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    A Greener Austin

    It has certainly been a long and unpredictable winter in central Texas! Now that the cold season is finally behind us, we’re hoping you’re doing well and feeling some relief from our uncharacteristically cold winter. While the weather brings some relief, so does the real estate climate, and we’re glad to see that some things are looking vastly different from last spring. We’re ready and happy to help you navigate the spring housing market here in Austin.

    Great news for sellers

    One thing we know to be certain, these longer days are inspiring Austinites to head outdoors. Those chirping birds and sprouting greenery are sure signs it’s finally Spring.  As we all emerge from hibernation, Austin’s housing market is waking up after February’s winter storm too.  Low interest rates are great for buyers, while a quickly moving inventory makes it a great time for sellers.

    Last month, the central Texas housing market continued to crash through records, despite crippling winter storms.  In fact, Austin’s median home price (inside the city limits) exceeded $491,000 which is a 24% leap over this time last year. According to the Austin Board of Realtors Central Texas Housing Report, it’s the highest it has been ever on record! This is great news for sellers while inventory remains low, but can prove challenging for those interested in buying a home this season. 

    Mortgage Forbearance

    If you’ve placed your mortgage into forbearance due to the due to the coronavirus pandemic, or are finding yourself in a short sale situation, our agents are here to walk you through the ins and outs of your sale. Give us a call today, so we can assist with what steps to take to get your finances and your property ready for the sale of your home.

    Great news for buyers

    While we’ve got lots of great tips for how to make the most of your offer or choosing the right agent for the job, we’ve also got the details of all the newest, hottest, and most sought after developments in the area.

    Hanover Brazos Street- 201 East Third Street

    Ground has been broken on this 44-story residential tower. It has plans to hold 310 apartment units with ground level restaurants and retail space on the south-west corner of Fifth and Lacaca streets. It will feature a nine-level above-ground parking garage topped by 32 stories of apartments. The top two levels have plans to include community amenities including a pool.

    A greener Austin

    It’s not just April showers bringing those May flowers this season.  Austin’s businesses, nonprofits and residents alike are working together to create places and spaces which promote sustainability and conservation.

    The Presidium Waterford Building

    Presidium released information in March stating that their newest building was being built with environmentally friendly factors in mind. The upcoming development will include a rain bio-filtration system and energy efficient appliances in each of the 283 residential units. Their eco-conscious plans integrate smart technology, like thermostats and lighting, into each unit too. 

    The Brodie Oaks Retail Center

    The ball has been set in motion to promote a $1 billion plan to develop South Austin’s Brodie Oaks shopping center into a space that focuses on highlighting ecology, conservation and green space. The project allots 37.6 acres to a mixed-use development which will consist of restaurants, more than 1,600 residential units, office and retail space, and a hotel. However, the part of the plan which makes environmentalists smile is that approximately 13.6 acres, will be parkland and open space, with additional trails and sidewalks within that open space to increase greenbelt access to the Barton Creek Greenbelt.  While the project still awaits final approval, it’s looking like it will be a beautiful addition to the character of South Austin.

    Urban Roots is planting seeds of change for area teens

    Urban Roots is a local nonprofit that is working to use farming and cooking to inspire Austin’s youth. The organization recently planted fruit trees and crops on its 6-acre Southeast Austin and plans to hold its first harvest in spring 2022. They plan to offer paid opportunities for individuals ages 14-23 to grow produce which will be provided to those in need. 

    According to Executive Director Frances Deviney, Urban Roots is also planning to build a large administrative building with staff offices, a community space and a commercial kitchen at the site in the future. The farm is located at 4711 Winnebago Lane, Austin. This is the second farm for Urban Roots, their first property is located on 3.5 acres in East Austin at 7651 Delwau Lane, Austin.

    More excitement for Austin’s spring

    The city of Austin is finalizing plans to safely open all of our indoor and outdoor events. We can’t wait to see you out and about.

