December 2016

Found 17 blog entries for December 2016.

Sometimes you can wait for a plumber…sometimes you can’t.

You should know how to shut off the water supply to your home before you have an emergency. Otherwise you might be running around your neighborhood trying to find someone who can help you…or calling your friendly Realtor who may be miles away.

Here’s a great video about how to shut off your water supply.

 

By the way, we have a list of trusted plumbers if you ever do need the help from a professional. Just send us an email to eric@koparealestate.com and I will forward the list to you.

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As expected we have seen mortgage rates slightly rise since the election. 

Although mortgage rates are still at historically low levels some fear this may cause a drop in the real estate market. You can see a nice explanation of why that isn’t likely to happen from Fannie Mae Chief Economist Doug Duncan. 

Our job market is so strong and the demand for homes from people moving to our area means we still have room to go up next year.

Renters who are staying on the sideline because they think the market will go down will be disappointed. 

Today’s rates may not be quite as good as they were a month ago but we expect they will be better than 6 months from now.

Combined with the expected rental rate increases from the intense demand for

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As we head into the new year everyone wants to know what’s going to happen wit the real estate market. Let’s look at some predictions for 2017. 

Keep in mind if you went back 14 years some of my predictions would be off the mark. That being said, this is the advice I would give someone in my family if they were interested in real estate in our area. 

Overall we will see the market continue to go from a super hot to only above average. Home prices will be higher at the end of the year but consumers need to remember there are markets within markets and typically you’re only buying or selling one home. 

Predictions For Austin Home Sellers

For home sellers we will see any increasing spread between the homes that are in great condition and

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Picture this scene. You’re selling your home and the listing agent you hired is allowing another agent to host an open house at your home. 

You think the hosting agent is going to sell your home but in reality they are only there to meet potential clients to sell them someone else’s home.  The agent hosting the open house even goes so far as telling potential buyers your home is overpriced and will have to reduce the price at least $10,000!

How upset are you when you find out?

This is a scene that happens in my neighborhood almost every Saturday and Sunday.

No wonder most people including most Realtors think an open house won’t help get their home sold. Of course it won’t help if the open house host is telling people your home is

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The contracts we use for Texas real estate are extremely buyer friendly. If you are entering into a real estate transaction it’s important to know about many of the loopholes a buyer can use to terminate a contract and receive a refund of earnest money.

Last week I took a continuing education class about the 32 buyer outs in the Texas real estate contract.

Within our contracts there is typically a termination period of 7-10 days for a buyer to complete their due diligence. Most people assume once that period is over the buyer does not have a way to terminate the contract and receive their earnest money back.

With most contracts that’s not true.

Some of buyer outs are legitimate in my opinion. For example what happens if the home does

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The #1 Reason to Sell Now… Not Next Spring | MyKCM

 

The price of any item (including residential real estate) is determined by ‘supply and demand’. If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.

According to the National Association of Realtors (NAR), the supply of homes for sale dramatically increases every spring. As an example, here is what happened to housing inventory at the beginning of 2016:

The #1 Reason to Sell Now… Not Next Spring | MyKCM

Putting your home on the market now instead of waiting for increased competition in the spring might make a lot of sense.

Bottom Line

Buyers in the market during the winter months are truly motivated purchasers. They want to buy now. With limited inventory currently available in most markets, sellers are in a great

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Whether You Rent or Buy: Either Way You’re Paying a Mortgage

There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

Christina Boyle, Senior Vice President and Head of Single-Family Sales & Relationship Management at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:

“With a

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Existing Home Sales Surge Through The Holidays [INFOGRAPHIC] | MyKCM

Some Highlights:

  • November’s Existing Home Sales report revealed that sales are now at an annual pace of 5.61 million which is “now the highest since February 2007 (5.79 million) and is 15.4% higher than a year ago (4.86 million).”
  • Total housing inventory (or the inventory of homes for sale) fell 8.0% from last month and is now 9.3% lower than November 2015.
  • Inventory has dropped year-over-year for the last 18 months.
  • The median price for all home sales in November was $234,900, up 6.8% from last year and marks the 57th consecutive month of year-over-year gains.

If your are interested in buying a home or selling your home this year call/text me directly at 512-791-7473 or send me an email at eric@koparealestate.com.

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If you are one of the many homeowners who is debating taking your home off the market for the next few weeks, don’t! You will miss the great opportunity you have right now!

The latest Existing Home Sales Report from The National Association of Realtors (NAR), revealed that the inventory of homes for sale has dropped to a 4.3-month supply.

Historically, a 6-month supply is necessary for a ‘normal’ market, explained below:

Why You Shouldn’t Take Your House Off the Market During the Holidays | MyKCM

There are more buyers that are ready, willing, and able to buy now than there have been in years! The supply of homes for sale is not keeping up with the demand of these buyers.

Bottom Line

Home prices are appreciating in this seller’s market. Making your home available over the next few weeks will give you

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Will Increasing Mortgage Rates Impact Home Prices? | Keeping Current Matters

There are some who are calling for a decrease in home prices should mortgage interest rates begin to rise rapidly. Intuitively, this makes sense as the cost of a home is determined by the price of the home, plus the cost of financing that home. If mortgage interest rates increase, fewer people will be able to buy, and logic says prices will fall if demand decreases.

However, history shows us that this has not been the case the last four times mortgage interest rates dramatically increased.

Here is a graph showing what actually happened:

Will Increasing Mortgage Rates Impact Home Prices? | Keeping Current Matters

Last week, in an article titled “Higher Rates Don’t Mean Lower House Prices After All,”the Wall Street Journal revealed that a recent study by John Burns Real Estate Consulting Inc. found that:

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