Exploring the County Clerk's Office Foreclosure Auction: A Behind-the-Scenes Look The foreclosure auction process can be an overwhelming but rewarding experience for both seasoned investors and newcomers. If you've ever wondered how the magic happens behind the scenes, this will give you a detailed look into one such event—the San Antonio foreclosure auction. If you're curious about how foreclosures are handled, how to evaluate a deal, and how to navigate the auction yard, read on and watch the video to leave comments! The Basics of Foreclosure Auctions Foreclosure auctions happen once properties default on their mortgages and are reclaimed by the lender. In Texas, foreclosure sales must be posted as legal notices 21 days prior to the sale date. These listings are available both online and at the courthouse, giving buyers the opportunity to negotiate deals with homeowners before the auction takes place. One key point: showing up at an auction unprepared could mean missing out on some great deals. It’s recommended that new buyers attend multiple auctions beforehand to familiarize themselves with the process, as each auction can feature multiple bidding sessions—sometimes happening simultaneously. A lawyer might pop up and start a small-scale auction in the corner, and if you're not paying attention, you could miss out on a prime opportunity. The Art of Negotiation Before the Auction Savvy investors often don't wait until the auction to make their move. For example, real estate investors like Logan have already negotiated multiple deals before auction day by contacting homeowners in distress. These negotiations allow investors to cut deals, such as allowing the homeowner to stay in the property for a month or two after the sale and putting some money in their pockets upfront. Once the auction happens, however, things change. The highest bidder becomes the new property owner, and they can immediately start the eviction process. This is why many homeowners who fail to negotiate beforehand face an uncertain future once their homes are sold. Evaluating Properties at Auction When attending a foreclosure auction, buyers rely on a foreclosure catalog to review the available properties. This catalog includes essential details such as the property's address, the type of mortgage being foreclosed, the original loan amount, and the current estimated value. An important lesson to remember: the opening bid is often lower than the outstanding mortgage to spark interest in the property. However, if no one bids above the "credit bid" (the amount owed to the lender), the lender becomes the new owner of the property. This dynamic creates opportunities for investors to snag a great deal—if they know how to play the game. For example, in one case mentioned during the auction, a property that originated with a $45,000 loan was being sold while Zillow estimated the home’s value at $278,000. While this may sound like a great deal on the surface, it’s essential to do your homework on the property's condition and potential equity before bidding. Understanding Equity and Excess Proceeds One of the most significant benefits of buying at a foreclosure auction is the potential for equity. If a property sells for more than the outstanding loan amount, the borrower is entitled to the excess proceeds. However, many borrowers are unaware of this and fail to claim the funds. For instance, if a property sells for $240,000, but the loan balance is only $137,000, the borrower is entitled to the $103,000 difference. Investors, therefore, need to educate themselves on this process to ensure they maximize their returns while being aware of their responsibilities to the former homeowners. Winning at the Auction At the end of the day, it's all about being strategic. One investor won a property valued at $410,000, but they were able to purchase it for $290,000. The property had no major repairs needed, making it a relatively low-risk investment. However, not every auction purchase is a slam dunk. Investors need to be cautious and factor in potential issues like mold, termites, or foundation problems. As Logan points out, even with potential issues, having enough equity in the property provides a cushion to mitigate risks. The Takeaway: Foreclosure Auctions Aren't for the Faint of Heart Foreclosure auctions can be a great way to acquire properties at below-market prices, but they require preparation, due diligence, and the willingness to take calculated risks. From researching properties beforehand to negotiating with distressed homeowners and evaluating the equity potential, every step in the process presents its own set of challenges and rewards. Are you ready to try your hand at a foreclosure auction? If you're new to this space or want to learn more, Let’s discuss!

  Austin's Explosive Growth: A Closer Look at Changes Ahead Austin is transforming at an incredible pace. Whether you love it or have concerns, there’s no denying that changes are happening quickly. Today, we’ll dive into some of the most significant developments shaping Austin’s future, from major urban projects to airport expansions and the evolving housing market. Some of these changes may excite you, while others could raise eyebrows—let me know what you think in the comments! East Austin's River Park: A New Cultural Hub One of the biggest changes on the horizon is the development of River Park, a 109-acre mixed-use project on Riverside Drive in East Austin. This project is set to transform the area with office spaces, retail, and over 1,000 multifamily units, creating a blend of residential, commercial, and cultural spaces. What truly stands out, though, is the 65,000 square foot live music and events venue planned for the first phase. Designed as a hybrid between the iconic Austin Music Hall and ACL Live at Moody Theater, this venue will boast world-class acoustics and flexible seating. It’s set to be a cultural hub that keeps Austin’s legendary music scene thriving. Austin-Bergstrom International Airport: Preparing for Growth If you’ve been to Austin lately, you know that getting around can be challenging—and getting in and out of the city is no exception.  ABIA (Austin-Bergstrom International Airport) is gearing up for a massive expansion to address this. The $4 billion investment includes new concourses, an arrivals and departure hall, and up to 30 additional gates. This expansion is critical, as ABIA is currently handling double the number of passengers it was originally designed for—22 million passengers in 2023 alone. The upgrade aims not only to accommodate more travelers but also to boost the local economy and improve the overall flying experience. Austin's Housing Affordability Crisis Is Austin becoming more affordable? The short answer: not really. While housing affordability remains a challenge across the country, it’s particularly pressing in Austin. According to Redfin, the typical American needs to earn $115,000 a year to afford a median-priced home, though the median income in Austin is higher at $91,000. Even with interest rates falling slightly, home prices continue to rise, making affordability a significant concern for many families. However, efforts are being made to address the housing shortage, particularly through projects like affordable apartments and new developments in areas like Leander. Build-to-Rent Developments: A Solution or a Problem? Speaking of Leander, one of the fastest-growing areas around Austin, a new build-to-rent neighborhood is being developed by Trion. This project will add 155 single-family homes to meet the rising demand for rental housing. But here’s the twist—it’s being developed by Blackstone, a company that has faced significant criticism for its role in the housing market. This raises the question: Is Austin’s future in build-to-rent developments, or should we be focusing on building more homes for ownership? Your thoughts on this are crucial—do you think build-to-rent communities are the answer to Austin’s housing challenges, or do they exacerbate the problem? Job Growth and Its Impact on Austin’s Expansion Despite the economic shifts we've seen recently, Austin’s job market remains resilient. Software development jobs have seen a 3.3% year-over-year wage increase, and job openings for software engineers are up 12% from last year. This is particularly important for Austin, where the tech sector is a driving force behind the local economy. The overall job market remains competitive, and while unemployment has ticked up slightly, Austin continues to be a hotbed for growth. Areas like Williamson County, Hutto, and Taylor are seeing new developments pop up as more people flock to the suburbs. New Developments in Hutto and Beyond Developers are increasingly focusing on areas outside of Austin to meet the growing demand for housing. In Hutto, projects like the Meadowbrook development (325–370 homes) and the Urbania Elmer project (225 single-family homes and duplexes) are slated for completion in the next few years. These developments are part of a broader trend toward expanding suburban housing to support Austin’s rapid population growth. Austin is changing, and these projects are just a glimpse of what’s to come. Whether it’s massive airport expansions, new mixed-use developments, or shifts in the housing market, the future of Austin is being built right before our eyes. What do you think about these changes? Are they setting the city up for success, or do you have concerns? Let me know in the comments! And if you enjoy updates like these, be sure to let me know what you'd like to see in future videos and blog posts!