    Posted in: ATX Things to Do, Austin News, Austin Texas, Housing Market, Real Estate

    Which area are experts predicting to be the hottest real estate market in 2021?

    Austin has been predicted by numerous experts to be the country’s top housing market in 2021. In fact, the market is already heating up the Sun Belt cities, with home values in Austin expected to outperform the national average. The entire Sun Belt area has been a hot commodity of late, and while many of its cities are seeing a positive surge, Austin has also caught the attention of economists, investment strategists, and real estate experts. Of those surveyed by Zillow in 20 of the country’s largest markets – 84% cast their ballot for Austin. Not only is the housing market increasing, but also the growth of urban parks and increased efforts for sustainability. Further fueling Austin’s housing market are young Americans, particularly millennials, who are taking advantage of low mortgage rates in the Sun Belt cities.

    Experts had previously predicted Austin’s housing market would be the hottest in 2020. A recent report stated that by mid-December, the median list price for homes in the Austin metro area had risen year-over-year by more than 23 percent. This was the biggest increase among the 50 largest U.S. markets, making it clear that the capital city would outpace all other large markets in 2020. The pace appears assured to continue its momentum through 2021.

    Where Urban Meets Nature

    Austin will certainly be getting its fair share of new buildings downtown. There is a multitude of urban development that could be listed and discussed, but it isn’t just housing that is making this city so hot. It’s also the upcoming park plans, which offer the amazing balance between urban living and sustainable development so many new homeowners are seeking! With such a wide range of opportunities and areas for outdoor enjoyment, it’s no wonder Austin is where everyone wants to be.

    Great Springs Project

    This green corridor will be connected by a network of trails, linking four of Texas’ Great Springs: Barton Springs, San Marcos Springs, Comal Springs, and San Antonio Springs. The project will unify existing local efforts to address the most critical water, land, wildlife, and public health challenges currently facing the Central Texas region.

    Waterloo Park

    A 1.5-mile park system, once complete, the 35 acres of connected green space – meandering from 15th St. along downtown’s eastern edge to Lady Bird Lake – will be home to a wild array of natural and cultural destinations.

    Shoal Creek

    The plan calls for a seamless, connected pathway of hike-and-bike trails along the 11-mile Shoal Creek corridor, and connections to other urban trails citywide. Ultimately, Shoal Creek will become part of the “Big Loop,” a 30-mile loop of trails and bikeways traversing the city.

    Bergstorm Spur

    A six-mile stretch of the abandoned railroad could be on track to become Austin’s next urban trail. Once part of the Union Pacific Railroad serving the defunct Bergstrom Air Force Base, the Bergstrom Spur would become a hybrid urban trail and public transit corridor.

    Posted in: Austin News, Housing Market, Real Estate

    AUSTIN HOUSING MARKET REPORT | DECEMBER 2020

    In 2020, residential home sales in the City of Austin increased 1.7% to 12,745 sales, an all-time record, while sales dollar volume jumped 16.3% to $6,746,602,345.

    The median sales price for residential homes rose 12% year over year to 420,000 this past year, also an all-time record.

    New listings slightly increased 1.1% to 14,735 listings while active listings dropped 23.8% to 1,332 listings, and pending sales increased 3.8% to 13,062 pending sales.

    City of Austin December 2020 Market Stats

    In December 2020, the median sales price in the city of Austin rose 18.7% to $461,000, an all-time monthly record. Residential sales increased 16.4% to 1,191 sales, a record for the month of December in any year, as sales dollar volume jumped 43.1% to $711,984,698. During the same period, new listings jumped 31.3% to 755 listings, while active listings decreased 33.6% to 753 listings, and pending sales jumped 31.1% to 928 pending sales.

    Monthly housing inventory decreased 0.4 months year over year to 0.7 months of inventory. The City of Austin now has a higher inventory than surrounding markets like Williamson County, which is historically
    not the case.

