❤️ AUSTIN Real Estate Blog

Things are looking up in Austin Real Estate. 

  • The number of sales in the area for February 2012 is up 3% on a year to year basis.
  • The sales volume is also up at an 8% increase.
  • The average Austin home value is also up at 6% from 2011 to 2012.
 

Sold Volume

 

 

2011

2012

Change

 

 

 

 

$253,046,128.00

$274,398,464.00

8%

 

 

 

 

 

 

 

 

 

 

Number of Sales

 

 

2010

2011

Change

 

 

 

 

1,022

1,050

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The homestead exemption process got a little more complicated this year due to some additional requirements.

First of all, let me explain what the homestead exemption is:

So, what IS a homestead exemption?Homestead exemption is a legal regime designed to protect the value of the homes of residents from property taxes, creditors, and circumstances arising from the death of the homeowner spouse. An exemption removes part of the value of your property from taxation and lowers your taxes. For example, if your home is valued at $50,000 and you qualify for a $15,000 exemption, you pay taxes on your home as if it was worth only $35,000.

And these are the changes that went into effect in 2012:

Changes in Property Tax

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When you’re in a fast moving market like that of Austin, Texas and especially Central Austin you’ll undoubtedly run into multi-offer situations. There are many tactics that can be utilized to assure you get a property, and most of the time it means paying more for a property than your really want to pay. A lot of the times the winner of a multi-bid negotiation ends up paying more than the property is really worth. This is an interesting article at Realtor.com that attempts to explain all the factors that go into a multi-offer transaction.

One very important thing to keep in mind is that an “offer” is about more than just the purchase price. A seller looks at all aspects of the offer including terms like closing date, financing, special provisions, etc.

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