Tuesday, January 31, 2012

Texas residential real estate continues very strong as compared to the balance of the economy.  Horseshoe Bay also remains very strong.  In fact you might think that the big boys know something about the near future.  A new bridge is being constructed across the Lower Colorado in Marble Falls, Jamal's a high line grocery store is under construction in Horseshoe Bay, most of the roads in HSB are receiving new concrete curbs, the LCRA has started replacement of the power plant,  a new clinic and regional hospital is about to break ground.  You never know where the bottom is on any investment, but the data would suggest that real estate in Horseshoe Bay, and particularly waterfront real estate in Horseshoe Bay, because Lake LBJ is one of the largest constant level lakes in the US, worthy of consideration.

TEXAS' EXISTING HOME SALES UP 4 PERCENT

COLLEGE STATION (Real Estate Center) – Sales of existing single-family Texas homes in December were up 4 percent from a year ago, according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University.

More than 16,500 homes were sold, data showed. The median home price was $150,700, about the same as a year ago, and the state's overall inventory was at six months.

December 2011 MLS data for many Texas cities are available on the Center's website. Here is a sampling (data current as of Jan. 30, 2012):


Sales
Change from
Last Year
Median
Price
Change from
Last Year
Months'
Inventory
Austin 
1,738
up 11%
$188,200
down 2%
4.2
Beaumont
151
up 2%
$114,000
down 14%
11.1
Brownsville
39
down 33%
$86,800
down 22%
12.4
Dallas
3,315
up 3%
$162,800
up 1%
4.7
El Paso
420
down 9%
$97,900
down 27%
7
Fort Worth
645
up 5%
$112,500
down 6%
5.2
Houston
5,048
up 7%
$160,400
up 2%
5.9
Midland
134
up 17%
$184,000
down 1%
3.3
San Antonio
1,393
up 3%
$148,400
down 6%
6.6
Sherman-
Denison
84
up 22%
$96,700
up 3%
8.8
Temple-
Belton
115
up 4%
$120,700
down 13%
7.9
Tyler
198
down 5%
$130,800
up 1%
11.4
Victoria
74
up 37%
$131,100
down 2%
3.8
Waco
153
up 2%
$116,200
down 1%
9
Wichita
Falls
81
down 31%
$102,300
down 9%
7.6
Texas
16,505
up 4%
$150,700
no change
6

Friday, January 6, 2012

Strong Texas Economy Outlook

The following article comes from the Realestate Center of Texas AM.  Like most list, Texas and Austin are at the top of everyones mind for continued growth and prosperity.


TEXAS POISED TO OUTPACE NATION (AGAIN)

COLLEGE STATION (Real Estate Center) – Texas’ economic outlook for 2012 is positive. Job growth is occurring in several sectors, and a low cost of living is enticing businesses to move to the Lone Star State.

It will be tougher going for the nation, however, because of several factors. The housing market needs to clear a high number of foreclosures. Consumers need to pay off their debt. The banking system needs to write off bad debt. Small businesses need to start hiring again.

Writing for the January issue of Tierra Grande magazine, Real Estate Center Chief Economist Dr. Mark Dotzour says, “Fortunately, Texas is poised to outperform the U.S. averages. Home sales volume in Texas should show modest improvement over 2011, and prices should be stable throughout 2012.” Dotzour’s economic outlook is titled “Texas Sails On: Nation Battles Headwinds.”

Other articles detailing findings from the nation’s largest publicly funded real estate research organization are in the issue scheduled for mailing in late January.

  • “Beyond a Reasonable Drought” by noted agricultural expert Dr. Joe Outlaw and Center Research Economist Dr. Charles Gilliland. Farmers, ranchers and service businesses that support them are suffering negative effects of the drought. To make matters worse, federal agricultural programs are on the chopping block to reduce the deficit.
  • “The Great Recession: Why Intensity and Duration Varied” by Center Research Economist Dr. Ali Anari. Why did some Texas metros fare better in the Great Recession? Results from the Center’s business cycle research program pinpoint several reasons. These included shares of employment in the government sector, education and health services industry, mining and construction industry, and the metro’s level of educational attainment.
  • “Dialing Down Debt: Road to Recovery Begins at Home” by Center Research Analyst Gerald Klassen. It will hurt, but American households will have to liquidate their assets and reduce debt if they want the economy to recover. This means selling luxury items including vacation homes, boats and RVs, as well as selling investments, declaring bankruptcy or suffering through foreclosure.
  • “For the Record: When to Toss Old Tax Records” by Center Research Fellow Dr. Jerrold Stern. At a minimum, tax records should be kept three years. However, a period of seven or more years is recommended. Tax and nontax factors play a role in the decision.
  • “Vested Rights: Project Protection for Developers” by Houston attorney Reid C. Wilson. Vested rights freeze land use regulations affecting property classification, building size, lot size-dimension-coverage and certain other matters once the owner or developer files a permit application for that project.
  • “The Trouble with Troubled Assets” by Center Research Economist Dr. Harold Hunt. The volume of distressed property sales was expected to be much higher by this time. So far, everyone is still waiting. However, according to commercial real estate insiders, distressed sales are on the way up.
  • “Terminated: Transfer Fees Outlawed” by Center legal expert Judon Fambrough. Transfer fees, money paid for transferring interest in real property, were implemented in 2007 legislation. Four years later, that law was repealed, prohibiting any future transfer fees and terminating existing fees that do not comply with the new legal requirements.

