Heather's Take on Austin Real Estate

Overpricing Can Be the Worst Strategy When Selling a Home

2012-01-13T15:49:00.003-06:00

Watch on your mobile device >>

We’ve all seen them – homes that are on the market and priced so high you have to wonder if the sellers are setting their asking price based on home values from another decade. But if you think about it – the goal of these people is to end up with more money in their pocket at the end of the day. The truth is that when sellers price their home for more than what the market dictates it is worth, there are some pretty dire circumstances. Here are three reasons why you should shy away from pricing your home too high, and make a concerted effort to price it effectively.

Buyers Don’t Like to Deviate Too Much From the Asking Price

Whether because of perceived rigidness on the part of the sellers, or to save themselves the embarrassment of their offer being rejected, many buyers shy away from bidding on homes that are overpriced. They have no idea why the seller may have priced the property so high, and the last thing buyers want to do is waste time in a bidding tug of war only to be the loser at the end of the day – so they don’t make an offer.

There is a Misconception That Sellers Know Their Home is Overpriced

Many buyers mistakenly believe that the seller knows their home is overpriced. The buyers think that if the seller is willing to accept a lower value that they would just price the home accordingly in the first place. to accept a lower value then they just priced the home accordingly. An overpriced listing is a turn off to serious buyers. So rather than mess with it, they move on to other properties, and an offer fopr the overpriced home never makes it to the table.

Buyers Assume That Previous Offers Have Been Rejected By The Seller

A home that is priced higher than it should be gives the impression that the seller is not willing to budge. Buyers take one look at such properties and assume that previous offers were probably made based on the property’s fair market value and the seller refused to negotiate. In actuality, these homes almost never receive offers, leaving the seller in the dark and the buyers to move on to other properties.
~
The single biggest financial disadvantage of listing a home too high is that it won’t sell and the seller will either have to channel more money into the home to get some offers on the table or they will have to reduce the price to get it sold. The interesting thing is that the reduced price is often lower than what would have been the asking price had the home been priced effectively in the first place.

Homeowners that end up pricing their home too high usually spend thousands of dollars more than they were trying to save in the first place. By practicing our tips and remaining aware of the reasons why overpricing is the worst thing you can do, you can sell your home for a great price instead of being one of the last houses on the block yet to sell. To learn more about great pricing strategies visit your Realtor to get customized, professional consultation. Nothing beats working with someone that knows the industry well!

~~
TIPS ON HOW TO PRICE A HOME

* Do your homework to find the current home value of your home. A Comparative Market Analysis (CMA) is best done by a professional Realtor. You can also get an appraisal done – something that will help in the lending process plus justify your asking price)

* Give your home the TLC it needs so it is an attractive catch to potential buyers. That’s a great way to justify your price. If you can’t get to the items that need fixing or you would rather leave the aesthetics to your buyers’ so they can cater to their own tastes once they move in, be sure to reflect that in your price.

* Don’t get caught up in old prices that are no longer relevant in today’s buyer’s market. Price your home based on today’s statistics and be prepared to corroborate the figure with current market data that supports your number.

Use Mobile Devices to Search for Your Dream Home While On the Go and Save Time

2012-01-03T13:08:00.002-06:00

Watch on your mobile device >>

If there had been 36 hours in a day, most of us would have had plenty of time to find that perfect home but if you’re busy in your daily lives like almost every other person is these days, chances are you barely have time to get to the basics. So when it comes to looking for your dream home, where and how do you find time to attend open houses, spend countless hours searching real estate publications in print or on the web or even consult with your Realtor?

To help make it easier, we’ve put tougher a great tool that is designed especially for our area right here in Austin. Just visit the website at www.witthomes.com and the rest is really easy. To make it even simpler, there is a video above that shows exactly how to access each key area on the site so that you can be on your way to enjoying fast, reliable and accurate listing information – all at your fingertips and all in real time.

The Advantage and Edge of Searching For Real Time In Real Estate

While others that see a property and call their Realtor right away to express interest have to wait for their agent to return their call, you can be on your way to viewing details of the property and even deciding whether to shortlist it. Our web tool also allows you to customize alerts that correspond with your saved search settings. So that means each time a property that matches your criteria is listed on the site, you are instantly alerted and can immediately take action. How many prospective buyers can act that fast?

