Austin Real Estate Scene

Entries from July 2008

Foreclosures in Austin Up 30%

July 25, 2008 · No Comments

We are seeing a sizable increase in the number of foreclosures posted for next month August 2008 in the Austin area over last year. This was reported recently in the Austin American Statesman.

“The number of Austin area residential foreclosures posted for the upcoming August auction increased 31 percent over last year. There are 741 postings for August in the four-county region, up from 564 in August 2007, according to the latest report from Addison-based Foreclosure Listing Service Inc. The largest increase in activity was in Travis County, which experienced a 62 percent surge in postings in August compared with the same month last year. It’s also the seventh consecutive month that Travis postings have exceeded 300. Through the first eight months of the year, there have been 5,715 foreclosure postings, a 20 percent uptick from the same period in 2007. In the four counties included in the Austin metro, year-to-date postings are: Travis: 2,902, up 23 percent; Williamson: 1,788, up 23 percent; Hays: 639, up 11 percent; Bastrop: 386, up 2 percent.” Austin American-Statesman
Even with this increase this doesn’t mean that all these foreclosures are good deals. In fact we’ve seen a number of them that are overpriced and the banks aren’t too flexible in dropping the prices much. With the slowing economy and job market has contributed to this rise in foreclosures. Most of the foreclosures are in the lower priced home areas. Another factors is people bought these homes and should NOT have been approved for a loan. The lenders were way to generous with their money on a lot of these loans and now it’s coming back to bite them.

Categories: Real Estate

Austin TX Real Estate Sales Vary in Narrow Range

July 19, 2008 · 1 Comment

Modest near-term movement is expected in Austin TX real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said.

Furthermore, Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhood’s exposure to subprime loans.”

Let’s take a look at the sales statistics for June 2008 to see how the Austin TX real estate market looks: (more…)

Categories: Austin Housing · Austin Housing Market · Austin Real Estate · Buying Real Estate · Housing Market · Investing in Austin Real Estate · Market Update · Nationwide Update · Real Estate · austin tx homes for sale · homes for sale in Austin texas
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Websites Buyers & Realtors Need To Know

July 10, 2008 · 2 Comments

Studies indicate that over 80% of today’s home buyers visit the Internet long before seeking the professional assistance of a REALTOR®. This means that, thanks to popular realty-themed websites that compete for your business, you the client are already armed with more information than ever before. Often consumers are more educated about the market or area then the REALTOR®. That’s not a good thing for a Realtor.Realtors need become familiar with these kinds of sites and the features they offer. This data will not only prepare a Realtor to answer any questions a clients might have about homes, the market, schools, taxes, etc…

I like it when a buyer or seller is knowledgeable about the market and how a real estate transaction works. They are much easier to work with and are better prepared to deal with it. I’ll give them all the information they need to know.  Some buyers can’t get enough and others just want an overview. Some want none but I give it to them anyways.

Below are some websites that consumers can use to help them in their search and education on learning more about… (more…)

Categories: Buying · Buying Real Estate · Housing Market · Internet Links · Investing in Austin Real Estate · Real Estate · Real Estate Trends · Resources
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Thriving in Economic Crisis

July 9, 2008 · No Comments

I subscribe to this newsletter, Herman Trend Alert about the trends happening around the world. I find fascinating to know what is happening outside of the Austin and Texas areas and how that can affect us here. Well this latest issue I found to be valuable in that it talks about the trends that are happening because of the economic crisis in the U.S. Austin is thankfully not getting hit hard like many of areas around the country, but I do think we are seeing the following trends happening here. I have a friend who works for a Toyota dealership and he said that the Prius are on back-order until next year. I guess people are getting serious about conservation.

Herman Trend Alert: Thriving in Economic Crisis        July 9, 2008

Some enterprises are thriving through this period of economic crisis.

First, the sales of fuel efficient, mostly small cars are booming. Toyota dealerships have only 15-days inventory of Corollas on their lots. In May, Honda’s modest Civic became the number one selling car in the United States.

Logistics alternatives to diesel-consuming trucks that are more efficient at moving goods, like railroads, are also doing well. Plus, fed up with increasing delays and cancellations of flights, passengers are choosing rail travel over air. Expect this trend to increase; the US rail lines will borrow experts from Canadian Pacific and Virgin to learn how to deliver extraordinary passenger experiences.

Domestic food producers, especially domestic cheese producers are reaping the benefits of the falling dollar. Rapidly rising prices for imported products are prompting customers to look for domestic substitutes. Farmers now find their products in increasingly higher demand.

Local amusement parks will also do well in these challenging economic times. The parks are enjoying the benefits of people taking what are called “staycations”—vacation time off taken close-to or at home. Until the economy improves, expect to see increasing numbers of people choosing staycations.

The National Sporting Goods Association (NSGA) reported that sales of bicycles, related parts, and accessories was about USD $6 billion in 2007, up from USD $5.8 billion in 2006. In 2008 and beyond, more people around the world will choose this earth-friendly mode of transportation in lieu of automobiles.

Another thriving industry category is the entire service industry around prosperity coaching, debt reduction, and financial counseling. “As costs rise faster than salaries, people are looking for relief”, said Belinda Fuchs, founder of OwnYourMoney.com. Fuchs is one of a growing group of professionals providing seminars and coaching to help clients “live debt-free and finance their dreams”. Our forecast: a growing demand for these services by cash-strapped consumers seeking answers.

And of course, no discussion of industries bucking the trend would be complete without mentioning the oil companies and their record profits. However, the country of Brazil is in the best of all positions—its surveyors recently discovered an area off-shore that may be the largest find in 30 years.

“From ‘The Herman Trend Alert,’ by Joyce Gioia-Herman, Strategic Business Futurist. (800) 227-3566 or http://www.hermangroup.com. The Herman Trend Alert is a trademark of The Herman Group of Companies, Inc.”

Categories: Business Growth · Family · Infrastucture · Market Update · Nationwide Update · Resources · Transportation
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