Texas Real Estate

Beginning on January 1, 2011, all newly constructed homes will be required to have fire sprinklers. The International Residential Code, which is the minimum standard for building in Texas, has mandated the fire sprinklers as a measure that they believe saves lives. It gives the occupants more time to evacuate the structure and may prevent the room from getting to the point of flashover, a temperature that causes all flammable items to catch on fire.

However, this new change will be costly to install and maintain. The National Fire Protection Association reported average costs of $1.61 per square foot to install. Additionally, some insurance carriers will give discounts on premiums for properties that contain the sprinklers. Of course, it remains to be seen what will happen if the system malfunctions or is accidentally set off. Looks like the fire sprinkler providers will soon have a booming business.

Source: Texas Realtor Magazine, Nov. 2008

H.R. 3221, part of the Housing and Economic Recovery Act of 2008, allows first time homebuyers to take a $7500 tax credit from the purchase of a home. One cannot have owned a home in the previous three years and must be a US citizen who files taxes. The home must also be purchased prior to July 1, 2009. Married couples must not make over $150,000 as their modified adjusted gross income to qualify.

Any home qualifies and must be the principle residence.For example, if one owed $10,000 in taxes, they could subtract the $7500 and then owe the remainder of $2,500. If they owe less than $7500, the government will issue them a check. The credit may be taken on either the 2008 or the 2009 tax return.

But, there is a catch. The credit is really a loan and must be paid back to the government. Therefore, it may be paid back over a period or 15 years, interest free. If the homeowner sells the home before that time, the entire remaining amount is due from the profit of the sale.

Article condensed from The Showcase USA, Aug. 18,2008.

We hear so much about the market but what do the Multiple Listing Statistics really tell us?

For homes priced $174,999 and below in the Austin and San Antonio areas it is a seller’s market.  This means that there are more buyers than available homes in this price range.  If there is less than 6 months of inventory, it is considered seller’s market.  For homes priced $175,000 and above it is a Buyer’s market.  This indicates that there is over six months supply indicating that there are more sellers than buyers in the price range. The new homes have a 4.68 month supply which was 7.26 months last August. This indicates that new home builders are clearing out their inventory which is an advantage for new home buyers. Many builders are still offering discounts and other buyer incentives.

The home inventory is up slightly since the same period as last year. The total number of homes sold this year is 17% lower than the same period as last year.  Homes are also staying on the market longer than the previous year.

It is projected that in the San Antonio area, 19,000 homes will be sold through the MLS system this year which will be -14% from last year.

The market here in the Austin and San Antonio area is still viable and much better than places such as Las Vegas, Florida, Arizona,& California whose markets are off over 30%.

For more market statistics or for questions on a particular neighborhood, call
Diana Fidone-Griggs in San Antonio at 210-363-8658
Angela Sparks in Austin at 512-762-0923

There are thousands of homes on the market right now.  What do you need to do to make your home desirable and obtain top dollar?   Below are some tips to make this possible.

1.De-clutter.  Take a look around your house.  Are there items you no longer need or use or piles of books, magazines, or other materials?  The home should appear spacious so potential buyers can imagine the home with their belongings.  Give away the unused items or have a garage sale.

2.Repair Sheetrock.   Do you cracks or holes in the walls?  Repair those professionally to give the home a well-maintained look.

3.Repaint/Touch up.  Do the walls have fingerprints, marks, and other flaws?  It’s time to touch up or repaint entirely.  This gives your home a new home look that buyers like.

4.Fix Anything Broken.  You have lived in the home and know which items are in need of repair.  Get them in good working order so that the buyers will know they are getting a home that has all appliances in good working order.

5.Shampoo or Replace Carpet.  Carpets, draperies, and furniture are the main sources of unpleasant household odors.  If the carpets are less than 5 years old, a good steam cleaning may improve things.  If they are older or stained, it may be time to replace them.  A home with fresh or new carpets is appealing to buyers.

6.Replace Burned out Light Bulbs.  This will assure the buyer that you pay attention to detail as well as making your home lighter and brighter.  Light and bright are quality features.

7.Replace caulking around tubs, showers, and sinks.  If the caulking has mold, is stained, or has missing pieces, replace it.  It is a very cheap way to make the bathrooms begin to look new again.  J

8.Thoroughly Deep Clean Entire House.  Your home must be immaculate and smell pleasant. Give the home a deep cleaning.  No buyer wants to move in to a dirty home.  Pay someone reputable to clean.  It will be worth the investment.

