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5 Tips for Buying a Home

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Wed, 05 Feb 2020 23:30:50 GMT

Looking to buy a home? Here are five essential tips for making the process as smooth as possible.

Get your finances in order.

Start by getting a full picture of your credit. Obtain copies of your credit report. Make sure the facts are correct, and fix any problems you find. Next, find a suitable lender and get pre-approved for a loan. This will put you in a better position to make a serious offer when you do find the right house.

Find a house you can afford.

As with engagement rings, there’s a general rule of thumb when it comes to buying a home: two-and-a-half times your annual salary. There are also a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Don’t forget, too, that there are lots of considerations beyond the sticker price, including property taxes, energy costs, etc.

Hire a professional.

While the Internet gives buyers unprecedented access to home listings and resources, many aspects of the buying process require a level of expertise you can’t pick up from surfing the web. That’s why you’re better off using a professional agent than going it alone. If possible, recruit an exclusive buyer agent, who will have your interests at heart and can help you with strategies during the bidding process.

Do your homework .

Before making a bid, do some research to determine the state of the market at large. Is it more favorable for sellers or buyers? Next, look at sales trends of similar homes in the area or neighborhood. Look at prices for the last few months. Come up with an asking price that’s competitive, but also realistic. Otherwise, you may end up ticking off your seller.

Think long term.

Obviously, you shouldn’t buy unless you’re sure you’ll be staying put for at least a few years. Beyond that, you should buy in a neighborhood with good schools. Whether you have children or not, this will have an impact on your new home’s resale value down the line. When it comes to the house itself, you should hire your own home inspector, who can point out potential problems that could require costly repairs in the future.

Relocating to the Big City

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Wed, 05 Feb 2020 23:29:23 GMT

Moving from a small town or suburb to a large city can be an intimidating proposition. Here are a few tips to help make your move as painless as possible.

Research before you move. It’s important to understand the culture you’re joining. Do research online and find out about school systems, neighborhoods, parking, weather, public transportation, and laws that are native to that area. If you can, visit a city before moving and connect with someone who’s lived there before.

Have a plan. There are a lot of steps to go through before you start packing the moving truck. Find housing before you leave, or at least know where you’ll stay while you look for a home. Never sign a lease on an apartment that you haven’t seen. If you can’t get there, find a friend or an employer to check for you. Have a job waiting for you, or if that’s not possible, know what you’ll do for money in the first few weeks of living there. Try to line up things like driver’s licenses, car insurance, renter’s insurance, and parking passes ahead of time as well.

Get involved. Meeting people in a big city can be daunting. Don’t expect the neighbors to knock your door down with a casserole when you arrive: city life is often too noisy and hectic. Take the initiative. If there are things you liked to do in your town, find ways to do those things in the city. Try new things. Volunteer. Big cities offer so many opportunities to engage other people, so find what you like.

Mind your wallet. City life is expensive. Everything costs more: food, insurance, clothes, rent. There are also a lot more ways to get ripped off, whether legally or criminally. Be careful how you spend, and know where your money is going.

Preparing to Sell

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Wed, 05 Feb 2020 23:27:46 GMT

Selling your home doesn′t just mean hiring a realtor to stick a sign out front. There are a lot of preparations you should make to ensure you get the best offer possible in the shortest time.

Repair. Just because you’ve gotten used to the cracks in the walls and the rattles in the radiators doesn’t mean a buyer will too. If you have hardwood floors that need refinishing, be sure to get it done—hardwood is a huge selling point. Buyers like to snoop around, so be sure to fix any sticky doors or drawers as well. Finally, don’t forget to address any issues with the exterior—fences, shingles, sidewalks, etc. After all, without curb appeal, some buyers may never get to see the inside.

Neutralize. You want buyers to see themselves in your home. If your living room has lime green shag, wood-paneled walls, and all your collectibles and personal photographs, this will be much harder for them to do. Try replacing any bold color choices in your floors and walls with something more neutral—beiges, tans, and whites. Repainting and reflooring will make everything look fresh and new, and help prospective buyers imagine all the possibilities.

Stage. Once your house is clean and updated, it’s time to play dress up. Home stagers can add small details and décor touches that will bring out the possibilities in the various spaces in your home: lamps, mirrors, throw rugs and pillows, flowers, decorative soaps and towels, patio furniture. Home staging can be particularly useful if your home is especially old or if the exterior looks dated. Think of it as a little mascara and rouge—if it’s done right, you notice the beauty, not the makeup.

Dealing with Financing

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Wed, 05 Feb 2020 23:26:27 GMT

As the events of the last few years in the real estate industry show, people forget about the tremendous financial responsibility of purchasing a home at their peril. Here are a few tips for dealing with the dollar signs so that you can take down that “for sale” sign on your new home.

Get pre-approved. Sub-primes may be history, but you’ll probably still be shown homes you can’t actually afford. By getting pre-approved as a buyer, you can save yourself the grief of looking at houses you can’t afford. You can also put yourself in a better position to make a serious offer when you do find the right house. Unlike pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history. By doing a thorough analysis of your actual spending power, you’ll be less likely to get in over your head.

