Keeping It Local Williamson County | Premiere Homes Report
Housing Recovery Keeps Momentum Despite Monthly Price Fluctuations For the seventh month in a row, the number of transactions among the premiere homes in Williamson County have risen higher than a year ago. Increased consumer confidence, historically low mortgage rates, and attractive pricing are some of the factors that are drawing buyers and sellers back into the real estate market. Another strong indicator of continued recovery is the increase in builder’s confidence. Of the 64 homes that sold in Williamson County above $500,000 during the month of September, 34.3% of these homes were New Construction. Likewise, 22.2% of the homes currently listed for sale are New Construction.
“Although the housing market has a long way to go to make a full recovery, all signs show that it’s on the right path,” says Trey Ellis of the Ellis & Ford Group. “With distressed properties accounting for a sliver of our market and New Construction continuing to increase, we are optimistic about our local market.
# OF TRANSACTIONS 120 110 100 90 80
Inventory across Williamson County with an asking price of $500,000+ currently amounts to 716 single family residential properties listed for sale with distressed properties accounting for only 16 of those homes (5 foreclsoure/bank owned properties and 11 short sales).
For the properties that sold in September, the average DOM was 93 days. Comparing this to last months average of 92 days, we see that the market is staying relatively steady. However, expect this number to increase over the next few months as we head into the fourth quarter.
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AVERAGE SALES PRICE
AVERAGE SALES PRICE
Throughout the area, prices dipped from last month’s average. September’s average sales price was $712,659 which is down 4.2% from August’s average sales price of $743,855. As we mentioned last month, the volatility from month to month cannot justify saying that prices are going to continuously rise or fall.
Sept. 2012 Sept. 2011
From the desk of the…
Ellis & Ford Group What a whirlwind the last few weeks have been. To begin with, we spent 3 days in Phoenix, AZ at the National Association of Expert Advisor’s Exponential Growth Summit masterminding with a number of the country’s top real estate brokers. We place a major emphasis on continuing to learn about our industry and how we can “Raise the Standard.” What better way than learning it from those doing it at the highest level? You will see a number of the tools and systems we picked up from this being implemented over the next few months. We also spent a day shooting 3 commercials that will be airing on FOX 17 and their sister networks over the next few months. A special thanks goes out to FOX 17 for their assistance as well as to Hidden Valley Homes for opening one of their beautiful custom homes to us. Last but not least, a special thanks go out to all of you who reached out to us after Volume 1. We were completely blown away by the response and positive feedback. We are excited about continuing to provide you with a monthly update on our local real estate environment. Sincerely,
“WHO WANTS TO WIN A STARBUCKS GIFT CARD?” Be ONE OF THE FIRST FIVE people to contact us with the correct answer to the question below and we will send you a Starbucks Gift Card. What literary work was used as inspiration for the name “Starbucks?” (Hint: The author’s first book was titled “Typee”) A) The Great Gatsby B) Catch-22 C) Moby-Dick D) Lord of the Flies Email “firstname.lastname@example.org” with your answer and we’ll contact you if you win!
REAL ESTATE TIP OF THE MONTH… 15-YEAR VS. 30-YEAR MORTGAGE? Source: Bankrate.com Weighing the benefits The 30-year vs. 15-year debate has been around almost as long as the mortgage itself. With 30-year loans, borrowers generally get lower monthly payments even though their rates are higher. That's because the longer amortization schedule spreads the additional cost of the rate differential -- which was roughly 30 basis points in mid-September -- over twice as much time. People can buy larger houses or keep their payments on smaller homes affordable as a result. Fifteen-year mortgages, on the other hand, help buyers own their homes sooner. Even though their payments are larger, they build equity faster because more of each payment goes toward principal rather than interest. The lower interest rate and shortened term make the loans cheaper by lowering the overall interest bill. Breaking down the numbers, let’s assume you are purchasing a $750,000 home and make a down payment of 20%. Therefore, you have a mortgage in the amount of $600,000. The table below will show you an approximation of the details: Your Costs for a $600,000 Fixed-Rate Mortgage
WHAT OTHERS ARE SAYING ABOUT US… “They are professionals and work hard to help you find your dream home within your price range. To have a member of the Ellis & Ford Group assisting you is like gaining a friend. We will always look to them to help us move.” - The Redmond’s
15-Year at 2.875%
30-Year at 3.5%
Your Monthly Payment:
Interest You’ll Pay During First 5 Years:
Interest You’ll Pay Over Full Term of Mortgage:
Information provided is meant for educational purposes and not to be relied upon. For more detailed information, please consult with a licensed loan officer.
NOW YOU CAN READ THIS NEWSLETTER ONLINE… Visit our blog section at “www.EllisFordGroup.com” to read the latest edition, view market trends, get home maintenance tips, and view other information on our community. Like to be notified of next months issue? Email “email@example.com” and we will email you with next months edition.
ELLIS & FORD GROUP IS GIVING BACK… BREAST CANCER AWARENESS In honor of October being Breast Cancer Awareness month, the Ellis & Ford Group will make a contribution to Susan G. Komen for the Cure for every listing that is taken during the month of October. Not looking to sell your home but would like to donate, visit ww5.komen.org for more information.
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Some of us will do our jobs well and some will not, but we will all be judged by only one thing - the RESULTS!
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6 RULES TO ENSURE A REMODELING PROJECT PAYS OFF Source: CNNMoney Rule No. 1: Repairs get the biggest returns The smartest money now goes into "undeferring" needed maintenance. That's because while buyers might appreciate enhancements like Jacuzzis and Sub-Zeros, they won't tolerate a house with a leaky roof or antiquated plumbing. Rule No. 2: Remodeling beats adding on McMansions have gone the way of the SUV -- and large additions don't pay off either. Having a big, formal living room plus an everyday family room is less desirable than having one multi-use common space. So rather than adding on, you're better off repurposing existing square footage by reconfiguring the floor plan or capturing unused basement or attic space. Rule No. 3: Eco-friendly upgrades can save cash Some green improvements pay you back long before you sell your house. Install energy-efficient features, such as EnergyStar appliances and extra wall insulation, and you’ll see lower energy bills every month. The best way to go green is with a whileyou’re-at-it-job: When it’s time to replace your furnace, upgrade to super-efficiency. Rule No. 4: Tech infrastructure trumps cool gadgets The fundamental problem with expensive built-in technology: Put in a $10,000-plus dedicated home theater today, and something better will come along tomorrow. Tech infrastructure is different, however. Anytime you’re opening up walls for a construction project, have cabling and Ethernet ports installed. At about $80 a room, it’s a low-cost way to provide the capability for whatever technologies come along. Rule No. 5: Let the Joneses be your guide If other houses on the block have real marble countertops, by all means add one to your house, but if everyone still has faux bluemarble Formica from the 70’s, you’re not getting your money back. Also, keep your projects design-neutral so they’ll appeal to the greatest number of people. Choose neutral colors and traditional electrical and plumbing fixtures unless your house has a modern architectural style. Rule No. 6: The new payback time is five years As with any volatile investment, the longer your time frame, the lower the risk. Don't take on a big project if you're likely to move in less than three to five years. There's just too much chance that any money you put in -- aside from necessary repairs or superficial cosmetic work -- could be lost while the housing market continues to recover.
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