    Posted in: Austin Market Reports, Housing Market, Real Estate

    Why Selling this Fall May Be Your Best Move

    Why Selling this Fall May Be Your Best Move

    Why Selling this Fall May Be Your Best Move | Austin Properties Group

    If you’re thinking about moving, selling your house this fall might be the way to go. Here are four highlights in the housing market that may make your decision to sell this fall an easy one.

    1. Buyers Are Actively in the Market

    ShowingTime, a leading real estate showing software and market stat service provider, just reported that buyer traffic jumped 60.7% compared to this time last year. That’s a huge increase.

    It’s clear that buyers are ready, willing, and able to purchase – and they’re in the market right now. In many regions of the country, multiple buyers are entering bidding wars to compete for the home they want. Take advantage of the buyer activity currently in the market so you can sell your house in the most favorable terms.

    2. There Are Not Enough Homes for Sale

    In the latest Existing Home Sales Report, the National Association of Realtors (NAR) announced that there were only 1.49 million units available for sale. That number was down 18.6% from one year ago. This means in the majority of the country, there aren’t enough homes for sale to satisfy the number of buyers.

    Due to the health crisis, many homeowners were reluctant to list their homes earlier this year. That will change as the economy continues to recover. The choices buyers have will increase going into the new year. Don’t wait until additional sellers come to market before you decide to make a move.

    3. The Process Is Going Quickly

    Today’s ultra-competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to the latest Origination Insights Report from Ellie Mae, the time needed to close a loan is just 49 days.

    4. There May Never Be a More Important Time to Move

    You’ve likely spent much of the last six months in your current home. Perhaps you now realize how small it is, and you need more space. If you’re working from home, your children are doing virtual school, or you just need more space, your current floor plan may not work for your family’s changing needs.

    Homebuilders are beginning to build houses again, so you can choose the exact floor plan to match what your family needs, and you can make sure the outdoor space is what you want too.

    Bottom Line

    The housing market is prime for sellers right now, so let’s connect to get the process started this fall. If the timing is right for you and your family, the market is calling your name.

    Posted in: Economy, Housing Market, Real Estate, Selling a Home

    Ready to Sell? Homebuyer Traffic Is on the Rise.

    Today’s buyers are actively searching for homes and they’re purchasing them at a record-breaking pace. It’s a great time to sell your house and make a move while buyers are scooping homes up faster than they’re coming to market.

    • Buyers are actively searching for and purchasing homes at a record-breaking pace. According to the latest report from the National Association of Realtors (NAR), in July, 68% of homes were on the market for less than a month.
    • With homes moving from listing day to pending sale in an average of just 22 days, it’s a great time to sell a house.

    Bottom Line

    Austin’s real estate market is thriving and buyer activity is continuing to rise. Let’s connect today so you can make your move while buyers are scooping homes up faster than they’re coming to market.

    Posted in: Economy, Housing Market, Real Estate, Selling a Home

    How Low Inventory May Impact the Housing Market This Fall

    How Low Inventory May Impact the Housing Market This Fall | Austin Properties Group

    Real estate continues to be called the ‘bright spot’ in the current economy, but there’s one thing that may hold the housing market back from achieving its full potential this year: the lack of homes for sale.

    Buyers are actively searching for and purchasing homes, looking to capitalize on today’s historically low interest rates, but there just aren’t enough houses for sale to meet that growing need. Sam Khater, Chief Economist at Freddie Mac, explains:

    “Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery…These low rates have ignited robust purchase demand activity…However, heading into the fall it will be difficult to sustain the growth momentum in purchases because the lack of supply is already exhibiting a constraint on sales activity.”

    According to the National Association of Realtors (NAR), right now, unsold inventory sits at a 3.1-month supply at the current sales pace. To have a balanced market where there are enough homes for sale to meet buyer demand, the market needs inventory for 6 months. Today, we’re nowhere near where that number needs to be. If the trend continues, it will get even harder to find homes to purchase this fall, and that may slow down potential buyers. Danielle Hale, Chief Economist at realtor.com, notes:

    “The overall lack of sustained new listings growth could put a dent in fall home sales despite high interest from home shoppers, because new listings are key to home sales.”

