Townhouses & Condominiums

The volume of townhouses and condominiums (condos) purchased in the Austin-area in July 2011 was 205, which represents a 45 percent rise over July 2011. In the same time period, the median price for condos was $164,250, three percent higher than July 2010, and townhouses spent an average of 82 days on the market, eight days less than July 2010

Leasing

The volume of leasing activity in Austin remained steady in July 2011, with 1,884 properties leased, one percent more than July 2010. The median price for Austin-area leases was $1,300, four percent higher than the same month of the prior year.

The report also said that Texas will benefit the most from funding through the federal government stimulus program, considering the amount of money to be received by the state equates to its entire 2009 budget shortfall.

10/01/2009? 4 Variables to Sell a House / Property.
Price, Terms, Location, & Condition.? All four of the variables go together to create the "perfect sale."? Each aspect must be taken into consideration if you want a property to sell.? 1.? Price fixes everything!? Don\'t let anyone tell you different.? When the buyer perceives there is a value because of the price,?someone will buy the home.The other three?varibles always?can effect the price.? There are circumstances where a buyer has lost the ability to qualify?for a traditional loan because of a foreclosure or?bankruptcy and the buyer needs owner financing.? With Owner carry?Terms?that particular buyer may be willing to pay?more?because they?have ownership with possibly?a small down payment.?Conversely, if the?Condition?is bad the price will have to be reduced to reflect a value in the home where a buyer will have to come in and do repairs or cosmetic updates.? Location?is the toughest variable in the sale to compensate for. Most people have heard about in Real Estate?the terms?Location, Location, Location.?If the location is bad..ONLY price will sell the property possibly?combined with?terms?so exciting that a buyer will not be able to pass up the deal. 2.Terms.? If the Terms?are attractive, sometimes a seller?can get more money for the home.??For example: a home with a value of $225,000 listed with owner?carry terms?of $25,000 down and no bank?qualifing might be able to sell at $250,000 because of the terms.? Under any owner carry situation, it is important the seller?speak with their accountant and attorney before accepting any contract and agreement?to finance.? The seller should be completely aware of the liability and consequences in owner financing.?This is just an example how price can increase with the right terms.? 3.? Condition is a key factor in selling a home.? When the?property is in top condition, looking like a?Model home the seller may get top market value for the property.In times where homes are selling at a slow pace,?in order to?procur a sale, the home should be the BEST property at the Lowest price to get to the closing table.? Taking a seller on a preview?tour of the homes in the area similar to their property can save months of discouragement?with a?home not selling.? When a seller can see the competition and accepts the fact their home needs to be the?Best house at the lowest price?to sell, the home will sell and the seller will see what they are up against in comparison.? Carpet or paint allowance does NOT work in selling a home.? If the home needs carpet, put it in.? If the home needs painting, get it painted.? Many times this can cost a seller $5,000 to $8,000 to do those upgrades.??Investing, yes, investing is the correct term,?for getting the house sold. The money invested?will come back in the form or a quick sale at full market value.? A picture is worth a thousand words?so think about how the property looks and even take some pictures to see what a buyer is looking at.? Sellers should look at the pictures like they were a buyer and ask, "would I buy this house in this condition for this price?"? Are the kitchen counters cluttered?? Are the closets a mess?? What does the front door look like and the yard when people drive up to the house?? A seller has 8 seconds for a buyer looking at a home to decide if they really like the house?and?if?it will?go on the A list.? The buyer?starts the decision making process when driving up to the home?while looking at the surrounding properties and the entrance to the home.? There are many agents are trained in?"staging"?a home and there are "staging services" which help a seller to understand what needs to be done to create a?"marketable product."?Listen to these people if you want to get the house sold.? The seller needs to separate from the house and see it as an investment?or product that needs to be sold.?The seller needs to?take all the emotions out of the happy memories in the home if they are serious about selling.? 4.??Location is the only variable which cannot be changed.? A bad location, is a bad location so only price and terms are going to help this situation.?It does not matter that the same model home across the street sold for thousands more, because it was ACROSS THE STREET and did not back to the highway.? A seller needs to get a reality check on location and think about when they purchased.? If the seller got a good deal when they bought because it had a bad location then they have to give the new buyer the same good deal to sell.? If the goal is to get the home sold then listen to their REALTOR?and let them do their job.?

