April Showers bring… a Booming Real Estate Market!

April 26, 2011 by · Leave a Comment 

Dear Clients, F

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riends, Colleagues and Peers,

This report is two weeks late. I’ll admit that right from the start. Many of you have come to base some of your financial and real estate related decisions on information herein and I sincerely apologize for the delay.

Before I start with my analysis of the market, I will say that if you or someone you know is thinking of putting their home on the market—NOW IS THE TIME.

In that same breathe, I will say that now has never been a better time to buy real estate in Austin. The homes that are coming on the market are priced right and looking great. Interest rates are still low. And banks are working hard to clear their foreclosure inventory, making fro great deals in that category as well.

Now that I have gotten that out of the way, you will be pleased to know that April has been the strongest month West Austin Properties has had in nearly 3 years! Thanks goes out to all of our amazing clients for making this happen. If this is not a market indicator, than I don’t know what is. Some of this report’s delay is due to that activity.

Beyond our own numbers, I wanted more stringent and hard proof that the market is experiencing a shift—I am a numbers guy after all. I found it in an unlikely place. I found the proof in how quickly homes are selling. For the first quarter of 2011, just over 15% of all sales happened in the first 15 days of them being on the market. From the nearly 3,000 homes currently under contract, almost 23% of them went under contract in less than 15 days. That is a 7.3% increase in less than a month. (See more details and charts on page 9 of the market report below.)

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With a rapidly moving market comes multiple offer situations—both on the buyer and seller side. Cash is king, whether you’re paying cash for a home or putting a significant cash payment down on the loan. Make sure your finances are ship-shape before going after a property. Great credit, larger down payments are beating out higher offers on a regular basis.

To learn more about the Austin Real Estate Market, see our market report below.

Thanks for reading,

Austin Real Estate Market Report – April 2011 – Brought to you by West Austin Properties

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About Laura

Laura is a third generation native of Austin who grew up in Tarry Town in Central Austin. She is the owner and broker of West Austin Properties and has been selling real estate in the Austin area since 1979. Laura is married to the love of her life, Brad, and they have two grown daughters. Together, they love to explore all of the fun spots Austin has to offer.