August 2016 Market Summary Report for Central Texas, including Austin area, Travis, Williamson, and Hays Counties.
Three hurdles to clear on the way to your dream home!
The olympics is over! However as participant in the home buying olympic there are three hurdles in front of you before passing the finish line of home ownership! Are you prepared? Here are the hurdles and how to clear them one after the other.
Fear of down payment
Home buying could be intimidating specially to first-time homebuyers. Many put it off or get discouraged because they don’t have enough money for down payment, they fear they get rejected due to low credit score, and they fear the ownership cost, taxes, etc.
Fear of a huge down payment requirement is largely a perceived barrier that doesn’t have much root in reality. If you ask most people “how much down payment is needed to buy a house?” you get a wide variety of answers, most of them incorrect!
In a 2015 survey by the Fannie Mae (Federal National Mortgage Association), 76% of people who were asked that questions either didn’t know or were misinformed about the minimum down payment required. They commonly believed that at least 20% down-payment is needed to buy their dream home.
In reality, many lenders finance mortgage loans with down payment as low as 0% to 6%. An estimated 30% of all homebuyers put down 3% or less of the cost of the home. There is huge difference between the myth and reality!
The minimum down payment for an FHA loan is just 3.5 percent of the home’s purchase price. That means the down payment for, say, a $250,000 home would be just $8,750 with this type of loan.
Even a low down payment may still be difficult for some buyers. It may take the typical millennial six years to save for a 6% down payment on a starter home. In Texas Travis County and the City of Austin have buyer’s help for qualified applicants in the form of 0% loan or outright grants. Also look here and here for more information for the first time home buyer.
Low credit score
Knowledge of the required credit score for mortgage qualification doesn’t score any better in the public’s mind. When asked about the required credit score, 59% of people either did’t know (54%) or were misinformed (5%) about what FICO score is necessary to qualify. Many people believe “you need a 780 FICO score or higher to buy a house”. Again, not true! Once again, the reality is far different from this perception.
According to the latest Ellie Mae Origination Insight Report 54% of the recently approved mortgages had a credit score of 600-749. Even with the new regulations put in place after the housing crisis of 2008-2009, the minimum required FICOs required are lenient.
- Fannie Mae and Freddie Mac: 620 minimum FICO score
- FHA loan: 500 minimum FICO score
- VA loan: No minimum FICO score
- USDA Rural Housing: No minimum FICO score
More information is required by the lenders than just the minimums FICO score. In addition to credit scores, lenders evaluate borrowers based on down payment, income, savings, and debt loads, too. And, if that seems like a lot of information, that’s because it is.
It’s so much information that mortgage lenders use Automated Underwriting Software (AUS) to make an approval recommendation.
In general, AUS findings work like this:
- Applicants with high credit scores and strong income, assets, and debt get approved
- Low credit scores applicants with weak income, assets, and debt get turned down
- Applicants in between those extremes, with countless individual cases are also get approved
Renting is always cheaper!
We all have hear that, but this is a ‘personal’ hurdle that you have to jump though. It is often stated that maintenance expenses and other cost of ownership that is not paid by renters, make owning a house more expensive. Although a a renter is not obligated to pay any of the ownership costs ‘directly’, those costs are passed through indirectly in the form of higher rents. On top of that, annual rent inflation (rent hike) should be a consideration as well.
Studies have shown that owning a home may be less expensive than renting in the U.S. Buying your first home with a fixed-rate mortgage can help you avoid unexpected annual increases. You practically lock in a monthly amount for the life of the loan; you know your housing costs for as long as you keep your mortgage, and it is not going to change!
Homeownership may also help you save at tax time. According to the IRS, under certain circumstances you can generally deduct the mortgage interest, mortgage insurance and property taxes you pay. Essentially, buying a home may cost you less in the long run — and you’ll be building equity in the home as well.
Bottom line,
Whether buying your first home or moving up to your dream home, make the mortgage process easier and avoid the pitfalls; be informed about your options. Your dream home may be closer than you think!
Round Rock Homes for Sale & Sold Report – August 2016
Round Rock Homes for Sale & Sold Report – August 2016
I hope you have enjoyed the Labor Day weekend and getting ready for our beautiful fall season. As families come back from the last of the summer vacations and kids go back to school, it is time to start the house projects that have been put off. If a move is part of the plan in the future, now is the time to spruce up the house and get it prepared.