Another great benefit of conducting your searches and using the web-based tool that we offer to assist you in your search is your ability to remain on top of significant changes made to properties that are on your shortlist. This may include price reductions, changes in terms, new offers or additional seller concessions and/or buyer incentives being posted.

Supplementing Face Time With Your Agent

While nothing will replace the significance of having your agent consult with you on properties you have selected or at least are considering – the ability to prepare in advance is very useful. You can utilize listing information obtained in advance to put together a comprehensive list of questions for your Realtor. The more organized you are as a buyer, the better your Realtor will be able to serve with more efficiency. When you use the tool as a supplement to your existing relationship with your agent, it works very well. In fact, if an agent comes across a property that he or she feels may suit your needs, they could refer you to the site no matter where you might be at the moment the listing becomes available online – and you could be viewing it instantly! Equally, if you find something that strikes your interest, a quick call to your agent could get things started so little time is wasted in getting you your perfect home.

National Giants Versus Localized Community

As a client of our firm, you will be able to reap benefits of having access to exclusive listings through our MLS service – and you will access them in real time. We update our properties quickly and strive to achieve optimal results based on your search criteria. Since we understand the region better than those operating a national-level home search tool, ours will provide excellent results to serve you better.
~
We invite you to come visit our website and the next time you’re waiting in line somewhere or have a little downtime, start searching so you can see how easy it is to find your dream home while on the go!

January 2012 Real Estate News

2011-12-30T15:49:00.001-06:00

According to a national survey of real estate transactions, it takes about twelve weeks for the typical buyer to find their next home.

Since the vast majority of homebuyers start their search online, the weather becomes less of a factor for sellers marketing their house to those buyers.

For more tips on how sellers can make the most of any market, we turn to News You Can Use.

NEWS YOU CAN USE

The traditional home buying season starts in the spring. And for good reason.

Families with kids need to be settled in time for the new school year, and houses just plain show better with a lawn of green grass and leaves on the trees.

Sounds good, right? Well, there are some strong arguments in favor of listing your house right now, instead ... More

Local Real Estate Trends for Top 146 Most Searched Cities on REALTOR.com

2011-12-27T09:56:00.000-06:00

The volume of home sales in Austin has increased for the 6th month in a row while the inventory of homes for sale has decreased. This trend indicates that Austin's real estate market has seen the "bottom" and is well on the way to recovery.

CLICK HERE to see the November real estate trends for the Austin-San Marcos area.

Survey Results of Home Buyer and Seller Profiles

2011-12-12T17:04:00.000-06:00

Why You Should Invest in Austin, TX & Charlotte, NC.

2011-11-28T14:31:00.000-06:00

The Cost of "Testing" a High Price

2011-11-28T13:49:00.000-06:00

Q32009 Austin Real Estate Market Report

2010-03-24T16:35:00.001-05:00

Check out this SlideShare Presentation: For more Housing Trend information, go to: http://WitteHomes.housingtrendsenewsletter.com?Newsletter_ID=246&Period_ID=183

Q32009 Austin Real Estate Market Report

View more documents from Keller Williams Realty - The Witte Team.

Forbes: Austin best economic recovery in U.S. - Austin Business Journal:

2010-03-17T13:25:00.000-05:00

While dire news is splashed across the headlines, there is a silver lining for Austin. The Austin/Round Rock area has one of the lowest unemployment rates in the country at 7.6% (up from 7% in Feb) compared to 9.7% nationally. For more information, go to:

Forbes: Austin best economic recovery in U.S. - Austin Business Journal:

2010-03-02T08:49:00.006-06:00

Expanded 'urban rail' would run through downtown on both sides of Capitol
Route across the river not yet determined in revised plan being presented to City Council.
By: Ben Wear - Austin American Statesman 2/24/10

Downtown Austin would have two north-south passenger rail corridors, a more expansive network than previously envisioned, under a recommendation that City of Austin staff will present today to the Austin City Council.

The proposed rail system — which would be in addition to Capital Metro's commuter rail line scheduled to open next month — would link the Mueller development in East Austin to the University of Texas to downtown to the airport.

One route would run north on Lavaca Street and south on Guadalupe Street and another north and south along Congress Avenue and San Jacinto Boulevard. The two corridors would be linked at Fourth, 17th and 18th streets.

A single rail line would cross Lady Bird Lake between South First Street and a point several blocks east of Congress Avenue, but the city is not ready to recommend a specific crossing route.
The rail plan includes about 40 more blocks of streetcar or light rail tracks than versions of the plan circulated over the past several years — including a line on San Antonio Street west of the UT campus.

