Central Texas Real Estate, Jeannette Morrison, NW Austin, Round Rock

Austin Area Feels Effects of National Housing Slowdown

Austin Board of REALTORS® releases November 2008 real estate statistics, proposes solutions

December 18, 2008 - In November 2008, the Austin real estate market showed signs of slowdowns seen in other parts of the country. According to the November 2008 Multiple Listing Service report published by the Austin Board of REALTORS® (ABoR), single-family home sales dipped 40 percent from November 2007, which represents a 20 percent decrease year-to-date.

The median price for a single-family home was $180,000, a three percent decrease from November 2007. In total, single family home sales in November 2008 contributed $231,014,520 to the local economy, not including approximately 1,147 pending home sales.

In light of the results, ABoR is calling upon the federal government to adopt a four-point solution proposed by the National Association of REALTORS® (NAR) to stimulate the real estate market and enable Austinites to take advantage of the benefits of homeownership.

"There is no denying the Austin market has begun to slow," said ABoR Chairman Jay Gohil. "However, we still enjoy strong statewide job growth and low unemployment, two factors missing in other, more challenged parts of the country. These sound fundamentals, combined with capital that should flow more freely to homeowners from the recent federal bailout, will put Austin in good stead as the market begins to recover."

NAR has proposed a four-point plan to stimulate the housing market, which ABoR supports. It includes proposals to make the $7,500 first-time homebuyer tax credit available to all buyers and eliminate the repayment requirements; to make the higher loan limits approved earlier this year for the Federal Housing Administration, Fannie Mae and Freddie Mac loan limit permanent; and to direct more funds from the Emergency Treasury bank relief program to mortgage relief and foreclosure prevention.

November 2008 - Single Family Homes

• 990 was the number of homes sold, down 40 percent from November 2007
  
• $180,000 was the median price, down 3 percent from one year ago
  
• $231,014,520 was the total dollar volume of homes sold, down 44 percent from last November

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 9,000 licensed REALTORS® in Central Texas. For further information, please contact Angela Brutsché at 512/454-7636, ext. 1300.

Source: MLXChange and Abor, Source is deemed reliable but not gauranteed.

With all the changes out there its good for Realtors to know about the benefits of alternative financing. Since 100% financing went away with some of the lenders -USDA has been a popular choice amongst some buyers. I've found VA and Texas Vet both viable options for many of my buyers recently. Its great to have options! Here are some main points of each FHA and USDA. To consider.

FHA

* Allows 3% Gift Money for Down Payment

* Allows up to 6% Seller Concessions

* Rates as Low at 5.375% / 5.638 APR - Depending on Fico and Loan Amount

* 24 Hour Underwriting/24 hour Conditions/24 hour docs - Close in 7 days

* Allows Double Wide Manufactured homes 50k minimum Loan Amount

* Monthly and Financed MI

* 2 years after BK 7 Discharge - OK

FHA HUD Purchase

* $100. Down Payment

* Allows up to $5K For Repairs with Escrow hold back

* Borrower can do repairs

* Allows up to 6% Seller Concessions (Must be negotiated on the contract)

* Down to 580 Middle Score

USDA

* 100% Financing - Requires no Down Payment

* No limit on seller Contributions

* 2% Funding Fee may also be financed (max 102% LTV)

* No Monthly MI

* 3 Years required from BK 7 Discharge

* Single Family Homes, town houses and approved Condo's in eligible rural areas

* No Manufactured Homes Allowed

* Down to 580 Middle Score

* Call for Property Address and Income Eligibility

If you are a buyer interested in buying real estate in Central Texas -feel free to call or email me at any time! I provide my clients with up to date, useful information and you get a skilled negotiator working for you! www.CentralTexasAgent.com

jjmorrison@kw.com

Don't miss out on these fun activities in and around Austin!

Photo by Victor Ovalle.

Photo to the right by Jacci Howard Bear

Parade of Lights at Zilker Park 2008 Trail of Lights: Mark your calendar for December 14-23. The Trail of Lights Festival Grand Opening and Parade begins at 6pm on the 14th, followed by the opening of the trail at 7:00pm. The Trail of Lights is open from 7-10pm nightly.

Austin Symphony --Sing-a-Long December 18, 2008
8:00 p.m.
A holiday tradition for more than two decades, families gather to get into the spirit of the season by joyfully singing along with the Austin Symphony and chorus. It's a free evening of fun for everyone in the family.
www.AustinSymphony.org

City of Burnett Bethlehem Ancient Bethlehem comes alive in Burnet as townspeople and street vendors recreate the time of the birth of Jesus. First Baptist Church 512-756-4481

Houses/Street of Lights downtown Austin Starting point for the lights is 37th St and Guadalupe St
Austin, TX 78705 Click Here for more info.

Although the number (quantity of homes sold) has decreased since last year, the median sales price of homes has rose from ~170k in October 2007 to ~178k in October of 2008 -a 4.7% increase over last year.

Source -Williamson county Association of Realtors and Austin MLS. Information believed to be accurate but not gauranteed. Many thanks to Mike Burton of WCAOR for gathering the data for members.

October Report Shows Rise in Value of Austin Area Properties

November 20, 2008 - Despite national economic pressures, Austin area homes remain a sound investment option, according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®. In October 2008, the median home price ticked up seven percentage points from October 2007 to $192,520, a record for the month.

The leasing sector experienced a 26 percent upswing, with 1,082 properties leased in October. Meanwhile, single family home sales fell 25 percent in October from one year ago to 1,331.

October's 9,944 active listings rose five percent from one year ago, contributing to a very healthy housing inventory level of 5.6 months. The average number of days a single family home sat on the market increased by seven percent from last October to 75 days.

Pending sales and new listings both experienced drops from October 2007, with pending sales slipping 37 percent to 1,234 and new listings falling 14 percent to 2,713. Single family homes sales contributed $324,312,791 to the Austin economy in October, down 24 percent from last year.

"The most recent report from the Austin Board of REALTORS® reflects the impact of the national economic upheaval on the local market," says ABoR Chairman Socar Chatmon-Thomas. "However, Austin is still enjoying home price appreciation and has an excellent growth record for population, employment and income."

While housing market sales cooled, October saw a jump in Austin's leasing sector. Leases contributed $1,379,550 to the local economy in October 2008, a 31 percent increase from one year ago. The median price of lease properties was $1,150, down three percent from last October.

October 2008 - Single Family Homes

• 1,331 was the number of homes sold, down 25 percent from October 2007
  
• $192,520 was the median price, up seven percent from one year ago and a record for the month
  
• $324,312,791 was the total dollar volume of homes sold, down 24 percent from last October

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 9,000

Source: ABOR, MLS -All data is beleived to be accurate but not guaranteed.