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Found 7 entries for April, 2020.

A short sale is when a homeowner sells their property for less than the amount owed on the mortgage for where the lender is willing to accept less than the amount that is owed on the mortgage.

Let's say you're in a situation where you recently bought a home for $300,000 and you placed a 20% down payment. The other 80% is from your lender and you pay it off monthly including the interest. But what if something unfortunate happens such as losing your job, or your partner losing your job, or you're having difficulty paying it?

This is where you can ideally make use of a short sale where you can thoroughly vet the options and avoid having a foreclosure.

 

How does a Short Sale work?

Here are the steps on the process of a Short Sale in Austin:

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Today in Austin real estate: It's neither really good nor really bad. It's complicated. 

I expect April to close at about 500 sales, about half of what we'd expect without COVID. As of today, April 21st, we've had 425 closings in Austin for single-family homes. So we may end just a bit higher than 500 in closed sales for single-family homes in Austin.

I got curious today about how those sales are spread across different price ranges. Are homes under $500,000 selling, but over $500,000 not so much? Does the price range matter?

It does not seem that price range particularly matters right now, surprisingly. Homes are still selling from $200,000 up to over $3,000,000 in roughly the same proportions as we saw in April of 2019.

BUT, proportions

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By now, the novel COVID-19 pandemic has had a profound impact on public health and the nation's economy. However, the largest cities in Texas — including Austin — are among the areas least likely to see the pandemic shake-out of a major housing market.

The main lesson is that Austin and Texas economically turned quicker than the rest of the country after the last crisis. Why? Because we did not have the amount of speculation or financial leverage that so many markets had. Travis County ranks 457 out of the 483 housing markets surveyed in vulnerability, meaning it is one of the 30 markets expected to be least vulnerable to effects from the coronavirus pandemic (Source: ATTOM Data Solutions). 

Presently, the Austin economy continues to be based

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I hope everyone is doing well and staying safe right now. We're having our monthly Spyglass Realty meeting. And we're going to do it on all the realty hack groups. Right now is just like such a trying time in our life and I don't think anyone has seen anything like this.

What we need to do is to try to normalize our lives, we need to be engaging with our clients, we basically what are you gonna do, you're gonna sit home or go crazy, or you're gonna like try to make the best of this. And the way that we can do that the number one thing that you can be doing, anybody that you have worked with, or potentially work with is conversations.

That is the hardest thing to do because it requires picking up the phone and making calls. But, it's the most

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Looking for the ultimate quarantine home survival kit?  We’re building it day by day and piece by piece. Now that the “shelter-in-place” is going to be required until April 30th, we need as much guidance as possible to help us stay busy and avoid “Cabin Fever”.  We’re going to try to keep this blog up to date and current and try to include activities for all ages. But since the adults are the ones that need to keep control of all this chaos so we’ll start with them.  

Adult Activities

Learn:

  • Here are 450 free Ivy League online classes to boost your knowledge about

  • And here are a handful of free educational courses offered due to school closings.

  • Play Chess on Chess.com

Read:

  • 50 best nonfiction books of

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