    How Low Inventory May Impact the Housing Market This Fall | Austin Properties Group

    The realtor.com Weekly Recovery Report keeps an eye on the number of listings coming into the market (houses available for sale) and the total number of listings staying in the market compared to the previous year (See graph below):Buyers are clearly scooping up homes faster than they’re being put up for sale. The number of total listings (the orange line) continues to decline even as new listings (the blue line) are coming to the market. Why? Javier Vivas, Director of Economic Research at realtor.com, notes:

    “The post-pandemic period has brought a record number of homebuyers back into the market, but it’s also failed to bring a consistent number of sellers back. Homes are selling faster, and sales are still on an upward trend, but rapidly disappearing inventory also means more home shoppers are being priced out. If we don’t see material improvement to supply in the next few weeks, we could see the number of transactions begin to dwindle again even as the lineup of buyers continues to grow.”

    Does this mean it’s a good time to sell?

    Yes. If you’re thinking about selling your house, this fall is a great time to make it happen. There are plenty of buyers looking for homes to purchase because they want to take advantage of low-interest rates. Realtors are also reporting an average of 3 offers per house and an increase in bidding wars, meaning the demand is there and the opportunity to sell for the most favorable terms is in your favor as a seller.

    Bottom Line

    If you’re considering selling your house, this is the perfect time to connect so we can talk about how you can benefit from the market trends in our local area.

    Posted in: Buying a Home, Economy, Housing Market, Real Estate, Selling a Home

    Two New Surveys Indicate Urban to Suburban Lean

    Two New Surveys Indicate Urban to Suburban Lean | Austin Properties Group

    There has been much talk around the possibility that Americans are feeling less enamored with the benefits of living in a large city and now may be longing for the open spaces that suburban and rural areas provide.

    In a recent Realtor Magazine article, they discussed the issue and addressed comments made by Lawrence Yun, Chief Economist for the National Association of Realtors (NAR):

    “While migration trends were toward urban centers before the pandemic, real estate thought leaders have predicted a suburban resurgence as home buyers seek more space for social distancing. Now the data is supporting that theory. Coronavirus and work-from-home flexibility is sparking the trend reversal, Yun said. More first-time home buyers and minorities have also been looking to the suburbs for affordability, he added.”

    NAR surveyed agents across the country asking them to best describe the locations where their clients are looking for homes (they could check multiple answers). Here are the results of the survey:

    • 47% suburban/subdivision
    • 39% rural area
    • 25% small town
    • 14% urban area/central city
    • 13% resort community/recreational area

    According to real estate agents, there’s a strong preference for less populated locations such as suburban and rural areas.

    Real Estate Brokers and Owners Agree

    Two New Surveys Indicate Urban to Suburban Lean | Austin Properties Group

    Zelman & Associates surveys brokers and owners of real estate firms for their monthly Real Estate Brokers Report. The last report revealed that 68% see either a ‘moderate’ or ‘significant’ shift to more suburban locations. Here are the results of the survey:

    Bottom Line

    No one knows if this will be a short-term trend or an industry game-changer. For now, there appears to be a migration to more open environments.

    Posted in: Buying a Home, Economy, Housing Market, Real Estate, Selling a Home

    Have You Ever Seen a Housing Market Like This?

    Have You Ever Seen a Housing Market Like This? | Austin Properties Group

    The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here’s a look at four key areas that are fundamentally defining the market this year.

    Housing Market Recovery

    The economy was intentionally put on pause this spring in response to the COVID-19 health crisis. Many aspects of the common real estate transaction were placed on hold at the same time. Thankfully, technology and innovation helped the industry power forward, and business gradually ramped back up as shelter-in-place orders were lifted.

