Homes and Real Estate in Austin, Texas

New Texas Association of REALTORS Initiative Announced to Help Buyers in Texas

The Texas Association of Realtors has just recently announced a cool initiative that is designed to help more homebuyers take advantage of the numerous housing assistance programs in order to make homeownership more affordable for Texans. While there are a huge number of programs out there for assisting first time buyers, including assistance with down payments, low-interest loans, and more, the problem is one of getting the information out there.

Though it may come as a surprise for residents of the Lone Star State who are used to being the best, Texas actually ranks 44th out of 50 states in terms of overall homeownership, a fact that can be largely attributed to a lack of affordable housing in many markets. That homeownership gap is particularly enormous among the large Hispanic population in Texas – Hispanics currently account for more than 35% of the state’s population, but only 5 percent of homeowners in Texas are Hispanic.

“The good news for our state is that many programs do exist to make homeownership more affordable for Texans,” said TAR Chairman Bill Jones. “The bad news is that few people know about them and even fewer know how to take advantage of them.”

To address this issue, TAR has recently launched TxHomePrograms.org, an online searchable database of housing assistance programs in Texas. The site is an awesome resource for all types of information related to the first time homebuyers process, including many programs specifically to assist low-income Texans. They will also be partnering with local housing counselors, officials, and lenders to have programs and events designed specifically for consumers that provide information related to affordable housing, Texas-specific programs, and more.

Have more questions? Red Home Realty consultants are here to help 24/7 – 512.814.5995 or rojorealestate.com.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Welcome to the July 2010 edition of our Austin monthly market statistics analysis for home and condo sales in Austin, TX.

July was an interesting month in the ATX – on the one had there were large gains over 2009 in terms of key pricing numbers. On the other, overall sold listings dropped sharply over July 2009. Part of the blame can certainly be placed on the fact that the economy is still struggling and unemployment remains high. The expiration of the tax credit also likely plays a part. But the important thing to remember is that prices are still rising steadily and that there’s another key fact related to the volume vs listings that we’ll get to in a moment.

The biggest positive changes for July were in the average list and sold prices as well as the continuation of the YTD increases in both number of sold listings and total sales volume.

The Big Picture

Let’s start with the positive news for July, which per usual was quite substantial:

• The average list price in Austin increased by 18%, and the average sold price increased by over 17% over July of last year.

• While it didn’t drop as substantially as it did last month (when compared to last year), there was yet another drop in the average number of days on market until sale – 3.7%. The price per square foot for properties sold also increased 5% over last July.

• The number of new listings increased a substantial 12.6% over last year, which in addition to being an impressive number on it’s own is even more important when compared to the 11.3% two year change – a sign of continued and substantial growth for inventory.

Now on to the not-so-good news: the total number of sold listings for Austin from July 2009 to July 2010 dropped 31.5% – a huge number which doesn’t seem to mesh with the rest of the largely positive data for this year. But an important fact to put this up against is that the drop in volume since July 2009 was only 19% despite the fact that the number of listings sold dropped more than 30%. This exemplifies the extent to which prices aren’t just holding, but are rising, despite the fact that there are fewer people out there taking the plunge in the current economy.

As the chairman of the Austin Board of REALTORS pointed out this month, “To gauge trends in the real estate market, which is cyclical, we usually compare one month’s performance to the same month the prior year.” But, he continues, “this year, however, we have the unique situation of the homebuyer tax credits that inspired many buyers to purchase homes sooner than usual. Thus, it’s more meaningful to evaluate our market from a year-to-date perspective, instead of month-to-month, to gain a clear picture.”

So what do the YTD figures indicate? Continued positive performance. As Horton put it, “Looking at our market year-to-date, it’s clear that the demand for homes is still strong, based both on increases in the number of homes sold and decreases in how long it takes to sell a home. We do have more active listings on the market, which means there is an ample supply of homes for prospective buyers. The stability shown in the median price of single-family homes shows Austin real estate continues to hold its value well.”