  Is Now the Time to Buy or Sell? Insights on the Austin Housing Market   The Austin housing market continues to see fluctuations, leaving both homebuyers and sellers with important decisions. With interest rates changing and economic conditions shifting, the key question remains: is now the right time to buy or sell? In a recent update, economic data, interest rate cuts, and housing trends were analyzed to offer valuable insights for those navigating the current market. Interest Rates: What’s Happening Now? Interest rates have been a hot topic among buyers and sellers, with rates showing a downward trend. While some buyers are waiting for rates to drop even further, the current rate of 6.12%, down from 7.5%, could present a good opportunity for those looking to purchase a home. According to Allan Ratner from Ivy Zelman’s team, a Fed rate cut is anticipated, though it may not significantly impact mortgage rates further. A notable takeaway: for every one-point drop in interest rates, an estimated 5 million more buyers re-enter the market. However, despite the rate drop, Austin’s market has been quieter than expected, possibly due to buyers waiting for more significant cuts or post-election outcomes. Austin Market Snapshot: Prices and Inventory As of the latest data, Austin home prices have dropped to $439,000, a 4.4% decline from last year and significantly down from the 2022 peak of $496,000. Despite this price decrease, inventory levels are dropping, with months of inventory down to 4.9% from a year-over-year high. This reduction in inventory is due in part to fewer new listings as sellers pull their homes off the market. For buyers, this could be an advantageous time to purchase, especially with homes selling at 93.3% of list price, representing an average discount of 6.7%. As the market heads into the quieter months, there’s more opportunity for negotiation, particularly on homes that have been sitting on the market longer. Foreclosures: A Non-Issue in Texas Contrary to what some may believe, foreclosures are not on the rise in Texas, including the Austin area. According to August 2024 data, foreclosure filings are down by 11% compared to last year, with Texas showing only 1,800 foreclosures. This is a far cry from the levels seen during the 2008 financial crisis, where monthly filings exceeded 300,000 nationwide. While other states like Florida, Nevada, and Illinois have higher foreclosure rates, Texas continues to benefit from strong job growth and economic stability, preventing a significant rise in foreclosure activity. Sellers Holding Steady Sellers in the Austin area are adopting a “wait-and-see” approach. Many are hesitant to drop their prices, especially if they secured low interest rates during previous years. With nearly 39% of homeowners mortgage-free, there’s less urgency to sell quickly, and they may be holding out for higher offers once interest rates stabilize or drop further. This reluctance to lower prices is creating what some call "stale inventory." Sellers are waiting for buyers to meet their price expectations, betting that rate cuts in the future will lead to higher offers. In essence, both buyers and sellers are watching the same economic indicators, waiting for the best possible moment to act. What’s Next? With interest rates trending downward, inventory dropping, and buyer activity expected to increase next year, the current market offers a unique opportunity. If rates fall further, we could see a buyer frenzy similar to previous years, pricing out those who could have acted now. The question remains: Is now the right time to buy or sell in Austin? For buyers, the opportunity to secure a home at a discount is available now, especially as sellers become more willing to negotiate. On the other hand, sellers who are patient may benefit from waiting, but with no guarantee that rates will fall dramatically, they also risk missing current buyer interest.

  Commercial Real Estate: Finding Distressed Properties and Uncovering Hidden Value   In real estate, finding opportunities in distressed properties can unlock significant value. Recently, Logan Fulmer and I teamed up on a unique commercial real estate investment in Dallas, Texas, and it’s a perfect example of how distressed properties, when approached strategically, can turn into incredible opportunities. A Partnership Built on Trust and Opportunity A few weeks back, I had Logan Fulmer on my YouTube channel to discuss the process of buying distressed properties and foreclosures. What you didn’t see behind the scenes was our conversation about future investments. Logan, a specialist in distressed real estate, mentioned that if he came across something interesting, he would let me know—and true to his word, he did. Fast forward, and my partner Tim Macy and I found ourselves in Dallas, checking out an eight-unit commercial property worth over $2 million. Logan brought us in on this deal, and we jumped at the opportunity. This partnership was built on mutual trust and a shared goal of protecting and growing our investments. The Deal: Distress Equals Opportunity This particular commercial property came to us under interesting circumstances. The previous owner, a doctor, had built the property but had not managed it well. As a result, tenants were paying well below market value—sometimes as low as 50% of the going rate for commercial spaces in the area. Commercial properties, as you might know, are valued based on the income they generate. Lower rents meant lower property value, creating an opportunity for us to step in. The property was about to hit the market when Logan’s network of brokers gave him an early look. With the owner eager to clean up his estate, we made a low but workable offer. The deal came together because of our ability to spot an opportunity in a distressed asset. Seller Financing: A Key to This Investment One of the standout features of this deal was the inclusion of seller financing. In addition to securing a good rate with the bank, we negotiated a great seller financing deal with an assumable note. This structure not only makes the property more attractive in terms of cash flow but also offers a major advantage when we decide to sell the property in a few years. An assumable seller financing deal could be a huge win for us, especially if interest rates rise in the future. It’s these kinds of unique opportunities that we seek out—finding ways to lower risk while increasing potential upside. Adding Value Through Renovation and Better Leases While the property itself doesn’t need major structural work, there’s still room to improve. We plan to spend about $300,000 on light cosmetic upgrades: painting, cleaning, replacing a few doors, pressure washing the parking lot, and restriping it. These updates, although minor, will make the building look much more contemporary. However, the real value comes from the tenants. Several leases are expiring soon, which gives us the opportunity to raise rents to market rates, essentially doubling the rental income. The area has only a 3% vacancy rate, meaning demand is high, and new tenants are likely to show up quickly. Investing in Commercial Real Estate: Lessons Learned This deal taught us a few key lessons about real estate investing: Relationships Matter: This opportunity came through relationships—our connection with Logan and his broker network allowed us to see the property before it hit the market. Seller Financing is a Game Changer: Creative financing structures, like assumable seller financing, can make or break a deal, especially when it comes to managing cash flow and planning for future sales. Distressed Doesn’t Mean Bad: Just because a property is distressed doesn’t mean it’s a bad investment. Often, it’s quite the opposite. With a little love and strategic improvements, distressed properties can generate incredible returns. If you’re interested in learning more about distressed properties, commercial real estate, or investment strategies, Logan Fulmer is a great resource. You can follow him on Instagram at @LoganFulmer, where he shares tips, courses, and strategies for breaking into real estate investing.

