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House Prices Remain Steady in 2011; Listings Down

March 19th, 2011

March 2011 Real Estate News

From the Desk of:

Maggie Falvey

For most school children in Texas, this week is Spring Break, and those who stayed in Austin are outside enjoying sunny skies and high temperatures in the 80′s. Many families who are planning to relocate to Austin this summer are using this week for house hunting trips so they can get a feel for Austin neighborhoods. Some of them are moving here from cities that were harder hit by the recession and are expecting to find tons of inventory and bargain prices.

Unfortunately, they are likely to be disappointed. If you take a look at the Austin real estate statistics below comparing February 2010 and February 2011 single family home sales you will see that even though our home sales are somewhat lower, our inventory of available homes is extremely tight, which is helping to hold home prices steady.

Market Snapshot (Travis, Williamson and Hays County)

• Median Sold Price – Increased 2% to $197,000
• Median Asking Price – Decreased 1% to $219,000
• Number of Homes Sold – Decreased 7% to 973
• Homes Under Contract – Decreased 2%to 1,472
• Number of New Listings – Decreased 24% to 2,109
• Number of Available Listings – Decreased 10% to 9,425
• Average Days on Market – Increased 28% to 88 days
• Months Supply of Inventory – Decreased 10% to 4.9 months

These statistics vary greatly from neighborhood to neighborhood, so if you are considering buying or selling in the Austin area, send me your criteria and I will send you a detailed analysis of the market.

If you’re looking to buy this Spring, email me your criteria and I will get you setup on a saved MLS search to send you daily emails of the latest matching listings.

If you are thinking about selling, the optimal time to list your home is now. Send me your address and I will analyze the market to see what your home is worth.

Thank you for taking the time to read my newsletter! I would truly appreciate it if you would forward this email or send me the name of anyone in need of a customer service-oriented agent to help them buy or sell a home in Austin.

Sincerely,
Maggie Falvey

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Outdoor Kids Acitivies In Austin

March 16th, 2011

Here’s a list of some fun outdoor activities for children in and around Austin. Outdoor activities are an excellent way to get out of the house and see some of what our city has to offer. More than just outdoor alternatives to things to do in Austin, these outdoor activities are among the most fun to be had in Austin for you and your kids. Here are some fun outdoor places to see and activities for you and your family to enjoy:

Zilker Kite Festival

Check out a Park:

Zilker Park - Zilker Park is one of the most popular outdoor destination for parents with children of all ages. Barton Springs Pool is there, there’s the Zilker Botanical Garden, the Umlauf Sculpture Garden and the Zilker Zephyr train is a delight for young kids. Zilker is also home to family friendly events throughout the year, such as the Zilker Kite Festival, Zilker Hillside Theatre, the Zilker Tree and many others.

Austin Parks Directory – This City of Austin list can help point out some parks near you and will provide info on what’s available at each park. There are a bunch of great parks in Austin worth exploring.

Take a hike:

Stairs leading to the top of Mt. Bonnell

Mt. Bonnell – Mt. Bonnell has been enjoyed for over a century for its scenic views of the Texas Hill Country. A brief hike or ascent up some steps will reward you with views of the river, the 360 bridge and beyond.

Wild Basin Wilderness Preserve – Just off 360, this wilderness preserve has 2.5 miles of Hill Country trails, and will have you forgetting about the highway you just came from in no time.

Barton Creek Greenbelt - An almost 8 mile trail network running along Barton Creek, the Greenbelt is a popular destination for hikers, mountain bikers, rock climbers and other people looking to get away from the city. It features entry points off 360, at Zilker, and along other points in the route.

Interact with Animals:

Bats – Seeing the bats depart the Congress Avenue Bridge at sunset is a uniquely Austin activity which has been enjoyed for over 20 eyars.  It is estimated to be the largest urban bat colony in North America with around 1.5 million Mexican free-tailed bats departing nightly during the summers. In north Austin, the bridge at I-35 and McNeil also features a large colony of bats (estimated over 1 million) that can be seen leaving nightly.

Austin Zoo and Animal Santuary – The Austin Zoo features over 300 animals from 100 different species. A non-profit, one of the main goals of the zoo is assisting animals that need rescue and rehabilitation, and many of the animals have a story. There can be a bit of walking, but there’s also a train ride which provides a unique way to see the zoo.

