Buyers

The Real Estate Transaction Process

Surround yourself with a team of qualified real estate professionals.

A team of qualified real estate professionals will be a very valuable asset to your real estate transaction. Whether you are a first time home buyer or a seasoned investor, having a solid team is imperative. You want someone that will be able to recognize good deals and someone who understands the home buying process.

Get Pre-approved!

A good mortgage banker can be the difference between getting a deal done or not. You want to work with someone that has vast knowledge of current market conditions, that way you can get the best rate for the best price.

Select a property.

Once you have spoken to the mortgage banker you will have a better idea of how much you qualify for. It is important to be realistic. You do not want to set your expectations on a million dollar home if you qualify for a $100,000 home.

Submit an offer.

Now that you have found your new home it is time to submit an offer. You will want to review the market data with your Realtor to determine how much you will offer. A good realtor will be able to set realistic expectations for you and advise you on how to negotiate the offer based on what type of market your new home is in. Remember that you make your money when you purchase however, the market dictates the price of the home.

Accepted Contract to Close

When you come to “terms” on an offer it now becomes a contract. The contract is executed on the date that the last initials are put on it. The executed date is the date for everything to start. Per the contract, you are required to get the earnest money receipted with the title company in two business days. If you have a termination/option period you also have two days from the executed date (this is very important because if you do not get the option fee to the seller this paragraph is stricken from the contract and you lose your UNRESTRICTED RIGHT TO TERMINATE). During the option I always recommend that you have the home inspected by third party inspector. Your agent will be able to refer you to some qualified home inspectors. After you receive the inspection another round of negotiations takes place can take place (if there are repairs that need to be done).

Closing and Funding

After working with your lender to meet all the conditions and criteria to get the loan, it is time to close. The lender will send instructions to the title company to set up the HUD. Your Realtor and lender will go over the HUD with you to make sure that all the numbers are correct. After the lender approves the HUD it is time to go sign the documents and fund the transaction. The sellers agent will have the keys at the title company and when it funds you will be able to get your keys.

3014 Neal ST

New construction home within biking distance to trendy East Austin entertainment district. The home has the master bedrooms downstairs. There is a bonus room upstairs. Stained concrete down, Bamboo floors up. The Master suite has a separate tub and stand up shower. The chefs kitchen has ample counter space, with a large island. The yard will be fully sodded with a privacy fence in the backyard. The property will have a stainless steel appliances. Construction should be complete by 12/15.

We're sorry, but we couldn't find MLS # 9602181 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

7304 Grand Canyon Dr

Fresh Paint and new carpet help this recently constructed East Austin home shine. The home is located on a large lot in a cul-de-sac with a private backyard, only 10 minutes to downtown Austin. The first floor is 100% hard tile. The Master bedroom has a large walk in closet, and separate bath. The open floor plan is perfect for entertaining with a breakfast bar that opens to the main living area.

We're sorry, but we couldn't find MLS # 5915130 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

505 N Canyonwood DR Dripping Springs, Tx

505 N Canyonwood Dr

Home with views of the Hill Country, Convenient to major roads and part of Dripping Springs ISD. Spacious layout with 5 bedrooms/4 full baths, each bedroom has a bathroom. Upper level contains second living area. All bedrooms on main level. Equipped with Gourmet kitchen w/built in refrigerator, Granite in every bathroom. Master suite complete w/ walk-in closet,dual vanity sinks, jet tub, separate shower. 2 acre lot backs to wet weather creek. 2 master suites.

We're sorry, but we couldn't find MLS # 1699556 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

An Economic Rise for the Second Quarter

The new housing starts are in for the second quarter of 2013.  The demand continues to outpace the supply due to the bustling economy and the large amount of immigration of people moving to Austin.  In 2013 there have been 9,027 new homes started.  This represents a 38% increase year to date.  New home closings in were very strong in the second quarter with 2,172 closings.  This was a 33% increase from the same quarter in 2012.  The annual pace is 24% better than the same time frame in 2012.
Builders are currently trying to meet the demand, at the moment there are 2,945 homes currently under construction.  That is 700 homes more than last quarter. One of the main issues builders are encountering is the increased build time due to the large amount of permit requests at the city.

3107 E 14 1/2 ST Austin, TX 78702

 New Construction home in East Austin. Minutes to Downtown and UT. Home will have Bamboo Floors up and Down, Hard tile in the wet areas. Natural Stone Counter tops, stainless steel appliances, Privacy fence in the back yard, and a landscape package that includes a fully sodded yard

We're sorry, but we couldn't find MLS # 9589254 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

7513 Lazy Creek Drive in East Austin

Great cash flow opportunity in East Austin. Short Sale approved at $172,500.

