Westlake is A City, adjacent to Austin, just west of the city.  It is an attractive location  due to its  proximity to Austin and Lake Travis. Moreover, Westlake is home to the highly acclaimed Eanes School District, consistently ranked in the top ten of Texas and the top one hundred school districts in the country.  Westlake homeowners have grocery shopping, retail and entertainment all within a short commute.  Residents love living in Westlake with downtown Austin and attractions such as the Barton Creek Greenbelt nearby.

Sold Homes In September

Sales - 51 properties sold ranging from $249,999 to $1,595,096 (August 2020 had 66 sales, and September 2019 had 33)

Average Days on Market - 36 days 

Average Price $1,595,096

Great Location

Westlake is minutes away from The Hill Country Galleria, Barton Springs and Barton Creek Country Club. Full of luxury homes, tree lined neighborhoods and a growing restaurant scene.

If you are looking for the perfect home,contact me today at 512-375-8945.

Here are a few ways you can win the home in a multiple-offer situation.

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation

How can you win in a multiple-offer situation? In Austin, we’re currently experiencing a strong seller’s market with a lot of demand, and most buyers are going to find themselves in a multiple-offer situation. 

The first thing people in this position ask is, “Should I offer more than everyone else?” You may want to consider the amount of money you’re using as a down payment. This could allay some seller’s concerns. However, while price is crucial, other factors can determine whether or not you win in a multiple-offer situation. 

For instance, do you know what the seller needs? Maybe they need to close by a certain time or require a lease-back, meaning they’ll rent the house back from the buyer temporarily. Another factor may be your financing. If you’re putting down a large percentage, that may make the seller feel more comfortable with the appraisal process. 

You may also want to consider writing a personal letter to the seller. A letter may help a seller feel more connected to you and boost your chances of getting your offer accepted. 

If you have further questions about how a buyer might win a multiple-offer situation or concerning real estate in general, please feel free to reach out to me via phone or email. I would love to help you.

Last week, we addressed the great amount of uncertainty regarding the impact of the Covid 19 Pandemic on the greater Austin real estate market. This week we are going to measure the last ten days of real estate activity in Travis, Williams and Hays Counties. I will provide considerable empirical evidence to support what is surprisingly positive news. Feel free to reach out for  information on your area of town or specific neighborhood.

Where Was The Central Texas Market Prior To Covid 19?

Housing economists track the balance between supply and demand with a metric known as “months’ supply.” It presents how many months it would take to use up the current supply of homes at the current rate of demand.  It takes into account current inventory, rate of replacement and the rate of disappearance. A six-month supply is considered healthy.

For the past five years, the Greater Austin MSA (and surrounding counties) saw a number that generally hovered between one and three months of inventory. Additionally, my specific tracking showed twenty five percent of my teams’ transactions were in the form of cash from 2017 to 2019. 

2020 was actually outpacing the strong performance of 2019. In January and February the entire metro showed sales of 4,773, up 7.1% from the 4,456 sold homes from the same time last year. The average sold price of $380,127 was up 5.6% from the $359,884 of last year. If we were to narrow the range to Travis, Williams, and Hays County, those percentages are higher.   

Why Measure The Last Ten Days Specifically?

Day to day lifestyle activity began to slow down considerably approximately fifteen days ago, when restaurants suspended seated dining. Bars, movie theaters and gyms stopped operations as well. Then, the City Of Austin decided to institute a lockdown ten days ago. The best measure to learn about the resilience of the local market, is to measure from the beginning of that time.

What Have We Seen In The Way Of Activity?

There have been 785 single family homes that have been listed for sale in the previous ten days. Surprisingly, there have been a whopping 432 homes that have been gone under contract within those ten days. 82 condominiums have been listed in that time frame, with 52 going under contract. Those numbers would be evidence of a hot market under normal circumstances. They are flat out impressive during a global pandemic. In approximately ten days, we should have the results from all of March 2020 and measure that against last year. 

Is There Any Bad News?

There have been buyers, who have decided to terminate contracts on new and existing home purchase contracts. Those terminations could be due to the inability to purchase after sustaining stock market losses. Or the decision to terminate could be a result of trepidation because of the uncertainty of the time. These numbers are harder to determine. But in our discussion with various title companies, the terminations seem to be far outpaced, by the number of sales and refinance activity that has taken place in the last two weeks. 

How Has The Real Estate Business Changed

The Covid 19 pandemic seems to have gone on for months, with many of us experiencing life in quite a different way. But the reality is, that we in Central Texas, have been forced to change our normal protocol for two to three weeks so far. In the real estate world that has meant virtual showings, online meetings with clients, electronic banking and remote closings and interestingly enough- home closings in parking lots of title companies. Agents, escrow officers and real estate managers have adjusted, but of course, we have always instituted creative ways to conduct business.  The buyers and sellers of real estate in Central Texas have discovered new ways to respectively consume and market real estate. And have proven to be far more resourceful than could have been predicted at the outset of the pandemic. As we have seen in work and education, some of those *adjustments* may translate into long term ways of doing business, often more efficient than the previous way.

Where Do We Go From Here?

