Steps to Stop Renting and Start Owning a Home

You don’t need to feel trapped in your apartment or house rental.  Before you pay another cent in rent to your landlord, consider what it would be like to STOP RENTING and START OWNING your own home!  You don't need perfect credit, in many cases, you could own for less than renting.  

Consider some of these little known facts about owning your own home:

1. You don’t need a large down payment.
2. You may be able to get assistance with your down payment and closing costs.
3. You may be able to find seller financing options.
4. You can buy a home with less than perfect credit.

If you dream about being a homeowner, contact TCP Real Estate today to find out your options for buying a home.  

AUSTIN’S HOUSING MARKET IS STRONGER THAN EVER

AUSTIN’S HOUSING MARKET IS STRONGER THAN EVER

According to the latest Multiple Listing Service (MLS) report released by the Austin Board of REALTORS® (ABoR), the volume of Austin-area home sales was up 29 percent between May 2013 and May 2012.  That also marks two straight years of sales volume increases and the most home sales in May on record.   On average, homes spent 44 days on the market, which is a decrease of 19 days from one year prior.

Austin Real Estate May 2013 Statistics

• 2,991 – Single-family homes sold, 29 percent more than May 2012.

• $231,500 – Median price for single-family homes, eight percent more than May 2012.

• 44 – Average number of days single-family homes spent on the market, 19 days fewer than May 2012.

• 3,735 – New single-family home listings on the market, 11 percent more than May 2012.

• 5,735 – Active single-family home listings on the market, 24 percent fewer than May 2012.

• 2,857 – Pending sales for single-family homes, 10 percent more than May 2012.

• 2.7 – Months of inventory* of single-family homes, 1.7 months less than May 2012.

We've seen an increase in activity this year for both buyers and sellers across town.  Here’s a list of the fastest selling areas:

• Downtown Austin where median prices have increased 14 percent in the last year.
• Central Austin just north of West Campus.
• West Austin near MoPac which includes Tarrytown, Pemberton Heights and Clarksville  where median prices rose 16 percent in the last year.
• East Austin between MLK and Riverside where the median prices have increased 17 percent in the last year.

AUSTIN HOME SALES HIT 9-YEAR HIGH

AUSTIN HOME SALES HIT 9-YEAR HIGH

According to the Austin Board of REALTORS® latest MLS report, the volume of Austin-area home sales continues to rise. April marked the 23rd straight month of year-over-year sales volume increase and saw its most home sales since 2004.

According to the report, 2,563 single-family homes were sold in the Austin area in April 2013, which is 32 percent more than April 2012. On average, homes spent 50 days on the market, which is a decrease of 19 days from one year prior.

In April 2013, the median price for Austin-area homes increased eight percent more than the same month last year to $227,250. Additionally, the market featured 2.7 months of inventory in April 2013, which is 1.3 months less than April 2012.

Austin Real Estate April 2013 Statistics

• 2,563 – Single-family homes sold, 32 percent more than April 2012.

• $227,250 – Median price for single-family homes, eight percent more than April 2012.

• 50 – Average number of days single-family homes spent on the market, 19 days fewer than April 2012.

• 3,561 – New single-family home listings on the market, 10 percent more than April 2012.

• 5,488 – Active single-family home listings on the market, 25 percent fewer than April 2012.

• 2,976 – Pending sales for single-family homes, 20 percent more than April 2012.

• 2.7 – Months of inventory* of single-family homes, 1.3 months less than April 2012.

* The inventory of homes for a market is measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months.  The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

With summer finally here, it’s a great time to buy and sell real estate in the Austin area.   More than a hundred people are moving to Austin every day and once you are here, you will fall in love with our city! Contact TCP today to find out your Austin home’s current value in today’s market or to sign up for a FREE Austin buyer search of area homes sent directly to your email with daily alerts of new listings.

AUSTIN-AREA HOME SALES ARE UP AGAIN

The Austin Board of REALTORS® released real estate statistics for March 2013 this week and according to Multiple Listing Service (MLS) statistics, the volume of Austin-area home sales continued to rise in March.  That’s the 22nd straight month of sales volume increase and the most home sales in March since 2007.

According to the report, 2,166 single-family homes were sold in the Austin area in March 2013, which is 16 percent more than March 2012. On average, homes spent 64 days on the market, which is a decrease of 20 days from one year prior.