We're sorry, but we couldn't find MLS # 6542636 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Home Building at 4-Year High

From CNNMoney — The pace of home building rose to its highest level in more than four years in October, according to a government reading issued Tuesday.

The Census Bureau report showed builders started construction at an annual pace of 894,000 homes last month, up 3.6% from the pace in September. Economists surveyed by Briefing.com had forecast a slight slowdown in building.

“The further rise in housing starts in October confirms that the previous month’s very strong gain was not an unsustainable surge,” said Paul Diggle, real estate economist with Capital Economics. “It’s clear that the homebuilding recovery is gathering a real head of steam.”

The stronger-than-expected report came because of a surge in construction of buildings with five or more residences in them. Single-family home starts remained little changed from September. But the September and October readings were the two best months for single-family home starts since 2008 as well.

Applications for building permits slipped 2.7% to an annual pace of 866,000. Despite that decline, the October reading was stronger than any month other than September over the course of the last four years.

Housing starts have soared about 42% from year-earlier levels, while permits are up about 30%. Joseph LaVorgna, chief U.S. economist for Deutsche Bank, says the recovery in housing is coming at a critical time for the overall U.S. economy, as the lift it was getting from exports and capital spending by businesses had started to slow.

The housing market has been showing numerous other signs of recovery in recent months. Demand for homes have been helped by mortgage rates at record lows.

The Federal Reserve’s decision to buy $40 billion in mortgages every month is likely to keep rates low for the foreseeable future. The low mortgage rates, coupled with affordable housing prices and an improving jobs market have helped to restart home sales.

So Tuesday’s report is just one more sign that the long-awaited housing recovery is taking hold.

(CNNMoney)

Austin MLS Stats for October 2012

 

A recent report shows there are 6,000+ single-family homes for sale in the Austin Multiple Listing System. They range in price from $18,900 for a 400 square foot place in a little town northeast of Austin to $15 million for a home containing a little over 16,000 square feet of living space with a stunning view of Lake Travis. The average list price is a little over $455,000.

 

As for October 2012, the Austin area saw 1,669 homes sell. The average price for a sold home was $283,643, or $118.55 per square foot, and the median price was $203,000 or $101.19 per square foot. Homes averaged 64 days on market before selling. There are also 2,782 homes currently under contract.

 

How does this compare to October of last year? In October 2011, our area saw 1,404 single-family homes sell. The average price for a sold home was $255,414, or $110.16 per square foot, and the median price was $192,000, or $95.49 per square foot. Homes averaged 79 days on market before selling.

 

So Austin saw an increase in home sales of just under 19% and an average price increase of over 11%. I’d say that makes our market pretty healthy!

 

 

Mike Buys a Condo

Very funny video I found on YouTube called Mike Buys a Condo. When Mike buys a condo downtown, his sister-in-law is less than pleased.

New Home Construction Surges

Most national and local experts agree that the real estate market has turned a corner and is starting to trend upwards. Indicating that a bottom has been reached. The following is an interesting piece I read recently on CNNMoney.com.

CNNMoney.com – September 21, 2010

New home construction surged to the highest level in four months in August, a government report showed Tuesday.

Housing starts, or the number of new homes being built, jumped 10.5% to a seasonally adjusted annual rate of 598,000 in August from a revised 541,000 in July, the Commerce Department said.

Economists were expecting a rate of 550,000 housing starts, according to a consensus estimate from Briefing.com.

The number of new homes being built in August was up 2.2% from a year ago.

“This is a step in the right direction, but you have to remember that we’re still hovering around all-time lows,” said Kevin Smith, a senior vice president at Chapdelaine Credit Partners. “It’s clear that we’re far from being out of the woods.”

Despite the monthly rise, it’s too early to look at this as a positive trend for the housing market until more jobs are created, he said.

“People who don’t have jobs aren’t buying homes,” Smith said. “You have to have job creation to see housing improve, and people need to actually have the confidence that they are going to keep that job for a year or two.”

Read the full article at CNNMoney.com

Based on information from the Austin Board of REALTORS ® (alternatively, from ACTRIS) for the period through 12/22/14 4:56 PM PST. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided “AS IS” and with all faults. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.

Information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

This IDX solution is (c) Diverse Solutions 2014.