As reported by Forbe’s, the best bargain cities have been announced.  The news is good (again) for Austin as it makes the top spot on the list!  And again, Texas dominated the list taking 5 spots on this top 15 (really a top 17) list based on cost of living, housing opportunity, unemployment rate, and average salary.  Additional bragging rights?  Austin ranked #1 on Forbe’s list for lowest unemployment rate!

1. Austin, Tex.
2. Phoenix, Ariz.
3. Washington, D.C.
4. Fort Worth, Tex.
5. Cincinnati, Ohio (tie
   Indianapolis, Ind. (tie)
6. Columbus, Ohio
7. Dallas, Tex.
8. Houston, Tex.
9. San Antonio, Tex.
10. Nashville, Tenn. (tie)
    Denver, Colo. (tie)
11. Cambridge, Mass.
12. Kansas City, Mo.
13. Detroit, Mich.

Austin Ranks, Economy Austin Ranks, top 15 lists, unemployment

There are still a lot of changes going on in our market, but overall, we are seeing signs of improvement.  Our months of inventory continues to inch up, but remains in what experts consider “neutral territory” (neither a buyer’s nor seller’s market).  But if you were looking to cash in by buying real estate in Austin at the market’s absolute lowest, it looks like the time has passed.  For the second month in a row, both the average and median home sales prices are up↑.

Median Home Price for May 2009 - $191,700
Median Home Price for Apr 2009 - $184,900
Median Home Price for Mar 2009 - $179,400
Median Home Price for May 2008 - $193,800

This month’s Broker’s Advice?

For buyers… Now is still a great time to buy because rates are still at historical lows.  If you’re in the market, buy now because interests rates are headed up and it could be fast from what we’re seeing.  Take advantage of low prices on homes, but don’t expect to buy a home 1/2 price, because those instances are still few and far between, especially in the under $1M market.  Over $1M, there may be a few new homes by relatively new builders at heavy discounts, but I still recommend buying a new home with a seasoned, reputable builder who can provide you with a rock solid home warranty (and years of experience in building homes with few to no issues).  If you’re on the fence waiting for the bottom of the market, get off the fence because it looks like you’ve already missed it.  Most sellers have little patience for the “bottom feeder” calls and offers… you’re very likely not the first one to make an insulting 40-50% off offer and most sellers are being cautious these days by not buying a new home until the old one sells.  Make a reasonable offer using comparable sales as back-up.  Most homes are already priced for the market in order to sell in this market.

For sellers… You may need to make an important choice of whether or not to hang in there.  How badly do you need to sell this year?  If you absolutely most sell now, be prepared to lower your price below what you ever thought you would and be wary of buyers who are looking for the best possible deal rather than the best possible quality home when you put a low price out there.  If it’s not worth it to you to sell 10-20% lower than you would in a strong market — or if the emotional headache is already more than you can bear (buyers are making bad remarks about homes they are interested in as part of the negotiations) I say wait until things calm down (because they will).

For everyone… Don’t forget that this isn’t the first downturn we’ve seen in Austin.  It’s  not even the first downturn we’ve seen this decade!  (9/11 and .com bust anyone?)  It won’t be the last.  The moral of this story?  Don’t panic!  Make smart decisions and if you are new to the real estate market (or have other ways you’d rather spend your time) hire a seasoned, experienced, knowledgeable Realtor®, not just any agent because there is a serious business when it comes to making the best and brightest calls in a volatile market with consumer confidence all over the board like we are currently experiencing.

To view the interactive version of this chart, visit:
http://AustinHome.Pro/Data

Austin

The latest data on unemployment rates is out and available in interactive charts at http://AustinHome.Pro/data or http://AustinHome.Pro/statistics.  Austin shines yet again with a strikingly low unemployment rate, and national media has taken notice.  The great news is that unemployment rates have continued to drop across the board, a great sign that the economy is recovering as experts predicted.

• 8.7% – National Unemployment Rate for April 2009
• 6.4% - Texas Unemployment Rate for April 2009
• 5.8% – Austin Unemployment Rate for April 2009

The Statesman reported recently that

The national job market remains challenging, but Central Texas continues to create new jobs, according to figures released Friday by the Texas Workforce Commission.

The region added jobs at a 0.4 percent rate during April, and its unemployment rate fell to 5.8 percent from 6.2 percent in March. A year ago, the rate was 3.5 percent.

The percent growth rate translates into 3,480 new jobs between April 2008 and April 2009.

For the third month in a row, Austin was the only large Texas city to add jobs. Dallas lost jobs at a 2 percent annual rate last month, and its 6.7 percent unemployment rate was the highest among large Texas cities.

The news is in deed good, even if many have good reason to remain cautious for now.  It’s a good time to be proud to be a Texan, as our strong state economy has sheltered us from what appears to have been the worst of this economic storm.  And you should be even more proud that Austin continues to rank #1 against even the biggest US cities.

May figures are trickling in so keep an eye out for them at AustinHome.Pro!

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This one’s not in MLS and is under construction now in The Preserve at Lost Gold Cave in Westlake, Eanes ISD Schools, behind Rudy’s and walking distance to Barton Creek Mall on a 1 acre lot!  It’s too early for a firm price, but call or email me and I’ll get you ahead of the game with the current estimate.  This home even has a city view!  Plans are by James LaRue and are amazing!  There are no lots left in this subdivision!

To drive by, the address is 2012 Cueva de Oro Cove.

