Experts Speak Out
Commentary By Denise Moody • Gracy Title
Markets are hyper-local
A
few years ago when the market looked pretty dismal across the country, “real estate is hyper-local” was a popular way to say that some areas had it worse than others. You probably remember that while some cities (like Las Vegas and Detroit) experienced plummeting home values, the Austin market remained relatively stable, for several reasons. Today’s national real estate news reflects a different story than in recent years, pretty much everywhere, with headlines reporting homes flying off the market in multiple offer situations and buyers paying 10 percent over asking price. The Austin Business Journal reports that the Austin area is again performing well, with over 3,000 sold in July, which is (according to the Austin Board of REALTORS) the largest number of home sales on record for the month and a 35 percent increase from the year before. Homes spent 41 days on the market on average, which is 23 days less than last July.
RL
www.myRealtyLine.com
September 2013
28
ABoR Chairman Cathy Coneway cites Austin’s job growth and the increase in mortgage rates as reasons for a boost in buyer confidence over the last year, and homebuilders are working hard to meet demand. “We can expect home prices to steadily increase, which could price many out of the area.” Coneway said in a recent news release. Should first-time buyers and out-oftown buyers worry about being priced out? How will this affect timing for sellers? It all depends. Remember: markets are hyper-local. Are you getting ready to buy? Sell? Relocate? Here is where it helps to have an experienced agent on your side who understands the nuances of the local market. Your market may not reflect the same movement as every other city or even neighborhood, and if you’re planning to make a move, it’s better to look at local statistics than national headlines. A recent article on Trulia.com uses Cleveland as an example of why it’s better
austin
Putting a Face on Real Estate since 1995.™
TM
Putting a Face on Real Estate since 1995
to drill down to local stats than make decisions based on data from national reports: Cleveland is reported to have one of the lowest appreciation rates on the Case-Shiller report. If you ask Cleveland agents, however, they’ll tell you why: fixer-uppers and luxury homes are dragging d o w n the overall market, but entry-level and midpriced homes are still in very high demand. Things change quickly. For example, did you know that just as of this year, Dripping Springs is considered one of the top
10 wealthiest ZIP codes in Central Texas? Local markets can surprise you. Your best strategy will vary depending on what type of home you’re buying or selling, where in the Austin area, y o u r timing, and what personal factors are going into the decision. Regardless of your goals, the best course of action is not to base your decision on what the market appears to be doing overall, but to watch the neighborhood, read comps, and engage with a REALTOR early to get the most current, hyper-local research. RL
YES YOU SHOULD ... because with the right message and consistency, advertising with us will get you noticed.
RL austin
Call 512-821-1900 for information.
TM
Focused on you.
Texas American Title Company
TEXAS AMERICAN IS PROUD TO ANNOUNCE THE NEW ADDITION TO OUR CLOSING TEAM:
Vista Lending is comprised of
Local Lending Experts who, with our
Realtor partners, have helped thousands of Texans finance their dream home.
Please call to reconnect or to meet and discuss how we can help you!
Our Team
Get in touch
512-358-6262 info@vistaaustin.com
Kelli Nash Rainer
lvd.
Escrow Officer krainer@texasamerican.com ver sid eD riv e
Auditorium Shores
oad
Front Row: Sonya Valia Mike Robertson
www.txamtitle.com
S. 1 st S t.
Downtown Office in Dr.
ings R
Bo uld
B a r to n Spr Dawson Rd .
811 Barton Springs Rd. Suite 111 Austin, TX 78704 Office: 512-479-7887 Fax: 512-479-7977
S. La mar B
Downtown Office
W. Ri
Back Row: Russ Laing Mary Canales Heather Shuttles Jennifer Cantrell Shawn Andrew
NFLP NMLS# 2297
W W W. v i s ta a u s t i n . c o m