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Tuesday, September 12, 2017

Mortgage Forbearance for Harvey and Irma Victims

I just received an email from my mortgage company asking if I was affected by the recent storms.  I wanted to share this information to all.  If you were affected by  Hurricane Harvey or Irma and you are unable to make your monthly mortgage payments, your lender/mortgage company may have a forbearance program which allows a temporary suspension of your mortgage loan payments without late fees for 3 months.  Contact your mortgage company ASAP to inquire if this applies to you.

Thursday, September 7, 2017

JUST LISTED 103 Whitley, Lakeway, TX 78734

Beautiful one story home in gated luxury community of Ridge at Alta Vista in  Lakeway.  4 bedroom, 3.5 bath, study, formal dining room, large family room with fireplace and high ceilings, 3 car garage, 3,254 sq ft per TCAD.  Home has cork floors, some tile, window treatments, high security window film, security cameras and an awesome salt water pool, backyard firepit with covered patio.  103 Whitley is available for 549K.  Please call Pearl Jones at (512)786-7355, Broker, Home Stars of Texas Realty for your showing,

Can Harvey affect Austin's Real Estate?

A natural disaster or a catastrophe, isn’t exactly my favorite topic but we all know that these certainly affect real estate.

As we know, Hurricane Harvey affected at least 60 counties in Texas alone, at least 100,000 homes, and an estimated over one million people were displaced due to the flooding and high winds.  Here in Austin, we immediately felt a gas crisis.  Several gas stations ran out of fuel by Monday after the storm, as news spread about refineries in Houston, shutting down.  The gas shortage caused chaos as people dashed to the pumps in panic. I agree, I was one of those people that paid a premium, and watched gas stations increase (regular unleaded) prices from 2.09 to 2.69 (in 4 days).

Katrina (2005), displaced about 400,000 people.  After the hurricane, about 90,000 people left New Orleans, 50,000 of those relocated to Houston, and the rest, relocated to Austin, Florida, etc. 

Let’s talk about Houston.  It is a concrete jungle where water can only go to the sewers, once the sewers are full, they overflow to the roads.  Second, the topography is flat, and where there is dirt, it is limestone just like in Austin, where the water stays on top and does not seep into the ground.  Based on the ratio between Harvey and Katrina, Harvey affecting 250 times more than Katrina, or estimating about 225,000 people are likely to relocate. 

After Katrina, the real estate in the areas affected in New Orleans felt a 22% loss in the values of their homes.  It’s too soon to determine how Harvey will affect South Texas’ real estate.

Here are my personal thoughts.  This information is just based on my research and my many years in real estate, I am not an economist.

People are most likely to move out of South Texas due to: 

1) Those from Houston whom have seen way too many hurricanes (prior Hurricane is Rita, but endured a chaotic evacuation), and possibly Irma;

2) Those who cannot rebuild their properties because they do not have flood insurance, will most likely walk away;

3) Those who receive a settlement from their insurance may walk away instead of rebuilding;

4) Those who are currently in shelters outside of Houston and are not able to find affordable temporary housing due to increased rent and lack of hotel vacancies are pushed out of Houston;

5) Other reasons

The main point is, where would these 225,000 people most likely to relocate to?  They are more likely to stay in Texas.  Even if 100,000 people moved to Austin, that would be about 25,000 properties to be rented or sold,  a surge in a small period.  Just in comparison to 2016, 33,000 properties listed on MLS SOLD in Austin, per ABOR.  Due to the unfortunate loss, this certainly would be good for Austin’ real estate.

Here are more interesting information I received today:

Hurricane Harvey is expected to cause rents in Houston to increase as much as 10%. Home prices are also expected to jump due to even lower inventory.

Hurricane Harvey has caused jobless claims this week to rise to a 2-year high. The weekly increase of 62,000 was the largest since November 2012.


August 2017 Real Estate Statistics

It is September and August statistics are in.  In Austin, Units solds in Austin are down 3% compared to last August.  In Lake Travis ISD, units sold are down 12% compared to last August.  See graph below for further illustration compared to the past years.

Wednesday, May 10, 2017

April Real Estate Statistics

In April, Units solds in Austin, is 5% lower than last April. In LTISD, units sold are 15% lower compared to last April. In March, LTISD units sold were 12% lower compared to last March. These numbers were taken from the MLS on 5/8/2017.

Wednesday, April 19, 2017

JUST LISTED 113 Sebastians Run, Lakeway

Contemporary luxury home with sweeping hill country views in Gated Community in Lakeway.  Charm and style awaits you in this 5 bedroom, 3.5 bath with 3 car garage home. Designer kitchen, with glass and carrera marble backsplash, soft grey cabinets, and stainless appliances.  Downstairs office has glass french doors with plantation shutters.  Enjoy sunset views from the first floor master bedroom, situated for privacy with large picture windows overlooking the hill country. Luxury bath retreat includes double vanity, large walk through double shower, jacuzzi tub and walk in closet with custom built ins. Two upstairs bedrooms share a jack and jill bathroom with private vanities.  The third bedroom with an en suite bath has a private entry from hallway or from median room, the perfect guest room.  Large media room with vaulted ceilings is prewired for surround sound.  Enjoy cool summer evenings in either your front or back porches.  Enjoy breathtaking sunsets from the back porch while enjoying the privacy of your green belt views.  Amenities include a Jr. size Olympic pool, clubhouse, playground, tennis and basketball courts, and fitness center covered by HOA dues currently at $95 a month.  Call to make an appointment today. 113 Sebastians Run is currently asking for $664,000.

March Real Estate Statistics

Austin Real Estate Statistics are in. In March, UNIT SALES are down 1% in the entire Austin MLS compared to last March. In Lake Travis ISD, sales are down 13% compared to last March. Looking at the Lake Travis ISD Stats, Feb. and March statistics, the sales have been considerably lower than the previous year.

Thinking of buying or selling? Find out what the market is doing in your area before you list with an agent.  This information is provided to you during my listing presentation.