Austin Real Estate Update- Q3 2007

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Information about Austin Real Estate Update- Q3 2007

Published on October 25, 2007

Author: DeeinAustin

Source: slideshare.net

Description

This Austin real estate update is provided by DeeinAustin, Principal of Copeland Group at Keller Williams Realty in Austin . Sign up for the free market update newsletter at TexasRealEstateUpdte.com.

Greater Austin MLS Stats- 3rd Quarter 2007 Visit TexasRealtyBlog.com for More Info Created by Copeland Group, Texas Real Estate Experts Visit our Site at CopelandGroupRealty.com

Austin Market Summary The mortgage market has slowed, creating less qualified buyers. The mortgage market most affected was the sub-prime sector, including “Jumbo” loans and non-owner occupant. Inventory has increased to 90-days in some areas of Austin, signaling a shifting market (not buyer’s or seller’s). Well-priced Austin homes that are staged and in good condition are seeing multiple and even full-priced offers. **All Rights Reserved, Copyright Dee Copeland 2007. Receive our Market Update NEwsletter at TexasRealEstateUpdate.com

National Sentiment “Our market is really a tale of two markets—80% of the homes are overpriced and 20% are well-priced.  The well- priced properties are getting multiple offers. Overpriced properties are getting none.” Brian Hickox, Keller Williams Realty Franklin, Massachusetts

Pricing in a “Normal” Market Above Price (vs. Comps) Out of the Market In the Market Below Great Poor Condition (vs. Comps) This Slide Courtesy Keller Williams Realty International, Mega Agent Camp 2007

Pricing in a Seller’s Market Above Out of the Price (vs. Comps) Market In the Market Below Great Poor Condition (vs. Comps) This Slide Courtesy Keller Williams Realty International, Mega Agent Camp 2007

Pricing in a Buyer’s Market Above Price (vs. Comps) Out of the Market In the Market Below Great Poor Condition (vs. Comps) This Slide Courtesy Keller Williams Realty International, Mega Agent Camp 2007

Price A Final Look Condition This Slide Courtesy Keller Williams Realty International, Mega Agent Camp 2007

Austin Market Analysis* *Data Compiled from the Austin Board of REALTORS MLS & Analyzed By Dee Copeland, Texas Broker-Associate

Austin Market Overview The Greater Austin population is currently at 1.25 Million and is slated to grow by an additional million in 10 years. Austin frequently tops many “best places to live” surveys due to our friendly atmosphere, environmental consciousness and active lifestyle. Investors and relocation buyers are still flocking to Texas because of our affordability, strong job market, and continued growth. Austin and Texas have experienced a market shift, but because we grew at a slow, steady pace (2.5%-4%), we will not experience the “bust” of other markets. **All Rights Reserved, Copyright Dee Copeland 2007. Receive our Market Update NEwsletter at TexasRealEstateUpdate.com

Current Trend Charts *Data Compiled from the Austin Board of REALTORS MLS & Analyzed By Dee Copeland, Texas Broker-Associate

Austin Units Sold-Single Family Homes 1999 3100 2000 2900 2001 2700 2002 2500 2003 2300 2004 2100 2005 1900 2006 1700 2007 1500 1300 1100 900 700 500 r y e r r ly er il y st h ay be be be ar n ar pr c Ju gu ob ar M Ju u u em m em A u M n br ct te A Ja ov ec O Fe ep D N S

Austin Units Sold-Condos & Townhomes 375 1999 350 2000 325 2001 300 2002 275 2003 250 2004 225 2005 200 2006 175 2007 150 125 100 75 50 25 0 r y e r r ly er il y st h ay be be be ar n ar pr c Ju gu ob ar M Ju u u em m em A u M n br ct te A Ja ov ec O Fe ep D N S

Greater Austin Sales Prices by Year Single Family Homes and Condo/Townhomes $270,000 SF Average $250,000 SF Median $230,000 Condo Average $210,000 Condo Median $190,000 $170,000 $150,000 $130,000 $110,000 $90,000 $70,000 $50,000 1999 2000 2001 2002 2003 2004 2005 2006 2007

Average Days on Market Single Family Condo/Townhome 90 85 80 75 70 65 Average Days 60 55 50 45 40 35 30 25 1999 2000 2001 2002 2003 2004 2005 2006 2007

Market Reminders** When a market shifts, the initial downturn can feel shocking. The market will often start to stabilize within 3-6 months, depending on how rapidly it appreciated. Buyers should purchase during a “buyer’s market”, when sellers will be most realistic and willing to provide incentives. Austin sellers can sell within 60-90 days if they price aggressively, use staging, and look better than any other home on the market for the price. investors may want to adopt a rental strategy since now is a better time to buy than when home sales are “hot”. **All Rights Reserved, Copyright Dee Copeland 2007. Receive our Market Update NEwsletter at TexasRealEstateUpdate.com

Stats and Resources The TexasRealtyBlog.com The Texas A&M Resource Center www.recenter.tamu.edu Austin Board of REALTORS®. www.abor.com MetroTex Association of REALTORS® www.dfwrealtors.com Houston Board of REALTORS® www.har.com San Antonio Board of REALTORS® www.sabor.com

Greater Austin Quarterly Market Update Visit TexasRealtyBlog.com for Latest News THANK YOU Feel free to contact us! www.CopelandGroupRealty.com Toll FREE 888-346-6389 Copeland Group @ Keller Williams Realty Your Central Texas Experts **All Rights Reserved, Copyright Dee Copeland 2007. Receive our Market Update NEwsletter at TexasRealEstateUpdate.com

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