So what does this mean for you, the potential buyer or seller? It means you’ve go the best best of all possible worlds. As a seller, you can be confident that even though it’s a more competitive marketplace than Austinites are used to, homes are still commanding substantial prices despite the economy. And as a buyer, you know that you’ve got some leverage and that the market, despite still being so strong, certainly won’t be getting softer anytime soon. This is course will equate to equity that’s at the heart of what everybody wants when they purchase a home.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Contract to Close: A Step-by-step Guide

Are you thinking of purchasing an Austin home or Austin condo for the first time, but are unsure about how to proceed? Or are you a move-up buyer who hasn’t purchased a home in many years? We’ve found that the majority of buyers, even if it isn’t their first time purchasing a home, are often unsure about all the steps involved in the process of purchasing a home. The number of steps are the amount of paperwork, especially for buyers who are financing through a special program such as FHA, can be overwhelming.

This step-by-step guide from contract to close identifies all the steps of the process but keeps it simple: no lengthy write-ups filled with complicated jargon that’s for real estate pros. We keep it simple and in down-to-earth language so it’s easy to learn the process and approach the buying process with the confidence that comes with a working knowledge of what’s in store.

Once you’ve found the right property (search Austin homes for sale here), the process of moving from contract to close consists of the 10 easy steps below. Don’t forget to check out the very detailed glossary of virtually every real estate term. All terms in blue italics below can be found in the glossary.

1. Earnest Money – Once the buyer and seller have agreed on the offer (“acceptance”), the first step is to write a check made payable to the title company for the earnest money. At this time you’ll also write a check directly to the seller for the option fee, usually $100. Only once this money has been received in addition to the accepted and signed purchase contract will the title company “receipt” the transaction, at which point the option period begins (the “clock starts ticking.”)
2. Title Check – In the state of Texas, a title company serves as the escrow agent for the transaction, but more importantly handles all the details of the closing process, coordinating with your agent, lender, and other parties to the deal. Perhaps the most important function of the title company is to get a preliminary title report, which is used to confirm that the seller is the legal owner of record of the property and that there are no unpaid liens or other legal claims against the property. This could include unpaid debt to contractors, banks, or unpaid real estate taxes and special assessments.
3. Homeowner’s Insurance - As the buyer, it’s your responsibility to obtain sufficient homeowner’s insurance coverage. In addition to being a smart financial decision to protect your investment, a certain amount of minimum coverage (usually the purchase price) is always required by your lender in order to secure financing. You’ll have to provide proof of insurance in order to close – your insurance agent usually coordinates with the lender directly to ensure this is completed.
4. Disclosure and Inspection – The state of Texas requires that sellers provide a seller’s disclosure that provides information about material facts, any property defects, lawsuits regarding claims to ownership of the property, etc. The buyer’s responsibility it to obtain a professional inspection on the property that includes a general property report as to material defects, pest infestations, electrical or plumbing issues, or any other problems with the property. The inspection report serves two critical functions: it provides useful information that will help you to determine if you’d like to move forward and purchase the home, and it serves as a negotiation tool to work with the seller to agree upon solutions to problems before you’re option period elapses. Your agent will assist you in negotiating with the seller to agree upon fixes or compensation for necessary repairs.
5. Appraisal of Property – An appraisal is required in order for your lender to provide your loan to purchase the property, and they will coordinate a professional appraisal of the property.  The appraiser’s report describes the physical characteristics of the property and the comparable property values that will be used to determine it’s value. Once the inspector has performed a detailed inspection on the property they’ll prepare a written report and determine the final dollar amount that the property is worth. As long as this amount is at least equal to least the loan amount, you’re good to go.
6. Loan Approval – Once all of your lender’s conditions have been satisfied and all of these steps have been completed, they will notify the title company that your loan request has been approved. The lender will then send your loan documents to the title company so that the documents can be signed at the closing appointment, which is often referred to as the “sign-off.” The Third Party Financing Addendum is the document which protects you, the buyer, in cases where your loan isn’t approved and you cannot obtain financing – talk to your agent about financing protection.
7. Closing Funds – Before your closing appointment (usually a day or so before), the title company will confirm with final amount of money due on the closing day. Your agent can assist you to insure you have the final number in advance of the closing date. The closing funds are in the form of a cashier’s check payable directly to the title company. Certain transactions may also be funded using a wire transfer or electronic payment, direct payment from a financial institution by cashier’s check, or another payment method – for more details specific to your financial scenario talk to your agent.
8. “Signoff” and Closing Appointment – It’s finally time for closing! On the designated day you’ll head over to the title company for your closing and signing appointment, which usually takes about an hour. This is when you’ll sign all the necessary title and loan paperwork and provide your cashier’s check for the amount due to close. Depending on the location of the seller and the type of transaction, they’ll sign the paperwork at the title company on the same day, they will have already signed everything, or the documents will be mailed to them for signatures.
9. Final Steps – Once all the documents are signed and all monies are received, the transaction will be recorded by the county and you’ll actually take possession of your new home. Your agent will help you to obtain the keys and any other required items from the seller, at which point the lockbox comes off, the signs come down, and you’re ready to move in to your new home!

