Because the real estate market has become so competitive many buyers are waiving the right to terminate the contract based on the lender’s appraisal. The appraisal is typically done after the buyer’s termination period has ended. If you are waiving your appraisal contingency you will not be able to terminate the contract and receive a refund of your earnest money if the home appraises for less than the sales price. If you are waiving this contingency here is an explanation of how that might affect the amount of money you will need for a down payment.

Please let us know if you have any questions before making an offer on any property.

Example

Contract price $400,000

Appraised value $380,000

If the home appraised value was…

2414 Views, 0 Comments

Read Full Post


Let’s get to the real estate statistics for Austin, Texas. In November, 2021 there were 392,976 Single Family Homes sold in the Austin area which was down 8.6% from 3,256 sales in November, 2020. The average dollars per square foot increased 32% to $272.70. The average price increased 25.1% to $587,380 and the median price increased to $472,490 which was an increase of 30%.

Let’s talk about predictions for 2022. Keep in mind nobody predicted what’s happened in the last 2 years. Probably the only thing we can be sure of is something else is going to happen out of the blue that’s going to completely change everything.

The best advice I can give you for the next 3 months is to buckle up and hold on tight. I’m not saying we are going…

1126 Views, 0 Comments

Read Full Post


Let’s review the Austin real estate statistics. In October there were 3,353 homes sold which was down 16.4% from October, 2020. The months of inventory is slowly increasing to 1.3 months from 1.1 last year. This is the most important supply and demand statistic to watch and as we head into the end of the year and January, it will tell us where the market is heading. Keep in mind anything under 4-6 months of inventory is considered a sellers’ market so we have a long way to go and buyers have to be careful not to overestimate the market moderating to mean the market is crashing.

The average sold price increased 20.6% to $555,124 and the median sold price increased 25% to $450,000. This is also an increase from September’s median price…

1577 Views, 0 Comments

Read Full Post



Hi Austin area homeowners. I’m Eric Peterson Broker of Kopa Real Estate. Let’s review the most recent Austin real estate statistics.

In September there were 3,437 homes sold which is down 10% from last year.

The average sold price was up 22.7% from last year but down 2% from August.

The median price was $463,000, up 34.2% from last year but down 5% from August.

The average sold price to original list price was 101.4%. That means homes were selling on average for 1.4% over list price.

The average days on the market is 16 days, still down considerably from last year at 39 days but up 2 days from August.

Overall homes are still selling fast and we are still in a strong sellers’ market although not quite…

1058 Views, 0 Comments

Read Full Post


 Let’s get to the statistics for August, 2021. We are still seeing huge increases in the year over year statistics. The big story is the huge month over month increases in average and median sales prices has dipped for the first time this year.

As a reminder these statistics cover the entire Austin MLS area. If you’re interested in a particular area you may want to check out one of our other blogs and videos or contact me directly.

Let’s start by looking at the listing inventory numbers. In August there was a total of 3,969 sales which is down 9.6% from last year and slightly up from 3,846 sales in August, 2019. The number of new listings is up 15.3% to 4,873 and the number of pending sales is down 34.9% to 2,877.

The months of…

1218 Views, 0 Comments

Read Full Post

People today use Facebook to share all of life's little ups and downs with friends, often forgetting that good friends are not the only ones who might be looking at their Facebook page. When you’re buying or selling a home that could be dangerous.

If your home is for sale, you want the world to know, so do post good photos. Do tell your friends how to reach your agent to make an appointment for a tour. You can even state the list price.

After that, you can talk about your favorite features in the home – how the sun comes in the kitchen window in the morning, or how you enjoy your outdoor kitchen.

If you’re buying, you can tell your friends that you’re looking for a home in a specific neighborhood and even describe the perfect home.

What…

1058 Views, 0 Comments

Read Full Post

 Ever since the beginning of the year when the inventory of homes reached an all-time low we have been noticing an important pattern with the homes we are selling. Homes that have some type of condition that in a normal market would have sold at a significant discount are selling for record prices right now. This is one of the few times in real estate you may be able to time the market.

Although the inventory of homes is increasing, we are still in a strong seller’s market which means buyers don’t have many choices. Motivated buyers who would pass over a home if they had 3 other homes to choose from are paying market price for these homes in today’s market.

Many of our savvy investor clients are taking advantage of this market and selling…

912 Views, 0 Comments

Read Full Post


Before I get into the monthly market statistics let’s talk about what many potential home sellers are asking; should they sell now or wait until next spring. As always, I wish I had a crystal ball and trying to time any market whether it’s the real estate market or the stock market is tricky. I also want to say you can always reach out to me to talk about your specific situation with no pressure. One of the nice things about our company is we have plenty of business so we don’t need to scare you into selling now if that’s not what’s best for you.

Here is something you should consider. To a large extent real estate comes down to supply and demand. When buyers have fewer homes to choose from prices tend to go up. When buyers have more homes…

1600 Views, 0 Comments

Read Full Post


 

I’m going to talk about changes we are seeing in the Austin real estate market, review the most recent real estate statistics and talk about what we expect to see in the near future.

We do know why prices have risen so dramatically this year. It’s because there have been so few homes for sale, that’s no secret. When a home is called “Active” it means it is not under contract, you can actually buy that house. If we go back 2 years there were 7,133 Active homes for sale in June, 2019. In June, 2020 we dropped to 5,300. By January of this year, we were barely over 1,000 but slowly the inventory of homes is increasing. In June, 2021 there were 2,265 Active homes.As I shoot this video in mid-July there are over 3,000 Active homes on…

1680 Views, 0 Comments

Read Full Post

 

Let’s get into it and talk about the most recent sales statistics for the Austin real estate housing market. In May there were 4,033 sales which is up 40.5% from last year. This is a misleading statistic. Of course, we know last year many sellers held off putting their homes on the market and so the number of sales from last year was artificially low. If you look at the last two years the sales in May were essentially flat from May, 2019.

The pending number of sales was down 33.8% from 4,370 in 2020 to only 2,895 homes under contract in May, 2021. That will probably mean when we get the final statistics for June sales those numbers will be well below last year and many of the headlines will talk about how the sales market is dropping,…

739 Views, 0 Comments

Read Full Post