July and August are typically the high season in real estate transactions and August was not an exception. In August the median price of the Round Rock homes sold continued to climb, and the inventory of houses for sale shrank, resulting in a higher median sold price confirming a tight housing market. This is confirmed by the slight decline in the number of ‘days of the market’ (around 4 weeks). All this shows that the demand is still strong and available inventory is being absorbed at a good rate.
Here is a report card for single-family home sales in Round Rock area in August 2016. All comparisons are relative to August 2015.
You can explore details of all the 281 Round Rock home sales in August below.
All this activity has affected your home’s value!
If you plan to move, you need to know the value of your home right now. You can find this out by visiting the website I created specifically for this purpose at: www.myRoundRockPropertyWorth.com
See all current homes for sale near YOU with option to get notified as soon as your neighbors home lists for sale before the major real estate websites even get them!
A special “Thank You!” to my clients and YOUR neighbors who continue to leave me reviews after a real estate transactions. You may read the client reviews below, along with other real estate resources that you may find valuable!
I hope you find this helpful. Referral is a big part of my business and as always I appreciate your consideration in referring any friends, family, or colleagues my way. Thank you for supporting me and my business endeavors. Please don’t hesitate to ask me questions about real estate, your desired neighborhoods, or your house value!
Best wishes,
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Pflugerville Homes for Sale & Sold Report – August 2016
Pflugerville Homes for Sale & Sold Report – August 2016
I hope you have enjoyed the Labor Day weekend and getting ready for our beautiful fall season. As families come back from the last of the summer vacations and kids go back to school, it is time to start the house projects that have been put off. If a move is part of the plan in the future, now is the time to spruce up the house and get it prepared.
July and August are typically the high season in real estate transactions and August was not an exception. For the second consecutive month, the number of Pflugerville Homes sold in August 2016 showed a double digit decline relative to last year. However, the median price of the Pflugerville homes sold continues to climb at more than ten percent. The number of ‘days of the market’ is around 4 weeks and inventory of houses for sale is slightly higher than last year. All this indicates that the demand is still strong and available inventory is being absorbed.
Here is a report card for single-family home sales in Pflugerville area in August 2016. All comparisons are relative to August 2015.
You can explore details of all the 136 Pflugerville home sales in August below.
All this activity has affected your home’s value!
If you plan to move, you need to know the value of your home right now. You can find this out by visiting the website I created specifically for this purpose at: www.myPflugervillePropertyWorth.com
See all current homes for sale near YOU with option to get notified as soon as your neighbors home lists for sale before the major real estate websites even get them!
A special “Thank You!” to my clients and YOUR neighbors who continue to leave me reviews after a real estate transactions. You may read the client reviews below, along with other real estate resources that you may find valuable!
I hope you find this helpful. Referral is a big part of my business and as always I appreciate your consideration in referring any friends, family, or colleagues my way. Thank you for supporting me and my business endeavors. Please don’t hesitate to ask me questions about real estate, your desired neighborhoods, or your house value!
Best wishes,
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Cypress Creek & Neighboring Communities Homes for Sale & Sold Report – August 2016
Cypress Creek & Neighboring Communities Homes for Sale & Sold Report – August 2016
I hope you have enjoyed the Labor Day weekend and getting ready for our beautiful fall season. As families come back from the last of the summer vacations and kids go back to school, it is time to start the house projects that have been put off. If a move is part of the plan in the future, now is the time to spruce up the house and get it prepared.
July and August are typically the high season in real estate transactions and August was not an exception. Cypress Creek real estate trends generally follows Cedar Park area and in Cedar Park area for the second consecutive month, the number of Cedar Park Homes sold in August 2016 showed a double digit decline relative to last year. However, the median price of the Cedar Park homes sold is climbing. The number ‘days of the market’ is around 3 weeks and inventory of houses for sale is at the same level as last year. All this indicates that the demand is still strong and available inventory is being absorbed at a quick rate.
Here is a report card for single-family home sales in Cedar Park area in August 2016. All comparisons are relative to August 2015.
In the Cypress Creek and surrounding neighborhoods there were 57 home sales during August, here is a summary:
You can explore details of all the 57 home sales in the Cypress Creek and neighboring areas below.
All this activity has affected your home’s value!