Well the truth is, we don’t know. This commentary is aimed at measuring ten days of real estate life in Central Texas. We don’t know what the future holds nationally, or for the state, and in our local area. But if I had to make an educated guess, it would be to look back at 2007 and 2008. Much of the United States experienced a real estate and banking crisis. Although Central Texas was damaged, we fared far better than most of the country and Texas as a whole was a beacon of strength. 

The Covid 19 pandemic will certainly affect Central Texas as it does the country as a whole. We will continue to look at local real estate numbers. And I suspect there will be a tendency to follow employment numbers more specifically and economic activity such as that often quoted number of people who move here daily, to see if that changes. So far, the words cautiously optimistic are the order of the day.  

Westlake is A City, adjacent to Austin, just west of the city.  Westlake is an attractive location  due to its  proximity to Austin and Lake Travis. Moreover Westlake is home to the highly acclaimed Eanes School District,  consistently ranked in the top ten of Texas and top one hundred in the country.    Westlake homeowners have grocery shopping, retail and entertainment all within a short commute.   Residents love living in Westlake with downtown Austin close

                          Sold Homes In July

There were 58 homes sold in July. with 59 listings being added in the same month. The average sales price in Westlake for the month was $1, 153, 526. The average home sells for  $345 a square foot. 

Location Is Perfect

Westlake is minutes away from The Hill Country Galleria, Barton Springs and Barton Creek Country Club. Full of luxury homes, tree lined neighborhoods and a growing restaurant scene. If you have any thought about buying or selling a home in Westlake in the near future contact me today at 512-375-8945.

Another small town experiencing rapid development along the IH-35 corridor, Kyle is located 22 miles south of Austin at the corner of the IH-35 and FM 1626. A relatively new town, Kyle experienced a population explosion from 2000 to 2017, when it grew from 5,314 people to 39,060 people. With that growth came the construction and amenities required to support Kyle’s popularity - several master planned communities, Plum Creek and Stagecoach being two of the first, with homes from the high $100s to the low $300s, and the newer Cypress Forest Executive neighborhood with homes up to the mid $400s. 600,000 square feet of medical facilities and more than 3 million square feet of mixed use retail space are currently under construction, and will not only to support Kyle’s growing population, but also provide thousands of job opportunities. Golf courses, parks and the Balcones Fault Line Cave also provide plenty of outdoor recreation. Drive quickly to Austin, or take advantage of living and working in Kyle - its proximity and affordable housing will continue to encourage growth and make it a great option for Central Texas living. 


The last quarter 2018 showed 228 properties sold, all of which were free standing houses.

Options ranged from a manufactured home on a quarter acre lot, to a huge 4200 square foot custom build on 1.5 acres for $574,950. Median prices are approximately $220,000, generally for new or newer builds in established planned communities with 3-4 bedrooms and 2 baths.

214 properties were sold in this same timeframe in 2017, bookended by a tear down property in need of demo right off I35 for $55,100 to a $471,260, 4 bedroom, customizable incomplete new build in a planned community.

Currently, there are 175 properties for sale, ranging from an old farmhouse in need of complete renovation for $120,000 to a 1980s ranch on 25+ acres ready for development or subdivision for just under $1.5 million, with most sale properties 3-4 bedroom homes in planned communities in the $230-245,000 price range.

The Tax Advantages Of Buying A Home

We all know the advantages of buying a home. The pride of ownership, greater privacy and the freedom to call the shots as it were, with your living situation. But there are additional benefits to owning a home, whether it is your first purchase, or if you are an experienced buyer.

Home ownership can also provide attractive tax deductions, that can be of great benefit during the course of home ownership, and when you sell.

Mortgage Deductions

One of the best tax benefits of home ownership is the mortgage interest deduction, which means homeowners can deduct the interest they pay on a mortgage for debt related to buying, constructing, or improving either a primary or secondary home.

Before Dec. 15, 2017, the mortgage tax deduction was limited to interest paid on a maximum of $1 million debt on the property for married people filing a joint tax return, $500,000 for married couples filing separately, and $1 million for single filers. Now, however, the rules are different. For home mortgages taken out on or after Dec. 15, 2017, debt caps are lower: $750,000 in for married couples filing jointly; $375,000 for married couples filing separately; and $750,000 for individuals.

Home Improvements

Save receipts and records for improvements (not  repairs) you make to your home, such as a new hot water heater, central air system, or storm windows.

You can't deduct these expenses now, but when you sell your home the cost of the improvements is added to the purchase price of your home to determine the cost basis in your home for tax purposes. Although most home-sale profit is now tax-free, it's possible for the IRS to demand part of your profit when you sell. Keeping track of your basis will help limit the potential tax bill

Points

Some borrowers pay points on their mortgage in exchange for a reduced interest rate. Points are essentially an up-front fee you give your lender when you sign your mortgage. One point on a mortgage is equal to 1% of your loan value, so if you take out a $300,000 mortgage and pay one point, you'll spend an extra $3,000. The good thing about points is that they can work as a tax deduction, if not right away then over time. If the points you pay are in line with the industry standard, and the purpose of your mortgage is to purchase your primary home, then you're allowed to take a full points deduction right away. Otherwise, you can still take the deduction, but you'll need to spread it out over the life of your home loan.