A related bond issue could go to voters as early as November, but city Transportation Director Robert Spillar said a new — and likely much higher — cost estimate is not yet ready.
Consultants had previously estimated that a single-route system would cost $625 million in 2008 dollars.

Spillar said the city wants to avoid downtown rail gridlock of the sort Dallas is now experiencing, with several rail routes converging on a single line. Spillar said it is easy to envision a future rail system with legs going north on North Lamar Boulevard, northeast toward Hancock Center, south on South Congress Avenue and southwest along South Lamar Boulevard, each with several trains an hour arriving in the central business district.

"That was the real ah-ha moment we had," Spillar said. "We need to make sure we have the capacity downtown to handle all of a future system."

In addition, Spillar's staff and its consultants have been studying the city's overall future transportation needs, and today he will tell the council about several road "projects of high interest" that should be addressed in the next few years.

Those projects on the state highway system run by the Texas Department of Transportation — including improvements to the U.S. 290/Texas 71 "Y" at Oak Hill, an added toll lane in each direction on MoPac Boulevard (Loop 1) north of the river, and upgrades to U.S. 183 in East Austin — could require tens of millions of dollars in city contributions to get them done sooner than TxDOT otherwise could, Spillar said.

City officials have said their plan is to use local money to pay for all of a first segment of urban rail in downtown, simultaneously initiating the lengthy process of asking for federal transit grants for the rest of the project. The north and south end points of that initial segment would depend on how much local money the city could aggregate from a bond election, the county, the state or any other sources.

The city, which typically has a bond election every five years or so, in 2006 put $567 million in bonds before voters for all city needs, including $103 million for transportation. Voters approved all seven propositions that year.

Given limits on city indebtedness, Spillar acknowledged that there is a "practical limit" on how much could be spent on the first segment of an urban rail system. However, he said, "we don't know what that practical limit is yet. Staff's responsibility is to tell council what the right first part of the system is."

"That's going to have a cost. Then the politicians will have to take that" and determine what is possible, Spillar said.

A cost estimate on the recommended system probably will not be available until April, Spillar said. The City Council would approve or amend the routes some time later in the spring, at the earliest.

The key decision in this whole process is likely to come this summer, when the council would consider whether to call a November transportation bond election to possibly include both rail and road projects.

Travis Country West - Going, Going, GONE!

2010-02-09T11:18:00.000-06:00

Open House Saturday, February 13, 2010 from 3PM - 4PM. The homes in Travis Country West are selling FAST, so hurry!

For Sale: 4BR/2+1BA Single Family House in Austin, TX, $348,000

$30,000 PRICE REDUCTION on Rosedale Custom Home

2010-02-01T18:22:00.000-06:00

For Sale: 3BR/2+1BA Single Family House in Austin, TX, $499,000

Monthly Review Of The Tx Economy (Dec 2009)

2010-01-21T08:09:00.001-06:00

Check out this SlideShare Presentation:

Monthly Review Of The Tx Economy (Dec 2009)

View more documents from Keller Williams Realty - The Witte Team.

2010-01-21T07:48:00.001-06:00

Austin's GMP growth top in nation
(Austin Business Journal) 1/11/2010

The Austin economy has grown more than those of any of the largest 100 American metros during a period when 95 percent of those metro economies contracted, according to a December Brookings Institution report.

Austin’s gross metropolitan product — or GMP, the value of goods and services produced — expanded by 2 percent from the end of fiscal 2008 until now. The average U.S. metro area saw its GMP decline 2.4 percent.

GMP accounts for a lot of things. It is not just exports. It is income growth, consumer spending, business investment.

Income in Austin has grown by about 35 percent in the past decade, which fuels more consumer spending. Since the end of fiscal 2008, income has grown by about 1 percent, according to data from IHS Global Insight.

Top five for GMP growth
1. Austin — 2%
2. Washington, D.C. — 1.6%
3. McAllen, Texas — 1%*
4. Virginia Beach, Va. — 0.7%
5. San Antonio — 0.5%

2010-01-21T07:25:00.001-06:00

Foreclosures show signs of easing
(Austin American-Statesman) 1/15/2010

Austin area foreclosure postings rose just 2 percent for the February auction from a year earlier, the smallest increase in months. According to Foreclosure Listing Service Inc., 1,286 properties were posted for the Feb. 2 auction, up from 1,261 a year earlier. It was the lowest level in five months.