  Changes in the Real Estate Industry: What Sellers and Buyers Need to Know   The real estate industry has undergone some significant changes, and these shifts affect both sellers and buyers in profound ways. At The Knight Group, we’ve always operated with transparency, but now, industry standards require it across the board. Let’s break down what this means for you as a seller and as a buyer in today’s market.   Transparency in Fees: What Sellers Should Know In the past, when sellers would meet with real estate agents, the conversation about fees was often straightforward: the agent would say, “Here’s my fee, and I’ll pay the buyer’s agent from it.” However, recent changes, influenced by the Department of Justice (DOJ) and the National Association of Realtors (NAR) lawsuits, mean this structure has evolved. Now, as a seller, you’ll be having a different conversation with your agent. Instead of the agent paying the buyer’s agent from their commission, you’ll be responsible for paying each party directly. This shift in how fees are disclosed provides more clarity. You'll know exactly what you're paying for, including what services the agent will deliver and potential costs related to buyer representation. The Importance of Buyer Representation There’s been a lot of talk recently about the necessity of a buyer’s agent. Some news outlets even suggest that buyers may no longer need an agent, but we see things differently. While it’s true that you can technically represent yourself in a transaction, just like in legal matters, having a professional by your side is invaluable. Buying a home is one of the biggest investments most people will ever make. An experienced buyer’s agent knows how to identify potential problems in a property (e.g., a pipe belly), negotiate on your behalf, and protect your interests throughout the process. Our top priority at The Knight Group is not just to sell you a home—it’s to ensure that you don’t lose money in the process. That’s why we focus on helping you make a smart purchase, protecting your earnest money, and ensuring everything goes smoothly. The Risks of Going Solo One of the major concerns we have with buyers or sellers trying to handle transactions on their own is the risk of making costly mistakes. Without the guidance of a knowledgeable agent, the chances of losing earnest money or even ending up in a lawsuit increase significantly. This is true for both buyers and sellers. For sellers, it’s not just about getting the best price for your home; it’s about navigating the complexities of marketing, negotiations, and legalities to make sure the deal closes smoothly. Without an agent, deals are more likely to fall through or lead to disputes. Why You Need an Agent on Your Side Whether you’re buying or selling, having a real estate agent is about more than just the transaction. It’s about peace of mind. Our job is to make sure you’re protected, that your money is safe, and that you’re getting the best possible outcome. At The Knight Group, we pride ourselves on guiding our clients through every step of the process, ensuring they avoid costly pitfalls and legal troubles. If you’re thinking about buying or selling a home, or you know someone who is, we’d love to help. Give us a call—we’re here to provide the support and expertise you need.

Understanding Home Insurance Risks: A Deep Dive with Paul Guerrero of Allstate In today’s unpredictable world, managing your home’s risks through insurance is more critical than ever. With rising insurance premiums, increasing deductibles, and frequent natural disasters, homeowners need to be well-informed about their coverage. I recently sat down with Paul Guerrero of Allstate Insurance, also known as “Paul State,” to discuss the key issues homeowners face today. The Rising Cost of Insurance: What Homeowners Need to Know Paul explained how various factors are driving up insurance costs nationwide, and particularly in Texas. From severe weather events like hailstorms and tornadoes to rising building material costs, the challenges are mounting. If you’ve ever wondered why your insurance premium quote seems much higher than expected, here’s why: Severe Weather: Texas has faced several extreme weather events in recent years, including snowstorms, hailstorms with baseball-sized hail, and tornadoes. These natural disasters lead to significant property damage, driving up insurance claims. Rising Replacement Costs: The cost to rebuild homes has skyrocketed since the pandemic. Lumber, labor, and materials have increased by 40% or more, making it essential for homeowners to ensure their policies reflect the current replacement costs of their homes.  Paul’s advice - “It is your responsibility as a consumer to make sure your policy is kept up with the inflation that we're seeing right now.”** He suggests speaking with your agent regularly to ensure your policy is up to date. What You Don’t Know About Deductibles One of the most common misconceptions homeowners have is about deductibles. Unlike health insurance, which builds over time, home insurance deductibles are applied per incident. Many homeowners are now seeing 2% deductibles becoming the norm, which can lead to significant out-of-pocket expenses after a disaster. Paul emphasizes the importance of understanding what your deductible means and ensuring you’re financially prepared to cover it if disaster strikes. Vacant Homes: A Hidden Risk For those selling their homes, a vacant property poses additional risks. More than 50% of homes on the market in Austin are currently vacant, and homeowners may not realize that their standard insurance policy won’t cover certain damages after a home has been vacant for more than 60 days. If you’re selling a home that will be vacant for an extended period, Paul strongly recommends adding a *vacancy clause* to your policy or purchasing a separate vacancy insurance policy. Without it, vandalism, theft, or water damage may not be covered. The Importance of Regular Home Maintenance Maintaining your home is crucial not only for its longevity but also for ensuring your insurance covers potential damages. Homeowners often neglect small tasks like caulking windows, updating roofing, or trimming trees. These small maintenance efforts can prevent significant, costly damage down the line. Paul draws the parallel between home and car maintenance - “It is your responsibility as a homeowner to take care of your house the same way you take care of your car.” Tree Troubles: Know the Risks In Austin, where trees are beloved, they can also pose a serious threat during storms. Ice storms, heavy rain, or even just the growth of a large tree can cause damage to homes. Paul reminds homeowners to keep trees trimmed and away from roofs and to ensure any dead trees are removed promptly. If a tree from your yard falls on a neighbor’s house, who’s responsible? According to Paul, if the tree was alive and the damage occurred during a storm, your neighbor’s insurance would cover the damage. However, if the tree was dead and you failed to remove it, you may be liable. Don’t Rush to File a Claim While it may be tempting to file a claim after a hailstorm or another event, Paul advises caution. Filing unnecessary claims can lead to higher premiums and even affect your ability to secure insurance in the future. Always have a roofer or professional assess the damage first to determine if filing a claim is worth it. Key Takeaways for Homeowners: 1. Stay updated on replacement costs: Ensure your policy reflects the current cost of rebuilding your home.2. Understand your deductible: Know what you’ll need to pay out-of-pocket if disaster strikes.3. Maintain your home: Regular upkeep, like caulking and roof maintenance, can prevent costly damage.4. Get a vacancy clause: If your home is on the market and vacant, make sure it’s adequately insured.5. Be cautious with claims: Filing unnecessary claims can affect your insurance premiums and coverage. For more personalized advice, you can reach out to Paul Guerrero - https://agents.allstate.com/paul-guerrero-austin-tx.html If you’re looking to buy or sell in the Austin area, my wife and I are here to help guide you through every step of the process. This comprehensive look at home insurance will hopefully help you navigate the complexities of coverage, ensuring that you’re well-protected no matter what comes your way.