Want to know more before it’s officially listed in following months?  Let me know what you need and visit http://2012CuevadeOro.com.

Austin Homes & Listings westlake listings

Changes have been made to the $8000 first-time home buyer (& those who have not owned a home for 3 years), you can now get your $8000 early and use it as downpayment assistance!  Check out CNN’s report on this news:

Get your $8,000 HUD tax credit now

HUD tweaked stimulus tax incentive so first-time home buyers get instant assistance with down payment and closing costs.

By Les Christie, CNNMoney.com staff writer

Last Updated: June 1, 2009: 9:22 AM ET

NEW YORK (CNNMoney.com) — First-time homebuyers will now have access to quick cash to help them with their down payments.

On Friday, the U.S. Department of Housing and Urban Development (HUD) announced that first-time homebuyers using FHA-approved lenders can now get an advance on the $8,000 tax credit created by the stimulus package and apply it toward their down payments or closing costs.

“We believe this is a real win for everyone,” said HUD secretary Shaun Donovan in a speech before the National Association of Homebuilders (NAHB). “Families will now be able to apply their anticipated tax credit toward their home purchase right away. What we’re doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing.”

In The News down payment assistance, first time homebuyers, HUD tax credit, stimulus, stimulus bill, tax credit

If you’re in the market for a home in Highland Park, Illinois and can spend in the $2.3M range, the home made famous as Cameron Fry’s home in “Ferris Bueller’s Day Off” is in the market!  Looks like an awesome mid-century modern abode if I do say so myself.

I’ll be staying in Austin, but may take some inspiration from this home for our next build!

See more at the Realtor.com [370 Beech Street, Highland Park, IL] listing, and I can set you up with a Highland Park, IL area Realtor if you’d like to take a look or make it your next home!

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Open House This Sunday from 2-4pm at

4608 Avenue G
Huge $80k Price Reduction, now only $699,000!

View Larger Map

Austin

Just reduced $80K below already low price to $699,000!
Built custom, 100% new in 2006, energy-saving,
insurance-cost-saving, built to last, one-of-a-kind home!

4 BR | 3/5 BA | 2-Story | Nearly 1/4 Acre | 2-Car Garage

One of the best backyards in the Avenues, by far!

Austin Home Search Listing – More Photos & Details

Central Austin’s historic Hyde Park neighborhood has something extra special to offer right now in addition to the shaded, tree-line streets, front porch atmosphere, amazing restaurants, shops, and parks in walking distance, and outstanding schools like exemplary Lee Elementary, Kealing Middle School, McCallum High School, and many specially-tailored private schools. Right now, this amazing property is for sale. Built new in 2006, 4608 Avenue G offers a space-efficient, highly functional, custom designed 2712 square foot floor plan and a wonderfully detailed high quality finish out that can only be found in a home built by one of Austin’s most trusted luxury home builders, Corias Homes, Inc. (2009 Custom Builder of the Year by Austin Business Journal!). This four bedroom, 3 and a half bath home has stunningly accurate historical details blended with a modern elegance and practicality, including high ceilings, stained craftsman-style trim, oak hardwood floors, large bedrooms each with a walk-in closet, a gourmet kitchen complete with upgraded stainless appliances and granite counters, and an award-winning first-floor master suite with an incredible spa bath featuring his and her vanities, his and her walk-in closets, separate shower, mosaic glass tiles and a Bain air tub. Situated on an oversized lot, this amazing energy-efficient home has an unbelievable large, landscaped backyard filled with beloved Hyde Park pecan trees on nearly ¼ acre. A home like this on a lot like this was practically impossible to find… until now.

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Just Reduced over $100K to $695,000!

Lot 9a Angelwylde, over 4.5 acre estate lot with flat, cleared build site & hill country views!
Take advantage of this special price, make an offer before this one’s gone!

See Listing Details – Listing Website

Lot 9A – $695,000 (reduced from $799,000!)
Lot 9E – $899,000
Lot 9F – $899,000
Lot 9H – $799,000

All of these lots are my listings, call or email if you have any questions or if you would like a private tour!  512.771.1776 / aria@kilpatrick.org

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Forbe’s list of America’s Best Bargain Cities based on average salary, annual unemployment statistics, the Housing Opportunity Index, and the cost of living:

1. Austin, Texas
2. Phoenix, Arizona
3. Washington, D.C.
4. Fort Worth, Texas
5. Cincinnati, Ohio
6. Indianapolis, Indiana
7. Columbus, Ohio
8. Dallas, Texas
9. Houston, Texas
10. San Antonio, Texas
11. Nashville, Tennessee
12. Denver, Colorado
13. Cambridge, Massachusetts
14. Kansas City, Missouri
15. Detroit, Michigan

Austin topped the list with high marks in all four indicators used by Forbe’s, and 4 other Texas cities joined Austin in this National top-15 list:  Fort Worth, Dallas, Houston, and San Antonio.

Nearly a decade ago, after making a donation to a volunteer-run radio station in Austin, Texas, local librarian Red Wassenich was asked why he chose to support a broadcaster with a penchant for playing strange crooner music. “Because it keeps Austin weird,” he said.

Since then, the phrase “Keep Austin Weird” has become the city’s official rallying cry against the establishment of large chain stores near mom-and-pop shops–and, more generally, for maintaining the city’s eccentric feel. The city may be weird, but perhaps more redeeming is that it’s also a bargain to live there: Austin is the place where people pay the least to get the most.

“Austin has always been really different from the rest of Texas,” says Wassenich, 59.

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