Kopa Real Estate Blog - Buyers Information

Market Report for February 2015

As we headed into the year I was interested to see what would happen to our real estate market. There has been talk that the drop in oil prices and that effect on the Texas economy combined with Austin real estate becoming what some believe is unaffordable would cool off the market. That has definitely not happened.

At the end of December our inventory of homes was up .2% over December 2013. That may have indicated the real estate market would ease up a little in January. It doesn’t look like that is a long-term trend. As of today the inventory of homes is back under 2 months. Homes that are in desirable areas are still selling quickly with multiple offers just like last year, if not even faster.

As an indication our first listing as a new…

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Multiple Offers – Your Mortgage Company Matters

Most people are surprised when I tell them their choice of a mortgage company can be the deciding factor in whether or not their offer is accepted in a multiple offer situation. The truth is the Austin real estate market is so competitive the mortgage company and the type of loan can make or break an offer.

I’ll often hear advice given that a buyer should write a letter to the seller to gain an emotional advantage. In reality a strong pre-approval letter is much more important than showing a picture of your family and telling the seller how much you love the home.

1. The Mortgage Companies Reputation Among Realtors Is Important
Make sure the lender has a great reputation with Austin real estate agents. Real estate agents talk to each other…

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What Should You Offer?

So you’ve found a home you love, now the big question is what should you offer? Do you offer asking price? Take 5% off, 10% off? There is no set formula. You need to look at several things before deciding on an offer price.

Find similar homes that have sold recently.

Compare them to the property you want to buy. Find homes in the same area, of similar size with the same upgrades. Is this home priced much higher than other homes that sold recently? In today’s market sellers are trying to take advantage of higher prices. You need to compare those prices to recent sales determine you offer and not just rely on their list price.

Look at the homes that are under contract.

Especially in an appreciating market like we’re in right now you can’t rely…

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Up to 20% More Listings on Our Website

Austin real estate is moving fast. What if I told you using one of the national websites for your Austin real estate search might keep you from finding the perfect home until it’s already sold? A recent study by WAV group showed the best way to find up to date real estate listing information is to search with the local real estate websites and not Zillow or Trulia.

Previously, we talked about sellers not relying on Zillow for market values. In the WAV group study they talk about how using national websites like Zillow and Trulia buyers may not find timely or accurate information to help them in their home search.

Here's what the WAV group report found:

1. Local real estate websites display new listings 7-9 days earlier before national sites.

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Austin Area FHA Loan Limits Increased For 2015

Great news for FHA borrowers in the Austin area including Travis, Williamson and Hays counties. FHA loan limits have been increased for 2015 to $331,200 for single family homes and $424,000 for duplexes.

This would allow a borrower to purchase a $344,000 single family home with a 3.5% down payment.

FHA loans are a great option for many borrowers, particularly for those borrowers whose credit scores are not high enough to qualify for a conventional loan or who need a non-occupying co-borrower. Recently President Obama announced that the mortgage insurance fee for FHA loans would be reduced significantly. That will make a big difference in lowering the monthly mortgage payment for FHA borrowers. FHA loans have become less popular because of their…

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FREE No Obligation Consultation

Are you worried about contacting a REALTOR because you're afraid of being pressured into signing a contract with someone you've only know for a few minutes? I would be too! That isn’t the way I like to be treated and that isn’t the way I will treat you.

Whether you are a first time homebuyer or planning to move up to a bigger home let’s talk about your situation in a no pressure environment. We can meet in my office, a coffee shop or even Skype if you are out of town.

You won’t be required to sign anything. What you will get are more details and information about what you are tying to do so you can make more informed decisions.

For a FREE, no obligation consultation call me at (512) 791-7473 or simply send me a message about when is a good…

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Austin Mortgage Frustrations

Most of my clients don’t know that up until 2010 I also worked as a mortgage broker. My background gives me a unique ability to as a real estate broker to also advise my clients about which mortgage loan and which mortgage company is right for them.

Often being introduced to a mortgage company that is the best fit for a client can be the difference between getting an offer accepted or being able to find a loan program that better meets the client’s needs.

This morning I received this email…

“Thanks for replying, I wanted some information/ direction on purchasing a home for the first time. What is the credit score criteria and income requirements? I currently sit at 600 and know that it has to be worked on before I can qualify. However, I…

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Austin Population Growth…Fact Or Fiction

The popular statistic of the day is Austin’s population is growing at 110 people every day.

Brian Kelsey, the founder of Civic Analytics, a company in Austin that researches and analyzes data spoke at the 2014 Austin Board of Realtors Realty Round Up. Analyzing federal income tax returns Mr. Kelsey determined there are actually 201 people moving to the Austin metroplex each day. But, the 147 people who move out of our area every day offset that number. That leaves us with a net population growth of around 54 people every day.

The Austin area is still growing fast but perhaps not quite as fast as some of the statistics would lead you to believe.

If you are planning to be one of the 201 moving here in the future please call or text me at…

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Market Report January 2015

Can you believe it’s 2015 already? Let’s talk about what I expect to happen with the Austin real estate market in 2015. Throughout the holidays people wanted to ask about the 2nd article that came out saying Austin real estate is overpriced.

Is Austin real estate overpriced? When you see a headline saying we are overpriced it makes people think we are in a bubble that’s about to burst. I don’t believe our market is overpriced and I definitely don’t believe we are about to see a bubble burst.

For there to be a bubble you need to see speculation and easy money. Instead Austin real estate prices have increased due to population and more importantly job growth along with a low supply of housing, particularly in the central Austin areas. I also…

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How Accurate is a Zillow Zestimate in Austin, Texas?

How accurate is a Zillow Zestimate in Austin, TX? That is one of the most common questions I am asked about Austin real estate. Let’s take a look at what a Zestimate is, what their limitations are in Texas and how accurate Zillow says their Zestimates are in Texas.

What is a Zillow Zestimate?

A Zestimate is a computer generated estimate of market value. On their website Zillow makes it clear it is not an appraisal, they don’t see the home, don’t know about any upgrades and there is no ability for a human to manually alter the Zestimate for a specific property.

Zillow says it should be a starting point in determining a home’s value. On their website they recommend buyers and sellers get a market analysis from Austin real estate agent like myself…

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