Posts Tagged ‘Austin Real Estate’

The family room has long been the favorite room in the house—it’s where homeowners get to spend quality time with other family members. However, as the significant increase in time spent at home during the pandemic has changed preferences, homeowners now favor quieter and more private areas in the home.

In a survey of more than 2,000 Americans, the new favorite room in the home: the master bedroom. In the survey, conducted by Ally Home, some respondents said it’s their new favorite spot because it’s where “they can hide from family members.”

Here are the five favorite rooms in the house, according to the Ally Home survey:

1. Master bedroom: 27%
2. Family room: 14%
3. Kitchen: 10%
4. Master bath: 9%
5. Man or woman cave: 7%

Spending so much time at home over the last year has also sparked a wave of house projects among many homeowners. Eighty-eight percent of the 2,000 homeowners surveyed say they’re considering improvements to their homes to make it more “staycation-ready.” The most popular projects center on the outdoors:

• 38% are considering installing an in-ground or above-ground pool or spa.
• 35% are considering building an outdoor athletic court.
• 29% are considering improvements to their porch, deck or patio.

Your Edge

Wondering whether making improvements to your current house is the right things to do? Call an agent who is familiar with your area. They’ll be able to help you determine the best course of action.

Filed under: Home Improvement, Real Estate News by Olga Gilmore

The Old Enfield neighborhood just northwest of downtown Austin is the No. 1 place to live in the city, according to Niche.com — but that kind of living comes with a hefty price tag.

Niche, a website that helps consumers hunt for top neighborhoods and school districts, put the old-school Austin neighborhood atop its list of local neighborhoods and seventh overall in the state. It judges neighborhoods based on metrics such as school quality, diversity, crime and nightlife.

Old Enfield is about a five-minute drive to the offices and nightlife found downtown but has a decidedly non-downtown feel. Perched on the hills above Pease Park, the area is awash with high-end homes — the kind that business moguls and celebrities vie for in this hot housing market.

Here’s what Niche had to say about Old Enfield:

“Living in Old Enfield offers residents an urban suburban mix feel and most residents rent their homes. In Old Enfield there are a lot of bars, restaurants, coffee shops, and parks. Many young professionals live in Old Enfield and residents tend to be liberal. The public schools in Old Enfield are highly rated.”

Dive into more Old Enfield statistics from Niche here.

Old Enfield wasn’t the only local neighborhood to score top marks from Niche. Here are the top 10 local neighborhoods listed on the website:

1. Old Enfield
2. Rollingwood west of downtown
3. Gateway near The Domain
4. The Triangle area in North Central Austin
5. Downtown
6. Old West Austin
7. West Lake Hills west of downtown
8. Hyde Park in North Central Austin
9. Brushy Creek in the suburb of Cedar Park
10. Allandale in North Central Austin

Austin Business Journal, March 24, 2021

Filed under: Real Estate News by Olga Gilmore

Around this time each year, many homeowners decide to wait until after the holidays to sell their houses. Similarly, others who already have their homes on the market remove their listings until the spring. Let’s unpack the top reasons why selling your house now, or keeping it on the market this season, is the best choice you can make. This year, buyers want to purchase homes for the holidays, and your house might be the perfect match.

Here are seven great reasons not to wait to sell your house this holiday season:

1. Buyers are active now. Mortgage rates are historically low, providing motivation for those who are ready to get more for their money over the life of their home loan.

2. Purchasers who look for homes during the holidays are serious ones, and they’re ready to buy.

3. You can restrict the showings in your house to days and times that are most convenient for you, or even select virtual options. You’ll remain in control, especially in today’s sellers’ market.

4. Homes decorated for the holidays appeal to many buyers.

5. Today, there’s minimal competition for you as a seller. There just aren’t enough houses on the market to satisfy buyer demand, meaning sellers are in the driver’s seat. Over the past year, inventory has declined to record lows, making it the opportune time to sell your house 

6. The desire to own a home doesn’t stop during the holidays. Buyers who have been searching throughout the fall and have been running into more and more bidding wars are still on the lookout. Your home may be the answer.

7. This season is the sweet spot for sellers, and the number of listings will increase after the holidays. In many parts of the country, more new construction will also be available for sale in 2021, which will lessen the demand for your house next year.