Choose your mortgage carefully. Used to be the emphasis when it came to mortgages was on paying them off as soon as possible. Today, the debt the average person will accumulate due to credit cards, student loans, etc. means it’s better to opt for the 30-year mortgage instead of the 15-year. This way, you have a lower monthly payment, with the option of paying an additional principal when money is good. Additionally, when picking a mortgage, you usually have the option of paying additional points (a portion of the interest that you pay at closing) in exchange for a lower interest rate. If you plan to stay in the house for a long time—and given the current real estate market, you should—taking the points will save you money.

Do your homework before bidding. Before you make an offer on a home, do some research on the sales trends of similar homes in the neighborhood with sites like Zillow. Consider especially sales of similar homes in the last three months. For instance, if homes have recently sold for 5 percent less than the asking price, your opening bid should probably be about 8 to 10 percent lower than what the seller is asking.

Building Your Nest Egg

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Wed, 05 Feb 2020 23:24:52 GMT

Comparing and Contrasting College Savings Plans

First Time Home Buying Myths

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Wed, 05 Feb 2020 23:20:10 GMT

Buying your first home is a major life achievement. It’s one of the most important financial decisions you’ll make. While the moment is certainly worth celebrating, it can also be a bit nerve racking. The paperwork, the house hunting process and the numbers can become overwhelming without guidance. To help navigate the waters for first-time homebuyers, the Gunn Real Estate group is taking a closer look at popular home buying myths so you feel comfortable throughout the buying process.

“I need a 20 percent down payment.”

Providing a 20 percent down payment when purchasing a home has long been presented as the way to homeownership, but it is not required. Conventional loans require a 5 percent down payment, but other federally backed mortgages ask for less – like the FHA loan which requires a down payment as low as 3.5 percent of the purchase price.

“I can save money if I don’t use a real estate agent.”

It’s not only a smart financial move to hire a reputable real estate agent when buying your first home, but you’ll also want to shop for the best lender and lawyer. Some home buyers think “cutting out the middle man” will save them the 3 percent commission, but you could end up paying much more than that if the deal goes sour. Without an educated, experienced real estate agent, you could pay more than a house is worth, get stuck with a deteriorating property, or get trapped into a legal nightmare if the paperwork isn’t completed properly.

“My monthly costs will all be in my mortgage.”

First time home buyers often forget the big financial picture of owning a home. What you pay in rent often covers more than the home itself, like cable or perhaps a couple utilities. As a homeowner, you’ll pay monthly for water and sewer, lawn care and your neighborhood HOA. It’s ideal to save about 1-3 percent of the home’s purchase price each year for repair and maintenance costs.

“I have a down payment, so I’m ready to buy.”

The home buying process can be costly, and not just in terms of your mortgage. Even if you’ve saved for a down payment, you’ll need cash to cover closing costs (which can range from 2-5 percent of the loan amount), a home inspection (usually a few hundred dollars), and money to make any changes you’ll want before moving into your new home.

“My dream home will meet all my must-have items.”

For many first time homebuyers, it can be disappointing to learn not every item on the home requirements list will be met. It’s important to keep an open mind and let the little things go. Paint color, flooring and light fixtures can all be changed or upgraded once you have time to set some cash aside. If the home meets 80 percent of your must-haves, keep it on the list, especially if the one thing you can’t change – location, location, location – is favorable.

Whether you’re searching for new construction neighborhoods in Austin, or want to land a home in a well-established area, hiring the right real estate agent can make or break your first time home buying experience. Allow the Gunn Real Estate team to work with you to find the perfect-fit property. Drop a note to let us know what you’re looking for and we will find a home in Austin that meets your needs and your budget.

What Credit Score Do You Need To Buy A House?

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Wed, 05 Feb 2020 23:18:34 GMT

Understanding your credit score is essential to buying a house. As you approach the point of your first home purchase, begin monitoring your credit regularly, not only to ensure your score will allow you a mortgage loan, but also to stay aware of any inaccuracies on your report, which could also come into play during the home buying process.

Lenders will consider your income versus your monthly expenses, but one of the most important factors in getting approved for the loan is a strong credit score. As you begin to consider, “Is my credit score good enough for a mortgage?” let’s take a look at how your numbers compare to other mortgage applicants.

Average Credit Score For New Home Buyers

In a study of nearly 3.7 million loan applications, Ellie Mae estimated the average FICO score for FHA loan applications to purchase a home to be 689, as of September 2015. The same study reveals the average FICO score for closed conventional mortgage applications used to buy a home was 755.

There are a number of different mortgage loans for which you can apply, depending on your situation. Many first time homebuyers opt for an FHA loan because it requires a lower down-payment – as little as 3.5% of the purchase price – and a less than perfect credit score can still be accepted.

A conventional loan backed by Fannie Mae or Freddie Mac requires a minimum score of 620. But a score of 580 if the lowest credit score to buy a house with an FHA loan.

Lenders will consider factors beyond your FICO score, like your income, debt, down-payment amount and job history. So, while there is no “perfect” credit score for getting approved for a mortgage, a credit score of 620 or above is ideal.

How Can I Better My Credit Score?