  Are Realtors Really Overpaid? Unpacking the Debate from Both Sides In today’s real estate market, a common question keeps surfacing: Are Realtors really overpaid? From viral comment sections to heated discussions among consumers and professionals, this topic never seems to lose its spark. In fact, this video asks this very question and has ignited a wave of conversation, with some claiming real estate agents are compensated far beyond what they deserve. But what’s the truth? Is it just about money, or is there more to what agents do than meets the eye? The Misconception: Realtors Make Too Much Many believe that Realtors get paid large sums for little effort. It's easy to assume this when you see commissions listed on a closing statement. But the reality, as discussed by seasoned agents, is much more complex. The average Realtor makes $54,000 a year before taxes and expenses, which paints a very different picture from the idea of agents rolling in money. One of the biggest misconceptions stems from the notion that anyone can get a real estate license and start making big bucks. While it’s true that real estate has a relatively low barrier to entry, there are layers of skill, expertise, and experience that separate the top-performing agents from the rest. As one Realtor puts it, “80% of the business is done by 20% of the Realtors.” Those top agents live and breathe real estate, working tirelessly to earn the commissions they receive. Real Stories, Real Value: What Agents Actually Do A major point made by Realtors is that many people just don’t understand what real estate agents actually do. In one powerful example, Realtor Eileen shared a story about helping her clients find a dream home. The house was going into multiple offers, and without Eileen’s expertise in analyzing the market comps, her clients would have easily missed out. Not only did she help them win the offer, but the home later appraised for $130,000 over the list price—money her clients would have lost without her guidance. Another agent, Heather, discussed how she saved her clients $7,000 by negotiating a seller credit for renovations. Her clients, first-time buyers, had no idea they could even ask for such a credit. This is just one of many examples where a skilled agent’s knowledge and negotiation abilities can directly benefit clients financially, far beyond the initial commission. The Other Side: Are Some Realtors Overpaid? While many agents go above and beyond, there are certainly cases where Realtors are paid more than they should be. Heather candidly admits that in some instances, agents can be "grossly overpaid." The problem often lies in the competency of the agent. Real estate, like any profession, has a wide range of talent levels, and not every agent is equally committed to serving their clients. This idea is echoed by Realtor Rick, who points out that just because someone has a license doesn’t mean they provide value. There are levels to being an agent, and the ones who go the extra mile—whether by finding off-market properties or leveraging relationships to negotiate better deals—are the ones truly earning their commissions. Rick shared a story about how he knocked on 200 doors to find his client the perfect off-market property. That kind of dedication isn’t what most people think of when they imagine a Realtor’s workday. The Importance of Hiring the Right Agent So, what’s the takeaway? It all comes down to hiring the right agent. As Rick explains, "Some agents are overpaid, some are underpaid. It depends on the level of value they bring." The key is to ask the right questions when interviewing a potential agent. Heather adds that experience isn’t just about how long someone has been licensed, but how many deals they’ve successfully closed and their knowledge of the local market. In an increasingly complex and competitive real estate landscape, the agent you choose can make or break your transaction. Whether it’s negotiating the right deal, finding hidden opportunities, or solving unexpected problems that arise during the process, a good agent is worth their weight in gold. A Glimpse Into the Reality of Real Estate Being a Realtor isn’t as glamorous as it might seem on social media. Behind every deal is a mountain of work, a myriad of expenses, and often, a significant amount of stress. From legal challenges to navigating complicated negotiations, agents solve some of the biggest problems in their clients’ lives. And, as Chase points out, there’s no guaranteed paycheck. Realtors work on commission, which means they could work for months on a deal only to see it fall apart at the last minute. In one of Chase’s recent transactions, he negotiated a full pool resurfacing, HVAC replacement, and tree removal at the seller’s expense—all thanks to the relationships he had with local contractors. Without an agent like Chase, his clients would have been on the hook for thousands of dollars in repairs. Final Thoughts: The True Value of Realtors After hearing both sides of the argument, it's clear that the value of a real estate agent depends on the individual and the level of service they provide. As the real estate industry continues to evolve, it’s becoming more important for consumers to do their homework and ensure they’re hiring an agent who truly adds value to their transaction. So, are real estate agents overpaid? In some cases, maybe. But as we’ve seen, the right agent can save you money, protect your interests, and navigate you through one of the biggest financial decisions of your life. Now more than ever, it’s crucial to ask the right questions and choose wisely. Afterthought: What Do You Think? After hearing these stories and insights, do you think the value Realtors provide justifies their commission, or does the industry need a change to better reflect the work involved?  

  Homes Selling 50% Off!  How To Buy Distressed Homes Investing in distressed properties might sound easy, but it’s far from it. According to real estate expert Logan Fulmer, it requires more than just cash—you need expertise, legal guidance, and a clear strategy. Why You Need Professional Help Logan emphasizes the importance of having a lawyer or an experienced realtor on your side. Mistakes in this game are costly. Learning from someone who’s done it before is crucial to avoid errors that can wipe out your investment. Finding Distressed Properties Distress happens both financially and physically. Fulmer identifies distressed properties through public records like mortgage and tax foreclosures, liens, and judgments. His team scours these records to uncover potential deals. The Key to a Good Deal: 50 Cents on the Dollar Logan follows a simple rule: aim to buy properties for 50% of their market value. But it’s not just about profit—it’s about managing risk. Distressed properties often come with hidden problems like squatters, fire damage, or structural issues, so building in a margin for surprises is essential. Auctions and Complex Deals Logan shares how tax-delinquent properties can sometimes be bought by paying off back taxes, but warns that struck-off properties, which didn’t sell at auction, are usually not worth pursuing. Navigating these deals requires thorough vetting and understanding of potential additional costs like unpaid liens or judgments. Referrals and Networking Referrals through local wholesalers or flippers are another way to find deals, but Logan sticks to his metric: if it’s not 50 cents on the dollar, it’s not worth the risk.   Investing in distressed properties takes experience, patience, and careful planning. Logan advises new investors to take the time to learn the ropes, work with professionals, and always account for the hidden risks in every deal. Follow Logan on Instagram for more insights and advice on distressed property investments.