Bottom Line 

More than ever, this may be the year it makes the most sense to list your house during the holiday season. Reach out to a local real estate professional to determine if selling now is your best move.

Filed under: Real Estate News by Olga Gilmore

Many industries have been devastated by the economic shutdown caused by the COVID-19 virus. Real estate is not one of them.

Mark Fleming, Chief Economist for First American, just reported:

“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”

Buyer demand is still strong heading into the fall. ShowingTime, which tracks the average number of buyer showings on residential properties, just announced that buyer showings are up 61.9% compared to the same time last year. They went on to say:

“Normally, real estate activity begins to slow down in the late summer, but this year it peaked in July, August and into September.”

There Is One Big Challenge

Purchaser demand is so high, the market is running out of available homes for sale. Just last week, realtor.com reported:

“Since the beginning of the COVID pandemic in March, nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory.”

The National Association of Realtors (NAR) revealed that, while home sales are skyrocketing, the inventory of existing homes for sale is dropping dramatically. Below is a graph of existing inventory (September numbers are not yet available):Homebuilders are increasing construction, but they cannot keep up with the high demand. Bill McBride, founder of the Calculated Risk blog, in discussing inventory of newly constructed houses, notes:

“The months of supply decreased to 3.3 months…This is the all-time record low months of supply.”

What does this mean for sellers?

Anyone thinking of putting their home on the market should not wait. A seller will always negotiate the best deal when demand is high and supply is limited. That’s exactly the situation in the real estate market today.

Next year, when the pandemic is hopefully behind us, there will be many more properties coming to the market. Don’t wait for that increase in competition in your neighborhood. Now is the time to sell.

Bottom Line

Reach out to a local real estate professional today to get your house on the market at this optimal time to sell.

Filed under: Real Estate News, Uncategorized by Olga Gilmore

Equity continues to rise, helping American homeowners secure a much more stable financial future. According to the most recent data from CoreLogic, the average homeowner gained $9,800 in equity over the past year. In addition, experts project 2020 home prices to continue rising. With prices going up, equity gains will also keep accelerating. Black Knight just reported:

“The annual percent change in the overall median existing single-family-home price has skyrocketed in the past several months, with recent numbers at three to five times higher than rates seen in the past several years.”

Jeff Tucker, Senior Economist at Zillow, just qualified recent price increases as “jaw-dropping” and “within a hair’s breadth of double-digit year-over-year appreciation.”

Knowing equity will help enable many homeowners to better survive the economic distress caused by the ongoing pandemic, it’s important to break down two key homeowner benefits of increasing equity.

1. Equity Increases a Homeowner’s Options to Buy a New Home

Aside from the financial damage of the last seven months, there has also been a tremendous emotional toll on many people. Shelter-in-place mandates, quarantine requirements, and virtual schooling have all made us re-evaluate the must-have requirements a home should deliver. Having equity in your current house gives you a better opportunity to move-up or build your perfect home from scratch.

Mark Fleming, Chief Economist at First American, recently explained:

“As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity.”

If you need to make a move, the equity in your current home can help make that possible – right now.

2. Equity Enables Homeowners to Help Future Generations

An increase in home equity grows overall wealth, which can transfer to future generations. The Federal Reserve, in an addendum to their recent Survey of Consumer Finances, explains:

“There are numerous ways families can transmit wealth and resources across generations. Families can directly transfer their wealth to the next generation in the form of a bequest. They can also provide the next generation with inter vivos transfers (gifts), for example, providing down payment support to enable a home purchase or a substantial wedding gift.”

The Federal Reserve also explains another way wealth (including the additional net worth generated by an increase in home equity) can benefit future generations:

“In addition to direct transfers or gifts, families can make investments in their children that indirectly increase their wealth. For example, families can invest in their children’s educational success by paying for college or private schools, which can in turn increase their children’s ability to accumulate wealth.”

Bottom Line

Equity can help a homeowner grow their confidence in a more stable financial future. It provides near-term move-up options and creates a positive impact for future generations. In many cases, the largest single investment a person has is their home. As that investment appreciates in value, financial options increase too.

Filed under: Real Estate News by Olga Gilmore