As you begin your house hunting process, start evaluating how you can better your credit score, making you an ideal mortgage loan applicant and potentially lowering your interest rates. Be proactive with these five steps:

Take inventory of your credit report . Your report is full of information – some financial and some not – so it’s important to ensure it’s all accurate. You can request a free copy of your report and dispute any details that are incorrect.
Pay bills on time. Your payment history makes up 35 percent of your FICO report, so late payments and collection notes can have a negative impact.
Lower your debt. You’re right – easier said than done, but if your goal is to become a homeowner, it’s time to start talking sacrifices. Keep a detailed account of all your finances – income and spending – and put any discretionary income toward debt.
Keep credit card balances low. Even if you’re paying your credit card bills on time, maintain high balances can cause your credit score to take a hit.
Don’t open or close numerous accounts. Closing a credit account, even if the credit card is paid off, can negatively impact your score as it lowers your overall possible credit limit. Leave the cards open and after your home purchase, close one card a year, so your score doesn’t take a dive.

If your credit score isn’t where you’d like it to be, start putting in the work to make improvements before you reach out to lenders. If your credit score is strong and you’re ready to take your first step toward homeownership, shop around for a lender that best meets your needs. The Gunn Real Estate group is happy to walk you through this important decision. Our experience within the Austin real estate market allows us to find a home that fits your family, not just purchase a house.

5 Tips To Sell Your Home Fast

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Wed, 05 Feb 2020 23:16:50 GMT

Deciding to sell your home can be a hard decision – emotionally, financially and mentally – as you worry about the timing, the real estate market and who will best handle the sale of your home. Emotions can run especially high if you need to sell your home before purchasing a new house, but working with your Austin real estate agent can help you develop a plan to sell your home fast. The Gunn Real Estate Team has worked with many home sellers who are packed up and need to make the move quickly. Here are some of the tips we’ve discovered will help you prepare your home to sell (fast!).

Killer curb appeal

Would you home fall on a house hunters “must see” list based on the first impression? A welcoming look is crucial as 71 percent of home buyers say curb appeal is important. You may just need a new color for the front door, or your work may include removing some shrubbery so the home isn’t hidden from buyers. Either way, your curb appeal should translate into “welcome home” to potential buyers.

Price it right – the first time

Homes that hit the market and are in contract within days are the ones that are priced right. The idea of overpricing a home to allow for negotiation room will leave you fewer potential buyers and a span of weeks with a “for sale” sign in your yard. A well-priced home for sale in Austin will attract agents and potentially place you in a scenario where several buyers are interested in your property. While multiple offers aren’t guaranteed, it’s certainly more likely to help you sell your home fast if the price is right. If you’re not sure what the homes are going for in your neighborhood, our agents can offer you a property valuation.

Declutter and depersonalize

A cluttered home can block a buyer’s view of the living space and make it hard for house hunters to envision their own furniture and family within the home. In order to sell your home quickly, you need to make it as attractive as possible to a variety of potential buyers. If a room within the house seems cluttered, opt to remove a piece of furniture. Eliminate as many personal items as possible – figurine collections, sports memorabilia, even family photos –so house hunters can easily envision themselves living in the space.

Be ready to show

If you want your home to sell fast, you should be prepared to show the property at a moment’s notice. Be flexible with viewing times and make it as easy as possible for agents with potential buyers to visit your house. Host an open house, or simply be ready to step out for the evening. You’ll also want to work with your agent to make sure your home is listed on major home selling websites.

Fantastic photos

After you’ve decluttered, depersonalized and moved the pets out, let in plenty of light and work with your Austin real estate agent to have professional photos taken of your home. With 92% of home buyers using the Internet as part of their search, you want to include as many pictures as possible. Give the buyer insight into your property. Highlight the open space, fantastic views, spacious backyard or top of the line appliances. Get your home to sell fast with great photos.

Hiring an experienced real estate agent to sell your home is key. A Realtor who knows the Austin market and works closely with other agents to ensure your property is in front of as many buyers as possible will move your home off the market quickly. If you have questions about your home’s value or how long it may take to sell, reach out to the Gunn Real Estate Team and we’ll be happy to help.

5 Real Estate Terms Every Buyer Should Know

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Wed, 05 Feb 2020 23:15:26 GMT

The world of real estate has its own language and if you’re not caught up on the lingo, it’s easy to get lost in the process. Your Austin real estate agent will explain each step of the home buying process, but it’s a good idea to become familiar with the terms yourself, so you’re confident before, during and after the home purchase.