Buying Foreclosures in 2024: What You Need to Know Foreclosures can be a unique investment opportunity, but the landscape has changed significantly since the housing crisis of 2008. If you're considering buying a foreclosure in today's market, there are crucial factors to keep in mind. Foreclosure activity tends to fluctuate seasonally, often slowing during holidays and spiking in January as missed payments catch up. Despite rumors of a massive increase in foreclosures, the numbers remain stable, with markets like Bexar County showing fewer foreclosures now than during the economic downturn a decade ago. Buying a foreclosure isn't as straightforward as it was in the past. With increased competition from institutional investors and a more complex buying process, prospective buyers need to be prepared. The process starts with showing up at a foreclosure auction with cashier's checks in hand, ready to bid on properties—often against seasoned investors who know the market inside out. Foreclosure auctions, commonly known as "Texas Tuesdays," can be chaotic, with multiple trustees auctioning properties simultaneously. It’s crucial to do your homework beforehand, understanding the property's true value and potential risks, such as title defects or hidden liens. Engaging directly with homeowners before properties hit auction can sometimes yield better deals, especially if you're looking to avoid the competitive atmosphere of an auction. Foreclosure sales also differ by state, with Texas allowing a quick 120-day foreclosure process. Understanding the local laws and procedures is vital to avoid costly mistakes. Whether you're attending an auction or negotiating directly with homeowners, having a clear strategy and a solid understanding of the foreclosure landscape is essential for success.

Why Are Real Estate Agents Leaving the Market? I'm Jeremy Knight, your go-to Austin Realtor, and today we're diving into a phenomenon sweeping the real estate market: the exodus of real estate agents. A question that comes up frequently is, "Why are so many agents leaving the industry?" Let’s break down the key factors driving this trend. Decline in Sales The real estate market has experienced a significant slowdown. Sales are down 7.6% year-over-year, which has hit agents hard. Fewer transactions mean less income, leading many agents to exit the industry. The market frenzy of 2020-2021 saw many new agents, but the current cooling off has made it tougher to close deals. Financial Realities The financial strain on agents is considerable. While a 3% commission on a $500,000 home sounds enticing, the reality is starkly different. After taxes, broker fees, and business expenses, the net income can be much lower. The true cost of running a real estate business often surprises new agents. Burnout Burnout is another major factor. The hectic pace of the market in recent years has taken its toll. Agents work long hours, often seven days a week, which can lead to significant burnout. The constant demand and pressure can be overwhelming, pushing many to leave the profession. Impact of the Real Estate Commission Lawsuit The real estate commission lawsuit has added uncertainty and complexity to the market. This lawsuit challenges the way commissions are structured, potentially reducing agents' earnings further. This looming change is causing anxiety among agents, leading some to exit before it takes full effect. Attrition and Trends Historical trends show that market downturns lead to increased attrition among agents. The 2008 market crash saw a significant drop in the number of agents, a pattern we see repeating now. The combination of fewer sales, financial pressures, and burnout is accelerating this trend. As we navigate these challenges, it’s crucial for agents to adapt and stay informed. Understanding the market dynamics and preparing for changes will be key to surviving and thriving in this evolving landscape.    

  Builder Sales Are Down, But Deals Are Up! Here’s How to Benefit   As the housing market shifts, builder sales have slowed down, showing a 7.6% decline year-over-year. This trend means builders are offering more deals and incentives to attract buyers. If you're in the market for a new build home, now is an excellent time to take advantage of these opportunities. Working with a knowledgeable agent and lender can provide you with the best deals and ensure you're making a smart investment. Why Use a Good Agent and Lender? One of the most common questions I receive is about the best builder deals and how to get incentives. The short answer is that working directly with builders through a good agent and lender can give you access to exclusive deals and valuable information. Builders often send us emails with their latest offers and incentives, many of which are not listed on the MLS. This insider information allows us to find the best deals for our clients. Current Builder Incentives Perry Homes in Crosswinds, Kyle Original Price: $413,000 New Price: $382,000 Incentives: Use their preferred lender for additional savings. MI Homes Interest Rate: 3.875% (with a 6.1% APR) Buy Down Program: First year at 3.875%, second year at 4.875%, and third year at 5.875%. GFO Homes Incentives: $50,000 towards upgrades and a 5.5% interest rate for quick move-ins. Deal Validity: Until July 31st. Lennar Homes Incentives: 6% real estate agent commission, 4.25% fixed rate (5.56% APR), up to $10,000 towards closing costs, and up to $30,000 in price reductions. Extras: Refrigerator, washer, dryer, and window blind packages included. Taylor Morrison Interest Rate: 4.99% Incentives: Up to $25,000 towards closing costs and an additional $75,000 on quick move-ins. Highland Homes Incentives: $20,000 to lower payment, prices dropped in several neighborhoods. When looking at builder deals, it's essential to read the fine print. For instance, some deals may advertise a low interest rate but include high APR fees, making the overall cost higher. Additionally, property taxes and insurance can significantly impact your monthly payments, so it's crucial to consider these factors. Working with a good lender, like Sarah Morris, can help you evaluate these deals and determine if they are truly beneficial. Sometimes, a lender can offer better incentives than the builder's preferred lender, ensuring you get the best possible deal. Builder deals can offer substantial savings, but it's vital to navigate these offers carefully. With the right agent and lender, you can secure the best incentives and make a smart investment in your new home.

