Single-family homes in Central Texas are spending less time on the market as the number of home sales continues to resemble those in 2005, according to the latest Multiple Listing Service (MLS) Report.

“Austin has one of the lowest foreclosure and unemployment rates and is one of the fastest growing cities in the nation,” said ABoR Chairman Socar Chatmon-Thomas. “As we enter the heart of selling season, it's a buyer's market.”

Single-family home sales in 2008 reached their highest point in April, totaling 1,981 and contributing $479,718,960 to the local economy. Overall, home sales this year correspond closely with the volume tracked in 2005, before Central Texas experienced the record-breaking home sales activity of 2006.

Homes sold in April spent an average of 66 days on the market, the shortest period in seven months. The median price of single-family properties was $187,900. Active listings grew to 10,034.

As buying season heats up in Central Texas, the most recent report from the Austin Board of Realtors Multiple Listing Service (MLS) indicates single-family home sales are up slightly since April 2008. The statistics released mid-June show that homes are spending fewer days on the market and overall, the real estate market continues to reflect conditions similar to those of 2005.

"Despite economic conditions across the nation, Austin continues to have a relatively low unemployment rate and cost of living index," said ABoR Chairman Socar Chatmon-Thomas. "While we're not enjoying the booming real estate markets of 2006 and 2007, we have seen steady increases in sales volume since January 2008."

Single-family home sales in May 2008 reached their highest point in eight months, totaling 2,154 and contributing $566,827,254 to the local economy. The median price for single-family properties was $196,120 while active listings increased to 10,577. Homes sold in May 2008 also fell, averaging a total of 64 days on the market.

Source: Austin Board of Realtors

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If you're selling your house this summer, or even thinking about selling in future, there are some things you can do to maintain, and even boost, the value of your property. Your Realtor can give you pointers on how to upgrade your specific home, based on the competing properties in your neighborhood. In the meantime, here are some basic upgrades for universal application:

Think "curb appeal." Buyers decide whether or not your property is worth top dollar before even getting out of the car. Take a look at your house from the street, and try to be objective. Do your landscaping, paint, windows and doors convey a sense of a well-maintained home, or are they sending subtle messages that the property needs some upkeep? Attention to detail is critical, particularly in that critical 'first impression' from the curb.

Embrace a soft, warm color palette. Forget everything you learned about painting a house white before selling. That may have been true when your parents sold houses, but it isn't true today. Update the insides of the house with warm, soft, neutral colors, like those you would find in a woman's cosmetic bag. Avoid anything too unusual or abrupt; think subtle, soft and welcoming.

Update your kitchen and bathrooms. These are the rooms in which it makes financial sense to "keep up with the Joneses." If yours is the last house on the block to add granite countertops and stainless appliances, you can't expect to compete for the highest sales price when you're on the market. Consult your Realtor for a sense of neighborhood standards, and be sure to keep these critical rooms looking fresh, bright and current.

Reduce clutter. Your home will sell more quickly and at higher value, if it appears to be well-maintained. Removing excess "stuff" let's buyers imagine what their life would be like in a clutter-free, sparkling, clean home. If you have an extremely cluttered home, you may want to consider renting a storage unit or hiring a personal organizer to help you get all of your extra things into containers and neatly stowed away.

Update your switch plates and outlets. Subtle details in a room can upgrade its overall appeal without adding much additional expense. Visit your local hardware store to see the various colors and finishes that are available for your light switch and electrical outlet plate covers. Choose a metallic or ceramic finish that matches your decor, and see how quickly and cheaply you can change small but important details in a room.

Check your grout work. Take an honest look at the grout in your bathroom. Would you feel uncomfortable allowing a mother-in-law or other special guest to use your shower? Is the grout looking a little cracked, colored or aged? A prospective buyer is, perhaps, the most "special" guest who will ever view your bathroom. To get your house ready to draw top dollar, invest a Sunday afternoon and a few dollars in regrouting the tub and any other appropriate areas. If you're not a do-it-yourselfer, hire a local handyman or service who can quickly fix this important area.

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Texas continues to lead the country in the volume of home loans insured by the Federal Housing Administration.

With the recent shakeout in the sub-prime sectors of the mortgage industry, federally backed FHA loans have dramatically increased in volume.

These mortgages provide consumers with long-term, fixed-rate financing insured by the government.

FHA market share has jumped from about 3 percent in 2005 to about 12 percent.

As much as 45 percent of the loans the FHA insures are people refinancing from mortgages – including subprime loans with rising interest rates, causing the payments to increase.

Source: Dallas Morning News

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