Active Listing: As long as it’s an active listing, the home of your dreams is up for grabs. Other potential buyers may be eyeing the property as well, but the active listing term means no offers have been accepted, making your future home negotiable until both parties have signed the contract.
Contingencies: Clauses in your contract that offer you a quick exit from purchasing the home are called contingencies. This list simply means, “I plan to purchase your home unless an inspector finds major damage or a lender won’t offer me the money needed to buy the home.” Contingencies may also reference your need to sell your current home before you can purchase the new property.
Disclosures: Read the disclosures yourself. Do not take the word of your real estate agent that there are no “major issues.” The disclosures are information the seller must provide – each state is different in the requirements – to the prospective buyer. Disclosures list known current or past issues that the buyer would want to know. Most sellers provide honest disclosures to avoid future lawsuits in the event the new buyer has a major issue after purchase – like mold in the basement from a past water leak. While most sellers are straight forward, this is another reason hiring a reputable home inspector is so important.
Escrow: The home buying process moves into escrow once both parties have signed a contract on the property. An escrow officer serves as a neutral third party to make sure both sides complete what’s been agreed to in a timely manner. Escrow feed vary by state and are usually split by each party. On average, escrow fees are about 2 percent of the purchase price. When escrow is closed, the home is considered sold.
Inspections: The buyer is responsible for hiring a home inspector. While there may be some cost-saving measure as you choose your home, the home inspector is not the area to cut corners. Hire a reputable, licensed inspector – not your handy man neighbor. A home inspection typically cost a few hundred dollars.
Property Deed: The deed is a written, legal document that transfers property from one person to another during a sale, gift or inheritance. The deed to a property is kept at the courthouse or assessor’s office to make the document legally binding.
Title: The title and property deed are not the same thing. How you hold title determines the future of the property if you want to modify or sell it, or in the event of your death. Similar to a car, a title is the property’s record of ownership and can be held by one, two or more people – split evenly or each with a different percentage of ownership. You can transfer only your portion of land when you hold a percentage of the title.

Understanding the legal terms behind the home buying process mean you’ll be able to make a better decision for your family’s future. What other real estate terms are you unsure of? Contact the Gunn Real Estate Team and we’ll answer any questions you have.

The 4 Best Tactics To Win A Bidding War

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Wed, 05 Feb 2020 23:13:18 GMT

The housing market is slowly making its way back to being more competitive. As the economy betters, the unemployment rate goes down, and buyers are confidently pursuing the properties they want, there’s a greater chance that house hunters will run into a situation where there are multiple potential buyers.

A housing market with motivated buyers is a best-case scenario for many sellers. Nearly 24 percent of homes that sold in the U.S. in 2017 brought in a higher bid than the asking price. Whether you’re searching for a single-family home, a downtown condo, or a co-op unit, placing a bid on a property needs to be a strategic move. As you discuss your budget with you realtor, keep these ideas in mind to avoid or win a bidding war.

Know The Property

The best option for any home buyer is to avoid a bidding war altogether. Communicate with your real estate agent to understand the property, the seller, and the seller’s situation. Homes are often priced just below or at market value to attract many buyers. For that reason, it may be a strong tactic to make a bid above asking price, showing the seller your serious and want to avoid lengthy negotiations. The seller may be emotionally connected to a home or ready to rid of the property at the first strong offer – your agent should do the homework to determine the seller’s stance.

Cash Is King

All cash offers are an easy, favored move in real estate. The ability to make a cash offer on a property strongly increases your chances of successfully bidding on a home The Wall Street Journal reports an all-cash offer improves your success rate of getting the property by 97 percent. If you’re eyeing a luxury property – the top 10 percent of properties based on list price – the success rate with a cash offer more than quadruples to 438 percent.

Waive Financing contingency

A buyer typically includes a financing contingency clause that says the buyer will purchase the home at the price agreed upon but only if the bank approves a mortgage for that amount. Without the financing contingency clause, a buyer must fork over the difference in cash between the purchase price and what the lender will offer through a mortgage or walk away from the property and lose all earnest cash. The seller can even take legal action if the buyer refuses to purchase due to financing issues. Eliminating the contingency is definitely a risk for the buyer, but the success rate of placing a winning bid increases by 58 percent when you waive the financing contingency clause.

Personal Letter

If the seller is emotionally invested in the home, or is selling for a reason other than money, getting personal may help you land the home of your dreams. When you make your offer, include a personal letter that expresses your appreciation for the home, a common interest with the seller, or your plans to make the house a home with a growing family. Getting a glimpse into your life may push the seller’s favor in your direction.

Be strategic with your bid. Show the seller you’re serious, and when the situation is right, build their confidence in you with a personal touch.

Sell Your Home For More With The Right Paint Colors

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Wed, 05 Feb 2020 23:11:50 GMT

One of the easiest ways to breathe life back into a tired or dull room is to cover it with a fresh coat of paint. If you’ve decided to sell your house in Austin or you’re reviving your family’s home, determining the best paint color for your house will help boost the sell price and create an entirely new atmosphere.

Zillow analyzed more than 32,000 photos of sold properties and concluded which paint colors can boost your home’s value. The study considered the home’s age, square footage, date and location of the sell, and then compared the purchase price of homes with colorful walls to those painted white. It turns out, color can affect your home’s sell price – for the better or worse – depending on the hue.

Front door

The right curb appeal will bring in potential buyers and a distinct front door color has the power to lure in house hunters. The study found that painting your home’s front door charcoal gray or navy blue can boost the overall value by more than $1,500.

Exterior

The new neutral for the exterior of your home is light gray or beige. Buyers are steering clear of the sterile white exteriors to turn to calm, welcoming color. In fact, on average buyers paid $1,526 more for the “greige” color compared to white.

Kitchen

In 2016, buyers were paying top dollar for a yellow kitchen, but that trend has set and house hunters are now searching for a light blue or gray hue. Paint your kitchen the bluish-gray color to create a calming environment and buyers will pay you an additional $1,809 for your home.