Austin Texas Housing Market Perfect Storm Coming The latest numbers from the Austin housing market are in, and the data presents a complex picture for potential homebuyers. With only 19% of consumers currently believing it's a good time to buy a home, it's worth examining whether this perception aligns with the reality of the market trends we're seeing. Falling Home Prices in Austin Recent statistics indicate that home prices in the Austin area are continuing to decline. This trend is notable as it marks a significant shift, with month-over-month declines becoming more apparent since last year. This could signal a window of opportunity for buyers. The Broader Picture: MSA vs. Austin-Specific Data When discussing Austin housing market data, it's crucial to distinguish between the MSA (Metropolitan Statistical Area) and Austin-specific figures. The MSA includes five counties: Caldwell, Bastrop, Travis, Williamson, and Hays. Interestingly, Caldwell County is the only one that saw year-over-year appreciation, largely due to its more affordable median price of $300,000. In contrast, the other four counties experienced declines. A striking statistic shows that while 33% of the overall inventory in these five counties is under $500,000, a substantial 59% of sold homes fall into this price range. This indicates strong buyer activity in the more affordable segment of the market. The Impact of Interest Rates Interest rates have played a significant role in shaping the current housing market. Recently, they have decreased from over 7.1% to 6.82%, influenced by CPI news and potential future actions by the Federal Reserve. Every 1% drop in interest rates enables approximately 5 million more buyers to enter the market. This recent reduction has already opened the market to an additional 1.5 million buyers, potentially easing the affordability issue somewhat. Buyer Sentiment and Market Dynamics According to a Fannie Mae report, 92% of people still believe that buying a home is a good investment, and 42% of renters express a desire to purchase. With 73% of renters aiming to buy during their next move, there's significant pent-up demand. As interest rates drop, we could see more renters transitioning to homeowners. Despite the favorable shift in interest rates, the market remains challenging. Pending sales in June were down 2.4% year-over-year, and new listings decreased by 3.9%. This reduction in inventory, combined with seasonal trends and economic uncertainties, might make the next few months a strategic time for buyers to negotiate better deals. Investors on the Rise Another interesting trend is the increased activity among investors. In Q1 of 2024, investors purchased 14.8% of homes sold, the highest on record. This is a significant rise compared to pre-pandemic levels. Although investors are not primarily targeting the Austin area, local investors are looking to capitalize on the current market conditions. Looking Ahead As we approach the latter half of 2024, potential homebuyers should consider the interplay between decreasing home prices and dropping interest rates. While prices typically decline in the second half of the year, the extent of this drop remains uncertain. Builders are also pulling back, reducing new inventory, which could influence market dynamics in the coming years. Given the recent declines in home prices and potential drops in interest rates, how do you see these changes impacting your decision to buy a home in the Austin area in the coming months? The Austin housing market is at a crossroads, with declining prices, fluctuating interest rates, and varied investor activity. Whether you're a first-time homebuyer or a seasoned investor, understanding these trends can help you make informed decisions in this evolving market. As always, the key is to stay informed and be ready to act when the conditions align with your financial goals and personal circumstances.

Inside a $22 Million Lakefront Palace in Austin's West Lake Hey everyone! Today, I’m excited to take you on a tour of a stunning $22 million lakefront estate in West Lake, Austin. Despite what you might hear in the media about Austin's real estate market, properties like this showcase why people love moving to this incredible city. Why West Lake? West Lake is one of Austin's most sought-after neighborhoods, and for good reason. With properties ranging from $1.5 million to over $22 million, it offers a unique blend of luxury, privacy, and convenience. The proximity to downtown Austin and top-rated West Lake schools make it an ideal location for families and professionals alike. The $22 Million Estate Nestled on three acres, this magnificent property offers breathtaking views of Ladybird Lake and an array of luxurious amenities. The main house spans 11,500 square feet with an additional 2,000-square-foot guest house. Here are some of the standout features: Grand Entrance: Be greeted by a stunning Fresco ceiling and exquisite chandeliers. Luxurious Rooms: The main house includes four bedrooms, five bathrooms, and three half baths. Enjoy the elegant library, formal dining room, and a cigar room with gun cases. Outdoor Paradise: The estate boasts a swimming pool, outdoor fireplaces, and a trout pond. Perfect for entertaining, it has extensive outdoor living spaces, including a 1,000-square-foot terrace. Commercial-Grade Construction: Built to commercial standards by DC Broadstone, a renowned Dallas architecture firm, ensuring top-notch quality and durability. Privacy and Security: Situated behind double gates, this property offers ultimate privacy in a serene setting. Living in West Lake West Lake is not just about luxury homes; it’s about the lifestyle. The larger lots provide more privacy, and the area is conveniently close to key amenities. You’re minutes away from Baves Road’s shopping and dining, and downtown Austin is easily accessible. Despite its proximity to the city, West Lake offers a tranquil escape with stunning natural beauty. Entertainment and Relaxation This estate is designed for those who love to entertain. Imagine hosting parties in the spacious formal dining room, enjoying a drink in the old-school style bar, or selecting a bottle from the thousand-bottle wine room. The outdoor terraces and pool area provide ample space for gatherings, complete with a grotto and fireplace for cozy evenings. Unique Features One of the most striking aspects of this home is its attention to detail and unique features. From the waterfall that cascades into the pool to the media room with stadium seating, every corner of this property has something special to offer. The master suite alone is a maze of luxurious amenities, including massive closets and a jetted bathtub with a view of downtown Austin. Outdoor Adventures The estate’s outdoor spaces are equally impressive. With a private 30-foot deep lake and a path wide enough for golf carts, you can enjoy nature without leaving your property. The current owner expanded the estate to include access to the lake, adding to its appeal and exclusivity. This $22 million lakefront estate in West Lake exemplifies the luxury and lifestyle that Austin has to offer. Whether you're looking for a unique home with privacy, proximity to excellent schools, or a place designed for entertaining, West Lake has it all. If you're considering moving to Austin, my team and I are here to help you find your dream home. If you want to stay updated on the Austin real estate market or need assistance with buying or selling a home, check out the links in the description below. See you in the next video!

New Construction Challenges: Insights from Dripping Springs In the rapidly evolving real estate market, builders are facing unprecedented challenges. A recent visit to a new development in Dripping Springs highlighted the current state of new constructions, builder confidence, and market trends. Let's dive into the intricate details of what’s happening in the world of new builds, price cuts, incentives, and more. Builder Confidence and Market Sentiment The builder confidence level has recently plummeted to 43, a significant drop that signals trouble. Builders are now grappling with rising mortgage rates, making it harder to maintain previous levels of construction. This shift is evident in Dripping Springs, where numerous homes remain available, a stark contrast to the booming pre-sale periods of the past. Decline in Building Permits and Housing Starts Recent statistics indicate a notable decline in building permits. In May, permits were 3.8% below April's rate and a staggering 99.5% below May 2023 levels. This downturn reflects builders' cautious approach amid economic uncertainty. Privately owned housing starts also fell, with May figures 5.5% lower than April and 19.3% lower than May 2023. The Impact of Rising Costs The cost of building homes has surged, driven by increased labor and material expenses. The national average home price stands at $439,000, making it challenging for builders to construct affordable homes. In Austin, new construction constitutes 28% of the overall MLS inventory but accounts for over 50% of homes under contract. This discrepancy underscores the continued demand for new builds despite rising costs. Price Cuts and Incentives: Builders’ Response to Market Pressure To combat these challenges, builders are resorting to price cuts and incentives. In June, 29% of builders reduced prices to boost sales, the highest rate since January 2024. Average price reductions have remained steady at 6% for twelve consecutive months. Builders are also offering attractive incentives such as lower interest rates and substantial discounts to lure buyers. Case Studies: Incentives in Action Dripping Springs: In this neighborhood, a client secured $60,000 off the price and additional incentives. Wolf Ranch, Georgetown: A client received over $100,000 in incentives. Sweetwater: Another client benefited from a $75,000 discount and extra incentives. These examples illustrate how builders are leveraging incentives to maintain sales momentum in a challenging market. New Home Sales and Market Dynamics Despite a strong start to the year, new home sales cooled in May and early June. Zonda's market update attributes this dip to high housing costs, buyer fatigue, and cautiousness ahead of elections. Persistent demand, driven by demographic shifts and evolving consumer preferences, remains strong. However, factors like affordability and economic uncertainties introduce volatility into the market. Regional Price Trends In the Austin area, price trends vary by region: Williamson County: Down 1% year-over-year. Buda: Down 2.5% year-over-year. Bastrop: Down nearly 4% year-over-year. Caldwell County: Down 5% year-over-year. These areas, which offer more affordable housing options, have seen price declines due to significant builder incentives. Are you looking to buy a new home in the Austin area? Contact Jeremy, your favorite Austin realtor, to explore the latest developments, incentives, and opportunities in the market. Don't forget to subscribe to our blog for more updates and insights on real estate trends.  

