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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.

Monday, March 20, 2017

Thinking of Flipping? Know this!

You just finished watching a few episodes of house flipping on HGTV.  Who doesn’t want to be just like Chip and Joanna Gaines? Are you ready to do your own flip? Here are some things you need to know before you invest on a property to flip.

1) Decide if you are going to pay CASH or take out a loan.  If you are going to take out a loan, speak to your loan representative to get pre qualified.  Since you are not going to live in the property, this will be considered an investment, which means your interest rate will be slightly higher than if you are purchasing a primary home or homestead.  You will also be required to put at least 20% down payment on an investment property.  Your monthly payments to a bank is a consideration since this will eat up your profits.

2) Decide on location. Ever heard of “LOCATION, LOCATION, LOCATION”? These are words that my parents (real estate investors) have engrained in my brain.   A desirable area or neighborhood is best because you know it will sell at the highest reasonable price in less time.

3)  Find the Property.  You want to be able to find the best deal (lower than market rate) in order to yield higher profits on your flip. First, you don’t want to flip a property that does not need any work. The best flips are the ones that’s structurally sound, decent roof, newer windows, an HVAC system that is less than 10 years old, as well as modern electrical and plumbing. Also, you want one which needs only cosmetic changes such as new cabinets, countertops, flooring and paint.  Check with the city or hoa if permits or architectural approval are necessary before purchasing the property.  Applying for permits/approval can cause delays.  See if there are any REO’s, Foreclosures and Short sales in your desired location.   Here are 2 sites to get you started in your search:

4)  Decide how much to pay once a property has been identified.  Note this formula to determine if a property is a good flip.  Take your ARV (After Repair Value), multiply it by .7 and subtract your repair cost estimate.  This is the maximum amount you should be paying for a property in able to obtain a good profit margin. 

    Example, the market value of the property after you have completed the repairs is $300,000.  Multiply this by .7 or 210,000.  Subtract this by amount you estimate it will cost you to put it in top shape, example 20,000.  210,000-20,000, the formula suggests that you do not pay more than 190,000 for the property.

5) Time your flip.  Once you have completed the repairs and ready to sell, you wouldn’t want your property to be sitting in the market.  Time it so that you are listing it in the Spring, preferably in March when the buyers are out.  This also means that you would want to purchase your flip in the winter time, when there are less buyers purchasing and you are most likely not be in a bidding bar with another buyer.

6) Get to know your contractors/vendors/real estate broker/lender.  You want to do business with professionals that you trust to help you succeed.  Pearl Jones is here to assist you in your first FLIP!

Are you over 65?

Did you recently purchase a new home which is your new homestead and you are currently over 65 years old?  You do not have to wait until the following January 1st to claim your Over 65 Exemption in order to reap the benefits of your property tax savings.  After the deed on the new property is filed, you can go the County Tax Appraisal website, download and complete the form, attach your new driver’s license (showing the new property) and file the form with your Appraisal District.  You can begin your property tax savings on the date you moved into the property. Say SWEET!

Friday, February 24, 2017

Austin Real Estate Statistics for January 2017

The real estate statistics for January look good.  It's a good time to Sell!  If you need more information about real estate in your area, please give me a call at (512)786-7355.

PRICE ADJUSTMENT: One Bedroom Downtown Condominium, 603 Davis St., Unit 1105

This beautiful condominium close to Lady Bird Lake has been reduced to $340K.  Located in the heart of downtown Austin, across Rainey Street. Access to newly  completed Hotel Van Zandt provide convenient dining and social options. Has been slightly lived in, just a few weekend visits for UT football games. Condo faces east, providing amazing morning and sunrise views; includes extension of the bar surface to provide seating space, full-length retractable blinds, wood floors and decorative lighting; 1 parking spot in the garage, as well as access to the fitness center and pool.