Living room

House hunters want a living room that feels like home, so avoid the white walls and go for a light beige, pale taupe or oatmeal. The relaxing neutrals give a live-in feel compared to the standard white. Not only will buyers be able to envision their family in your home, but they’ll pay you $1,809 more on average!

Bedroom

After a long day, the bedroom is a safe-haven. Paint the bedroom walls a light or cadet blue to create a calm feeling. The hue will bring in a premium of $1,856 more on your home sell.

Dining room

The blue hues continue into the living room and add an increased value of $1,926 on average. Buyers are looking for a pale gray blue or slate blue for their dinner setting. Pair navy blue with white shiplap for a country chic feel.

Bathroom

Paint your bathroom powder blue or periwinkle to get the biggest return on your investment. Buyers who feel comfortable in the powder room will pay $5,440 more for a home.

While color can add value to your home, the wrong hue can also be a major deterrent for buyers. Ranging from a few hundred dollars to more than $4,000, the study concludes that these colors can hurt a house hunter’s bid.

Blue living room -$820
Yellow kitchen: -$820
Medium brown, taupe or stucco home exterior: -$1,970
Red dining room: -$2,031
White bathroom: -$4,035

5 Questions To Ask Your Realtor When Buying A Home

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Wed, 05 Feb 2020 23:02:18 GMT

Buying your home may just be the biggest purchase you make in your lifetime, so choosing the right real estate agent is crucial to having a smooth experience and getting the home you want. When you’re house hunting, it’s helpful to know what to ask a realtor when buying a home. There are questions you can ask that will give insight into the realtor’s experience and understanding of the Austin real estate market before you build a partnership.

How long does it take to buy a home?

The timeline for house hunting is taking, on average, a little more than three months. To avoid dragging out the process for any longer than that, be sure to inquire if your potential real estate agent works in the field full or part-time. According to the National Association of Realtors, 23% of realtors work on a part-time basis. If you’re on a strict deadline (needing to get into a new home because your current house has sold), or if you simply want to complete the process as quickly as possible, you’ll want to know how much time your agent can dedicate to your house hunt.

How will we communicate?

It’s not uncommon for a real estate agent to have multiple clients. Some agents represent buyers and sellers, making their time even more sparse for one-on-one meetings. Ask the realtor how often you’ll hear from her and the best way to stay in touch. Agents are often on the go, so email may be ideal. You may also want to ask how long it typically takes for the realtor to return a phone call or who will be your main point of contact in her absence.

What are your realtor fees?

The seller in a real estate deal is typically responsible for the realtor commission fee; however, some companies may tack on an additional fee for the seller or buyer. Before signing to work exclusively with an agent, walk through the agreement so you understand the financial responsibilities you’ll take on in the deal. Also, request an “Estimated Buyer’s Cost” report from your broker, that way you’ll have a more precise look at exactly who pays for what.

In what area or neighborhood do you typically work?

If there’s a particular part of Austin that you have your eye set on, finding an agent who is familiar with the area and may have an inside scoop on homes about to hit the market could work to your advantage. Make sure you have an experienced Austin realtor who is familiar with the fair market value of the homes you’re interested in so you get the best deal possible.

Will you represent the buyer and seller?

You’ll want to know if your real estate agent represents both the buyer and seller in a transaction. While there’s nothing wrong with hiring an agent who can serve both sides, it’s your right to know prior to entering the purchasing process. Having the information beforehand allows you to decide if you’re comfortable with the agent or would like to work with someone who supports you exclusively.

Best Time To List Your Home For Sale In Austin

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Wed, 05 Feb 2020 22:57:16 GMT

If you’re considering selling your Austin home, it’s likely you’ve researched the best time to list your home for sale. While nearly any real estate agent will tell you that home sales spike in the spring and summer months, there’s more to the equation than meets the eye. If you’re considering what your Austin home is worth and which month will bring in the most money, you’ll want to speak to a realtor about the particular dates you wish to target. You’ll need to consider Austin’s unique climate, among other factors, to determine the best time to sell your Austin home.

Seasonality

Just as more homes are listed for sale in the spring and summer months, the market is flooded with more home buyers. The change in the season – bringing in warmer weather – pulls people out of their homes to begin the search, but other evidence points to an increase in home shoppers as it relates to school schedules. When children are out of school, it’s easier for parents to find the best-fit home, especially if it could involve a change in school districts.

Home Sales By The Numbers

The Austin real estate market continues to grow with the average single-family home price increasing by 5.9% to $374,000 in 2017 compared to the prior year. In addition, more single-family homes in Austin sold last year – 30,059 – compared to the 29,569 that sold in 2016.

June was the most successful month for sellers in Austin in 2017. The average price for a single-family home in Austin in June 2017 was $405,387. On the opposite end of the spectrum, September brought in the least amount of money on average for a single-family home at $362,598.

If you need to sell your home quickly, May saw the quickest turnaround with Austin homes for sale, spending an average 46 days on the market.

Because of all the variables at play, it’s vital that you work with your Austin real estate agent to determine your timeline and desired list price.

Decide On Your Goals

Austin’s warm spring months and generally predictable climate means seasonality plays less of a role than in real estate markets in northern states. Austin’s real estate market sees more consistency with home pricing and time spent on market than in other regions of the country, like Boston or Seattle.