In March 2013, the median price for Austin-area homes increased to $220,000, which is 10 percent more than the same month in 2012. Additionally, the market featured 2.6 months of inventory in March 2013, which is 1.8 months less than March 2012.

The total dollar volume of single-family properties sold was $616,354,794, or 28 percent higher than the same month last year. The market also featured two percent fewer new listings, 28 percent fewer active listings and 18 percent more pending sales in March 2013 compared to the prior year.

March 2013 Statistics

• 2,166 – Single-family homes sold, 16 percent more than March 2012.
• $220,000 – Median price for single-family homes, 10 percent more than March 2012.
• 64 – Average number of days single-family homes spent on the market, 20 days fewer than March 2012.
• 3,283 – New single-family home listings on the market, two percent fewer than March 2012.
• 5,218 – Active single-family home listings on the market, 28 percent fewer than March 2012.
• 2,754 – Pending sales for single-family homes, 18 percent more than March 2012.
• 2.6 – Months of inventory* of single-family homes, 1.8 months less than March 2012.
• $616,354,794 – Total dollar volume of single-family properties sold, 28 percent more than March 2012.

The report all listed other sections and trends of the Austin real estate market:

Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in March 2013 was 275, which is 27 percent more than March 2012. In the same time period, the median price for condos was $181,750, which is three percent less than the same month of the prior year. When compared to March 2012, these properties spent one percent less time on the market, or an average of 87 days.

Leasing
In March 2013, a total of 1,205 properties were leased in Austin, which is nine percent more than March 2012. The median price for Austin-area leases was $1,380, which is six percent more than the same month of the prior year.

** Home sales statistics are released by ABoR on a monthly basis.  The inventory of homes for a market is measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

If you are looking to buy, sell or lease Austin properties, contact Texas Capital Properties today to get started.  Our team of professional real estate agents can help you with any of your Austin real estate needs!

MORTGAGE RATES CONTINUE TO REMAIN STABLE

Mortgage rates continued to remain stable this week, even as the stock market rallied on signs of a strengthening economy in the United States.

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The benchmark 30-year fixed-rate mortgage remained at 3.73 percent, according to Bankrate.com’s national survey of large lenders. The mortgages in this week’s survey had an average total of 0.36 discount and origination points. A year ago, the mortgage index stood at 4.11 percent; four weeks ago, it was 3.76 percent.

The benchmark 15-year fixed-rate mortgage was 2.96 percent, the same as last week. The benchmark 5/1 adjustable-rate mortgage stayed at 2.68 percent.

So will the Fed keep mortgage rates low? Mortgage rates may fluctuate in the near term, but they are expected to remain low as long as the Fed continues to purchase $85 billion worth of U.S. Treasury bonds and mortgage-backed securities.

National data also indicates that the housing recovery continues to gain momentum.  The Commerce Department reported this week that new home sales surged in January to the highest level in 4.5 years.  Sales of new single family homes were up 15.6% to a seasonally adjusted 437,000 annual rate which is the highest since July 2008 and was the largest gain since April 1993 and up 28.9% from January 2012. The S&P/Case Shiller composite index of 20 metropolitan areas showed that home prices increased 6.8% last year from 2011 numbers which was the largest gain in more than six years. The index increased 0.9% in December on a seasonally adjusted basis.

If you are thinking about buying or selling in Austin or the surrounding area, now is a great time! Contact Texas Capital Properties today to get started.  Our team of professional Austin real estate agents can assist you with any of your real estate needs.

Myths About Buying a Home

5 MYTHS ABOUT BUYING A HOME

There are many real estate myths about buying a home.  Whether you are a first time home buyer or seasoned investor, it’s important to distinguish between fact and myth.  Knowing the difference between the two can save you thousands and peace of mind.  Here are 5 myths about the home buying process to help you on your way to home ownership.

Myth #1: You’ll Find the Perfect Home

As a first-time home buyer, you may get caught up in the excitement of buying.  But you need to remember that just because you have a vision of your dream home that doesn’t mean you’ll find it.  Not every home is going to meet your expectations.  Most homes will have a flaw or two, and sometimes many more.  It’s important to look at the big picture and not obsess over finding the dream home.  If you find a house that meets most of your needs and wants, then you’ve done a pretty good job in finding the right house for you.

