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Austin Real Estate Eye - March 2011
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Check out the updates from 512HomesForSale.com/
February 2011 – Austin, TX Area Real Estate MLS Stats – ACTRIS (Entire MLS)
This Month in Real Estate March 2011- Real Estate News Video
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This Weeks Mortgage Rates 2011-03-07
January 2011 - Austin, TX Area Real Estate MLS Stats - ACTRIS (Entire MLS)
April 18th, 2011 Federal Tax Dates
Use a Roth IRA to save for your first home
Travis County, Williamson County and Hays County Homestead Exemption Forms
Call me for all Austin Real Estate needs & questions: 512-589-7308

March 2011 Market Update
Gradual progress in the housing market continues at a steady pace without government support. The market has shown remarkable improvement from the initial drop after the expiration of the home buyer tax credit this past July. Although higher-than-normal distressed sales skew the overall picture of home prices downward, inventory continues to shrink and sales continue to rise. The rock-bottom interest rates of 2010 are likely to trend upward. As economists anticipate rates at or above 6% by the end of 2012, buyers are moving off the sidelines and into the market.
A good sign for long-term market stability is that the median down payment on conventional mortgages has risen to 22%, up from 4% in 2006 and slightly above the 20% standard in the 1990s. This may keep buyers looking in slightly lower price ranges, but it is a good sign of future sustainability for homeowners and banks alike. There are still ample opportunities for those who would like down payments below 20%, including some conventional mortgages and those backed by the Federal Housing Administration, Veterans Affairs, and the Department of Agriculture’s Rural Development loans.
As the economy improves, stimulus efforts by the government and the Federal Reserve Board will gradually wind down, which typically means rising interest rates. Meanwhile, buyers continue to benefit from historically favorable buying conditions and sellers are encouraged by increased market stability.
Home Sales
in millions
The increasing trend in existing home sales activity continued through January, and for the first time rose above year-ago levels when the home buyer tax credit was in effect. This marks the sixth monthly increase since July when the tax credit expired, and indicates a recovery that’s gaining a firmer footing without government support.

Home Price
in thousands
Home prices softened in January with median home prices decreasing slightly to $158,800 - 3.7% below the year-ago level. Contributing to this is a larger share of distressed homes sales, which accounted for 37% of sales in January compared to 30%-35% throughout much of 2010. Prices and mortgage rates remain favorable for buyers.

Inventory- Month's Supply
in months
The uptick in home sales and a shrinking inventory pared down the month’s supply to 7.6 months, a decrease of 7.3% from December and 1% from year-ago levels. This is the lowest level in more than a year and marks the first time since July that the month’s supply is below where it was the previous year. Months of inventory has declined steadily (64%) from its peak of 12.5 months in July and is now back to pre-tax credit expiration levels. The supply of inventory is not far from a seller’s market, which is less than 6 month’s supply.

Source: National Association of Realtors - housing data released Feb 23.
Interest Rates
Mortgage rates jumped above 5% for the first time since April 2009 in January. While rates dipped back to just below 5%, they are expected to continue an upward trend throughout the year. As overall economic recovery remains on track, rates will likely rise to keep inflation in check. Buyers wanting to capture the savings in monthly payments that a historically low interest rate affords are expected to take advantage of excellent buying conditions.

Source: Freddie Mac, Rates as of Mar 3.
This Month's Video

Topics For Home Owners, Buyers & Sellers
Preparing your home for sale in a buyer’s market can seem daunting, but these five tips will help you get the best price in the least amount of time.
Organizing and cleaning is crucial when prepping a home for sale. Potential home buyers have a more positive reaction to homes that are clutter-free and give them the feeling that the home is “move-in ready.”
Presale home inspection can inform you of any trouble areas within your home that can stand out to potential buyers. An inspection can also help you make any repairs necessary before future open houses.
Determine replacement estimates before listing your home, even if you are not planning on making the replacements yourself. This information can help buyers to make informed decisions.
Have your warranties ready – especially for all those home appliances

Fr. Richard Rohr, a Franciscan monk who runs the Center for Action and Contemplation in Albuquerque, tells a story about one of his "conversions." A type "A" personality by nature, he was sitting at a traffic light in his pick-up truck, watching the clock and feeling annoyed at how long it was taking for the red light to change to green. He had important things to do, one of which was to get the mail (so that he could move on to other important activities), and that light was holding him up. And God spoke to him:

"Richard, do you think you're going to be any happier on the other side of the street?"

***
While traffic lights are not one of my personal pet peeves, I too am constantly driving toward completion and closure. I make a list, I check tasks off of my list, I discard my list. I am always moving toward the conclusion of an event, the attainment of a goal. Cessation, termination, consummation. And then what? Then I will be happy. Then I will be able to rest.

Rohr asks, "If you're unhappy on this side, why do you think you'll be happy when you cross over?" He suggests that it is in fact selfishness that propels us forward in our mad hunt for resolution. We want what we want. And we want to be over on the other side of the street, doggonit.

We want the house to be clean. We want dinner to be made. We want our project to be completed. We want the work day to be over. We are not interested in serving others so much as we want to check the task off of our list for our own selfish need for order and control.

If I am unhappy on this side of the street, I will be just as unhappy once I have crossed over. A green light won't change me. It can in no way alter my interior state. Turns out that, when I cross over to the other side, I take me with me.

I want to learn to be happy when my life is disorderly, when I can't make sense of my desk, when the house hasn't been cleaned for weeks, when I am in medias res.

I want to learn to be content while sitting at the red lights of life.