Tuesday, January 3, 2012

Texas Jobs

With jobs continuing to be a primary element of the national recovery.  Texas continues to lead the way. Job will also lead to a faster recovery in real estate.


RECON

Real Estate Center Online News

January 3, 2012

Copyright 2012. All rights reserved.

Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source.

TEXAS' PRIVATE SECTOR JOB GROWTH OUTPACES NATION'S

COLLEGE STATION (Real Estate Center) – Texas gained 227,800 nonfarm jobs from November 2010 to November 2011 according to the Center’s latest Monthly Review of the Texas Economy. That represents an annual growth rate of 2.2 percent compared with 1.2 percent for the United States.

The state’s nongovernment sector grew at an even faster rate, adding 292,700 jobs (3.4 percent) compared with 1.7 percent for the nation’s private sector.

Texas’ seasonally adjusted unemployment rate fell to 8.1 percent in November 2011 from 8.3 percent the year before. The nation’s rate decreased from 9.8 to 8.6 percent.

All Texas industries except the information industry and the state’s government sector had more jobs than the same time a year ago. The state’s mining and logging industry ranked first in job creation, followed by the professional and business services industry and the leisure and hospitality industry.

Abilene, Wichita Falls, Killeen-Temple-Fort Hood and College Station-Bryan were the only metro areas that had fewer jobs in November 2011 than in November 2010. Victoria ranked first in job creation followed by Corpus Christi, McAllen-Edinburg-Mission, Lubbock and Laredo.

The state’s actual unemployment rate in November 2011 was 7.5 percent. Midland had the lowest unemployment rate followed by Amarillo, Odessa, Lubbock and San Angelo.

Sunday, January 1, 2012

Increased Interest in Your House

Design Hazards: 10 ways to increase interest in your house

Roger Hazard, Design Hazards

Roger Hazard and the crew of the TV show 'Sell This House' reorganize and redecorate homes to help make them more appealing to buyers. Hazard gives tips below.
 
Even in relatively healthy real estate markets, the average length of time houses spent on the market has increased. If the "for sale" sign has been in your front yard longer than you had hoped, don't despair. Instead, consider one or more of the following 10 quick fixes to catch the eye of buyers.
Get information on your home.It can be difficult to get valuable feedback on your home if you haven't had any showings lately. Have an open house for friends, and place index cards, pens and a shoebox near the front door. Ask them to write down — anonymously — any negative issues they see with the home. It might not be for the faint of heart, but the feedback can be priceless.
Kill odors, then introduce appealing scents. Every home has trapped odors that build up over time in upholstery, drapes and carpets. The winter is a perfect time to have these professionally cleaned. Instead of harsh plug-ins, use essential oils — rosemary is a good choice — and drip sparingly on your carpets.
Maximize light. There isn't much daylight during the winter months. Make the most of it by removing bug screens, which can substantially reduce the amount of sunlight allowed in through your windows. Be sure to give your windows a good cleaning. After a dry summer, they're likely covered with a fine coating of dust; removing this will bring in more light and make the windows look newer.
Declutter ... again.I know, you've already decluttered your home. That's what everyone says. But take another serious look at each room. Can you do without out-of-season clothes? What about the rarely used kitchen gadgets on the counter? Every home buyer is hungry for more space. Demonstrate that your house has sufficient counter, storage and closet space by packing up nonessential items and clearing them out.
Get your home preinspected and address any issues now.By working with an inspector in advance, you can get a jump on any potential red flags that might scare away serious buyers. You'll have a chance to tackle these repairs proactively and will have time to shop around for affordable service providers. Be sure to keep detailed records on the repairs you've completed to present to prospective buyers.
Offer an allowance.If there are more significant repairs needed to your home, or if there are functional but dated features ready for replacement, consider offering an incentive such as an allowance toward repairs to be deducted from the sale price at closing.
Spruce up your yard for winter.Curb appeal is important. Now that we've actually received a bit of rain, some yards can look better than they have in months. Take care of your end-of-year pruning to keep plants looking tidy. Bring back the green in your lawn by seeding it with rye grass. Add color with winter flowering plants like pansies.
Hire a professional.Bring in a professional interior designer or home stager for a one-hour consultation. Ask them to assess your home and offer their recommendations for quick, do-it-yourself fixes. Their feedback will give you confidence that you're focusing on changing the right elements and will include specific information on which colors and finishes will work best.
Freshen your online listing.In the past, I've discussed the importance of quality photography. Now might be a good time to consider hiring a professional to take some new photos. If you have unique details or fixtures, mix in some close-up and vignette shots with your whole-room photos so prospective buyers see charming details that make your home stand out. Be sure to rotate around your photos, replacing older ones with new shots. Your home's first photo — the one that most buyers will see as they scroll through a list of houses — needs special attention.
Reduce the price.If your home has been on the market for three to six months with no offers, it's time to consider a price reduction. There's some debate as to whether Austin is a buyer's market or a seller's market, but the fact is that buyers are less frenzied in their attempts to snatch up properties than they were a few years ago. With many buyers adopting a wait-and-see approach, a price reduction might convince them to move.
Home staging expert Roger Hazard of A&E's "Sell This House" offers design tips in the monthly column Design Hazards. Have design hazards of your own? Send him your home design, landscaping, and staging questions at www.roger
hazard.com.