Your real estate agent will help you meet your goals, but here is a quick strategy breakdown:

If you want your home to sell quickly and willing to take slightly less than in peak money months, list your home in May
To reach the greatest number of house hunters, list your home in June.
If you’re ready to sell and want to hit the scene before the summer rush, list in March, where there’s typically the greatest increase in home prices.

Regardless of when you’re ready to sell, deciding the time of year to list your house shouldn’t be a huge battle. Work with a skilled realtor with whom you can share your timeline and desired list price.

6 Tips To Sell Your House This Summer

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Wed, 05 Feb 2020 22:53:49 GMT

The warm temperatures and willing buyers make spring and summer the most popular times to list your home for sale. While home selling trends vary by region, June is typically the peak of home purchases for most areas. If you’re planning to sell your home this summer, you first need to make sure your house is ready for the perfect first impression.

Repair The Obvious

Just because you know to jiggle the toilet handle three times after use or skip the second stair because it squeaks, doesn’t mean potential buyers will be on board with the quirks. It will benefit you more to make small, inexpensive repairs now rather than wait for a buyer to point out the needed work and produce an offer lower than expected.

Welcome With Spring

House hunters hit the market strong when the temperatures begin to rise. As we head into the spring and summer months, make your home more welcoming with enhanced curb appeal. Colorful flowers or a fresh, bright coat of paint on your front door will grab a buyer’s attention. Keep your lawn trimmed and green. Open your home’s window to let in fresh air during the early spring months. If you have outdoor living space, highlight the area with pops of color and blooming plants.

Make It Natural

Natural sunlight can make a space feel larger and more open to buyers. Take down the heavy winter drapes and line the windows with a light, airy panel. Before you begin to show your home, clean the windows to allow the sunlight to pour in and brighten the space with a fresh-cut floral centerpiece.

Word Of Mouth

During your next neighborhood mixer or bar-b-que, be sure to mention to your neighbors that you’re placing your home on the market. Neighbors often take a vested interest in who buys an adjacent property, so they’ll be willing to tell other friends or family members about the available property.

Amplify your storage

Buyers want storage space, especially in the bedroom closets. One way to get your home ready to sell is by clearing out all the heavy winter coats, blankets and boots from the closets. Reorganize the items that are left so the space looks roomy and neat. Same goes for cabinets. Keep them organized and clear of clutter to allow potential buyers to see the space available.

Professional Photos

After you’ve decluttered and freshened your home for spring, speak with your Austin real estate agent about bringing in a professional photographer to snap photos of the home. With 92% of home buyers using the Internet as part of their search, quality photos can play a major role in how many showings your property brings in. Let in plenty of natural light, highlight open space, unforgettable views, spacious outdoor living or high-end upgrades.

If you’re ready to sell your home in Austin, the Gunn Real Estate team is ready to help. With expert knowledge of the Austin real estate market and a custom marketing plan that will set your property apart from others on the market, our agents are dedicated to bringing in the highest offer and making your move quick and easy.

4 Top Home Buying Trends Of Millennials

Wed, 05 Feb 2020 22:51:59 GMT

Millennials are the largest group of home buyers, making their needs and buying trends some of the most important to watch. Half of home buyers are under the age of 36, with buyers between the ages of 18 and 34 creating 42% of the real estate market. This age group has waited longer than any other generation to make the leap into home ownership, but as more 30-somethings buy their first home, buying trends give us insight into how builders and current homeowners may change their properties to sell more quickly.

Rent Longer, Buy Pricier

A Zillow study that analyzed 13,000 homeowners, buyers, and sellers, found that two-thirds of millennial home buyers considered sticking with their rental property at some point during the home buying process. While these buyers traditionally lease a property longer than older generations, they’re willing to spend more on their first home. Baby Boomers were content with a starter home price tag, but today’s 30-something spends a median $217,000 for a home. Even more revealing about future home sales is that the generation behind millennials – Gen X – is spending 11 percent more than millennial counterparts. Not surprisingly, the higher mortgage isn’t getting today’s buyer any more home than previous generations, as the median millennial home is 1,800 square feet.

Diversity

Today’s homebuyers come from a diverse background. Of millennial house hunters, there is greater diversity within the group compared to other buyers:

66% are white
17% are Latino or Hispanic
10% are black
7% are Asian or Pacific Islander

Diversity isn’t as strong across all homeowners:

77% are white
9% are Latino or Hispanic
9% are black
5% are Asian or Pacific Islander

Shared Amenities

While Zillow reports a dedicated 25 percent of millennial house hunters gravitate to large, urban areas, more than half have a desire for shared amenities. Shared community amenities – clubhouse, swimming pool, gym – are important to 54 percent of the home buyers within the generation. The desire for communal conveniences points new construction builders to taking the time to incorporate community amenities like outdoor grilling spaces, green spaces or dog parks and workout spaces.

Technology For The Sale

Millennials will be the first to use online tools to find and compare homes for sale. Some 90 percent of 30-somethings will incorporate online resources into the home buying process, with 25 percent of buyers using at least five different digital platforms and more than 66 percent utilizing affordability tools to judge mortgage options.

