Much like the successful Cash for Clunkers campaign that spurred automotive sales, the $8000 federal tax credit has pulled buyers off the fence and given them an incentive to purchase a home. This is good news not only for buyers, but for sellers. Typically after the summer months, you see a sharp decline in home sales and listings, but this year may be a bit different. I've spoken to many buyers who still have several months left on their apartment leases that are willing to pay to get out of their lease and into a home. An example of this would be that if somebody pays $1000 per month in rent and still has 2 or 3 months left on their lease and they qualify for the full $8000 tax incentive, it would make fiscal sense to take the plunge and buy a home. I predict that as November 30th steadily approaches, first time homebuyers will still be out in droves trying to take advantage of the incentive. Good news for sellers, buyers, Realtors and everybody in the housing industry.
For more Austin real estate information and news, please visit my site at http://www.RomeoM.com or you can call me directly at (512) 743-7820.
Entrepreneur magazine's August issue ranks Austin the tenth-best start-up city in America.
The magazine's look at new business-friendly cities addresses issues such as government incentives, population growth, affordability of commercial rents, and openness to new ideas.
Entrepreneur calls Austin the "cross-pollinator" among the top 10 cities. The magazine cites the multiple "scenes" that shape Austin, from music to tech, and how they feed off of one another.
"Theoretically, people here are competing, but the opposite is happening," Bijoy Goswami, founder of Bootstrap Austin told Entrepreneur. "Part of that Texas ethos has percolated into the entrepreneur scene: People in Austin just treat each other well."
The magazine also highlighted Sweet Leaf Tea Co-founder Clayton Christopher as an example of one of Austin's brightest business minds. "There's a cachet attached to Austin," Christopher said. "It's the live-music capital of the world; it has good Texas values. Having Austin on our bottles has been a huge benefit."
The top ten cities in order are Las Vegas, Portland, Ore., Orlando, Fla., San Diego, Phoenix, Chapel Hill, N.C., Atlanta, Madison, Wis., Youngstown, Ohio, and Austin, Texas.
For more information about Austin, please visit us at http://www.RomeoM.com
More good news for the Austin area. Residential foreclosures for the Aug. 4 auction are at a five-month low in Central Texas, reflecting a trend in other parts of Texas, according to data from Foreclosure Listing Service Inc. "The tide may have changed," said George Roddy Sr., president of Foreclosure Listing Service, who said the figures offer hope that foreclosures postings may have reached a peak.
In Travis, Williamson, Hays and Bastrop counties, 1,072 properties were posted for the August auction, down 27 percent from 1,464 in July.
My real estate website, http://www.RomeoM.com will help you start your research of the Austin Real Estate market and to better understand the home buying process by providing you free buyers and sellers reports. With my site, you can locate answers to popular questions about buying or selling real estate in Austin, Travis and Williamson County. You can also search for available properties on the MLS directly from our site with our Map Search feature or by using our advanced search tools. Use our Perfect Home Finder to describe the home of your dreams and let us do the work to find it.
After moving past Columbus, Ohio, to become the 15th-largest city in the nation, Austin continues to grow despite the economic downturn. Austin city demographer Ryan Robinson expects Travis County to add more than 30,000 people this year, including births. New residents keep the local economy going by renting apartments, buying homes and cars and starting new businesses. Of the country's largest metropolitan regions, Austin-Round Rock boasts the fourth-largest rate of self-employment, according to Brian Kelsey, director of community and economic development for the Capital Area Council of Governments. Twenty-two percent of the area's workforce meets that qualification, serving as either an asset or a liability, depending on the state of the economy.
Just over 2,100 single-family homes were sold last month, according to the June 2009 Multiple Listing Service report by the Austin Board of Realtors. That's 4 percent less than a year ago. Meanwhile, the median price was $199,900, unchanged from last year. "We've seen the year-over-year gap in sales volume close steadily throughout 2009, and that momentum continues this month," said Jay Gohil, chairman of the Austin Board of Realtors. Home prices in the Austin area have continued gaining momentum since the beginning of the year. Over the first two quarters of 2009, the average sale price for a single-family home has increased $20,824, while median sales price has increased $24,400. Also, since January 2009, sales volume is up 61 percent, and active listings are up 14 percent.
There is still no shortage of press coverage on Austin these days. Recently, an article that caught my attention forecasted Austin as the 5th fastest growing metro area among 250 US cities. They are expecting the greater Austin area to grow 87% from 1.5 million residents to 2.7 million by the year 2025! Depending on your perspective, this kind of story could be interpreted as very good or very bad.
There was also an interesting article written about Las Vegas home prices stabilizing that made reference to Trulia's top 10 cities where sellers were reducing their home prices in response to the market. Unfortunately, Austin was #9 on their list where Trulia claims 31% of homeowners reduced their prices an average of 8% in June.