Get Spelunking:

Inner Space Cavern

Longhorn Caverns – Located outside Burnet, Longhorn Caverns features a cave network, a short nature trail, and multiple daily tours with which to enjoy it all. For the more adventurous, there is a monthly paranormal tour which explores some of the more mysterious aspects of the caves.

Natural Bridge Caverns – Located outside of New Braunfels, it’s a bit further away than some other attractions, but it can make an excellent day trip. Natural Bridge Caverns offers multiple tours of its cave system, panning for rocks, a zipline, and other family friendly activities.

Inner Space Cavern – Just north of Georgetown, Inner Space Cavern is one of the better preserved caves in Texas and features some fine cave formations. Right off 35, Inner Space Cavern has multiple tours and is opened daily throughout the year.

Visit some Farms:

Boggy Creek Farm – An urban farm just a few miles east of downtown, Boggy Creek Farm sells fresh, organic produce on Wednesdays and Saturdays, with much of it picked the same day. You can explore the farm, meet the people who grow the produce, and interact with some chickens.

Pioneer Farms – More than just a farm, Pioneer Farms is an interactive living history park which provides glimpses into Texas over a century ago.  Open on Fridays, Saturday and Sundays, Pioneer Farms provides an informative and interesting look at Texas history.

Hopefully this list has proven helpful in giving you some ideas of fun things to do in Austin with kids. There are certainly plenty of fun family oriented to do in and around Austin, and lots not on this list, so head out and explore!

Image Attribution:
Zilker Kite Festival by sonicpenguin
Mt. Bonnell Stairs by Brent Schneeman
Inner Space Caverns by  DaveWilsonPhotography


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Texas’ Low Tax Burden

March 7th, 2011

Texas Has Low Tax Burden Despite High Property Tax

A report recently released from the Tax Foundation provides information on the tax burdens across the country. The tax burden is a measure of the effect of state’s taxes on taxpayers, and ranks the states based upon their tax burdens. The highest tax burden belonged to New Jersey, at 12.2% of income, while Alaska had the lowest, at 6.3%. The average tax burden for a Texas taxpayer was 7.9%, which ranked 45th in the country.

White states have the ten lowest tax burdens. Image by The Tax Foundation

Another report by the Government of the District of Columbia, entitled ‘Tax Rates and Tax Burdens in the District of Columbia – A Nationwide Comparison’ went into more detail on this data. This report used the largest city in each state to calculate tax burdens: in the case of Texas, Houston was used. Below are the estimated tax burdens for a hypothetical family of three at different levels of income, what percentage of income the tax burden is, and where that ranks amongst all the states:

  • $25,000 – 10.0% – 36th
  • $50,000 – 6.0% – 44th
  • $75, 000 – 5.6% – 44th
  • $100,000 – 5.6% – 44th
  • $150,000 – 4.4% – 43rd

What might make this surprising is that Texas is well known for its high property tax, which in their study ranked 5th in the nation. While the property tax may be high, there is no income tax, and although sales tax was above average, auto tax was less than half the national average. With the bulk of the state’s taxes being based off of home values rather than split between realty values and income, this allows for property tax deductions to have a greater impact on the taxpayer.

While Texas’ property tax rates are certainly high, taxpayers carry a lower tax burden than most of the country. This might not make Texas the most ideal place for a second home tax-wise, but it’s not too hard in terms of tax burdens to call Texas home.

  • For information on Texas property tax exemptions, see: http://www.window.state.tx.us/taxinfo/proptax/exmptns.html
  • For the Government of DC report, ‘Tax Rates and Tax Burdens in the District of Columbia – A Nationwide Comparison’ http://www.taxadmin.org/fta/rate/dc_tax_burden_09.pdf
  • For the Tax Foundation’s Report by Mark Robyn and Gerald Prante, see: http://taxfoundation.org/research/show/22320.html

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Texas Lawn Care and Landscaping

February 26th, 2011

Below are links to a series of articles written about lawn care and landscaping with content specific to Texas. Taking proper care, and taking time to improve your back or front yard is a great way to decrease utility costs, increase the value of your home and to increase enjoyment and functionality. If you’re pondering improving your yard or want to know more about lawn care, hopefully these articles will be able to help:

Image by Andrew Rollinger

Water Use and Lawn Care

Texas Fertilizer Basics

Lawn Mowing Tips

Lawn Maintenance Calendar

Texas Landscaping

Image by Andrew Rollinger



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Texas Landscaping

February 26th, 2011

This article is part of a series on Central Texas Lawn Care. The hub page contains links to articles on fertilizing,  watering and more.