8/27/2009 FRAUD in Ohio
41 alleged fraudsters indicted in massive scheme. An 18-month mortgage-fraud investigation led to indictments against 41 people and 4 companies, Ohio Attorney General announced. The defendants are alleged to have engaged in real estate transactions to purchase 453 homes with fraudulent loans totaling $44 million.
Uri Gofman of Beachwood, Ohio, is alleged to have orchestrated one of the nation\'s largest mortgage fraud cases by enlisting family, friends and others to invest in his real estate company, Real Asset Fund, with promises of profit. Gofman\'s enterprise began with seed money from an investor who transferred funds from a bank account in Latvia. The scheme involved using straw buyers to purchase homes, falsely claiming home improvements were performed on houses in order to refinance them, and then selling houses to unqualified buyers with the assistance of real estate agents, mortgage brokers and title companies.
Lenders were tricked into believing that the buyers were making at least a 10-percent down payment when they were not, that the buyers had assets when they did not, and that the properties were worth more than they actually were. Gofman and others allegedly defrauded lenders through loan application fraud, down payment fraud and loan distribution fraud. The defendants siphoned off more than $31 million in profits from their criminal enterprise, Cordray and Mason stated. Eventually, 358 of the homes fell into foreclosure.
The following 11 defendants were indicted on mortgage fraud-related offenses, including engaging in a pattern of corrupt activity, a first degree felony: Gofman, Tony Viola, Igor Gofman, Kevin Landrum, Dave Pirichy, Dale Adams, Steve Greenwald, George Gardner and James Leoni, along with Real Asset Fund, owned by Gofman, and Karka Inc., also owned by Gofman. The other 34 defendants were indicted on mortgage fraud-related offenses. 5 defendants involved in this case were charged in December 08 with mortgage fraud-related offenses in federal court: Gofman, Paul Lesniak, Gennadiy Simkhovich, Pirichy and Howard Sieferd Jr. WOW, this is unbelieveable! How do they think they can get away with this is beyond me.
08/13/2009
COMMERCIAL
(LOOPNET)In Q2, overall sales in Austin decreased 48% compared to the prior year. Over the last 12 months, the price per square foot for office property was down 10%, multifamily was up 0.1% and retail was down 54%.
08/02/2009
I just got some inside info that sounds bad for the mortgage business. It seems the Mortgage Ins. companies are struggling & some lenders will no longer do conventional loans more than 80% loan to value.
07/31/2009 When & how long...Recovery has started? I sure hope so! Good signs are all around.
From RealTrends 7/7/09)For the past few months, economists have been studying facts and figures to determine when the struggling real estate market will finally begin to recover. Based on his review of the current market, in particular, the leads and sales figures for his company in June, Weichert, REALTORS® president and founder James M. Weichert is convinced the housing sector has entered the recovery mode. Weichert reported that June was the company\'s best month in terms of closed transaction sides in 22 months. In the month of June, Weichert.com also attracted more than 1.5 million unique visitors, its highest total ever. The previous high was set in August of 2005. The company also reported that the average attendance at its open houses was up more than 18 percent in June from the previous year. "Right now, the market is being fueled by an increase in sales of popularly priced homes as a result of the tax credit for first-time buyers. But to keep the housing recovery going and to also stimulate the overall economy, I still believe the best approach is for the government to take similar action to get the repeat buyer market moving again," says Weichert.
07/26/2009
Looks like the NY Attny. Gen. is part of this whole problem... From the Niche Report, by Martin Andelman: What´s HVCC?" I believe those were the exact words I used in response to being asked by the editor of this magazine to write a July cover story on the Home Valuation Code of Conduct.
HVCC does put a real crimp in an appraiser´s future by reducing his or her compensation as a result of being forced to join an Appraisal Management Company, that much was immediately apparent, which is just wrong! (guess who owns these new groups, banks of course!)