    The result? Total transformation of the market from rock-bottom lows to exceptional highs. Today, the housing recovery is being called truly remarkable by many experts and is far exceeding expectations. From pending home sales to purchase applications, buyers are back in business and homes are selling – fast.

    Have You Ever Seen a Housing Market Like This? | Austin Properties Group

    According to the Housing Market Recovery Index by realtor.com, the market has surpassed pre-pandemic levels, and has regained the strength we remember from February of this year (See graph below):

    Record-Breaking Mortgage Rates

    Historically low mortgage rates are another 2020 game-changer. Today’s low rate is one of the big motivating factors bringing buyers back into the market. The average rate reached an all-time low on multiple occasions this year, and it continues to hover in record-low territory.

    When rates are this low, buyers have a huge opportunity to get more for their money when purchasing a home, something many are eager to find while continuing to spend more time than expected at home this year, and likely beyond.

    Continued Home Price Appreciation

    One of the key drivers of home price appreciation this year is historically low inventory. Inventory was low going into the pandemic, and it is still sitting well below the level needed for a normal market. Although sellers are slowly making their way back into the game, buyers are scooping up homes faster than they’re coming up for sale.

    This is a classic supply and demand scenario, forcing home prices to rise. Selling something when there is a higher demand for what is available naturally bumps up the price. If you’re ready to sell your house today, this may be the optimal time to make your move. As Bill Banfield, EVP of Capital Markets at Quicken Loans, notes:

    “The pandemic has not stopped the consistent home price growth we have witnessed in recent years.” 

    Increasing Affordability

    Even as home prices continue to rise, affordability is working in favor of today’s homebuyers. According to many experts, rates this low are off-setting rising home prices, which increases buyer purchasing power – an opportunity not to be missed, especially if your family’s needs have changed. If you now need space for a home office, gym, virtual classroom, and more, it may be time to reconsider your current house.

    According to Mortgage News Daily:

    “Those shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.”

    Bottom Line

    With mortgage rates hitting historic lows, home prices appreciating, affordability rising, and the market recovering like no other, 2020 has been quite a year for real estate – perhaps one we’ve never seen before and may never see again. Let’s connect today if you’re ready to take advantage of this year’s record-breaking opportunities.

    Posted in: Buying a Home, Economy, Housing Market, Real Estate, Real Estate Investors, Selling a Home

    How Will the Presidential Election Impact Real Estate?

    How Will the Presidential Election Impact Real Estate? | Austin Properties Group

    The year 2020 will be remembered as one of the most challenging times of our lives. A worldwide pandemic, a recession causing historic unemployment, and a level of social unrest perhaps never seen before have all changed the way we live. Only the real estate market seems to be unaffected, as a new forecast projects there may be more homes purchased this year than last year.

    As we come to the end of this tumultuous year, we’re preparing for perhaps the most contentious presidential election of the century. Today, it’s important to look at the impact past presidential election years have had on the real estate market.

    Is there a drop-off in home sales during a presidential election year?

    BTIG, a research and analysis company, looked at new home sales from 1963 through 2019 in their report titled One House, Two House, Red House, Blue House. They noted that in non-presidential years, there is a -9.8% decrease in November compared to October. This is the normal seasonality of the market, with a slowdown in activity that’s usually seen in fall and winter.

    However, it also revealed that in presidential election years, the typical drop increases to -15%. The report explains why:

    “This may indicate that potential homebuyers may become more cautious in the face of national election uncertainty.”

    Are those sales lost forever?

    No. BTIG determined:

    “This caution is temporary, and ultimately results in deferred sales, as the economy, jobs, interest rates and consumer confidence all have far more meaningful roles in the home purchase decision than a Presidential election result in the months that follow.”

    In a separate study done by Meyers Research & Zonda, Ali Wolf, Chief Economist, agrees that those purchases are just delayed until after the election:

    “History suggests that the slowdown is largely concentrated in the month of November. In fact, the year after a presidential election is the best of the four-year cycle. This suggests that demand for new housing is not lost because of election uncertainty, rather it gets pushed out to the following year.”