Texas Landscaping

Landscaping is a great way to add value and enjoyment to your home. A little landscaping can go a long way towards improving resale value, as the right or wrong garden can be the difference between a house that stands out and one that gets passed over. Here are some things to consider for getting the most out of your landscaping.

Image by Paladin27

Plant choice
Choose plants that are native to the area as they will be more resilient in the warmer weather than non-native plants. The Urban Landscape Guide has a handy reference database for native Texas plants.

Mulching
Mulching is an easy and cheap way to help your lawn out. Mulch will help retain water in the soil as it prevents it from getting evaporated from the surface. It can also put nutrients back into the soil, will help to maintain soil temperature, and can even be decorative if used smartly.

Drip Irrigation
Drip irrigation is an effective way to irrigate your lawn as well. Drip irrigation will help your plants get water as it increases water retention rate and helps to prevent runoff. This increased efficiency will decrease the amount of water you need to use and will help offset the initial costs of installation.

Hardscapes

Another way to improve your yard area is to add hardscapes. Hardscape is stone or paved areas where the soil is no longer at the surface. Adding in hardscapes can be an excellent way to increase the functionality of your space by perhaps adding in a deck, more seating, a grill area or an enjoyable water feature.

Lighting

Image by georgeogoodman

Lighting is an important way that you can accent your landscaping. Lighting can be anything from cheap solar powered lights to more expensive and complicated sets. Choose a brightness and spread that complement your design choices: too much light will run up bills and look gaudy while too little will be purposeless, so aim for the middle.

Accommodation
Make sure to adjust your watering system to whatever you’ve added to your lawn. You don’t want water running off onto your hardscape or onto newly place plants that might become inundated.

Interaction
Consider how your landscaping will look from multiple angles. Is it meant to be seen mainly from outside the house? Inside? Consider also how landscaping will affect how your move through your yard. If you’ve got a dog, be sure to know how it moves through your yard because he or she might not be as accommodating to new plants as you are!

Future Plans
Be sure to have a comprehensive plan of what you want to do with your yard, especially if it’s a plan which will be enacted over several years. Adding in a deck might be a great idea, but not if it conflicts with something else you might want to add later.

First image by Paladin27, second by georgeogoodman

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Real Estate Market Growing in 2011

February 18th, 2011

February 2011 Real Estate News

From the Desk of:

Maggie Falvey

In my newsletter last month I made some pretty bold predictions about the future of the real estate market in Austin. What I did not realize at the time was that many of these predictions would start to come true almost immediately.

As soon as the holidays were behind us, I started getting calls and emails from buyers who were finally ready to get serious about moving. As I analyzed the market for my monthly newsletter I quickly realized that I was not the only agent seeing a sharp rebound in the market.

If you take a look at the statistics below comparing January 2010 and January 2011 single family home sales you will see that our market improved in virtually every way.

Market Snapshot

  • Median Sold Price – Increased 5% to $193,500
  • Median Asking Price – Decreased 5% to $210,000
  • Number of Homes Sold – Increased 8% to 907
  • Homes Under Contract – Increased 16%to 1,473
  • Number of New Listings – Decreased 14% to 2,353
  • Number of Available Listings – Decreased 3% to 10,709
  • Average Days on Market – Increased 33% to 95 days
  • Months Supply of Inventory – Decreased 20% to 5.5 months
  • Local unemployment rate – fell from 7.3% to 6.6%

The most noteworthy data point is the month’s supply of inventory. Economists believe that anything under 6 months is a seller’s market, and anything over 6 months is a buyer’s market. We are now at 5.5 months of inventory, which puts us into a seller’s market in what is traditionally the slowest season of the year. It’s only February, and I am already hearing about multiple offer situations.

If you are in the market to buy and want to get ahead of this pent up demand, give me a call or send me your search criteria and we can get started looking right away.

If you are thinking about selling, the optimal time to list will be early this year as buyers are still trying to take advantage of historically low rates. Send me your address and I will analyze the market to see what your home is worth.

Thank you for taking the time to read my newsletter! I would really appreciate it if you could forward this email or send me the name of anyone in need of a customer service-oriented agent to help them buy or sell a home in Austin.

