My takeaways from KW Family Reunion 2016

Start every day being super clear what ONEthing you must do today really really well.

Continue Reading February 29, 2016 at 5:19 pm Leave a comment

Information About Brokerage Services

Buyers in Texas have a right to representation; Realtors in Texas have a legal and ethical obligation to inform you of your right to representation.

Information About Brokerage Services

September 2, 2013 at 6:25 pm Leave a comment

Austin, TX Economic Outlook: No Longer a Secret

clip_image002 clip_image004 clip_image006

Austin as we know it today

Last month I had the honor of listening to David Tandy, CEO of Gracy Title, talk about the Austin economy, the Austin real estate market outlook and where we’re going. Hold on … the Austin we know today will not be the Austin of 2023. Some of the numbers I will reference in this post include articles, posts & research from the Austin Business Journal, 2013-2014 Angelos Angelou Economic Forecast, and the Austin Chamber.

F1

My biggest takeaway was that the Austin growth, momentum, economic outlook numbers are quite possibly understated. The main premise here is that most of the economic forecast, growth projection numbers were researched and posted PRIOR to the F1 Circuit of Americas airing in November (which had an estimated $483M economic impact to Austin) where 600 million people worldwide heard about Austin, TX and what an amazing city we are. Austin is no longer a secret.

The Numbers

  • At a 2.9% growth rate, we are the fastest growing city in the US.
  • In 2013, there will be 60-70,000 people moving to Austin. This growth will continue.
  • For every 2.5 people, we need one housing unit (home or apartment) which equals a 28,000 demand this year. This demand will continue.
  • In 2012, we created about 12,000 housing units, demand was 28,000; we currently have a 30,000 housing deficit. This deficit will continue.
  • low supply, high demand = sellers’ market

California

Californians are moving to Texas, a lot of them. Recent headlines involve Governor Perry’s poaching tour of CA (real classy move, Gov). California’s tall state income tax, increasing sales taxes and suffering schools are fueling the 3rd coast migration. Besides #sxsw, watch for more CA license plates in TX.

Real estate tips for our new residents

First, welcome (ignore the don’t-move-here t-shirts). Second, we are still much cheaper than CA. And a few other things you should know:

  • no income tax in TX, we make up for it in property taxes (they will be much higher than you experienced in CA)
  • prices are going up
  • Multiple offers are commonplace right now and expected to continue
  • Find out about homes before they hit the market (we call this the silent market or pocket listings or, simply, coming soon). How to do this? A good Realtor has a solid network of Realtors and they exchange information all the time. You may want to consider aligning yourself with an office that has the largest market share in the area. (Shameless plug: Keller Williams Realty began in Austin, TX in 1983 … they dominate the Austin market, most listings, most sold, most luxury market, most agents.)

Summary

The growth in Austin over the next 3-10 years is going to be huge, dare I say explosive. Jobs are fine … best job growth in the country. We will continue to feel it with housing supply, multiple offers, increasing prices, affordability and traffic.

Buyers have to be very strategic and on-the-ball with making an offer. The demand & low supply is pushing prices up. There is a ton of CASH out there right now. Gracy Title says 30% of their closings right now are all cash. This translates to disadvantage for contingent and low down-payment offers.

Connect with your favorite savvy and qualified Realtor to customize your real estate strategy and successfully navigate Austin as we know it today.

© Julie Nelson and The Nelson Project at Keller Williams Realty, 2013-2015. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content. Julie Nelson is a licensed Realtor with Keller Williams Realty in Austin, TX.  This article and other blog postings should not be construed as legal or professional advice.  Contact your favorite Austin real estate professionals in person for actual advice.  Julie can be reached at www.thenelsonproject.com.  Searching for homes?  We think this is the coolest Austin home search tool available.

March 12, 2013 at 3:41 pm 7 comments

Affordability Factor in Austin

The affordability factor is the calculation of how much home you can afford taking in to consideration current interest rates, your loan qualification and the current market.  Affordability in the US and in Austin, TX has never been lower.  Here is an easy example: 

 

1992

2013

Interest rate

8.5%

3.75%

Loan amount

$150,000

$250,000

PI payment

$1,153

$1,157

So your payment on a $250k house today would be the same as your payment on a $150k house in 1992. 

Another way to look at affordability is the impact of increasing interest rates.  I think we all can agree that interest rates will go up (hint:  they have never been lower).  For every 1% increase in interest rate, you lose 10% of your buying power.  Here is an easy example:

Interest rate

4%

5%

Loan qualification

$400,000

$360,000

PI payment

$1,909

$1,932

This information is provided as a guide.  We recommend that you contact your mortgage specialist for a thorough personalized mortgage assessment. (Don’t you love disclaimers like this?)

 

© Julie Nelson and The Nelson Project at Keller Williams Realty, 2013-2015. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content.  Julie Nelson is a licensed Realtor with Keller Williams Realty in Austin, TX.  This article and other blog postings should not be construed as legal or professional advice.  Contact your favorite Austin real estate professionals in person for actual advice.  Julie can be reached at www.thenelsonproject.com.  Searching for homes?  We think this is the coolest Austin home search tool available.

March 12, 2013 at 2:58 pm 1 comment

2012 blog in review

The WordPress.com stats helper monkeys prepared a 2012 annual report for this blog.

Here’s an excerpt:

600 people reached the top of Mt. Everest in 2012. This blog got about 7,100 views in 2012. If every person who reached the top of Mt. Everest viewed this blog, it would have taken 12 years to get that many views.

Click here to see the complete report.

January 2, 2013 at 2:09 pm Leave a comment

Mother Lode of Austin Maps

I spent an hour on the Google this afternoon looking for the best maps of Austin.  Austin neighborhoods, Austin area schools, Austin demographics, Austin politics, etc.  Holy cow, it’s the mother lode!

I found the City of Austin maps library!  The mother lode of Austin maps.

Demographics, you say?

Here are a few easy Austin map references:

Austin Neighborhoods

Schools:

And a few random:

We’ll stop there.  Call us if you want in-person conversation, interpretation, input or opinion on any of this.

Julie Nelson is a licensed Realtor with Keller Williams Realty in Austin, TX.  This map link list and most of her blog postings should not be construed as legal or professional advice.  Contact your favorite Austin relocation professionals in person for actual advice.  Julie can be reached at www.thenelsonproject.com.  Searching for homes?  We think this is the coolest Austin home search tool available.

June 24, 2012 at 10:20 pm 1 comment

Things I Observed at the Cool House Tour Today

 cool house

  • A 2,000 gallon rainwater tank, galvanized, is a beautiful thing
  • Federal tax credits for energy efficiency are worthy of more research (did Congress extend the bunch that expired the end of 2011?)
  • We should look into geothermal
  • Utility bills consistently under $100 are doable
  • Take your utility savings & apply that to your mortgage premium
  • Off-the-grid as a retirement / fixed-income strategy
  • Take advantage of prevailing winds, build that in to the design
  • Carports are in
  • Carports with a garage door are brilliant; it’s like a skort, an illusion hiding some functionality   
  • Micro-manage the tree removal process; owner on-site
  • The Mini Cooper is good in a crowd

Here is the Statesman photo collection for the event:  http://galleries.statesman.com/gallery/cool-house-tour-053112/#538658

Some favs:

Cool House Tour 060312 005 Cool Homes Tour 060312 014 KDavisEMFranklin0712 SkortStorage

June 4, 2012 at 1:46 am 1 comment

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© Julie Nelson and The Nelson Project at Keller Williams Reatly, 2008-2010. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content.

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