October Update - Austin Real Estate

Austin continues to see improvements in the housing market.  Sold listings are up nearly 40% in volume over last year.  Year to year comparisons on all months see gains over prior year.   With interest rates in the low 3% it is an incredible time to make that first purchase or make that move up.

Have We Found the Bottom to the Housing Market?

Home sales across the board, comparing 3Q2010 and 3Q2011, have increase, activity increased 1.7%, latest patterns offers signs of a finding a bottom to the housing bust.

Next year, the market will continue to work through the shadow inventory of foreclosures. Banks will not flood the market with foreclosures, that would further weakening the housing market, but we will continue to see a steady stream. In Texas is below 30% foreclosure and we fair better than other states in foreclosure because we did not see the appreciation in home values other states achieved in their market.

What does this mean in the Austin market? For buyers there are still deals to be found. However in the Austin market, we have 100% saturation in apartment rentals, and rents all over Austin are increasing we will see more and more qualified buyers move off the fence. Sellers are still holding tight. We are experiencing a low number of listings but ever increasing sales. The best homes that are price competitively are going fast.

This Month in Real Estate - July 2011

The U.S. housing market has shown increased stability in home sales during 2011 compared to the previous year. The trend has been an upward one since the expiration of the tax credit last summer. Home prices have softened, particularly earlier this year, due to a higher-than-normal number of distressed sales. However, both the percentage of distressed sales and the amount of time they spend on the market has decreased in recent months, a positive sign for the market moving forward. In fact, prices have steadily followed a positive monthly trend since February. Mortgage defaults have also declined lately.

While interest rates continue to break new record lows, the number of buyers who are able take advantage of these savings is restricted by tougher underwriting standards for mortgages. 40% of the banks surveyed by the Office of the Comptroller of the Currency tightened lending standards for mortgages within the past year. In his second press conference, Federal Reserve Chairman Ben Bernanke stated that a quicker foreclosure process and additional home price stabilization are key to boosting confidence in the market and bolstering a more robust recovery in the housing sector.

As the economy improves, stimulus efforts by the government and the Fed will most likely continue to wind down, which typically spurs rising interest rates to keep inflation in check. Although inflation has been the source of recent concern, the Fed appears confident it will remain in check for the near term. Meanwhile, buyers continue to benefit from historically favorable buying conditions, and sellers are encouraged by increased market stability.

Follow the embedded links if you would like to find out more on "This Month In Real Estate" or more about homes in your area.

This Month In Real Estate: June 2009

Each month, This Month in Real Estate provides expert opinion and analysis on real estate trends across the nation. The aim of the consumer-oriented segments is to help combat the "doom and gloom" messages of the national print and television media with real information on real estate.



If you have any questions about the Austin real estate market, please contact me.

This Month In Real Estate: May 2009

I thought you would want to see the latest in a series of news reports on real estate trends. It's called "This Month in Real Estate."
We understand how hard it is to escape the national media's dire predictions for home buyers and sellers in today's market.
But there's another side to the real estate story: this market offers amazing opportunities for buying and selling real estate right now -- in your area.



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We're not missing those opportunities, because we're in the market every day, working for our clients to make the most of this market. And we can't wait to do the same for you!

If you would like the best deals on the market, then please email me at cyndi_bell@kw.com.