If you plan to move, you need to know the value of your home right now. You can find this out in two easy ways:
- Go to the website I created specifically for this purpose at: www.myCedarParkPropertyWorth.com
- Text 52388 to (888)264-1910, to receive your property valuation
See all current homes for sale near YOU with option to get notified as soon as your neighbors home lists for sale before the major real estate websites even get them!
A special “Thank You!” to my clients and YOUR neighbors who continue to leave me reviews after a real estate transactions. You may read the client reviews below, along with other real estate resources that you may find valuable!
I hope you find this helpful. Referral is a big part of my business and as always I appreciate your consideration in referring any friends, family, or colleagues my way. Thank you for supporting me and my business endeavors. Please don’t hesitate to ask me questions about real estate, your desired neighborhoods, or your house value!
Best wishes,
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Leander Homes for Sale & Sold Report – August 2016
Leander Homes for Sale & Sold Report – August 2016
I hope you have enjoyed the Labor Day weekend and getting ready for our beautiful fall season. As families come back from the last of the summer vacations and kids go back to school, it is time to start the house projects that have been put off. If a move is part of the plan in the future, now is the time to spruce up the house and get it prepared.
July and August are typically the high season in real estate transactions and August was not an exception. For the second consecutive month, the number of Leander homes sold in August 2016 showed slight improvement relative to last year. However, for the third consecutive month the median price of the Leander homes sold shows a double digital increase relative to last year. The number ‘days of the market’ is around 6 weeks which is twice as much as the neighboring Cedar Park. The inventory of available houses for sale in Leander is at the same level as last year. All this indicates that the demand is still strong and available inventory is being absorbed at a healthy rate.
Here is a report card for single-family home sales in Leander area in August 2016. All comparisons are relative to August 2015.
You can explore details of all the 158 Leander home sales in August below.
All this activity has affected your home’s value!
If you plan to move, you need to know the value of your home right now. You can find this out in two easy ways:
- Go to the website I created specifically for this purpose at: www.myLeanderPropertyWorth.com
- Text 52101 to (888)264-1910, to receive your property valuation
See all current homes for sale near YOU with option to get notified as soon as your neighbors home lists for sale before the major real estate websites even get them!
A special “Thank You!” to my clients and YOUR neighbors who continue to leave me reviews after a real estate transactions. You may read the client reviews below, along with other real estate resources that you may find valuable!
I hope you find this helpful. Referral is a big part of my business and as always I appreciate your consideration in referring any friends, family, or colleagues my way. Thank you for supporting me and my business endeavors. Please don’t hesitate to ask me questions about real estate, your desired neighborhoods, or your house value!
Best wishes,
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Cedar Park Homes for Sale & Sold Report – August 2016
Cedar Park Homes for Sale & Sold Report – August 2016
I hope you have enjoyed the Labor Day weekend and getting ready for our beautiful fall season. As families come back from the last of the summer vacations and kids go back to school, it is time to start the house projects that have been put off. If a move is part of the plan in the future, now is the time to spruce up the house and get it prepared.
July and August are typically the high season in real estate transactions and August was not an exception. For the second consecutive month, the number of Cedar Park Homes sold in August 2016 showed a double digit decline relative to last year. However, the median price of the Cedar Park homes sold is climbing. The number ‘days of the market’ is around 3 weeks and inventory of houses for sale is at the same level as last year. All this indicates that the demand is still strong and available inventory is being absorbed at a quick rate.
Here is a report card for single-family home sales in Cedar Park area in August 2016. All comparisons are relative to August 2015.
You can explore details of all the 123 Cedar Park home sales in August below.
All this activity has affected your home’s value!
If you plan to move, you need to know the value of your home right now. You can find this out in two easy ways:
- Go to the website I created specifically for this purpose at: www.myCedarParkPropertyWorth.com
- Text 52388 to (888)264-1910, to receive your property valuation
See all current homes for sale near YOU with option to get notified as soon as your neighbors home lists for sale before the major real estate websites even get them!
A special “Thank You!” to my clients and YOUR neighbors who continue to leave me reviews after a real estate transactions. You may read the client reviews below, along with other real estate resources that you may find valuable!
I hope you find this helpful. Referral is a big part of my business and as always I appreciate your consideration in referring any friends, family, or colleagues my way. Thank you for supporting me and my business endeavors. Please don’t hesitate to ask me questions about real estate, your desired neighborhoods, or your house value!
Best wishes,
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