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

http://www.redfin.com/buy-a-home/getting-a-mortgage

Welcome to the June 2010 edition of our Austin monthly market statistics analysis for home and condo sales in Austin, TX.

June was the kind of month that keeps the optimists happy in Austin, TX – there was absolutely no bad news for June when it comes to Austin homes and Austin condos. The numbers all bear it out – Austin is still a vibrant and healthy real estate market, and the positive changes of June fit with a larger year-over-year trend as opposed to just a blip on the radar screen. The biggest positive changes were in the average list and sold prices and another substantial drop in the average number of days that a home spent on the market.

What’s remarkable and these positive signs in june is that the numbers aren’t small increases – there were some MAJOR bumps particularly in the average listing and sales prices for Austin homes. And as far as the year over year numbers, they continue the trend of solid improvement from what can fairly be called a soft point in our market immediately following the economic downturn in late 2008. Read on to get the full scoop on the June 2010 numbers for the Austin, TX real estate market!

The Big Picture

WOW was June a solid month for the ATX! The biggest changes to report as far as the June 2010 vs June 2009 numbers are as follows:

• The average listing price of Austin homes jumped from about $255K to more than $338K over June 2009 – a remarkable improvement of more than 32%!

• The average SOLD price of Austin homes jumped from about $244 to more than $327 over June 2009 – an improvement of more than 34%! This stat is all the more impressive in light of the recent economic news concerning real estate such as the rising number of foreclosures nationwide and the tightening of the credit market.

• The listing and sold price when calculated on a per-square-foot basis jumped an incredible 45+% over June 2009!

• The average number of days on the market dropped 13% from an average of 76 to just 67 days for Austin homes, condos, and town homes.

Overall these numbers reveal some irrefutable data in support of the claim that Austin is A) still on the upswing and B) probably bottomed out (to the extent that it actually happened in Austin) at some point last year and home prices show no sign of falling, at least by any significant margin, in the near future. Having weathered what can be fairly described as among the worst financial disruptions of the past half century, Austin home prices aren’t just holding – they’re improving.

The year-over-year figures also contribute some extremely positive information in terms of the overall Austin real estate market picture. The 2009 total number of sold listings as of June was 9460, whereas we’re already at 10883 for 2010. That’s a solid improvement of more than 15% over last year. The total volume shows and even bigger improvement – the June to June as wel as the year-over-year totals for the sold volume in Austin are both up more than 22%. This confirms that the June numbers are hardly an aberration!

With prices on the upswing and days on the market dropping, there’s still time to get in on your Austin purchase before we come all the way out of this (relatively soft) low point. Now is unquestionably the right time to invest in Austin – call you Red Home Realty agent today!

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Welcome to the May 2010 edition of our Austin monthly market statistics analysis for home and condo sales in Austin, TX.

May wasn’t really a windfall month in any direction, nor were there any huge market disruptions to report. The data reflects modest changes in either direction in terms of the list and sold prices, prices per square foot, etc. The real news for May 2010 in the Austin, TX real estate market is in two critical stats: days on the market until sale and the total number of closed sales.

Especially when it comes to the YTD totals, 2010 is shaping up to be a much bigger yeah than 2009 both by volume and number of sales, despite the fact that markets remain somewhat soft. Read on to learn more about the May market data and about how things are looking in the Austin, TX real estate market!