CRAZY THINGS HAPPENED: What Homeowners and Buyers in Austin Need to Know   Austin homeowners preparing to sell their properties are facing a challenging market. Unlike a few years ago, when homes sold quickly and often above asking price, today's market is more balanced. The Austin Board of Realtors' latest data for May reveals significant changes that both buyers and sellers need to understand. The current market inventory stands at six months for Austin and 4.9 months for the Austin MSA (Metropolitan Statistical Area), indicating a shift towards a more balanced market. With approximately 13,000 units available, this is the highest inventory level since 2011, a year marked by recovery from the financial crisis. Key Market Insights: Inventory Levels: Austin has a 6.2-month inventory, the highest in a decade. The Austin MSA, including Travis, Caldwell, Bastrop, and Williamson counties, is at 4.9 months. Home Prices: The median price in the Austin MSA is $459,000, down 1% from last year. In contrast, Austin city prices have increased by 11% to $608,000. Sales Trends: Closed sales in the Austin MSA dropped by 12.8% year-over-year, while Austin city saw a slight increase of 2.4%. Condos: There's an oversupply of condos, particularly in downtown Austin, where many luxury units remain unsold. For Sellers: Sellers need to be realistic about pricing. Homes priced under $500,000 are moving faster, while those between $500,000 and $1 million see more competition. Accurate pricing is crucial as 66% of Austin's listings are "stale," having been on the market for over 60 days. For Buyers: Buyers are cautious due to high-interest rates, which hover around 7%. However, the increased inventory provides more options. If interest rates drop, expect a surge in buyer activity, particularly from renters eager to purchase homes. The market dynamics suggest that homeowners may not see the high returns they anticipated, especially those who bought at market peaks in 2021 and 2022. Buyers and sellers must navigate this new landscape with careful planning and realistic expectations.

Why Should You Live in this Luxurious T11 Car Condo at COTA, Austin Today, we're diving into the exciting world of T11 car condos at the COTA track in Austin, Texas, with Brad Epstein. These luxurious car condos offer car enthusiasts a unique blend of comfort and convenience, making them the ultimate investment for anyone passionate about automobiles. Let's take a closer look at what makes these car condos so special and why they are worth every penny of the $3.3 million price tag. The Grand Design of T11 Car Condos The T11 car condos come in various sizes, ranging from the largest XXL units, which boast 6,000 square feet, to the more modest medium units at 1,500 square feet. Each unit includes a mezzanine, a spacious garage, and the option to finish out the space with high-end amenities such as a full bathroom, kitchen, and living room area. Brad Epstein highlights that 45% of Phase One units are already committed, with significant interest in the largest units. Exclusive Perks for Owners Owning a T11 car condo comes with exclusive perks, including two full weekends per year where owners can drive any car on the COTA track. Additionally, owners enjoy access to a community pool, clubhouse, pickleball courts, and discounts on various COTA events such as F1 races and concerts. The community is gated, providing 24/7 security, ensuring the safety of both the owners and their valuable cars. Pricing and Investment Potential The pricing for these luxurious car condos starts at $475,000 for a shell unit, with finished units ranging up to $3.3 million. Despite the hefty price tag, these units are seen as valuable investments due to the ongoing developments at COTA, including a full-size amusement park, golf course, and resort, all set to open in the next few years. The car condos have already attracted a diverse range of buyers, from car enthusiasts to professionals looking for a unique space to entertain clients. A Community Like No Other The T11 car condos offer more than just a place to store your cars; they provide a vibrant community where owners can socialize, entertain, and indulge in their passion for automobiles. The ongoing developments at COTA promise to add even more value to this already exceptional investment, making it a must-have for car enthusiasts and investors alike. Brad Epstein and his team have created something truly remarkable with the T11 car condos. With exclusive perks, high-end finishes, and a prime location at the COTA track, these car condos offer unparalleled luxury and convenience. If you're a car enthusiast looking for the perfect place to store your collection and indulge in your passion, the T11 car condos are definitely worth considering. Watch the video and share your thoughts in the comments!

  HOMEOWNERS ARE STUCK! The Austin housing market is seeing its highest inventory levels in years. But what’s driving homeowners to sell, and where are they going? As your trusted Austin realtor, I explored an insightful article from the Austin Business Journal discussing the "lock-in effect" and its impact on the market. Current Homeowner Statistics: 90% of homeowners have interest rates below 6%. 82% of homeowners enjoy rates below 5%. 62% are below 4%. 23% have rates under 3%. 42% own their homes outright. These low rates mean many homeowners feel “locked in” and reluctant to sell despite rising market interest rates, currently around 7.16%. Key Reasons for Selling: Politics and Climate: While politics is a factor, it's a minor one. The city’s growth and changing dynamics influence some decisions. Senior Relocations: Seniors are selling to move in with family or for assisted living, driven by the need for more support. Divorce: A significant number of homes are listed due to divorce, impacting inventory levels. Property Taxes: High property taxes are a common complaint, causing many to reconsider their living situations. Airbnb Market Changes: The drop in Airbnb demand has led many investors to sell properties that are no longer profitable. Market Trends: High Home Prices: Austin's median home prices are well above the national average, pushing some to sell. Suburban Shift: While Austin city proper saw a net negative migration, suburbs like Dripping Springs experienced growth. Predictions and Advice: Interest Rates: Speculations suggest rates could rise to 9.7%. If true, this might further lock in current homeowners. Inventory Peaks in October: Expect more homes to hit the market in October, a trend consistent with previous years. This could be a strategic time for buyers to find deals. As we navigate these market dynamics, it’s crucial to stay informed. Whether you're buying or selling, understanding these trends can help you make better decisions.  