9.Clean UP the Yard.  People love driving up to a well-manicured lawn with flowers growing in the yard.  It tells them that even better things await them inside.

10.Keep up With Pest Control.  Make sure there are no ants, cockroaches, or any other pests to distract buyers from the beauty of your home.

11.Call US to Be Your Realtor.  We can give you additional tips, evaluate the market value of your home, and lead you through the entire process to a successful sale.

Many Austin home buyers may not realize that buyers are entitled to representation when purchasing a new construction home. Keep in mind that the friendly person in the model home represents the builder, not you the buyer.

Builders actively market to agents and they regularly attend local real estate office meetings to provide agents with information on their communities. The builder pays the buyer agent commission out of their marketing budget.

There is also a special publication that Realtors have as a resource that lists the Austin builders, their communities and available homes which can save you the buyer, the time of visiting website after website to see if a community is right for you. Your Realtor can quickly direct you to the communities that fit your needs.

In Austin, it is sometimes required that the REALTOR® accompany the buyers(s) on their first visit. So, if you think you may like to build or buy a new construction home, ask your REALTOR® to accompany you on your search. After all, your agent is there to offer professional advice, negotiate on your behalf and to facilitate resolving any issues that may arise through the process.

As an accredited EcoBroker, I also have a list of green Austin home builders, including custom builders, that incorporate energy efficiency and sustainable building practices for your cost savings and comfort. You can also ask me about the green building features of the ‘national’ builders in the Austin area.

Call Angela Sparks at 512-762-0923 to learn more or build today!

Many of you may be hearing news about a downward turn in real estate. I would like to provide you with some clarity on the situation.While we are seeing some hesitation in the market, most likely a result of the barrage of headlines about the national real estate market and the fall-out from the sub-prime lending market, Austin and San Antonio are still very strong markets. Applying the national real estate headlines to our local markets is like saying it is cold and rainy in everywhere in the United States.

Keep in mind that Austin:

Is ranked by Business Week as having the most affordable housing of any metro area in the nation
Is in the top 10 markets nationally for job growth and actually has the healthiest job market in the last 6 years
Has a foreclosure rate that has actually fallen since last year
Is expected to double in population in the next 20 years
Has never seen the dramatic rise in prices that has troubled many markets around the country
Has NO fundamental problems in the real estate market
Has a great selection of homes to choose from, making this a GREAT TIME TO BUY-it’s like having a clearance sale!

So, if you or someone you know are looking to buy, please give me a call and I’ll be happy to help you take advantage of this very opportune time.

Angela
512-762-0923
www.RealTexasAgents.com

Austin MLS Statistics August 2007

Median Price: $192,200 Average Sales Price: $258,954
Annual Appreciation: 6% Average Days on Market: 58
Sales are down 10% and listings are up 21% from last year.

San Antonio MLS Statistics August 2007

Median Price: $156,500 Average Sales Price: $192,744
Annual Appreciation: 8% Average Days on Market: 66
Sales are down 12% from last year.

8 Reasons to List with an SRS

SRS designees are members of an elite group of trained seller client advocates that know the importance of their client’s specific needs by using Seller Counseling Sessions to insure all needs are addressed.

SRS designees concentrate their efforts on the seller client’s ultimate goals to insure the client is at the center of the sale.

SRS designee is extensively trained in a wide variety of manual and electronic marketing methods to uniquely promote your property to the widest range prospective purchasers.

SRS designees understand that negotiation skills are critical to a successful transaction and are trained to position their client to receive the best possible outcome during negotiations of the sale.

SRS designees adhere to the highest level of professional ethics and business practices in delivering ‘Client Level’ services with integrity.

SRS designees are uniquely qualified to exceed the expectations of their clients yielding client trust.

SRS designees know the importance of staging your property for best results. Staging is a critical component, along with accurate pricing, to attain desired results within a timely manner.

SRS designees have an advanced level of understanding on how to collaborate with a variety of cooperating agents of all skill levels in the marketplace to insure that the ‘best’ buyer has an opportunity to purchase your property.

Yours in Excellence,
Angela Sparks
REALTOR, GRI, SRS