Postings were up 32 percent in Travis County from a year earlier and up 13 percent in Williamson County. They fell 7 percent in Hays County and 31 percent in Bastrop.
George Roddy Sr., president of Foreclosure Listing Service, said the trend was encouraging, but cautioned that “a change for one month does not establish a new trend. We will just have to wait and see what happens next month.”

The Travis County postings include repeat postings on a number of high-profile commercial properties, according to Real Estate Foreclosures Inc. in San Antonio. They include the stalled Star Riverside condominium development on East Riverside Drive and the Avana housing development in South Austin.

The list also includes the bankrupt $192 million Hill Country Galleria in Bee Cave. A private auction was conducted for the mall. The outcome is not expected to be public until next week.

3606 Abbate Cir, Austin, TX | Powered by Postlets

2010-01-12T08:27:00.001-06:00

$10,000 PRICE REDUCTION - LESS THAN 5 MI TO DT AUSTIN

3606 Abbate Cir, Austin, TX Powered by Postlets

Q4 home construction down slightly - Austin Business Journal:

2010-01-10T14:40:00.000-06:00

Q4 home construction down slightly - Austin Business Journal:

Expanded texting while driving ban hits Austin Jan. 1

2009-12-30T10:39:00.003-06:00

Expanded texting while driving ban hits Austin Jan. 1
Updated: 12/28/2009 5:56:35 PM - www.news8austin.com
By: Ashley Porter

With a new year comes a new texting ban for Austin. Starting Jan. 1, it will be illegal for drivers within Austin city limits to use a cell phone for most operations other than making a phone call. The ordinance was passed by Austin City Council earlier this year.

"You won't be allowed to text. You can't use it for GPS, unless it's a permanently installed device, [and you can't do] any kind of scrolling through the Internet," Austin Police Department Commander Stephen Baker said.

To allow Austin drivers some time to get familiar with new rules, the ordinance begins with a 30-day grace period.

"If we observe these violations, we'll be making the stops, talking to the drivers, and issuing a written warning," said Baker.

After the 30 days, a violation of the ordinance could come with a penalty of up to $200. The ban does not prohibit talking on the phone, and it does allow drivers to check texts while at stop signs and red lights and in emergency situations. The ordinance also applies to bicyclists.

Officers said they'll be on the lookout for drivers and bicyclists looking down at their phones for an extended period of time.

To demonstrate why officers are gearing up to enforce the ban, APD Officer Jim Riley maneuvered a golf cart while texting Monday. By the time Riley made it around the course, he had knocked over a few orange cones and his text message read, "Laf I meedvu tn gry?"

"I was trying to say, 'Pat, you need to get me out of here,'" Riley said.

According to the National Highway Traffic Safety Administration, drivers using cell phones are four times more likely to get into a crash serious enough to hurt themselves.

Nov 2009 Austin Area Market Statistics

2009-12-29T13:46:00.006-06:00

November 2009 Austin Area Market Statistics

Austin area home sales continue to rise
Austin Board of REALTORS® releases November 2009 real estate statistics

December 21, 2009 - According to the Multiple Listing Service report by the Austin Board of REALTORS®, the volume of Austin-area home sales continues to surge, increasing 58 percent in November 2009 compared to November 2008.

“This is the largest increase in year-over-year homes sales the Austin market has seen in more than ten years,” explained Jay Gohil, chairman of the Austin Board of REALTORS®.

In November 2009, there were a total of 1,576 home sales, contributing $377,603,296 to the local economy. The median home price for Austin in November 2009 was $179,000, a two percent decrease from the same month the prior year.

“The combination of steady home prices with increasing demand is very encouraging for the Central Texas real estate market,” said Gohil.

In the face of increasing sales volume, the Austin real estate market is seeing a decrease in home inventory. The Real Estate Center at Texas A&M University cites 6.5 months of inventory as a balanced market, meaning demand for homes is evenly balanced with inventory of homes for sale. At approximately 5.4 months of inventory for November 2009, demand for homes in the Austin real estate market is slightly outpacing inventory.

November 2009 Statistics
$377,603,296 – Total dollar volume of single-family properties sold, a 62 percent increase from November 2008.

$179,000 – Median price for single-family homes, a two percent decrease from November 2008.

1,576 – Single-family homes sold, a 58 percent increase from November 2008.