The Big Picture

The biggest change in the “major” stats from april was in the amount of time homes were on the market prior to sale, and we’re happy to report that the trend not only continued in May, it grew. The drop of 18% is among the largest we’ve had so far in 2010 and is a HUGE stat when considering the fact that inventory is rapidly adjusting back to more normal levels. With an area average of 2 months for homes to be on the market, Austin sellers should consider themselves extremely lucky given that inventory through much of the rest of the country has exploded far beyond demand and has left nowhere for home prices to go but down.

The total number of homes sold also increased substantially over 2009 to 2165 - an increase of 15% – and the year to date increase was an even larger 19.6%! Overall this suggest that inventory is being kept at reasonable levels and that we should continue to expect solid sales throughout 2010.

There’s another big story that ties in to what we’ve written about the resiliency of Austin’s downtown market. Not only are there reports that we may have another downtown condo boom upon us shortly, but the sales data shows that despite somewhat softer prices in the luxury market there is still a MAJOR demand for property in downtown Austin. The graphic below shows the sales data for area DT (downtown Austin) for May, and the change in the number of sold listings and in the volume is truly enormous: sales volume has risen by 115% year to date in the Downtown area, and just in comparison to May of 2009 the number of sold listings nearly doubled.

These numbers speak to the HUGE demand for downtown properties despite the economy’s woes. We look to see this trend continue throughout 2010 and for much of the downtown inventory (both resale and new inventory as it becomes available) to continue selling strongly.

Downtown Austin Stats for May 2010

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

I know, I know. Here we are doing everything we can to shine on the ATX. We love this town – it’s true. And yes, we happen to be in the real estate business. But no matter how you stack it we have to report the facts: Austin is reigning supreme in many a category these days. We’ve written about the state of the market, about Austin’s spending in the face of recession, the future developments in our thriving downtown, and about how we’re just the best. But now we’ve got another impressive stat for the list: Austin was recently name the #1 city in American in terms of beating the recession. Read on to learn more about the recent report and about why Austin is saying no thanks to the recession!

The news comes in the most recent MetroMonitor report from the Brookings Institute (covered here by the Huffington Post)- a quarterly publication about the state of the economy in the top 100 American metro areas. What conclusions did they draw about Austin? The highlights are as follows:

• The percentage change in the gross metropolitan product (GMP) was a remarkable 5.3% since the peak!
• Austin has made a complete recovery of any output dips and enjoyed positive job growth over the last two quarters.
• The change in the Austin unemployment figures in 2010 was only 2.3%  since the peak – among the lowest increases in any US metro area.
• From the first quarter of 2007 to the 2nd quarter of 2010 the Austin real housing price index actually rose about 1%!

So what does this all mean? As the full report (PDF here) shows, Austin is atop all the metro areas in virtually every economic indicator tied to our recovery from the recession. And while the national picture isn’t rosy (in same categories the smallest loss was the biggest gain…) Austin has proved that the foundations of a vibrant local economy are an educated and creative workforce, strong but below-the-bubble housing prices, and continued investment in economic development.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Some SERIOUS Cash Now Available for Qualified Texas Buyers
The Texas Department of Housing and Community Affairs (TDHCA) has recently announced the largest ever financing initiative for Texas homeowners in the history of the agency – TDCHA Bond 77.

It secures $500,000,000 dollars to be released in monthly $50,000,000 phases that is being made available for mortgage loans to help low and moderate income Texans who are attempting to purchase a home. The program’s huge dollar amount and relatively high purchase price limits means it’s going to be a huge boon for assistance for first time (and in some cases, move-up) homebuyers and is forecasted to help in excess of 4000 Texas families purchase homes.

Most particularly, it will have an enormous impact on low and moderate income homebuyers who are relatively stable financially but may be having a difficult time coming up with the money for a downpayment. Below is a summary with Q + A style information about the program that highlights the most important aspects of the proposal, and there are links as well as additional criteria information at the bottom of the post.

How does the program work? The TDHCA Bond 77 program will release money every 30 days in $50,000,000 increments which will be made available on a first come, first serve basis to qualified home buyers (primarily, but not exclusively limited to first time home buyers).  The initial amount (“Lot 1″) of $50,000,000 was released just last week.

