Austin Rental Market Update – Jan 2007

The Austin Rental market keeps chugging along, not burning up any records, but a slow march back toward the better rental rates Austin landlords once enjoyed. Below are the rental stats for January 2007. Since we’re at the start of the year, I’m not doing a Year-to-Day, as obviously that would just be January anyway, but I’ve included the 2005/2006 full year comparisons further below, from my year-end Austin Rental Market Summary summary last month. Also below is the Austin rental rate trend graph from 1999 through 2006.

Austin Leasing Stats Jan 2007
Previous Month and Year Comparison
All MLS Areas - Houses Only

 
Dec 2006
Jan 2007
Jan 2006
Yr % Change
# Leased
538
594
579
2.6%
Avg List Price
$1248
$1239
$1182
4.8%
Median List Price
$1150
$1150
$1100
4.5%
Avg Leased Price
$1238
$1235
$1173
5.3%
Med Leased Price
$1150
$1145
$1100
4.1%
Avg Size SQFT
1864
1876
1785
5.1%
Median SQFT
1747
1771
1719
3.1%
Avg $ per SQFT
$0.65
$0.66
$0.66
0%
Avg Days on Mkt
60
61
47
30%
Median Days on Mkt
51
50
51
2%

Below is the 2005/2006 full year comparison.

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Exurbs Hard Hit by Slowing Market

The article below supports what I preach constantly to buyers in Austin, notwithstanding our strong current market – stay out of the far-flung areas and instead buy the best home you can afford closer in. And from the article below, this instructive quote: “But speculative investors — rather than buyers who planned to occupy the … Read more

When is a Listing Ready for the Austin MLS?

We have a new listing, and it’s not yet in the MLS. Why not? We don’t enter a listing into the MLS until it is 100% ready to go. For us, 100% ready means the home is ready and staged, the yard mowed, walls painted, carpet cleaned, house is professionally makeready cleaned, maintenance items handled, all photos taken, the virtual tour completed and online, flyers ready, and the sign and lockbox are up. On this one, we don’t yet have the photos, flyers and Virtual Tour, which we’re having done today.

Why not enter the listing when it’s “almost” ready, perhaps with one photo of the front of the house? Because first impressions matter. Not only do they matter, they matter A LOT.

Every buyer we work with has an online portal with automatic notification of new listings that match their search criteria. Sylvia and I also have various portals set up for ourselves, which we use to monitor and keep and eye on certain areas and neighborhoods we like. Each morning, us and our Buyer clients, receive notification emails for new listings that match the different search parameters being watched.

I’m amazed at how many agents enter listings into the Austin MLS with no photo, or worse yet, crappy photos. Those listings are at a disadvantage from day one.

Which listing, upon initial preview online, would you be most interested in learning more about?

This one?.. Austin default MLS Pic or this one?.. Austin Real Estate

When we or our Buyers get the aforementioned email notifying us of a new listing, and we click on that listing link to view the property, that is our first impression – either a nice photo of the home, or the ugly default “no photo” image shown above.

It is within about 10 to 30 seconds that I will decide if a new listing warrants further investigation, or if I’m going to drive over for a preview look. For some listings, I know instantly that the home will be sold within days, based on the location, price and the photos. Many of our Buyers, especially if they’ve been viewing the portal on a regular bases, are savvy enough to spot a good new listing right away also, and they call us immediately and ask about it. First impressions matter!

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Austin Real Estate Market Picking Up Again for 2007

Sylvia and I have been hopping busy the past couple of weeks, and we’re starting to see a lot of multiple offers again, and it feels like the Selling Season is ramping up as it did about this time last year in Austin. Here is a look at the last several deals we’ve written for Buyers this past week:

• We wrote a deal two days ago in which the agent had 5 offers. This was in Area 10S (old Austin MLS Area 10 is now split into North/South, thus area 10S and 10N replace old area 10). In order to win, our buyers went $2,100 over list price, offered all cash, offered a closing date of Seller’s choosing, and of course we wrote an impeccable offer that was free of mistakes or errors, which the Seller was able to sign without counter-offering. The offer was also accompanied by a letter outlining what the Buyer felt were the merits of the home and their offer.

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