Sincerely,
Maggie Falvey

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Lawn Mowing Tips

February 18th, 2011

This article is part of a series on Central Texas Lawn Care. The hub page contains links to articles on fertilizing, landscaping and more.

Lawn Mowing Tips

Mowing your lawn is an important aspect of proper lawn care and mowing correctly can help keep your lawn crisp and healthy. Here are some tips for helping maintain your lawn:

  • Don’t mow more than 1/3 the height of the grass. Mowing too deep will actually injure grass. If you have let your grass get too long, cut down a third of the height every few days rather than all at once to avoid damage.
  • If you have a mulching lawn mower, leaving the grass clippings on the lawn. It’ll make your shoes more green, but the grass trimmings are mostly water, so leaving them on the lawn will add some moisture to it, which is a helpful way to keep your lawn fresh in the hot Texas summers.
  • Keep your blades sharp. Sharp lawn mower blades will ensure a clean cut, whereas dull blades can pull on the grass and cause damage.
  • Places like baseball stadiums get the cool pattern look by using a lawn roller. Trying to achieve that look by mowing in interesting patterns (unfortunately) won’t achieve the same effect.
  • Don’t mow when the grass is wet: diseases are more likely to be introduced and it makes things more of a hassle to clean up.
  • The three most common Texas grasses and their optimal mowing height and info:

Old shoes make excellent mowing footwear. Photo by David Deane

St. Augustine
Height Rance: 2.5-4 inches
Optimal height: 2.5 inches
Mowing Frequency: 5-7 days

Bermudagrass
Height Range: 1-3 inches
Optimal height: 1.5 inches
Mowing Frequency: 3-7 days

Coarse Bladed Zoysia
Height Rance: 1.0-2.5 inches
Optimal height : 1.5
Mowing Frequency: 7-10 days

Image Attribution: Mowing image by David Deane

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Water Use and Lawn Care

February 14th, 2011

This article is part of a series on Central Texas Lawn Care. The hub page contains links to articles on fertilizing, landscaping and more.

Water Use and Lawn Care

The key to a good lawn is to water it correctly. Watering your lawn too little can lead to problems, but watering your lawn too much can also be damaging. Your lawn will look best, and your wallet will be happiest, when you water your lawn smartly and efficiently.

Austin Water Restrictions

Austin is currently in Stage 1 water restrictions. This is the lowest water restriction level and is the level that the city is on for much of the year. The following is from the City of Austin’s Water Conversation page:

What does Stage 1 Water Restrictions mean to you?

No operation of irrigation systems or hose-end sprinklers between 10 a.m. and 7 p.m.

Commercial and Multi-Family customers can continue to water on Tuesdays and Fridays

Single family homes have 2 watering days a week:

  • Odd addresses: Wednesdays and/or Saturdays
  • Even addresses: Thursdays and/or Sundays
  • Watering by sprinkler or irrigation system is allowed on your assigned day only before 10 a.m. or after 7 p.m.
  • Hand watering is allowed anytime

Sprinkler Systems Output

It’s important to know the output of your sprinkler system so that you can water as much as you need to without wasting water or over-watering.

Sprinkler Photo by Andreanna Moya Photography

To measure your sprinkler system’s output place 5 shallow-rimmed containers face up in your lawn and turn the sprinklers on for 30 minutes. Calculate the average depth of the containers by adding up the depth of water in all five containers and dividing by five. This will tell you how much your sprinklers water the lawn over 30 minutes.

Also check the depth of the water’s penetration into the soil. Differences in soil composition will affect how deeply the water penetrates. If your sprinklers water the lawn .4 inches and to a depth of 2.5 inches in 30 minutes, then over an hour they will penetrate to a depth of 5 inches and give your lawn .8 inches of water.

The AggieTurf website recommends watering to 6 inches of depth. This is important to encourage your grasses roots to grown deeper. If you only ever water a couple inches deep then the root system won’t go any deeper; but watering to a lower depth will get the roots to go deeper which will in turn allow them to pull more moisture out of the ground.

Water Use Tips

  • Water early in the morning so that none of your water evaporates.
  • Don’t run your sprinkler system when it’s really windy otherwise the spread won’t be as you desire and you will waster a lot of water.
  • Water deep and infrequently rather than in short, frequent bursts for the best lawn maintenance. Watering deeply will allow the water to reach the base of the grasses root system and encourage their growth.
  • You might need to water some areas by hand if the sprinklers cannot reach these areas.