Private Mortgage Insurance (PMI)

Homebuyers are typically required to buy private mortgage insurance if they put down less than 20% of the cost of a home. Meanwhile, PMI insurance is required for any mortgage obtained through the government-insured loan program offered by the Federal Housing Administration (FHA). With FHA loans, down payments can be as low 3.5%, but PMI costs can add up quickly.

Consult Your CPA

As a best practice, consult your trusted accountant or tax software to determine the best course of action when it comes to deductions. There are additional items not mentioned, such as home offices, moving and landscaping, that may very well be deductible.

Austin 2018 Market Report And What To Expect In 2019

2018 In Review

The Austin Metro area showed no signs of slowing down in 2018. Rising property values and an increased demand led to record setting sales volume, once again in 2018.  According to the Austin Board Of Realtors, 30,713 homes were sold last year,  with a value of 11.9 billion dollars in sales.

Within the City Of Austin the median price for a home is $375,000 while the greater metro area

has seen the median home price increase to $310,000. Home values in surrounding counties

are 285,000 for Williamson County and $264,000 for Hays County, respectively.

Home sales volume were strong in November, although they fell off ever so slightly in

December. There could be a number of reasons for that. But our our belief is that it was a mix of

several factors- a slight increase in inventory, some interest rate ambiguity, stock market

volatility and the looming government shutdown.

Cash Is King

We noticed a trend starting in 2017, that carried over in 2018. Approximately 35 percent of the

transactions in our office involved buyers using a down payment above the 20 percent mark to

avoid private mortgage insurance. Many of those transactions were all cash. Moreover the price

points for all cash transactions were far above the area median of $310,000 with some of our

luxury sellers and buyers brining all cash to million dollar purchases. This is not the climate of

the highly leveraged real estate market that we saw in the lead up to the housing crash of late

2000’s.

What To Expect In 2019

We are less than a month in to 2019, and the early returns bode well for an even stronger year.

Single family buyers and investors, many of whom sat out the end of the year, have come on

strong to start the year off. Buyers are more active, open houses are well attended given the

time of year and investors activity has noticeably increased.

Hot Neighborhoods

Austin is one of the hottest real estate markets in the country but the question we often get, is

what areas are hot within the city. As affordability continues to be a challenge, look for areas

such as Northeast Austin to be a destination for first time buyers and investors alike. With a nice

mix of resale homes and new construction, we think this once overlooked area, will continue to

grow. Within central Austin, we think the The Grove development will greatly benefit the

neighboring areas such as Rosedale, Allandale and Shoalmont. As far as bedroom

communities, expect continued growth in Cedar Park/Leander, Kyle and Hutto. Furthermore,

look for San Marcos, our affordable neighbor to the south, to see rapid growth. A growing

number of retirees are seeking out the area, and the city seems to have a better handle on that

dreaded word- traffic, than those of us in the capital city.

New Players

At the beginning of 2018, two possibilities that led the news was the possibility of Austin’s first

major league franchise and the strong possibility of retail behemoth, Amazon, descending upon

the city. After many twists and turns, Austin did in fact land Austin FC, a MLS soccer franchise,

expected to start play in 2021. Amazon however, decided two split its second headquarters

between New York and Virginia. Austin did become the headquarters for The United States

Army Futures Command. We believe this will be a significant coup, which is flying a bit under

the radar, so to speak. Similarly, Amazon grabbed all the headlines, but it was tech giant Apple,

that came in late, and decided to expand their already strong presence, in Austin adding 5,000

employees, with the capacity to grown to 15,000.

Does This Ever End?

Trees don’t grow to the sky. Which is our answer when we are asked most often, about the

Austin real estate market. When we study historical data and recent trends, a few things stand

out. The Austin housing market is strong, but more importantly its stable. We don’t tend to see

large spikes, where values increase without the empirical evidence to back it up. Also, our

economic foundation is diverse and solid. The people that move to the area come for a variety

of job opportunities, far more diverse than the recent past. Finally, the word that often comes up

is investment. Companies are investing in the area. And buyers, as mentioned before, are

investing a larger percentage of funds when buying real estate, than in previous, highly

leveraged boom markets.

Q1 2018 Market Report

Austin, TX

Leander

January through March 2018 showed 408 properties sold, 402 of which were free standing houses.

Options ranged from the rare condo of approximately 900 square feet built in 1985 sold for $53,500, to a 70s era 3/2 for $145,000 to a 5300 square foot custom build with resort style pool for $1,350,000. Median prices this quarter were approximately $270,000, which bought a 2000 square foot 4/2 new build in the Savanna Ranch subdivision. Median time on market is approximately 40 days.

354 properties, all of which were free standing houses, were sold in the first quarter of 2017, with a median price point of approximately $269,000.

Currently, there are 430 properties for sale, ranging from an approximate 1600 square foot two story 1980s construction for $190,000, to a 6000 square foot, 14.8 acre custom estate overlooking Lake Travis for $4,900,000.