In fact, Countrywide´s now infamous CEO, Angelo Mozilo, who was once the MBA´s president, was on the association´s executive board from 1997 to 2001, the whole time Mr. Cuomo was bungling things at HUD. And Mozillo, along with many of his questionable colleagues later became contributors to Cuomo´s campaigns.The fact is, Andrew Cuomo had essentially no experience in finance or real estate when he assumed regulatory control over Fannie Mae and Freddie Mac, the titans of home finance that many would say are at the center of today´s foreclosure crisis, when he became the youngest HUD Secretary in history back in 1997. And here, I had always thought those jobs were traditionally reserved for people who knew something about3; oh, I don´t know3; mortgages perhaps. Had I known, I might have considered applying for the job! It might therefore come as little surprise that it was Cuomo´s decisions as HUD Secretary that drove Fannie and Freddie into the world of sub-prime lending. He also decided that Fannie and Freddie didn´t need any reporting systems that would allow them to monitor the increased risk associated with sub-prime lending. We all know how well that worked out, so bang up job so far AndrewAlso during Cuomo´s tenure at HUD, FHA kicked off its no money down programs, so it seems that Cuomo thought that it only made sense to simultaneously increase the amounts the agency was willing to loan with no money down. According to The Center for Responsible Lending, 2.4 million Americans may face foreclosure in 2009, and 8.1 million may fall into this tragic group over the next four years. To be diplomatic, there´s little doubt that New York´s Attorney General Andrew Cuomo is at least partially responsible for their plight. In somewhat less diplomatic terms, he´s the boob that left the door to the vault open at Fannie and Freddie. ongress may step in just in the nick of time. AQccording to NAMB, Representatives Childers (D-MS) and Miller (R-CA) have introduced legislation that calls for an 18-month moratorium on HVCC. And from the sounds of NAMB´s press release, they think it´s going to pass. Here´s what NAMB released on June 26th:"The National Association of Mortgage Brokers (NAMB) applauds the introduction of H.R. 3044. NAMB would like to thank Representative Childers (D-MS) and Representative Miller (R-CA) for their continued efforts and leadership on this issue. The introduction of this legislation is a victory for consumers and members of the industry alike," said NAMB President Marc Savitt, CRMS. "We thank Congress for recognizing the need to address the issue of appraiser coercion without causing undue harm to borrowers or diminishing competition in the marketplace.""NAMB has taken an active stance against the HVCC since its introduction in March of 2008. "We urge Congress to pass H.R. 3044 as soon as possible to ensure that more borrowers will not be negatively impacted by this de facto rule," stated Savitt. "In the period of time since its implementation, the HVCC has increased costs to consumers and decreased the quality of appraisals and has provided a level of uncertainty in an ailing housing market. Tens of thousands of consumers have already been robbed of their opportunity to enjoy historically low rates by Attorney General Andrew Cuomo´s rule.""NAMB looks forward to working with Members of Congress as this legislation progresses."
for the whole article go to: http://www.thenichereport.com/cuomos_crossing_an_outsiders_appraisal_of_the_new_hvcc_rules_by_martin_andelman.html
07/25/2009 Housing Recovery Underway(from RealTrends 7/7/09)
For the past few months, economists have been studying facts and figures to determine when the struggling real estate market will finally begin to recover. Based on his review of the current market, in particular, the leads and sales figures for his company in June, Weichert, REALTORS® president and founder James M. Weichert is convinced the housing sector has entered the recovery mode. Weichert reported that June was the company\'s best month in terms of closed transaction sides in 22 months. In the month of June, Weichert.com also attracted more than 1.5 million unique visitors, its highest total ever. The previous high was set in August of 2005. The company also reported that the average attendance at its open houses was up more than 18 percent in June from the previous year. "Right now, the market is being fueled by an increase in sales of popularly priced homes as a result of the tax credit for first-time buyers. But to keep the housing recovery going and to also stimulate the overall economy, I still believe the best approach is for the government to take similar action to get the repeat buyer market moving again," says Weichert
(from RealTrends) 07/24/2009
Round Rock has been named the second fastest-growing city in the nation from 2007 to 2008 with an 8.16 percent rise in population, according to the U.S. Census Bureau's 2008 population estimates. In all, four of the ten fastest-growing large cities were in Texas, including McKinney (fifth), Killeen (ninth) and Fort Worth (tenth). Four Texas cities were also among the ten largest numerical gainers - Houston (third), San Antonio (fifth), Fort Worth (sixth) and Austin (ninth). McKinney was the nations fastest-growing city between April 1, 2000, and July 1, 2008, as its population more than doubled to 121,211
