The Heart of Austin

Join Us At www.WestAustinMarketplace.com!

Thank you so much for reading our blog at HeartofAustin.com! The West Austin Properties Team loves sharing information with you, and we will continue to share events, real estate news, stories and more at our new site www.WestAustinMarketplace.com. This new site will feature video blogs, as well as our traditional written blogs, enabling us to better inform you of what is going on in and around Austin, Texas! We can't wait to see you there and encourage you to leave comments and questions!

www.WestAustinMarketplace.com

Austin Market Update – Still Going Strong

Right now, Austin has an 6.21 supply of homes. This means that if you took all the homes currently for sale--10,303. And divided by all the homes that sold last month—1,660. You get a 6 months supply of homes. Theoretically, if all the homes on the market were to sell and no more homes came on the market, it would take around 6 months to sell them all. This is a balanced market. Typically, if there is a supply less than 6 months, it’s a seller’s market. 6-7 months is a balance market and anything over that is a buyer’s market. After talking with fellow Realtors around the country, we have found that this is no typical. Most markets across the United States are working with a 8-9+ month's supply of homes. Many experts believe that the government incentives are keeping the market moving. Once these are gone (in 3 days), we will really see what our economy is made of. 

Look at the charts below to see how different areas and prices ranges around Austin are doing.Don’t forget that all real estate is local. Meaning, you can’t judge how homes are selling in one neighborhood, or price range for that matter, and judge an entire market by it. That is why, when we sit down to help price your home, we not only discuss your home’s value specifically by how your neighborhood is selling, we also talk about how your target price range is selling. Very valuable information if you want to be well positioned in the market.

 

Submitted by Patrick Birdsong , West Austin Properties, 512-345-1252 or [email protected].

Eeyore's Birthday Party turns "Oh, bother" into "Oh, boy!"

Happy Birthday to you, Happy Birthday tooo youuu, HAPPY BIRTHDAY to EEYORE!! Happy Birthday TO YOU!

Well, Austinites, it's that time of the year again....Eeyore's 47th Annual Birthday Party!! Don't worry this won't be a pity party, but a grand celebration! There will be live music in Pease Park from noon to seven this Saturday the 24th of April. Musical guests Graham Wilkinson and the Underground Township, Mystic Moot and Tavana will be there to jam out until the sun goes down. The party begins at 11AM so grab some hot or cold food (vegetarian included), and wash it down with a coke, juice, spring water or even a Texas beer! 

Admission is free and all food/drink/activity proceeds will benefit non-profit groups in Austin. There will be games for children of all ages, as well as face painting and temporary tattoos. Musicians are also invited and encouraged to play their instruments. Come sing, eat, drink, play, and dance around the Maypoles at the party of the year! Costume contest is included with a chance to win some amazing prizes (gift certificates to Threadgills, Huts, and Frank and Angie's Pizzeria--YUM). Don't have a costume? Feel free to body-paint yourself and a friend and join in on the huge drum circle!

Also joining Eeyore with birthdays this month is West Austin Properties' own Laura Duggan and Austin country star Willie Nelson, both on April 30th! A grand happy birthday to you all! Let the celebration begin!

Submitted by Katy Duggan

West Austin Properties, REALTOR, Buyer's Agent

Contact me today to look at homes! 512-826-4316 or [email protected]

The Mighty Texas Dog Walk is Mightier Than Ever!

     Calling all pooches, big and small, we need YOU to bring the Guinness World Record for "Largest Dog Walk" back to Texas! How? Simply round all the pups you know and attend Austin's 12th Annual Mighty Texas Dog Walk this Saturday, April 17th, at 9 A.M. It will take over 10,272 dogs to beat Britain's record, but I think we can do it! 

     The 3 mile stroll starts at the 1st street bridge and takes you through beautiful downtown Austin. There will be plenty of dog watching and vendors en-route with amazing products and services for every dog to enjoy! Let's show the rest of the country and the world why Austin, Texas is ranked in the top five cities for pets!

All proceeds benefit Texas Hearing and Service Dogs. For more information and to register check out the service dogs website. Each dog is $30 when you register the day of and $25 if you register early. Don't miss out on the chance to be part of this World Record breaking event! Can't wait to see you there!  

