, over 120 days late two times and over 180 days late one time, you have had a serious problem. That problem is going to impact your ability to borrow money. It just makes sense to find out about your credit and correct any errors now.
Regardless of how many credit problems you have had in the past, there are two good points to remember.
First, negative credit information can be reported in your credit file for only seven years. After that, it drops out and cannot even be considered. The one exception is bankruptcy, which can be reported for 10 years. But after that you start with essentially a clean slate.
Second, lenders are much more concerned about how you have handled your credit recently than with what happened several years ago. Even if you have had a bankruptcy, if you have kept your nose clean and paid your bills on time since then, it is possible you could qualify for a loan after as little as one, two or three years.
One of the best developments in the world of lending has been risk-based pricing. That's a five dollar term for the ability of lenders to offer higher priced loans to borrowers based on their demonstrated ability to repay. In other words, even if you have slightly fractured credit, you can still likely get a loan. It just may cost you a little more.
Equifax------- (www.equifax.com) can be reached at 800-997-2493.
TransUnion--(www.transunion.com) can be reached at 800-888-4213.
Experian----- (www.experian.com) can be reached at 888-397-3742.
FOR MORE INFORMATION, PLEASE CONTACT:
Crystal Kilpatrick
Homes ATX, Realtor
512-680-5835
"One half of life is luck; the other half is discipline - and that's the important half, for without discipline you wouldn't know what to do with luck."
Carl Zuckmeyer
1896-1977, Writer and Playwright
For Austin Real Estate call:
Crystal Kilpatrick
Homes ATX
512-680-5835 cell
Austin Realtor
I am a realtor with over 10 years of experience in Austin. I enjoy helping people to find their perfect home. I specialize in Central, West, and Southwest Austin.
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