A New Era for Housing: More Density! Austin City Council has recently revised housing density regulations, reducing the minimum lot size from 5,700 sq ft to just 1,800 sq ft. This change allows for the construction of up to three homes on a single lot, potentially enhancing housing supply and affordability for middle-income families. Overview of the Changes Increased Density: The goal is to make housing more accessible and affordable by allowing more units per lot. Market Impact: It's uncertain how this increase in housing units will affect property values and overall market prices. Regulatory Challenges: Developers still face significant bureaucratic hurdles that may impede the quick benefit of these changes. Community Reactions Support: Many see this as a positive step towards solving the city's housing shortage. Concerns: Critics fear that without firm affordability requirements, the new rules may not effectively aid those most in need and could lead to displacement. Interested in Austin's housing developments or need real estate advice? Call me to discuss how these changes might affect you.    

SNEAK Inside Austin's Most "Exclusive" Luxury Homes   Welcome to an exclusive look into some of the most luxurious and private off-market listings in Lake Austin. Today, we are showcasing properties ranging from $2 million to $15 million, featuring stunning views, high-end amenities, and unparalleled privacy. Join us as we tour these remarkable homes and discover what makes them truly special. Why Choose Off-Market Listings? Off-market listings provide numerous benefits for both buyers and sellers. Sellers often seek privacy, prefer discreet transactions, or wish to test the market without public exposure. Buyers, on the other hand, gain access to unique properties not available on the MLS, offering exclusive opportunities in highly sought-after locations. The $15 Million Lake Austin Gem Our journey begins at a breathtaking $15 million property on Lake Austin. This home offers unparalleled views of The Preserves, gorgeous homes on the cliffs, and serene private scenery. This property is a part of an exclusive off-market listing group, available only to agents with high production levels and clients in this elite market segment. High Road Property ($2.1 Million) Location: One of the highest points in West Lake, offering 180° views of Mount Bonnell, canyons, and downtown Austin. Lot Details: 2/3 of an acre with potential for adding an additional story to capture even more stunning views. Unique Features: Mature trees, potential for an infinity-edge pool, and proximity to new constructions. Terry Town Home ($3.5 Million) Listing Agent: Mark Moore with Gotsman Real Estate Group. Specifications: Four bedrooms, three and a half baths, four living spaces. Key Features: Meile appliances, sunken living space with a see-through fireplace, expansive kitchen with high-end finishes, plunge pool, and outdoor living areas. Rob Roy Estate ($4.2 Million) Listing Agent: Dustin Lawless with Prospect Real Estate. Property Specs: 1.6 acres, four bedrooms, 4.5 baths, three-car garage. Highlights: Gated community, spectacular downtown Austin and Lake Austin views, wraparound balcony, sports court, potential for a pool, and extensive outdoor living spaces.  The Grand Finale: Lake Austin Mansion Listing Agent: Michelle Turnquist with Engel & Volkers. Price: $15 million. Property Overview: 4 acres with an option to purchase an additional 3 acres, 278 feet of Riverfront, historic oak floors, expansive main house, and a separate Cabana with a kitchen and pool access. Notable Features: Boat dock, private and exclusive neighborhood, potential high-profile neighbors, and the opportunity to rent out the Cabana.   This tour highlights the exclusivity and luxury of off-market properties in Lake Austin. From stunning views to private amenities, these homes offer unparalleled living experiences. If you are interested in any of these properties or want to explore more off-market listings, reach out to the listing agents provided.  Make sure to like, comment, and subscribe to stay updated with the latest in luxury real estate!

Austin Housing Market Update: Is it Finally a Buyer’s Market?   The latest Austin housing market statistics have just been released, bringing a mix of intriguing data and insights. With so much noise and varying opinions out there, it's essential to dig into the actual numbers and understand what they mean for both buyers and sellers in Austin. Today, I’m going to break down these stats for you, and provide some clarity on the current state of our market. Understanding the Data Firstly, it’s important to note that Texas is a non-disclosure state, which means accurate sold data can be hard to come by for those not directly involved in the market. This often leads to skewed figures in articles from sources like Redfin and Realtor.com, as they don’t have access to all the closed data.  Median Home Price: As of the latest report, the median home price in Austin stands at $593,000. This represents a 21% decrease from the market's peak during the pandemic but an overall increase of 38% from previous years. Despite the negative year-over-year figures reported by some sources, Austin’s city proper has actually seen a 6% increase in home prices year-over-year. Inventory Levels: One of the most significant changes in the market is the increase in inventory. We currently have 5.4 months of inventory, up 52% from last year. This influx has led some to question whether we are now in a buyer’s market. Sales Volume: Contrary to what you might expect with higher inventory, closed sales volume is up 33% compared to 2023. Pending sales are also up by 18.7%, indicating strong buyer interest despite the growing inventory. Days on Market and Active Listings: The average days on market has risen to 13 days, and active listings are up 75%. This suggests that while homes are taking slightly longer to sell, the market is still moving, with a notable portion of inventory selling under $500,000.   Buyer and Seller Challenges For Sellers: Sellers are facing a unique set of challenges in today’s market. Homes that are priced correctly and are move-in ready tend to sell quickly. However, many sellers are holding onto price expectations from 2021 and 2022, leading to longer times on market for overpriced homes. Sellers might need to consider pricing more competitively or offering concessions to attract buyers. For Buyers: Buyers, on the other hand, have more options than before, thanks to the increased inventory. While interest rates remain a concern, there are strategies to mitigate this, such as negotiating closing costs or taking advantage of price reductions. Multiple offers are still occurring, but they are not as intense as they were a couple of years ago. Closed to List Price Ratio: An interesting statistic is the closed to list price ratio. Currently, this ratio is at 95.3%, almost identical to last year’s 95.4%. This indicates that homes are selling very close to their listing prices, suggesting a stable market despite increased inventory. Market Sentiment: The sentiment among home builders has recently dropped, and interest rates have dipped below 7% for the first time in two months. These factors could influence market activity in the coming months, potentially heating up buyer interest.   The Austin housing market is in a state of flux, with significant changes in inventory and buyer activity. While it may not be a full-blown buyer’s market yet, it is certainly more buyer-friendly than in recent years. Sellers need to be realistic with their pricing, and buyers have more negotiating power and options. What do you think? Are we in a buyer’s market?  Drop a comment below with your thoughts and experiences in the current Austin housing market. Let's discuss! Feel free to reach out if you have any specific questions or need further insights into the Austin housing market. I'm here to help!