TOP 5 PET FRIENDLIEST CITIES

Based on rankings among six different top 5 lists published by “Forbes,” “Dog Fancy,” AAA, “Men’s Health,” DogFriendly.com, and the Humane Society of the United States, WebVet.com recommends the following five cities as America’s pet friendliest:

1. Portland, Ore. (listed four times; ranked No. 2 twice)
2. Seattle, Wash. (listed three times; ranked No. 2 once)
3. Albuquerque, N.M. (listed three times; ranked No. 3 twice)
4. Austin, Texas (listed three times; ranked No. 3 once)
5. TIE: San Francisco and San Diego, Calif. (each listed twice; each ranked No. 1 once

Race Around Austin at the Capitol 10K

Fellow Austin race enthusiasts, join me and the rest of the West Austin Properties team for one of my personal favorite Austin traditions, the Statesman Capitol 10,000! This Sunday, April 11, is the 33rd anniversary of the largest 10K in Texas, and the fifth largest in the country. Whether you are a competitive runner or simply want to be a part of the action, grab your tennis shoes and join over 18,000 people to support Meals on Wheels and More in this 6.2-mile loop around Austin.

Entertaining to say the least, the eccentric participants of the Capitol 10K embody our city’s motto to “Keep Austin Weird.” H-E-B will be sponsoring a Mad Hatter station where you can create fun hats using a H-E-B bag as your canvas or feel free to transform yourself into a bag monster! 

Late registration begins today so head on over to the North Austin Event Center (formerly the Crockett Center) located at 10601 North Lamar Blvd. to pick up your packet and register. Can't wait to see you there!

Following the Capitol 10K, join us for our open house at 1102 Heritage Way in Central Austin by O'Henry Middle School. The National Association of Realtors has designated this weekend as National Open House Weekend, and West Austin Properties is excited to participate by holding open a house not yet on the market! We suggest you stop by before it's gone! 

This is also the last opportunity to take advantage of the $8,000 Federal Tax Credit. To qualify for the tax credit, the home must be under contract by April 30th and close before June 30th. Call us today at West Austin Properties to take advantage of these low rates, low prices, and stimulating government tax credit. 

Submitted by Katy Duggan, Buyer Specialist

West Austin Properties

512-826-4316 or [email protected] 

   

Austin Tops List of Best Places to Live for Young People

Once again Austin is at the top of the list. This time Austin hails as the most popular spot in the country for young people to live. What draws the young and talented to our vibrant city? Take a look and see.

CNN reports on the reasons Austin attracts top talent.

Austin's Economy Still Hot

Austin's economy is still cooking because of all of the diversity we have in our market. Check out this 2 minute CNN video that shows why we are still hot when others are not!

If you have always wanted to live where there is lots of life, action and character, Austin is your destination.  Everyone does their part to Keep Austin Weird, the city's slogo.

Austin Events – December

December has begun with what is as much Winter as we typically see in a year—cold and wet. There is plenty to this holiday season in Austin.

UT Football is going into the post-season with a perfect record. UT will be facing a strong Nebraska team in the Big 12 Championship on their way to the National Championship in the Rose Bowl.

December 5th, UT v. Nebraska, 7pm. Kickoff in Arlington, Texas at Cowboys Stadium

The UT basketball team has started their season off. Check the website for upcoming games, there will be about 5 home games in December.

For more information, visit www.TexasSports.com.

On Friday, December 4th, the McDonald’s Lights of Love 5K will take place at the Mueller Development. The race is in support of the Ronald McDonald house. For more information, visit http://budurl.com/McDs5K.

 

Ballet Austin’s 47th production of The Nutcracker will take place at The Long Center. It is the longest running performance of The Nutcracker in Texas. The Austin Symphony accompanies the Ballet and depending on the night, you will see one of Austin’s local celebrities playing the role of Mother Ginger.

The Nutcracker will take place beginning December 5th – 23rd. For more information, visit http://www.balletaustin.org/atb/nutcracker.php.     

 December 11^th- 24^th, the Armadillo Christmas Bazaar is a great place to get a lot of your Christmas shopping done. Combination shopping venue and music festival this Austin tradition is over three decades old. For more information, visit http://www.armadillobazaar.com/.

 

Zilker Park Trail of Lights is one of the best family events of the season. It starts with the tree lighting on Sunday, December 6^th, at 6pm. The tree stands 155 feet tall and contains over 3,300 lights.

The next event is the Zilker Tree Holiday Fun Run that will take place Saturday, December 12^th, at 6:30pm through the trail of lights and Zilker Park.

The Trail of Lights will be closed with a grand finale on December 21st, 8:30 pm - Asleep at the Wheel & Friends Holiday Sing-a-Long.

For more information about the Zilker Park Trail of Lights, visit http://www.ci.austin.tx.us/tol/.  