Fortunately, this trend has not yet shown up in the prices homes are actually selling for. According to the Austin MLS, the average price of homes sold in the second quarter of 2009 was only 3% lower than in the same period in 2008. The number of homes sold was down 18% while the overall volume was down 20%. You can see a detailed 2 year historical comparison on our market statistics page. If you would like to see similar charts for a specific neighborhood, community, price range or property type, please let me know.
Now that some of the moratoriums are lifted, I am starting to see more foreclosures and short sales on the market. Austin area foreclosures are up 47% over last year, now at an all time high. If you are are looking for a deal, there are currently 354 foreclosure and short sale properties listed on our website.
For first-time homebuyers, the enticement of an $8,000 tax credit is an incredibly strong incentive to shop for a home this year, especially given the historically low interest rates in and the reduction in home prices. My conversations with potential first-time homebuyers show that there's a great deal of misinformation circulating about both the benefit itself and the timeline you have to take advantage of it.
Thanks for reading my Austin real estate update. If you'd like me to email you any of the articles mentioned, please let me know.
Romeo Manzanilla, REALTOR
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Austin Texas Real Estate blog and important links
Romeo grew up in Los Angeles, California enjoying all of the area's attractions, events and fast-paced lifestyle. But after a successful military career as a U.S. Navy Officer, Romeo decided to call Austin home because of its booming economy, scenic beauty and quality of life. While working as an Operations Manager for Dell Computer Corp., he became involved with Habitat for Humanity, donating his time in assisting with the construction of low income family housing and working alongside others who freely gave of themselves to improve the lives of those around them. It was this positive experience of giving back to the community that would later mould his decision to become a real estate professional.
Romeo's unique life experiences while serving in the military and working in both private and corporate organizations has made him a well-rounded person that easily connects with his clients on different levels. His focus on family life with his wife and 2 year old son has helped him gain a deeper appreciation of spending quality time at home. It is this same passion of assisting others in finding their perfect home that motivates Romeo to provide his clients with a level of personal service that is rare today.
Romeo holds a Bachelor of Science degree in Business Administration from the University of Southern California and a Master of Business Administration degree from Regis University.
PRESS RELEASE
Realtor wins award for highest customer service ratings in Austin, Texas.
Romeo Manzanilla recently won the CitySearch "Best of Real Estate Agents" award among Realtors in the Austin, Texas area. The award was for the 2007 customer service polls conducted earlier this year by the Internet's #1 Online Guide. Having earned a 5 star ranking and the highest number of positive reviews, Romeo was recognized as the highest rated individual Realtor in Austin by CitySearch.
"Customer service rating per transaction - is probably the most meaningful measure of how effectively a Realtor is serving his/her clients," said Mike Smith, Broker for e Executive Realty - Round Rock. "With a lack of confidence in the market right now, it is refreshing that a Realtor is recognized not solely on how many transactions they complete, but on the overall customer satisfaction for each of those transactions. We are very proud that Romeo Manzanilla decided to join the e Executive Realty team in September of this year. We feel that his great attitude towards service will help elevate customer perceptions and provide a model for other agents to follow."
"The main focus of our business is to serve our clients, they are the reason this award is possible", stated Smith. "Romeo's attention to detail and ensuring that each experience is a positive one is a direct reflection of his willingness to put his client's interests before his."
Romeo Manzanilla received his undergraduate degree from the University of Southern California in 1996 and his MBA from Regis University in 2002. He has been an Austin resident since 1998 and has been working full time in the Real Estate market since 2006.
REVIEWS
User Reviews for Romeo Manzanilla - Realtor
Citysearch (10), All (10)
Fast Results
05/10/2007 Posted by msmichelle
I recently was promoted to a position that required moving to France and wanted to sell my home before moving. I contacted Romeo because of all of his great reviews and met with him to find out what my home was worth. He did not inflate his market analysis to try and earn my business by over-exaggerating what my home was worth, but rather provided me with a fair and accurate analysis. My home sold within the first 30 days of being listed on the market at the Full Price that we had listed it. The transaction could not have been any easier. Now I can leave for my new position without having to worry about selling my home in Texas. Thank you very much Romeo.
Pros: Results, Accurate, Honest
05/09/2007 Posted by lkuhn
Romeo really heard and understood what it was that I was looking for in a new home. He didn't try and show me properties that were outside of my price range nor properties that paid him the most commission. He was honest, reliable and trusthworthy. He eventually found just what I was looking for and I couldn't be any happier living in my new home. Thank you Romeo.
Pros: Trustworthy, Reliable, Honest
You won't find a better real estate agent!
