I've been following the market for the past 6 months and noticed homes in the >$500k are not selling much.

Asked by KHS, 78732 Sun Aug 2, 2009

Any thoughts as what to expect in the near future as far as prices provided that pool of buyers in this range are still shrinking due to tight credit and high down payments? Is it still risky to make an entry in the high-end market these days?

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Stacey Rider, Agent, Austin, TX
Sun Aug 2, 2009
Dear KHS,

'm not only a Real Estate Agent, but I live in zip code 78732. I follow the trends in Steiner Ranch and the surrounding communities. It's an interesting market to say the least. Some homes sell quickly while others do not. Some people are opting to lease vs. selling or offer both. The homes that are on the market for the longer periods have decreased their prices. I see everything - homes over priced, that are average as well as under priced.

I think we are all hopeful that the upward trends we are seeing in the number of homes sold per month will continue and that next year will be even better. You mentioned that this pool of buyers is shrinking, and I beg to differ. I think people have re-evaluated their needs vs. wants and are being smarter about their money. Additionally, we are still seeing new home starts within Santaluz and others in Steiner.

I don't believe it is risky to buy a home within this price range. You are obviously well informed and educated about the 78732 market. That gives you a head start in really knowing which neighborhood fits your family and lifestyle and affords you to ability to search for the perfect home. I always set my clients up on a "First Alerts" where they get email updates almost immediately when a home that meets their criteria pops up on the market.

Speaking to your Financial Advisor and Lender is the next step and then it's "let's go looking".

If I can be of any assistance, let me know.

Stacey Hurley-Rider, Realtor
Mitzkat & Associates Real Estate
http://www.mitzkatrealty.com
Stacey@MitzkatRealty.com
512-423-8122
Web Reference:  http://www.MitzkatRealty.com
1 vote
Kevin, Agent, Austin, TX
Mon Feb 21, 2011
A lot has to do with the are inventory, mortgage market and documentable income and financial ability.

As of 11:00AM EST Wells Fargo (wellsfargo.com) posted the following:

Large 30 year Loans Fixed 5.250% with 5.390% APR
Large 30 year Loans FHA 5.000% with 5.835% APR
Jumbo 30 year Loans 5.375% with 5.516% APR

Austin area wide a/o the end of January the 12 Month Of Inventory (MOI) averages.

200-299,999 the average MOI was 5.61
300-399,999 the average MOI was 5.61
400-499,999 the average MOI was 7.06
500-749,999 the average MOI was 8.61

Note: the MOI average calculation varying by area for a specific period of time (CI / ASM = MOI)

Your agent should be able to help determine the MOI, pricing and probability of selling in your specific market.
0 votes
Tim Thornton, , Austin, TX
Sat Feb 19, 2011
Search on these words "Tim Thornton Austin". You will find lots of links to Austin Real Estate Secrets blog. Once on the blog, go to my google search and search for "Steiner". You will find lots of good information about what is happening in Austin Real Estate and Steiner Ranch.

my best,

tT
0 votes
Betina Forem…, Agent, Austin, TX
Mon Aug 17, 2009
The great thing to remember is if these $500K+ homes are not moving so fast you may be able to bargain more with sellers to obtain a reduced price. I just wrote an offer for a home that was $799K and they are working with us on a deal for $80K less than asking. Give me a call if I may be of further asststance.
Sincerely,
Betina
0 votes
Betina Forem…, Agent, Austin, TX
Sun Aug 16, 2009
The $500K+ homes will sell eventually. The higher priced homes typically take longer to sell because there are fewer buyers qualified to make such a lare purchase in the shaky economy. The thing is right now there are more entry level buyers gettting qualified. So the most homes are moving between $150K-$350K. I wish you luck & feel free t ocall me if you want more advice or help.
Sincerely,
Betina Foreman
Keller Williams
512-771-6318
Web Reference:  http://www.BetinaForeman.com
0 votes
Jeff Kessler, Agent, Austin, TX
Mon Aug 3, 2009
Hi KHS,
Normally, homes in the $500,000 price range do not move as fast as homes $250,000 and below.
Right now a lot of people are watching their dollars. They are remodeling their current homes and are not moving up to a bigger home.
Once the US Market starts to pick up homes in this price range will start to sell faster.
If this is a price range you are looking at this will pretty much always be the case.
As people make more money they move up into this next price range and hopefully beyond.
If you need any help looking for a home please call or send me an email
Hope you have a great week.
Jeff Kessler ABR,GRI
0 votes
Buyers House…, , Texas
Sun Aug 2, 2009
KHS,

Good evening. It is good that you have been following the market over the past several months. We specialize in working with sophisticated buyers, so we want to provide you with some stats of the 78732 zip code. The 78732 is a great area to look at a market analysis for the "SOLDS" in the last 6 months between $450k-$550k. As you will notice of the 20 homes that "SOLD", you will see that the biggest reason homes in this price range do not sell, is due to being OVER PRICED!

(DOM= Days On Market LP/SqFt= Listing Price per SQFT SP/SqFt= Sold Price per SQFT)

Property Type: Residential Status: Sold Number of Properties: 20

Listing Price LP/SqFt Selling Price SP/SqFt SP/LP SP/OLP DOM
High $550,000 $151.59 $517,000 $148.76 100.6% 100% 361
Low $450,000 $118.06 $375,000 $113.69 78.9% 74.5% 0
Average $489,165 $134.34 $455,347 $124.87 93.12% 89.44% 89
Median $487,271 $133.77 $455,900 $122.22 93.75% 90.25% 64


If you would like to view recently sold homes in your neighborhood by your address or a specific home you are interested in, you can visit; http://www.buyershouserealty.com.z57preview.com/hvalue.shtml

You can also create home searches and save your criteria by visiting; http://www.buyershouserealty.com/

Keep in mind that BuyersHouseRealty works exclusively with buyers and firmly believes in buyer education, so much so, we pay you for that education. Learn more>> http://www.buyershouserealty.com.z57preview.com/realtor_cont…

HAPPY HOUSE HUNTING,

Gavin St.Louis
Texas Managing Broker/Realtor
BuyersHouseRealty
"Showing You the Real Estate Rebate"
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Aug 2, 2009
Here is a blog post I authored several weeks ago I hope it assists.

http://activerain.com/blogsview/1087869/home-buyer-question-…

These types of loans are jumbo loans many families do not have cash put as a downpayment

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
Web Reference:  http://www.lynn911.com
0 votes
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