Austin Apartment Rental Rates Grew by 6.9 Percentage Points in a One-year Period

Written by David Tandy | 27 September 2011

Austin apartment rental rates grew by 6.9 percentage points in a one-year period. Nationwide, occupancy is expected to climb another half percent to 1 percent, and rents are forecast to again rise between 4 and 5 percent.

Link to Article

Short Sales Romance With First-Time Buyers Becoming Less Alluring

Written by David Tandy | 27 September 2011

Processing times are mangling the short sale segment—particularly for first time buyers according to RISMedia. In reporting the results of the latest Campbell/Mortgage Finance Housing Pulse Tracking Survey, RISMedia states that one in every six house sales came from short sales according to a survey of 2,500 agents across the country.

• August first-time homebuyers represented 39.7 percent of short sale transactions—the fewest in three months and the lowest ever recorded for first-time homebuyers.
• Short sales accounted for 17.1 percent of all sales volume in August 2011 while damaged REO represented 13.2 percent of sales and move-in-ready REO at 15.6 percent. These three segments accounted for almost one half (45.9 percent) of all residential sales in August, down slightly from 46.2 percent in June 2011.
• Short sales represented 31 percent of the California housing sales volume in August 2011.
• Approval times on short-sale offers still running into months---with an average time on the market of 16.6 weeks.
• First-time homebuyer’s share of short sales peaked at 54.1 percent of all short sale transactions in November 2009—immediately prior to the first-scheduled maturity of the $8,000 homebuyer tax credit (which was then extended to June 30, 2010 provided the contract was signed by April 30, 2010).
• Average short-sale prices are 27 percent lower than other non-distressed properties.

Links to articles:
First-Time Homebuyers Losing Interest in Short Sales
First-Time Buyers Losing Interest in Short Sales

Wildfire Relief

09 September 2011

The Texas wildfires have destroyed more than 1,400 homes and devastated the lives of many of our fellow Texans.  As a result, Gracy Title is joining many other companies in the Central Texas area and making a matching contribution to the relief efforts.

Gracy will match the amount of any donations you make in support of disaster relief up to a total of $5,000. The Bill Bradshaw Law Firm has agreed to match an additional $5,000 for a total of $10,000.  We are not collecting your donations but we will match your donations if you tell us what you donated.  Please go to our Gracy Title FaceBook Page  to let us know what you donated.

We are also collecting supplies for the victims of the wildfires. If you can spare any of the following, please drop them off at any Gracy Title Branch Location. We will take these to distribution centers.

•    New sleeping bags, blankets, pillows, & towels
•    Work gloves
•    Bottled water & sports drinks
•    Non-perishable snacks & canned food
•    Heavy duty trash bags
•    Non-perishable food items
•    Flash lights with batteries.

There are many great agencies that will be helping with relief efforts listed at the KVUE website.  To make sure your contributions stay local, you can also go to the Red Cross Central Texas Site or the Austin Disaster Relief Network.

Gracy is also working with relief agencies for their employees to take paid time off from work for volunteer relief efforts.

Top Markets for Real Estate Agents: 10 Metro with Promising Indicators for Higher Incomes

Written by David Tandy | 31 August 2011

There is an interesting report in Inman today. They analyzed the major metro areas in the country to determine where real estate professionals are doing comparatively well in terms of sales and average total dollar volume in sales per Realtor. Nine out of the 10 top markets are projected to experience double-digit population growth by 2020. While the national population is expected to rise 8.9 percent between 2010 and 2020, each of the 10 markets except Pittsburgh is expected to see double-digit increases, from 10.6 percent in the Kansas City metro to 33.1 percent in the Austin metro.  Austin also had the highest sales rate by population, with 1 sale for every 58 people; and the fastest-moving inventory in May, with homes on the market an average 75 days before selling.

Click here for the full article.