    Will it matter who is elected?

    To some degree, but not in the overall number of home sales. As mentioned above, consumer confidence plays a significant role in a family’s desire to buy a home. How may consumer confidence impact the housing market post-election? The BTIG report covered that as well:

    “A change in administration might benefit trailing blue county housing dynamics. The re-election of President Trump could continue to propel red county outperformance.”

    Again, overall sales should not be impacted in a significant way.

    Bottom Line

    If mortgage rates remain near all-time lows, the economy continues to recover, and unemployment continues to decrease, the real estate market should remain strong up to and past the election.

    Posted in: Buying a Home, Economy, Housing Market, Real Estate, Real Estate Investors, Selling a Home

    Homes Are More Affordable Right Now Than They Have Been in Years

    Homes Are More Affordable Right Now Than They Have Been in Years | MyKCM

    Today, home prices are appreciating. When we hear prices are going up, it’s normal to think a home will cost more as the trend continues. The way the housing market is positioned today, however, low mortgage rates are actually making homes more affordable, even as prices rise. Here’s why.

    According to the Mortgage Monitor Report from Black Knight:

    “While home prices have risen for 97 consecutive months, July’s record-low mortgage rates have made purchasing the average-priced home the most affordable it’s been since 2016.”

    How is that possible?

    Black Knight continues to explain:

    “As of mid-July, it required 19.8% of the median monthly income to make the mortgage payment on the average-priced home purchase, assuming a 20% down payment and a 30-year mortgage. That was more than 5% below the average of 25% from 1995-2003.

    This means it currently requires a $1,071 monthly payment to purchase the average-priced home, which is down 6% from the same time last year, despite the average home increasing in value by more than $12,000 during that same time period.

    In fact, buying power is now up 10% year-over-year, meaning the average home buyer can afford nearly $32,000 more home than they could at the same time last year, while keeping their monthly payment the same.”

    This is great news for the many buyers who were unable to purchase last year, or earlier in the spring due to the slowdown from the pandemic. By waiting a little longer, they can now afford 10% more home than they could have a year ago while keeping their monthly mortgage payment unchanged.

    With mortgage rates hitting all-time lows eight times this year, it’s now less expensive to borrow money, making homes significantly more affordable over the lifetime of your loan. Mark Fleming, Chief Economist at First American, shares what low mortgage rates mean for affordability:

    “In July, house-buying power got a big boost as the 30-year, fixed mortgage rate made history by moving below three percent. That drop in the mortgage rate from 3.23 percent in May to 2.98 percent in July increased house-buying power by nearly $15,000.”

    Homes Are More Affordable Right Now Than They Have Been in Years | MyKCM

    The map below shows the last time homes were this affordable by state:In six states – Arkansas, Iowa, Kentucky, Louisiana, Maryland, and West Virginia – homes have not been this affordable in more than 25 years.

    Bottom Line

    If you’re thinking of making a move, now is a great time to take advantage of the affordability that comes with such low mortgage rates. Whether you’re thinking of purchasing your first home or moving into a new one and securing a significantly lower mortgage rate than you may have on your current house, let’s connect today to determine your next steps in the process.

    Posted in: Buying a Home, Housing Market, Real Estate

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    About Austin Properties Group

    Every single member of our staff lives and breathes Austin, Texas. Truly, we wouldn’t want to be doing this anywhere else. We love our city, and we want you to fall in love with it too. We work with the Texas spirit of hospitality in mind. We are not happy until you are happy. Whatever your request, big or small, we will work with you until you are completely satisfied. Why will every member of Austin Properties Group make every effort humanly possible to ensure your real estate goals are achieved? Because we really care. We care about this city and we care about you. We want you to feel at home in Austin as soon as possible. We are a unique firm and we are proud to be a part of keeping Austin weird.

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    (512) 222-3015

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