Tag Archives: leasing

May Leasing Statistics

20141021_141438_HDR_resized

The Austin leasing market is still VERY tight. Even with an increase in inventory, we still see MULTIPLE OFFERS on solid lease properties. Apartments are 95% occupancy city wide —– in popular areas they are at 97% and some have waiting lists.  So, if you are your college student is moving to Austin and plan to lease, start looking NOW! The markets changes on an hourly basis in some areas!

Investors, it is a good time to buy MORE rental property, even though supply is up.  US Census figures show from July 2013 to July 2014 the number of people moving to the Austin area was 157 new people per day and City of Austin Demographers estimate 110 per day. Either way, there are a lot of people moving here EVERYDAY! Opportunities are abundant…Angelos Angelou (angeloueconomics.com/) predicts the Austin area will add 70,000 ate a create conducive investment market! The following table gives a graphic snapshot of the hot Austin leasing market…from both sides:

Total Lease Properties Median Price per Single Family Median Price per Total Total Home
Home, Condo, TH & Dpx Price Foot Homes for Lease Price Foot Leases Leases
1-May 1,281 2014 1.29 675 2014 1.08 Total Houses
2014 12 mo 12 mo 3,757 2,404
$1,395 $1,595 2014 2014
4 mo 4 mo
1-May 1,563 4 mo 1.44 687 4 mo 1.18 Total Houses
2015 $1,500 $1,600 3,823 2,385
2015 2015
4 mo 3 mo
% ^ 22% 7.50% 2% Level 2% Level
1 year

Sources:

Texas Real Estte Center                http://recenter.tamu.edu/Data/hs/hs140b.htm

Multiple Listing Service

REALTOR.com          www.reltor.org/

MetroStudy Austin  www.metrostudy.com/view_market.php?id=10

MPF Research Greg Willett   www.realpage.com/market-research/mpf/

Capital Market Research  http://cmraustin.com/

JB Goodwin REALTORS®  

Good time to sign a lease

This is a great time to negotiate a lease in this town. The prices are negotiable right now. In my opinion, we will see the prices correct and go right back up after the first of the year. I recently have helped a few folks renegotiate their lease and/or sign a new one. If you are interested in moving any time soon, hit me up. No one wants to move now, but we can negotiate your lease and get it locked in before you ring in 2015! Then you can move in January and start the year off fresh and in a well negotiated new place to call home!

Paint My Door Red!

In Scotland, homeowners paint their door red when it is paid off. Well, my door is not quite red yet. Until then, leasing is a great option in the Austin area to determine where you want to live. The whole dynamic atmosphere makes it hard to know if you would really like living in a place until you actually live there. I love the Clarksville area myself, but it is not for everyone. It’s fun finding great spaces for people to lease then help them find that perfect morsel after living there for a while. That being said, there is hope on seeing some light on the horizon on lending and some loosening of more mortgage loans for those of us without pristine credit.

Mortgage lenders could get a lot more willing to extend loans to borrowers with less-than-pristine credit if Fannie Mae and Freddie Mac give them more clarity on what circumstances will trigger demands that mortgage originators buy back loans that go bad, according to the Wall Street Journal reports this week. If their federal regulator goes along, Fannie and Freddie may also roll out new programs allowing them to guarantee some mortgages with down payments of as little as 3 percent. Fannie and Freddie, which require mortgage insurance for most loans with down payments of smaller than 20 percent, will currently buy mortgages in which borrowers have made down payments as small as 5 percent, according to the WSJ Reports.

If you are considering making a move, contact me, and I can help you find some places to call home!

October 2014 Austin Market Statistics

20141021_141438_HDR_resizedAccording to Austin Board of REALTORS Multiple Listing Services report (10/23/2014), the number of listings were down in September 2014 (3,472) from 3,589 in August which was down from 3,732 in July in the Austin area alone and not including the suburbs and bedroom communities. At the same time that the inventory is down, according to the September 2014 Multiple Listing Service (MLS), Austin-area single-family home prices set a record for the month of September.

Median price for Austin-area single-family homes increased eight percent year-over-year to $240,000 and average price rose seven percent year-over-year to $308,514 in September 2014. These are the highest figures recorded for both median and average price for the month of September. The average days on the market is 44 and has remained consistent.

I have read and heard the report that claims Austin area real estate is overvalued, then I look at the reality of the situation. According to the City of Austin, Bureau of Vital Statistics, there are 110 people moving to Austin every day. In my opinion, logically, I realize that no one is building any are more land here in Austin, so what you will continue to see is increasing values in the structures available, with particular increases projected from the core out, or inside out. I predict that investors will be handsomely rewarded. There is a giant medical school coming to town. There are more and more venues coming to this town every day. The place is a buzz all in the same old Austin I remember with little reminders of yesteryear Austin, like Donn’s Depot.

Leasing is also up 8% this September versus September last year in the Austin area. Leasing is big business, and the prices are quite expensive in the central areas of Austin. Regardless of whether you buy or lease, I recommend that you contact a professional (me of course) to help you make informed choices. The choices are overwhelming, but there are affordable places to live, and even in Central Austin. Having a confident and competent professional is essential to make sure that you find what you are looking for, and location is key.