  

The Annual Holiday Sing-Along and Downtown Stroll will begin at the steps of The Capitol on Saturday, December 5^th at 6pm. The event begins with a group sing-along featuring John Aielli. At 7pm the countdown to the tree lightning begins. Shops and restaurants will be open late for the event. For more information, visit http://downtownaustin.com/holidays/?rewrite=holidays&query=.

 
 

The last major event every year in Austin is First Night Austin. This takes place on New Year’s Eve in the streets of Downtown. The event is a family-friendly alternative to traditional celebrations is in its fifth year. For more information, visit http://www.firstnightaustin.org/.

What are you doing this month that we should know about?

Patrick Birdsong is a Realtor with West Austin Properties. He is a second generation Realtor with over 7 years of experience in the Austin Real Estate Market. He can be reached at (512) 345-1252 or via email at [email protected]. Follow him on twitter: @patrickbirdsong

An Austin - Dallas – Norman Tradition – Red River Rivalry Weekend!

Pack your bags and get on the road with your burnt orange or crimson and cream, because it is Red River Rivalry time at the Cotton Bowl in Dallas!

Formerly known as the Red River Shootout, this annual football game is one of the greatest rivalries in college football. The Red River itself lies along the Texas-Oklahoma border; representing a dividing line between two states and two states of mind. 

This year’s game will be the 104^th meeting of the two teams and will determine the future of the Texas Longhorn’s National Championship hopes. The Oklahoma Sooners come into the game plagued by injury, youthfulness and two heavy loses. Their goal for the Sooners is to salvage what is left of their season. A win against Texas might be their saving grace.

This blog post is not an analysis of the match up or a prediction of the results. It is a celebration of the tradition. Both schools represent the pinnacle of public school education. Just visit the websites for each school (www.utexas.edu and www.ou.edu) and you will get a feel for how hard hitting both schools are academically.

The Cotton Bowl, in which the game is played, is more storied than the rivalry itself. Visit their website to view the history of the stadium, http://www.attcottonbowl.com/stadium/, and you will be awakened by the spirit of the game of football.

The beauty of the game is that it is always on neutral territory. The stadium sits almost exactly 3 hours from both Universities. Come mid-afternoon today, I-35 Northbound out of Austin and I-35 Southbound out of Norman will be clogged with fans making the trek to Dallas. Checkout the map below for a better idea of how ideal the location really is.

View Red River Rivalry in a larger map

Upon arrival in Dallas awaits the largest State fair in the United States. The Texas State Fair surrounds the stadium and to gain entrance to the game you must pass through roller coaster rides and vendors serving up a plethora of fried concoctions. To learn more about the State Fair of Texas, visit www.bigtex.com.   

 

If you are traveling to the game this weekend, please drive safely. We will see you there!

Patrick Birdsong, West Austin Properties, (512) 345-1252, [email protected].

Austin Home Sales By Price Band for July, 2009

 

While sales in many areas of the country are slow and prices have dropped significantly, the Austin real estate market continues to be a relatively balanced market with an average of 5 months of inventory in price ranges below $400,000. This segment of the market represented 87% of the home sales last month.  Homes priced over $400,000 saw a significant increase in the absorption rate.

Several key factors are contributing to these numbers. The up to $8000 tax credit that the government is giving to first time homebuyers (or buyers that have not owned a home for the past 3 years) has driven sales in the $100,000-300,000 price range significantly. This buyer credit ends November 31, 2009, so buyers have been racing to get these homes contracted and closed before that deadline. 

Also, interest rates still remain at a very appealing rate between 5 and 6% for buyers with good credit. In many cases, Austin tenants are finding that they can own a home and pay at or below what they were paying in rent, and receive a deduction for mortgage interest as an added bonus. Why pay rent when you can buy?  With sellers contributing to closing costs, a buyer can still purchase a home with very little downpayment and enjoy all of the privileges of home ownership. 

Homes priced above $400,000 may require borrowers to find a non-conforming loan for financing. Loan amounts that exceed $417,000 require borrowers to meet different underwriting standards and buyers usually pay higher interest rates. New appraisal guidelines are increasing the challenge to get these homes sold. Appraisers must substantiate value with three comparable sales in the area in the last 90 days. Unique properties or those that have unique intangible features, such as a killer view, are finding the process difficult and sometimes unsatisfactory when the appraiser can't find comparables and then loans are denied due to their inability to meet underwriting guidelines with the lender. 

If you are selling a home in the price range above $400,000, you may need to consider offering to finance the property or carry a 2nd mortgage to get your home sold.

The next few months should remain a great time to purchase a home in Austin, Texas. If you know someone who is renting, and could own a home, please refer them to us.  There has never been a better time to buy real estate.

Laura Duggan, West Austin Properties, 512-345-1252, [email protected]