Myth #2: You Should Buy a Home You Can Grow Into

Many first-time home buyers may have heard this before – look for a home you can grow into.  Not so, especially if you consider that most first-time home buyers spend less than 5 years in their first home.  You need to think about where you plan on being in the next few years, but many things in life are unexpected.  You may need to relocate for a job or school.  You may decide you like another area.  You just never know what circumstances will change in the future.  Do you really want to buy the 5 bedroom home so that you can accommodate all the future kids you plan on having?  Look at your current needs and any short-term goals you have and go from there.  Buy a home that suits you for today and that is affordable.

Myth #3: The Best Deals are Distressed Properties Like Foreclosures

In the past five years, we’ve seen an influx of foreclosures and short sales in the real estate market.  Some are offered below market value and some are not.  Some need very little work and some need a complete overhaul.  If you are only focused on finding the lowest price, you will miss out on some great homes.  Figure out what’s important to you in terms of fixing up and affordability.  There are many motivated sellers willing to negotiate with the right buyer.

Myth # 4: You Must Have Perfect Credit to Buy a House

While it’s true that lenders have tightened up lending standards the past few years, you certainly don’t need perfect credit to purchase a home.  The best thing to do is get in touch with a reputable lender to go through your credit report with you.  The sooner you get your credit in order, the better prepared you’ll be when it comes time to start looking for a home.

Myth # 5: You must have at least a 20% down payment.

The traditional down payment of 20% percent is not needed to buy a home.  If you qualify, consider an FHA loan where the down payment is as little as 3.5% down.  A VA loan requires no down payment at all and is available to all eligible veterans.  The important thing to remember is that there are programs out there that can help you purchase a home.

Buying a home is one of the biggest investments you can make.  Our goal at Texas Capital Properties is to help you find the right home, negotiate the best price and navigate the home buying process as smooth as possible.  Our Austin real estate agents represent buyers throughout town looking for new construction, resale homes, distressed properties, and downtown condos.  We are the Austin-area real estate experts to help you find your home today.  Contact 512-587-3732 or visit our website to get started.

Mortgage Rates Remain Near Record Lows

MORTGAGE RATES REMAIN LOW AFTER HOLIDAY

Mortgage rates remain low after the Thanksgiving holiday according to Bankrate.com’s national survey of large lenders.  The benchmark 30-year fixed-rate mortgage fell to 3.52 percent from 3.53 percent.   One year ago, the mortgage index stood at 4.25 percent; four weeks ago, it was 3.57 percent.

The benchmark 15-year fixed-rate mortgage was 2.86 percent, the same as last week. The benchmark 5/1 adjustable-rate mortgage rose to 2.74 percent from 2.7 percent.

Freddie Mac’s results of its Primary Mortgage Market Survey® also found mortgage rates virtually unchanged and remaining near record lows.  Their survey found the 30-year fixed-rate mortgage has averaged below 4.00 percent all but one week in 2012, while the 15-year fixed-rate mortgage has averaged below 3.00 percent since the last week in May.

Weekly National Mortgage Survey

Results of Bankrate.com’s Nov. 28, 2012, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:

	30-year fixed	15-year fixed	5-year ARM
This week’s rate:	3.52%	2.86%	2.74%
Change from last week:	-0.01	N/C	+0.04
Monthly payment:	$742.77	$1,128.38	$672.72
Change from last week:	-$0.92	N/C	+$3.48

Austin Housing Market 2012

Find out what is happening in the local Austin Housing Market and Real Estate News in 2012.

Austin home values continue to rise.  According to the Austin Board of REALTORS®, the volume of homes sales rose and home prices of Austin homes continued to rise to the 15th straight month of increases.

August 2012 Statistics

• 2,397 – Single-family homes sold, 21 percent more than August 2011.
• $212,000 – Median price for single-family homes, six percent more than August 2011.
• 61 – Average number of days that single-family homes spent on the market, 18 days less than August 2011.
• 2,740 – New single-family home listings on the market, 15 percent more than August 2011.
• 7,262 – Active single-family home listings on the market, 17 percent less than August 2011.
• 2,207 – Pending sales for single-family homes, 23 percent more than August 2011.
• 4.0 – Months of inventory* of single-family homes, 1.7 months less than August 2011.
• $663,700,536 – Total dollar volume of single-family properties sold, 30 percent more than August 2011.