June Market Statistics: Austin Texas

Days on market dropping and sold prices are rising. Austin looking good in June!

Auctions & the Real Estate Market

I attended a United Country – Supreme Auctions this weekend at the Omni Hotel in Austin TX. This auction represented two different condo developments in the 78704 zip (The Ivy & The Element). Supreme Auctions estimate that in the coming years more and more property will be conveying in this manner. As an attendant, in my opinion, it was exciting to see the free market in action. Buyers bidding on the properties at its highest value and you could see your competition in the room. The first property sold 25% under last MLS sold price, and quickly moved to 40-50% under last MLS sold price.

My client and I had a good time. I look forward to doing it again.

Tax Credit Deadline Extended; Flood Insurance Program Reinstated

Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. This is a huge win for REALTORS® and homebuyers, and the National Association of Realtors [NAR] worked closely with members of Congress to make it happen.

The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.

Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30th. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted. NAR will continue to work with Congress on the NFIP Reform bill, and we will keep you posted on those efforts.

For additional information on both the tax credit deadline and the NFIP, visit Realtor.org/Government_Affairs.