We’ve had several deals in the past few days, both on the listing and selling side, in which multiple offers have caused consternation for Buyers who were bumped off of almost-done deals by newer offers. The problem arises when the Buyer believes the Seller has accepted their offer, when in fact, the Seller has simply agreed to terms but a fully executed contract does not yet exist. Meanwhile, another offer comes in, creating a multiple offer situation, and the Seller dumps the first Buyer and takes the new offer. What should be done when a Seller and Buyer have agreed on price, terms and conditions, and then a new offer shows up before final signatures have been obtained? I’m going to explain how we do it and why.
It’s been 10 months since I started writing blog articles on this website, and it’s been about 3 years since my good friend Tom Parish told me I should start a blog. I’m sort of stubborn, so it took me a while. Tom’s a Website Promotion and Internet Marketing Consultant. He helps people make their websites more visible and easier to find. He owns www.4webresults.com. We are next door neighbors, occassional walking buddies, and our daughters attend the same school and are good friends.
Tom kept on me for years – “Steve, you need to start writing a blog”. I thought, “what in the heck am I going to say?”. Tom said, “just write about all that stuff you talk about when we go walking.” So finally I did, and he was right. It’s a great outlet for me, a way to make our real estate website more alive, and we get wonderful feedback from our clients and a steady stream of new leads who say “love reading your blog“. When I look at the web stats to see which pages are the most viewed, it’s the blog articles by a long shot, not the static pages about us and what we do.
So this is a THANK YOU!! and a plug for Tom Parish at 4WebResults.com and the great service and expert advice he provides. Thanks Tom!! You were right!
I had an interesting call today from a Coldwell Banker Realtor in Florida. He spoke to Sylvia yesterday and told her that he has a group of Florida investor buyers that want to come out to Austin in May and buy a bunch of rental homes. He’s trying to get them set up with a good buyer’s agent in Austin who knows a lot about rentals and investment property in Austin. He told me today that he’s done a lot of research, talked to different agents, and thinks we would be the best ones to help his buyers. That may or may not be true, but we’re flattered nonetheless. Just one problem – we don’t pay the amount of referral fee he wants.
Austin’s job market is providing plenty of fuel to the real estate market. When people ask us “what is causing the Austin Real Estate market to be so strong?”, a big factor is job creation. See the article below from the Austin Business Journal.
Austin’s job market is one of the hottest in the country, according to a new ranking.
A report in the May edition of Business 2.0 magazine puts the Austin area at No. 4 for projected job growth among metropolitan areas with at least 1 million residents. The magazine, citing data from research firm Global Insight Inc. and government agencies, forecasts 24.7 percent job growth in the Austin area from 2005 to 2015.
“Tech’s rebound means IT hiring is back, and Toyota’s new nearby plant is creating thousands of jobs,” the magazine says.
In March, the Austin area’s unemployment rate was 4.1 percent, down from 4.2 percent in February and 4.4 percent in March 2005. The Opportunity Austin initiative aims to create 72,000 jobs over a five-year span in the five-county region.
Topping the list is Las Vegas, with projected job growth of 35.5 percent; followed by Orlando, Fla., 28.3 percent; Riverside, Calif., 26.7 percent; Austin; Phoenix, 24.3 percent; Jacksonville, Fla., 20.8 percent; Tampa, Fla., 19.7 percent; Dallas/Fort Worth, 19.4 percent; Charlotte, N.C., 19 percent; and Atlanta, 18.8 percent.
As the first week of the Texas Legislative Special Session winds down, and I read and watch the news stories, I’m under-whelmed. By most accounts, this court-ordered effort to change the way Texas funds public schools will be a success if Governor Perry’s plan passes, which will reduce the Property Tax rate by $0.50. What will a $0.50 reduction do for most people? It won’t amount to squat. Let me show you why.
The number of single family homes rented in March 2006 increased a whopping 65% over March 2005. 633 Single Family Homes were leased through the Austin MLS Leasing service this March compared to 382 units in March of last year. This impressive increase in absorption is surpassed however by the even greater increase in supply. One word – Investors.
As I do this rental analysis each month, I keep waiting to see an upturn, as we are seeing in the sales market. But it ain’t happenin’ yet. Even though the numbers are being stretched to the point of almost not making sense, investors who are bullish on the appreciation potential of Austin’s residential home market still see plenty of good opportunity in purchasing rental homes in Austin. But when an investor asks me “how’s the rental market in Austin TX”, I say “you’re getting ready to make it a little worse”. See the chart below.