What does it offer? The primary objective of the program is to make available 30-year fixed mortgages that are below market rate as well as provide assistance with down payments. The interest rates for the loans will be around 4.99% if they are being provided without down payment and closing cost assistance, or 5.74% on loans with down payment and closing costs assistance.  While the rates will changes monthly with each new release of funds, the rates are guaranteed to be below-market.

Who Qualifies? The major goal is to help first time home buyers so they will constitute the majority of those benefiting from he program, but some some existing homeowners (if they are purchasing in Targeted Census Tracts) will be eligible as well. Only those classified as low to middle income borrowers (more about this in the slide below) are eligible to be a part of the program.

What kinds of loans are available? The bond program provides funds for multiple types of loans, including FHA (with low down payment programs for first time home buyers), Conventional, USDA, and VA (veterans) loans.

What kinds of properties qualify? Single Family, Approved Condos, and Planned unit developments (PUDS) are all eligible for the program.  The limit on the home prices is $316,177 in the “Targeted Census Areas” (There are 6 qualified Census Tracts in Travis County – more info on the TDHCA website), and $258,690 in “non-Targeted areas”. These limits are a good deal higher than those previously set in similar programs, which is a big benefit to moderate-income buyers.

What makes this program unique? The generous limits for income amount and home cost are the biggest factors setting the Bond 77 program apartment from others like it, and it’s also not exclusive to “Targeted” areas.  The program offers below market rates, and down payment assistance specifically for borrowers with little or no money down.  They also have a first-come first-serve system that requires a one-time payment of only $350 to reserve a spot, and it’s hands down the  largest single financing initiative ever offered by TDCHA.

Want more details on this program to determine if you and your family qualify? Confused about how the mortgage bond programs works and what it can do for you? Don’t hesitate to contact us so we can connect you with the right lenders.

Feel free to check out the TDCHA website’s page on the program here and a detailed page on Lot 1 (the first release) of the program here. There’s also a super helpful set of images below with a summary of the income limits and the targeted areas for the program.

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

The Future’s So Bright We Have to Wear Shades
If you regularly check out our blog, it’s no secret: we think Austin is a heck of a place to call home. We’ve written about the consistency and integrity of our real estate market, about the vibrant local economy and the spend-happy residents, the strong and soon-to-be-booming again downtown condo market, and about the resiliency of the Texas economy overall. Well recently Kiplinger Magazine bestowed another impressive accolade on Austin,TX – we were recently named the #1 best city for the coming decade. WOW. What a statement. And from Kiplinger’s – the pros in personal finance, investing, and forecasting – that’s nothing to sneeze at.

What Makes Austin #1?
It’s only natural to ask: how do they decide who’s number 1?

According to the article, the focused on places that specialize in outside-the-box thinking, because we all know new ideas generate new business. The “numbers guru” who decided on Austin as the #1 pick, Kevin Stolarick, knows that innovation is the name of the game: “In the places where innovation works, it really works.” The three elements most important to this determination are smart people, great ideas, and collaboration, and the combination of a winning university, strong local government, plethora of business organizations and community programs, and creative workforce just can’t be beat in the ATX.

Austin is also home to a dozen VC (venture capital) firms as well as 20 business associations. And as we all know, it’s also among the most tech-savvy US cities, having recently landed Google and Facebook as local employers to add to our already impressive array of tech companies including 3M, Motorala, AMD, Intel, Texas Instruments, and more.

Austin also topped the Portfolio.com small-business-vitality chart in 2010, and between 2004 and 2009 (a time when national employment fell), Austin’s employment increased more than 15%

Check out the following story of a successful entrepreneur from the article:

Everything may be bigger in Texas, but Austin’s genius is nurturing the power of small. Just ask Rob Neville, who wants to develop his biotech firm, Savara Pharmaceuticals, into a major player in the field of inhaled-drug therapy. The firm started in Kansas, but Neville transplanted it to Austin because the city is arguably the country’s best crucible for small business.

Neville, a native of South Africa, has rooted his company in a city with, he says, “a huge angel-financing network, billionaires who will freely offer you advice,” plus a culture that “attracts the best and brightest, who will work for less just to be in Austin.” Savara is based in the city’s renowned Austin Technology Incubator. Austin Technology is a joint project of the University of Texas, which is a research powerhouse, the city of Austin and the business community — just one example of the collaboration that characterizes the city.