Image Attribution: Sprinkler photo by Andreanna Moya Photography


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Texas Fertilizer Basics

February 6th, 2011

This article is part of a series on Central Texas lawn care. The hub page contains articles on watering, mowing and more.

Texas Fertilizer Basics

The Analysis:

All fertilizers are labeled with three numbers that represent the percentage, by weight, of the three major nutrients used to stimulate plant growth: nitrogen, phosphorus and potassium (N-P-K).

This ratio, the ‘analysis’ of the fertilizer, represents the percentages of Nitrogen, Phosphorus and Potassium contained in the fertilizer.

Bermuda Grass by WWWorks

How much fertilizer?

For the most common lawn grasses in Texas, here’s how much fertilizer your lawn needs:

  • St. Augustine: 4-5 pounds of Nitrogen, per thousand square feet, per year
  • Bermuda: 4-5 pounds of Nitrogen, per thousand square feet, per year
  • Zoysia: 3-4 pounds of Nitrogen, per thousand square feet, per year

For a table with more grass types, see the AggieTurf page on fertilizers

Knowing the Nitrogen is the first percentage listed with a fertilizers ‘analysis,’ you can calculate the pounds of Nitrogen in a given fertilizer. Multiply the amount of Nitrogen (as a percentage) by the weight of the bag: a 40 pound bag with 10% Nitrogen would have 4 pounds of Nitrogen in it; (0.1 x 40 = 4)

When to Fertilize

Fertilize your yard shortly after green-up in the spring. This will usually occur in late February or early March, but be sure not to apply the first years fertilizer prior to your grass greening up. Most fertilizers will also be most effective followed by watering within 24 hours, so know Austin’s water use restrictions so that you can stay within the restrictions but still get the most out of your fertilizer. Fertilizing prior to a rainstorm is a good way to use nature to help further keep your lawn healthy.

Applying Fertilizer

You should apply the fertilizer with some regularity. Applying just once or twice per year may mean that you give your grass more Nitrogen than they are capable of absorbing at one time. Spreading out the amount of Nitrogen application 4-5 times through the year will help to keep your grass looking healthy year-round. So if your grass needs 4-5 pounds of fertilizer and you’ve got a 40 pound bag with 10% Nitrogen, you can spread it out 4 times a year.

Proper fertilizing improves your homes marketability. Photo by Gregs Landscaping

Summer Fertilizers

Use slow release fertilizer during the summer months. Slow release fertilizers are usually in the ratio of 3-1-2 (so 15-5-10 would be a good ratio) but use a less-soluble coating to lengthen the decomposition process. Check the time on your slow release fertilizers and make sure that you don’t overlap. Buying a 9-month slow release fertilizer and applying it 4 times a year would be a bit redundant, as the previous application of fertilizer would not have had time to fully release its nutrients before another fertilizer layer was laid on top of it.

Winter Fertilizers

Around October or November, apply a winterizing fertilizer to hardy up your plants for the winter. These will usually contain a higher percentage of Phosphorus and Potassium than summer fertilizers. Ratios vary though, so make sure the bag is labeled as a winterizing fertilizer and that it’s designed for southern climates.

Thatch

Thatch accumulates when dead plant parts are created faster than microorganisms can consume then. Thatch should be removed before fertilization so that the nutrients will reach the soil and not get caught in the layers of thatch.

Hopefully this article helped explain some basics of fertilizers in Texas to you. For more detailed discussions of fertilizers in Texas, we’ve found the following websites to have plenty of useful information:

Home Lawns at AggieTurf
Lawn Care at RealGreenLawns.com

Image Attribution: Grass image by WWWorks, home image by Gregs Lanscaping.

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December Economic Growth Encouraging for 2011

January 27th, 2011

Real Estate Growth in DecemberAccording to this article from the Austin American-Statesman, Austin had a 2% annual job growth in December, with the unemployment rate down from the previous month and the previous year as well.

Another article points to positive trends in the real estate market.  Sales in December were up 6% from the previous December; the first time since May that the market had seen positive growth from the previous year.

In total, 2010 saw less home sales than 2009, continuing the trend since 2006 of home sales per annum decreasing.

December’s growth is hoped to carry over into 2011, as the Austin Economic and Housing Forecast predicts that 2011 will be a rebounding year for employment and the real estate market.

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