New Austin and Travis County Floodplain

The city of Austin has sent out letters to people who either own or rent property in a floodplain or are within 150 feet of a floodplain. If you think you may be in a floodplain, but are not sure, click www.cityofaustin.org/watershed/flood.htm and click the interactive map. You can also contact your insurance agent to find out.

The letter goes on to state that FEMA began updating floodplain maps for Austin and Travis County in 2003. The updated maps show changes in the floodplain. There are more properties at risk of flooding than was previously thought.

The new floodplain goes live September 26th. If you think you are in the new floodplain, contact your insurance agent ASAP. You should get flood insurance prior to the release of the new maps as you may get a lower rate than after the change takes place.

Austin Real Estate - Current Review

1) Austin real estate home prices are still very robust. While overall Austin home prices are down 1% when comparing August 2008 to August 2007, prices are up 27% since the market peak in the year 2000 from $90 per square foot to over $122 per square foot in 2008.
2) Home sellers in Austin who price their home aggressively are getting deals done. The median list price for homes pending sale in Austin are 1% lower than the median sold price in Austin. This is opposed to the fact that the median list price for all homes available for sale in Austin are priced 16% higher than Austin’s median sold price. Homes listed aggressively are getting contracts.
3) With the benefit of time and patience, the aggressive buyer can often find a good deal on a purchase. Sold homes in Austin through August of 2008 are sitting on the market 28% longer than the same time period during 2008. Home prices have dipped by 1% in August 2008 compared to August 2007. These statistics combined with the credit crunch, which is making it harder for people to refinance their loan and/or harder to secure a new loan to purchase a home, results in increased home sales competition and therefore better deals. Drastically reduced gas prices could have the opposite effect so consider taking advantage of this current market trend.

Selling competitively and buying aggressively is my current recommendation to home buyers and sellers in Austin. Don’t be afraid of taking less on your home sale. Statistics show that getting a home sold fast will most likely result in getting more for your home than pricing it high and reducing the price incrementally. Prices are still robust and will still result in a significant gain for many sellers. Furthermore, there is opportunity to get a deal on your purchase so long as you have time on your side.