Neville isn’t himself a scientist. “Many people could have done a life-sciences company better than me,” he admits. But he has faith in Austin. His first company, software firm Evity, blossomed in Austin; Neville sold it to BMC Software for $100 million in 2000.

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Some new data just in from the Austin Board of Realtors shows that home and condo sales are continuing to rise in the ATX – home sales increased 31% and condo sales increased 63% over April 2009!

Not only that, but the supply levels are indicative of a balanced market, meaning that there’s reason for optimism about what’s coming now that the homebuyer’s tax credit has recently expired.

The Numbers
Home sales for the month totaled $486 million with 2,043 single-family homes sold, which is a remarkable figure when considering the fact that the overall economic climate is recovering only marginally nation wide. And when compared to April 2009, the median price of real estate was unchanged in Austin at $190,700. And another, perhaps even more impressive, figure is in the number of pending home sales, which increased 47 percent to 2,813 for April. Home sales also increased month to month compared with the March $422 million sales total, or 1,784 single-family homes sold, and median prices also rose by $10,700 over last month.

From the Austin Business Journal report:

“The considerable increase in sales and pending sales indicates increased activity among buyers trying to beat the April 30 tax credit deadline,” says Austin Board of Realtors Chairman John Horton. “Although the tax credit has expired, we are entering a growing economic, real estate and seasonal cycle which we hope will continue to provide momentum to carry our market upward.”

But what about condos and townhouses? Sales here were even stronger in April, increasing 63 percent to 213 sold compared with the same month 2009. Pending sales for condos and townhouses also increased 70 percent to 338.

Again, from the Austin Business Journal report:

“The significant increase seen in the condo and townhouse market can most likely be attributed to the first-time homebuyer tax credit,” Horton said. “The median price for condos and townhouses is approximately $30,000 less than the median price for a single-family home; and therefore, these properties can be a more affordable alternative for first-time buyers.” Horton remains optimistic because the month’s supply of inventory in April was approximately 6.5 months, which represents a balanced market. “There are a lot of buyers who have been waiting to purchase until they were confident in the economy,” Horton said. “Now that we are seeing recovery in the economy and real estate market, in combination with historically low interest rates, those potential buyers who have been on the fence are now taking the leap and entering the housing market.”

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.

Ari Guerrero, one of our top sales consultants over at Red Home Realty, has recently been featured in a good old fashioned (although very hip) print publication in Austin. The most recent issue of Rare Magazine features a piece on Austin’s “Flipped Market” - it deals with the changes in the flipping game as a result of the shifting Austin, TX real estate market. You can check out the full text of the article here, and here’s an except from Ari:

“Some Austinites don’t like the suburban feel: You’re looking for worn-in houses that have character,” says Realtor Ari Guerrero. “The way Austin goes through redevelopment is different from any other city. Look at how South Congress was transformed into a funky hangout. In San Antonio or Dallas that part of town would have ended up as a strip mall and all the buildings would look identical. But we don’t do it like that here.”

Want to have Ari help you flip your next project? She’s only an email away: ari@rojorealestate.com.

About Red Home Realty

Red Home Realty is a forward-thinking group of ambitious real estate professionals that look at real estate differently because the old way is broken. Traditional real estate brokers have had their fun, and now it’s our turn – We’re changing the game in Austin real estate.

We’re Tech Nerds - While some Austin Realtors are struggling to sync their Blackberry, we live and breathe technology. From our powerful Austin Home Search tool for buyers to our online and social media marketing for sellers, we use technology and common sense to connect with the market.

20% Cash Back Rebate – We make it easy for savvy consumers to find their new home online so when you buy with us, you get 20% cash back. It’s like one of those big bailouts you’ve heard about, except the money goes in your pocket, not to Wall Street.

It’s all about YOU – You’re not just a lead, you’re a guest in our home where you can expect Ritz-Carlton level service. We are ladies and gentleman empowering ladies and gentleman with new tools on new platforms backed by market data and facts – good, bad, or ugly.

Connect with us at rojorealestate.com, or learn about the Austin market on our company blog. You’ve got questions – now you have help.