Technology is also the preferred way of communication by millennial buyers. The 30-somethings will talk to more agents than other home shopper or sellers before deciding on a realtor who fits their needs. Millennials will contact two realtors on average when buying and at least three for selling. For real estate agents wanting to be picked by this age group, online reviews are key – 60 percent of millennial buyers and sellers read online reviews of a realtor before hiring. For agents deciding how to best communicate with a millennial client:

30% of millennials prefer to talk to their agent on the phone
24% of millennials prefer to talk to their agent in person
18% of millennials prefer to talk to their agent via text

One of the best characteristics of a millennial buyer or seller is their tendency to stay in touch with a realtor after closing and recommend the agent to family and friends.

4 Reasons You Should Buy A House In Austin, Texas

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Wed, 05 Feb 2020 22:48:38 GMT

House hunters in Austin have a list of promising reasons to buy a home. The Austin real estate market was one of the hottest in the country in 2017, and this year, the market ranked second on the list of cities to watch in the US from Emerging Trends in Real Estate report’s forecast for 2018. A number of factors support Austin’s growing real estate market. Whether you’ve lived in Texas you’re entire life or you’re consider a move, here are the top reasons to buy a house in Austin.

Healthy Economy

Austin has a thriving economy and strong employment outlook. Austin is a hot spot for large businesses and desirable careers, particularly in the technology sector. The city’s strong economy is one of the main elements boosting the real estate market. Job growth is predicted to reach 3.6 percent, nearly double that of the nation average of 1.9 percent. Austin’s unemployment rate sits at 3.4 percent – one percent better than February 2017 and lower than 4.9 percent, the national average.

Population Growth

A promising job growth and more businesses moving to the area mean Austin’s population is on the rise. Austin is one of the fastest growing cities in the country, supporting new construction projects and fueling a healthy real estate market as new buyers move to the area. The population is expected to grow roughly 2.8 percent over the next five years, creating an estimated 42,000 more residents in Austin by 2023.

This year is a great time for investment property owners to consider selling their Austin home. With a hot real estate market, buyers on the rise and job growth expected to continue over the coming year, investors are likely to get a top return on home for sale in Austin.

Supply and Demand

Homes in Austin are sold nearly twice as fast as the national average. With a swelling population and desirable jobs, the city has become a promise land for young professionals and growing families. Home values are strong and with sellers eager to close the deal, buyers can look forward to quick decisions and a smooth closing.

The high demand and low supply means now is the best time to buy an Austin home. A single-family home in Austin in February 2018 cost $377,000 on average, nearly $20,000 more than the same time last year. Home prices continue to rise, so buying now means you’ll take ownership of a property before prices hit their peak.

Rising Mortgage Rates

If the rising home prices alone don’t encourage you to make a fast move on an Austin home, the ever-climbing mortgage rates should push you to consider a mortgage now. Mortgage rates have seen a steady climb over the past few months and the average rate in the Austin market is around 4 percent. Realtor.com predicts mortgage rates will hit 6 percent by 2019 or 2020. Buying a home for sale in Austin now will help you save thousands in future costs.

If you’re looking for a city with a thriving economy and strong job market, place Austin at the top of your list. The Austin real estate market is predicted to see continued growth, so make your move to Austin now rather than later!

One-Story vs. Two-Story Home: Which Is Better?

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Wed, 05 Feb 2020 22:47:25 GMT

As you search through homes for sale in Austin, TX, you may start to question if a one-story or two-story house is better. The number of floors is more than a cosmetic difference. There are pros and cons to owning both a ranch-style and a multi-story home.

Depending on your life situation – budget, family size, desired location – you could lean more toward one choice over the other. If you’re unsure whether a one-story or two-story house will work better for you, check out the benefits (and downsides) of each.

Pros Of A One-Story Home:

Whether you want a sprawling ranch-style home or a small cottage perfect for two, there are some advantages to living life on one floor.

Easier Maintenance: Everyday task and annual maintenance is easier with a one-story home. Avoid lugging a vacuum up flights of stairs and when it’s time to prepare your home for spring, pressure washing or cleaning the windows is a much easier task.
Simpler Design: If you want to build a custom home in Austin, TX, a one story home is simpler to design, and, depending on preferences, is typically less expensive. A two-story home is more difficult to structurally engineer.
Safer Navigation: A growing family with young children or those with elderly parents will appreciate the ease of navigation through a one-story home. There are no stairs to cause a possible fall or accident.
Easier Escape: In the event of a house fire or natural disaster, one-story home are easier to escape as the window are on the ground level.

Cons Of A One-Story Home:

Larger Land: To build a single-story home, you’ll likely need a larger plot of land compared to a multi-level house. A one-story home may also require more materials during a custom build, like the HVAC , which runs a longer track in one-level homes.
Less Privacy: While windows on the ground level make for a good escape route, they also make seclusion or privacy a little tougher. Neighbors, the mail man or passersby can peer into your home.

Pros Of A Two-Story Home:

Whether you desire a colonial style, something straight out of Cape Cod, or fancy a Victorian, multi story homes offer an elegance and grandeur that’s hard to come by in a single-level home.

Added Privacy: Give the kids an extra place to play or get away from the in-laws with an easy escape to the second floor. It’s also a great way to allow guests some more privacy when they visit.
Design Options: In two-story homes, builders have the opportunity to play with the scale of spaces.
Million Dollar View: Some of the most desirable neighborhoods in Austin, TX have fantastic views – views better seen from a second-story window.