6/20/2009 TRAVIS & WILLIAMSON COUNTY FORECLOSURES are UP.
6/16/2009
Austin Breaks Kiplinger´s Top 10Kiplinger´s Personal Finance, 6/08/09This month, Kiplinger´s Personal Finance magazine ranked Austin number eight in its list of the ten best U.S. cities of 2009. The poll showcases cities most likely to prosper when the national economy recovers. Austin´s continued job growth, economic stability and commitment to fostering art and creativity were major factors in its selection.
6/9/2009
I just received my CNE (Certified Negotiation Expert) designation for course completion. It was really very good. It will help my clients greatly & add value to my services. Please ask me about this as it puts me in the TOP 1% of agents in U.S.
5/28/09 Reminder: June 1 Energy Audit disc't? forget, next week you may have to have the audit completed on your home. Something new for Austin real estate. In the long run, it is a good thing.
5/26/09 Austin Energy Audits - Go Green!
Starting June 1 sellers in the city of Austin (homes 10 years or older using Austin Energy for ele. power) will be required by a new ordinance to have an Energy Audit completed before selling (closing). This is a New Disclosure to buyers. You, as Seller, do NOT have to have any work done, just give the disclosure to buyers. It will become another item for negoiation.
5/25/09 Happy Memorial day. I hope we all remember our troops.
?5/13/09 Well, business is slow, even though Austin is not feeling the effects of the recession like the rest of the country. I go to area restarurants & they are crowded as usual, but people are still afraid to act. Interest rates are low and prices are good. Many will look back & say they wished they had bought in 2009.
5/8/09- GOOD NEWS!
Buider Mag. cited Austin as the secnd healthiet housing market for 2009. Strong Job Mkt, population growth, & presence of UT were deciding factors.
Austin's survey of cities with the most Energy Star-certified buildings.
Round Rock was named the 7th best place to live in the US by Money mag. It was chosen due to its: Affordable home prices, superior shcools & proximity to Dell Headquarters.
4/26/2009 TAX CREDIT
In case you\'re wondering how the tax credit for 1st time Homebuyers works: you can deduct 10% of the purchase price, up to $8,000. Your purchase MUST Close & FUND by NOV 30,2009. Best of all you don't have to repay the credit (unless you sell before the end of 3 years). The Home must be used as your primary residence. Don't miss the boat!
4/23/09: Missing the Boat
Many buyers are sitting on the sidelines afraid to act. This is understandable with our economy in the state it is in, however, I believe many will look back in a year&wish they had taken advantage of the situation. Prices will go UP again, Interest Rates, too. I have read more than one report that says the Austin Market will experience a Housing Shortage soon....If you are able to buy NOW, I suggest you do it. Don't just take my word for it, do some research & see if you agree
3/24/09? Housing Shortage in Austin?
Austin may experience a House Shortage soon!
From what I am reading & researcing the # of building permits has been reduced from 2008 & 2008 was down. If the same (as the last 2 yrs)?number of people (or more! which is highly possible since our economy is better that most anywhere where else in America) keep moving to Austin there will be a shortage & Prices Will Be Forced UP! The message is "BUY NOW". Rates will be going up not down also...hopefully, this won't happen any time soon, but u can bet on it, it will happen.
3/4/2009: this is from the "AP" I hope people take advantage of this.

02/16/2009
Well, Obama's creating new positions to oversee the bailout of GM & Chrysler. The plot thickens...and the New Stimulus Package, how will it affect YOU?
I read that Congress passed a $15,000 Tax Credit for home buyers, but that may not be part of the Stimulus Pkg. (from the AP) Taxes:The recovery package has tax breaks for families that send a child to college, purchase a new car, buy a first home or make the ones they own more energy efficient. Millions of workers can expect to see about $13 extra in their weekly paychecks, starting around June, from a new $400 tax credit to be doled out through the rest of the year. Couples would get up to $800. In 2010, the credit would be about $7.70 a week, if it is spread over the entire year.

Middle-income and wealthy taxpayers will be spared from paying the Alternative Minimum Tax, which was designed 40 years ago to make sure wealthy taxpayers pay at least some tax, but was never indexed for inflation. Congress fixes it each year, usually in the fall.

First-time homebuyers who purchase their homes before Dec. 1 would be eligible for an $8,000 tax credit, and people who buy new cars before the end of the year can write off the sales taxes.