One of the most sought-after neighborhoods in Austin, Steiner Ranch offers quality schools, luxury shopping and leisure, and well-crafted homes, all in the rolling hills near Lake Austin and Lake Travis.
The 5,200 acres of ranch land of the Steiner Rodeo Company, originally home to livestock, were transformed into the “exemplary” residential community now known as Steiner Ranch. Recognized by the Austin Business Journal as “Best Master-Planned Community” in the greater Austin area in 2004, Steiner Ranch sits on 4,600 acres nestled between Lake Travis and Lake Austin. In addition, there are golf course homes and homes along the Balcones Canyonland Preserve near this area. This master-planned Austin community, with prices ranging from $300,000-$3 million, provides homes for a variety of lifestyles.
To read more about Steiner Ranch’s offerings and history, click here.
NEW LAW TAKES EFFECT FOR PROPERTY TAX HOMESTEAD EXEMPTION APPLICATIONS
Under a law passed by the Texas Legislature homeowners who apply for a new property tax homestead exemption beginning Sept. 1 must provide proof to the county appraisal district that they live in the house they claim as their principal residence.
House Bill 252 requires a copy of the homeowner’s Texas driver’s license or state identification card and the homeowners vehicle registration receipt be sent with the homestead exemption application. If the homeowner does not own a vehicle they can send a current utility bill showing name and address, along with an affidavit provided in the application indicating non-ownership of a vehicle. The address on the documents must match the address for which the homestead exemption is requested.
The new requirement does not apply to homeowners who already have homestead exemptions. It affects only new applications for exemptions sent to appraisal districts.
The new law affects new applications for the general homestead exemption available to every homeowner as well as the over-65 exemption, the disability exemption, the disabled veterans exemption, the extended exemption for a homeowner’s surviving spouse and the manufactured (mobile) home exemption.
If you purchased a home through West Austin Properties, we will send you the necessary forms to file your exemption and instructions for completing it.
Thanks to Austin Title for distributing information about these new requirements. They keep us informed so we can keep you informed.
The key statistic you need to use to show the current relationship between inventory and demand is a term called “Months of Inventory.” It is the number of homes for sale divided by the number of homes sold the month before. It is like an absorption rate and has always been a good way of analyzing changing demand and the number homes that can meet that demand. In “Average” markets it is normal to have about 6 months of inventory; home values are usually stable and prices rise slowly. Above 6 months of inventory, prices decline. Below 6 months of inventory, there is increased pressure to raise home prices.
Download our July Market Report to see the months on inventory by price ranges, areas, and zip codes.
Months of Inventory Spotlight: 78703
Jan: 9.08 Normal Buyers Market
Feb.: 7.23 Balanced Market
March: 6.5 Balanced Market
April: 4.5 Normal Sellers Market
May: 2.95 Extreme Sellers Market
June: 4.43 Normal Sellers Market
The Austin real estate market continues to strengthen: higher demand (sales) with a stable inventory (homes for sale). With interest rates not changing, current high occupancy rental rates and positive inward mobility the average/medium value of 85% of the homes in Austin have stabilized. In some areas, price ranges and zip codes we are seeing multiple offers on homes, including good offers on homes being trumped by CASH offers or buyers paying above the list price.
While it is normal for sales in June to increase over May, a 10% increase is very strong, higher than four of the last five years! For the first time in five years the number of homes for sale dropped between May and June. It is normal for inventories to increase during June by about 1%. However this year inventories decreased by 1% from May to June.
Overall the Austin market is a “Normal Sellers Market”, meaning there is less than 5 months of inventory. Above $800K representing less than 4% of sales, the market is still an “Extreme Buyers Market.”
We expect demand for homes below $800,000 to increase, which may cause pressure for prices to increase. Rising values will occur if buyers are willing to risk more for home ownership, and that is related to buyers confidence in the future. On average we have not seen prices rising, however prices have stabilized in most of the Austin market. The closer to downtown and the lower the price, the greater the pressure for prices to rise. In time this pressure will increase home prices.
Unknowns that could affect the Austin market in the short term: impact of FHA changing the amount that can be borrowed, banks requiring more down payment, 6,000 additional people expected to move into Austin in the next three months, several companies that are relocating major divisions to Austin, increases in interest rates (not expected), and the impact of 25,000 college students returning to Austin in August on rental availability and rent costs.
Filed under Market Reports, Real Estate Trends · Tagged with Austin, Austin home market, Austin Real Estate, Home Buying, Home Values, housing update, Katy Duggan, Laura Duggan, Market Report, West Austin Properties
Travis Heights has always been one of my favorite Austin neighborhoods. Brad and I lived there in a duplex we built overlooking a creek and Downtown in the late ’70s. We loved the towering oak trees, the proximity to the Capitol and downtown, the architecture of the grand old homes and the quiet vibe of the neighborhood. We’d sit on the back deck and enjoy the sunset and the view and sip a cool margarita on a hot summer day. In the evening, we’d see fireflies buzzing and occasionally find a family of raccoons peering in our sliding glass door. Life was simple and laid back in 78704.
Today, Travis Heights bustles with activity. Its close proximity to downtown makes it one of the most sought after neighborhoods in the city. Funky, off beat places line South Congress Avenue just to the west with the likes of Lucy in Disguise costume shop, Uncommon Objects antiques, Ten Thousand Villages and lots of fun food trailers like Hey Cupcake and and The Flying Carpet Moroccan Burgers. Now trendy restaurants, boutique hotels, bars and live music venues like the Continental Club rock the neighborhood nightly. Upscale restaurants like Perlas in this popular SoCo area have been featured by traveling chef Anthony Bourdain, and Kendra Scott launched her spectacullar jewelry line here and has her store front nearby. Guero’s, a former Old Austin grain and feed store, is now a popular lunch or dinner stop with a killer new outdoor stage. Hotel San Jose draws movie stars, politicians and musicians from all over the world seeking a little bit of what makes Austin weird.
Homes in Travis Heights are in great demand. Prices have risen steadily for many years and investors have “redeveloped” some of the older apartments into saucy condos. Little Stacy Park provides a nice place with a lovely creek to hike, picnic and walk the dog. A favorite of artists and musicians, Travis Heights residents enjoy a bond can often be found sharing meals, music and their talents together. For those that like a neighborhood where you can walk to coffee, shops, and food, Travis Heights is a winner.
Filed under Austin Living, Neighborhoods, Real Estate Trends · Tagged with Austin, Guero's Taco Bar, Hey Cupcake, Hotel San Jose, Laura Duggan, Little Stacy Park, Lucy in Disguise, Real Estate, SoCo, South Congress, Ten Thousand Villages, The Flying Carpet, Travis Heights, Uncommon Objects, West Austin Properties
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