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January 2009

There are 10 blog entries for January 2009.

Austin Unemployment and Austin Real Estate Market Update December 2008

Saturday, January 24th, 2009 at 2:42pm. 2,213 Views

Austin unemployment continued to increase in December 2008 to 5.2% from the 2008 low of 3.3%.  Austin sold prices year-to-date (January 1-23) have decreased slightly by 2.4% compared to the same time period during 2008 and the number of homes sold has decreased by almost half (48%).  During the first 23 days of January 2009 there were 178 single-family homes sold within the Austin city limits with a median price of $112.08 per square foot ($221,250) and with an average of 71 days on the market.  This is opposed to the same period of time during 2008 when there were 341 homes sold within the Austin city limits with a median price of $114.89 per square foot ($220,000) and with an average of 68 days on the market.  With continued low sales volume and

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Ridge at Lantana home for lease | 5817 Kempson Drive

Saturday, January 24th, 2009 at 1:37pm. 2,914 Views


5817 Kempson Drive (MLS#5379335) is located in the Ridge at Lantana subdivision in the heart of the Texas hill country near the intersection of Southwest Parkway and William Cannon. The first homes built in Lantana were sold in 2005, so the neighborhood is fairly new and is therefore in premium condition overall. This recently completed one story 2,211 square foot home was constructed by Plantation Homes in 2007 with brick construction, sits on a .20 acre lot, and contains 3 bedrooms, 2 full bathrooms, 1 living room, 2 dining rooms, and a 2 car garage. The home is fully furnished

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Low mortgage rates | Low interest rates make it attractive to buy in Austin, Texas

Friday, January 23rd, 2009 at 4:10pm. 6,597 Views

Low mortgage rates are making it very attractive for qualified buyers to purchase an Austin home.  For those homeowners that don’t have enough space in their existing home, the low mortgage rates are providing homeowners a good opportunity to move up into a larger home.  Freddie Mac began tracking mortgage rates in April of 1971.  According to Freddie Mac, December's rate of 5.29% was the lowest monthly rate on record.  This is opposed to previous periods of time when rates were much higher such as August 2008 when the 30 year fixed rates was at 6.48%.  In order to understand the benefits of low interest rates, let’s consider the circumstances of a buyer who needs to pay no more than $885 per month in principal and interest payments in order to purchase a

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Austin Energy Green Building Residential Program

Thursday, January 22nd, 2009 at 5:43pm. 3,974 Views

The Austin Energy Green Building Program provides consulting, resources, and education to help consumers build environmentally-sound homes and workplaces.  Some of the benefits include better health, greater comfort, lower utility bills, less maintenance, and lasting value.  According to the Austin Energy website, Austin Energy Green Building is the nation's most successful utility-sponsored sustainable building program.

Austin Energy's Residential Green Building Program is for homeowners and building professionals and uses a rating system for new and remodeled homes.  The rating system is made up of a star system where projects are rated on a scale of 1 to 5 stars; the more green features in the home earnes the project more stars.  Homes are rated in

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What is a VIP Inspection and where do you go to get one?

Thursday, January 15th, 2009 at 1:14pm. 3,394 Views

When a homeowner has trouble obtaining affordable property insurance due to the fact that insurers believe that their home will generate too many claims, a VIP Inspection or Texas Voluntary Inspection Program offers homeowners an alternative way to get affordable insurance.  Under the VIP Inspection program, a home receives a "certificate of insurability" if it passes an inspection by an inspectory qualified by the Texas Department of Insurance (TDI).  If a homeowner is able to obtain a "certificate of insurability" then insurance companies can't refuse to renew or sell an insurance policy because of the home's condition without sending someone to re-inspect the home and describing the deficiencies in writing. 

To receive a certificate of insurability,

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Be Prepared for closing on the purchase of a home!

Saturday, January 10th, 2009 at 12:45pm. 5,044 Views

Between working with a REALTOR®, a mortgage broker or lender, and a title company, a buyer of a home might think that they would be informed of everything necessary to prepare for the closing date on the purchase of a home. Unfortunately, this is not always the case due to the lack of communication, people getting busy, and people just forgetting to inform the Buyer. Here are a few basic items for a buyer to consider when preparing to close on the purchase of a home.

1) Settlement Statement: A buyer should push to obtain a US Department of Housing and Urban Development "Settlement Statement" as early as possible - as many days before the closing date as possible. The Settlement Statement is the document that details all of the costs associated with a

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What does the Austin Board of REALTORS® consider the Greater Austin Area?

Thursday, January 1st, 2009 at 4:42pm. 17,730 Views

When conducting a search in the MLXchange, the tool used by REALTORS® with the Austin Board of REALTORS®, which includes myself, the user can choose from any of the below cities to conduct a search for homes in the "greater Austin area."  These "greater Austin area" cities include the cities of Academy, Adina, Airville, Albert, Alum Creek, Ammansville, Andice, Austin,Balcones, Bankersmith, Bartlett, Bastrop, Bateman, Beaukiss, Bebe, Bee Cave, Belco, Belfalls, Belmont, Belton, Ben Arnold, Bertram, Beyersville, Blanco, Bland, Blowout, Blue, Bluff Springs, Bluffton, Blumenthal, Boardhouse, Bracken, Branchville, Briarcliff, Briary, Briggs, Brookhaven, Brownboro, Buchanan Dam, Buckholts, Buda, Buffalo Gap, Bulverde, Burlington, Burnet, Butler, Cain City,

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Number of Austin REALTORS® in 2009

Thursday, January 1st, 2009 at 4:36pm. 2,114 Views

There are 10,792 registered REALTORS ® as of 1/1/09 and there have been 8,351 single-family homes sold within the Austin city limits during 2008.  This means that the average real estate agent in the greater Austin area sold only one home within the Austin city limits and many that sold none at all during 2008.   There were 19,371 single-family homes sold in the greater Austin area during 2008, which means that the average real estate agent in the greater Austin area actually sold 1.79 homes.  However, there are many  REALTORS ® who complete a much higher number of transactions than the average with while some other real estate agents work part-time or have their real estate license to complete a deal from time-to-time on behalf of friends and family. 

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Austin Texas Real Estate Statistics 2008

Thursday, January 1st, 2009 at 4:28pm. 3,081 Views

Below are detailed Austin real estate market statistics for the year 2008.

Sold:  During 2008 there were 8,351 homes sold in Austin Texas compared to 10,800 during the same period of time in 2007, which is a 22.7% reduction.  Overall home prices have increased slightly by .67% for the year with a median sold price of $120.84 per square foot ($245,000) in 2008 compared to $120.02 per square foot ($235,000) in 2007.  In 2008 these homes have averaged 81 days on the market compared to 60 days on the market in 2007, which is a 26% increase in the time it is taking to sell a home this year compared to last.

Active:  There are 3,204 single-family homes actively for sale in Austin Texas as of January 1, 2009, which are just 557 fewer homes on the market

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Austin Texas Real Estate Market Update 2008

Thursday, January 1st, 2009 at 4:21pm. 3,000 Views

With a national housing and credit crisis and an economic recession at hand, one might think that Austin real estate would be distressed.  While Austin real estate has not been immune from the pain, the capital city of Texas has fared well through the economic downturn.  Incredibly, home prices netted an actual increase between 2007 and 2008, however so slight at $.82 per square foot.  Home prices are up an incredible 26% since the year 2000. 

In Austin the pain was felt in the actual number of homes sold during 2008 compared to previous years.  There were 8,351 single-family homes sold within the Austin city limits during 2008, a grand total of approximately $2.5 trillion dollars worth of home purchases.  This was 22.7% fewer homes sold and 24% less

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