05/03/2007 Posted by rich_kathleen
Romeo was quick to help our son locate a house, 24 hours. He's considerate and was available to shepard the transaction through the short time frame of 17 days. He's honest, genuine, knowledgable & skilled. He was proactive on our behalf while still being a fair person. It was a pleasure having him as our real estate agent.
Pros: Romeo is an honest, knowledgable considerate real estate agent.
Cons: None
A different kind of Realtor
04/18/2007 Posted by cw1972
My husband and I had started looking for a new home when I was pregnant with my second child and spoke to many realtors about selling our home and buying a new one. Most seemed knowledgable enough, but I kept getting the feeling like I was talking to a used car salesman. When a friend of mine recommded Romeo, I decided to give him a call. I got a completely different feeling from Romeo. I felt that he really listened and understood exactly what we were looking for and that he was genuinely concerned with helping us find the right home for us. 3 months later, we were living in our new home and Romeo was able to sell our existing home for more than we expected. I would definitely recommend Romeo to anyone who looking to buy or sell a home.
Unlike Others
04/17/2007 Posted by bwhitworth
We didn't think that we would ever be able to buy a home because of our past credit problems, but Romeo stuck with us and helped to negotiate a great deal on a new home. His patience and honesty really sets him apart from other realtors that we've spoken with in the past. He was more interested in helping us find the right home than collecting a commission. We will recommend Romeo to anyone that we know that is looking to buy or sell a home.
Pros: Patient, Thorough, Honest
Cons: None
Truly a Stellar Agent
01/11/2007 Posted by fmarcelle
I found Romeo online and I was a first-time homebuyer. I was a bit nervous and a bit excited at the same time because I only read about all the home hunting stuff and never experienced. I gotta say that through Romeo, he made this the easiest and truly the best experience ever! He was kind, gracious, very, very patient (say over 20 properties!) stuck with me the entire time, and never pressured me for anything! This guy was incredible and he did a stellar job!
Pros: Patient, Experienced, Gracious
Cons: None
Very Knowledgeable!
01/10/2007 Posted by msjef
I was looking to purchase a home on a very tight budget. A friend of mine recommended that I call Romeo to assist me in purchasing a home because he had been very professional and helpful in finding her the perfect home. When I contacted Romeo, he told me about several programs that would assist me in qualifying and purchasing a nicer home than I had originally been told by other realtors that I would qualify for. None of the other realtors even mentioned these programs that Romeo did. In the end, I was able to purchase a brand new home in a subdivision close to where I work. Not only did Romeo get me more house, but he was able to find me something close to work to cut my commute time. Thank you so much Romeo for the positive experience!
Pros: Knowledgable, Professional, Friendly
Cons: None
Very Patient!
01/10/2007 Posted by fbgirl
I can be a bit demanding when I really want something. My lease on the condo that I was renting was going to end and I only had a limited amount of time to find a house. Romeo worked day and night with me for several weeks to find the home that matched exactly what I was looking for. Better yet, the in house mortgage company was able to offer me a lower interest rate than the bank that I had been banking with for years. Romeo never once seemed frustrated or flustered by constant calls and emails. He always politely and promptly took and answered my calls and emails. Even my mother, knowing what I'm like, was surprised at the abuse that Romeo took. I really do appreciate everything that Romeo did. I don't think that there is another realtor that would go as far as Romeo did. Thank you so much!
Pros: Great Communication, Very Patient, Professional
Cons: None
Things could not have gone smoother.
01/07/2007 Posted by headmd
I was moving my medical practice from California to Texas and I wanted to purchase a home for myself and my family prior to making the move. Based on the recommendation from an associate that lived in the Austin area, I contacted Romeo to assist me in finding the best home suited for our needs. I flew out to meet Romeo about 2 months prior to the move and found him to be very professional, courteous and organized. Based on a brief description of what we were looking for, Romeo had researched several homes and I was able to narrow down my search and eventually purchased the perfect home for us. Romeo even assisted us with the move. My family and I truly thank you for all of your assistance.
Pros: Excellent Communication, Well Prepared, Professional
Cons: None
When others said it couldn't be done, YOU DID IT!
01/05/2007 Posted by mon75
Romeo really helped me and my family by working with us to buy our first home. We had called other agents, but they seemed disinterested when I told them that we were not prequalified yet and that I had some credit problems. When I called Romeo, he not only said that he would work with us, but told us about a great program available to first time buyers that we handn't even heard about from the other agents. We were able to purchase a new house in a great community with very little out of pocket! Thank you Romeo for all of your patience and professionalism. I will definitely recommend you to all of my friends and to anyone who thinks that they can't buy a home. You really did make a difference in our lives :)
Pros: Professional, Honest, Committed
Cons: None
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