Cons Of A Two-Story Home:

Accidents: Young children, older adults, family members with disabilities or just unobservant guests can turn a flight of stairs into a recipe for a major accident. If you don’t want to take the time to baby-proof your home, you may want to stick with a single-level house.
Utility Bills: Depending on the size, a multi-level home may call for multiple HVAC units. Two-level homes are more expensive to heat and cool, even with the same square footage as a single-level house.
Noisy: Depending on the age and construction of the home, you may hear walking or talking above you when family members are on the second floor.

There are advantages to purchasing a single-level and two-story home in Austin, TX. Consider your family, budget, and willingness to dedicate time to maintenance and upkeep before deciding on your ideal home.

How Much Does It Cost To Move To Austin?

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Mon, 03 Feb 2020 23:00:15 GMT

The amount of money you can expect to spend during a move depends on a number of factors. Moving is an exciting (albeit stressful) time. Whether it’s a new job, growing family, or need to downsize, moving is a fresh start, a chance to make a new home your very own. As you look at homes for sale in Austin , you’re bound to consider how much it will cost to move all of your belongings. Naturally, the distance of your move will play a heavy role in that cost, but there are other aspects to consider.

The U.S. Census reports 11.2 percent of Americans moved in 2016. With Austin recently topping the list – for the second year in a row – of best cities to live in America, it’s likely that Texas’ capital city will see a rise in population. If your one of the many considering a move, you’ll want to know how much will it cost to relocate?

Move Locally To Austin

More than half – 56 percent – of people who move, relocate within the same city, and 86 percent stay in the same state, Zillow reports. For Texas residents planning to plant roots in Austin, the cost of moving will depend largely on the amount of stuff you need to haul. Unpakt surveyed the Austin area to determine prices below on how much it costs to move to Austin from a local city.

Average Cost of Moving Within Austin

Studio (217cf): $323.76
Studio Alcove (275cf): $333.26
1 Bedroom, Small (353cf): $393.41
1 Bedroom, Large (473cf): $497.32
2 Bedroom (708cf): $704.33
3 Bedroom (1106cf): $1,059.54
4 Bedroom (1517cf): $1,384.73
Studio (217cf): $323.76

If you’re in a situation where you’ll need a storage unit until you can complete your move – maybe you’re building a custom home, waiting on your house to sell , haven’t found the right house – you’ll need to factor in monthly storage fees until you can complete your move. Unpakt estimates monthly storage rates for Austin based on the size of your current home.

Studio (217cf): $82.27
Studio Alcove (275cf): $104.50
1 Bedroom, Small (353cf): $134.03
1 Bedroom, Large (473cf): $179.70
2 Bedroom (708cf): $290.44
3 Bedroom (1106cf): $370.46
4 Bedroom (1517cf): $470.67

How Much Do Professional Movers Cost?

About half of people who relocate enlist the help of professional movers, according to Zillow. If you’re one of those people who want to hire someone to handle your move, here’s what you can expect to pay:

Cost of professional movers across town: If you’re moving across town – less than 100 miles – two movers and a truck will cost $80 to $100 per hour.

Cost of professional movers across the country: If your move takes you across state lines, plan to pay more. Moving more than 100 miles will cost $2,000 to $5,000, depending on the distance.

When it comes to moving, the best way to keep your sanity and limit your spending is to move quickly. Make the decision to get organized, packed and get out of your old home . You’ll pay less in storage and moving fees when you’re intentional about speeding up the process, plus you’ll avoid overlapping mortgages or rent payments.

Security Monitors Change Up Privacy Rules in Real Estate

chris.ha@bullsai.com (chris.ha@bullsai.com ) — Mon, 03 Feb 2020 22:52:28 GMT

Buyers need to be able to speak freely while viewing a home for purchase. The last few years have been a little uncomfortable, and we’ve had to encourage buyers to postpone pertinent questions about their interest in a home (price, commute, dreams, etc) until we leave. On the other side, we have had to encourage sellers not to “intrude” on prospective buyers while they are viewing the property. Here’s our newest disclosure for sellers…

‘More Surveillance Information —-Texas law does not allow audio recording or audio monitoring of conversations that you are not a part of. If the seller is not present and participating in the showing, he cannot record it. Even though the conversation happens inside a seller’s home, he is prohibited from recording/monitoring any conversations that he is not a part of.

Many homes today have security cameras installed that record video. Some have audio recording/monitoring, similar to a baby monitor, and some without. The ECPA does not prohibit video recording. In fact, silent video-like from security cameras-is generally allowed as long as it isn’t in an area where an individual would have a reasonable expectation of privacy. For instance, silent bathroom video recording is not allowed. But silent video recording of the foyer, kid’s playroom, exterior of a home, and a garage are likely permitted.

Illegal recording/monitoring is a felony offense in Texas, and anyone who has been recorded/monitored in violation of the law can bring a civil suit to recover $10,000 for each occurrence, actual damages in excess of$10,000, punitive damages, attorney’s fees, and court costs.’

Just another example of how the real estate industry is constantly changing with the times!