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United. REALTORS
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Bob Sedlor, Realtor® 512-517-8241
Sedlor Properties – Excellence in Real Estate
Residential and Commercial Real Estate Services
Email: Bob@SedlorProperties.com
See Available Property 24/7 at: www.SedlorProperties.com
tHE Local area MARKET conditions:
Residential Market: 2011 turned out to be a good year for Residential Real Estate with the sales in the last few months exceeding those for the previous period. The Williamson County Sales Data shows a distinct improvement over last year with the December numbers being the best in 4 years. In Austin home sales for 2011 were 7% higher than in 2010 and existing inventory is down 15%. I’m optimistic that this will be a very good year for the housing market.
Interest Rates: The 30-year fixed-rate mortgage edged down slightly to 3.88 percent to a new all-time record low marking the seventh consecutive week below 4.00 percent.
· 30-year fixed-rate mortgage (FRM) averaged 3.88 percent with an average 0.8 point for the week ending January 19, 2012, down from last week when it averaged 3.89 percent. Last year at this time, the 30-year FRM averaged 4.74 percent.
· 15-year FRM this week averaged 3.17 percent with an average 0.8 point, up from last week when it averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 4.05 percent.
January 19, 2012
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30-Yr FRM
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15-Yr FRM
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5/1-Yr ARM
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1-Yr ARM
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Average Rates
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3.88 %
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3.17 %
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2.82 %
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2.74 %
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Fees & Points
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0.8
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0.8
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0.7
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0.6
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Margin
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N/A
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N/A
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2.74
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2.76
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The Commercial Market
Healthy Rental Market: In 2011the demand for rental units and market conditions have rarely been stronger. Vacancies averaged 5.2% by the end of the year, with effective rents growing by a healthy 2.3%. National vacancies continued to tighten sharply in the fourth quarter, bucking seasonal weakness typical of the colder months of the year. In just two years after hitting all-time highs of 8.0% at the end of the 2009, vacancies have not just recovered, they have surpassed previous lows. If you’re thinking about investment property, now is a great time to buy.
Around the Area
21 New Laws for Texas Residents: The state already offers the property tax exemption to veterans who are labeled as 100 percent disabled as a result of combat injuries or other service-related causes. As of Jan. 1, the exemption was extended to apply to spouses after the death of their military husband or wife.
Another law will require Texas voters to present valid photo identification before casting their ballots, but that law is currently on hold until the Justice Department completes its review of the provision to ensure it does not violate minority voting rights under the Voting Rights Act.
And a third bill, Senate Bill 1107, requires all college students to obtain a meningitis vaccination shot within the last five years and at least 10 days before the first day of class.
Other new bills cover child care center employee training and the ability to view tax bills electronically. To view the full list of implemented bills, visit the state's website.
Austin Unemployment Rate Down: Austin’s unemployment rate for December has dropped to its lowest level in more than two years, according to figures from the Texas Workforce Commission . The unemployment rate fell to 6.3 percent last month, down from 6.6 percent in November. Austin employers added 1,100 jobs in December for a total of 16,100 jobs over the last 12 months. The state’s unemployment rate dropped to 7.8 percent in December, down from 8.1 percent the month before. The U.S. unemployment rate is 8.5 percent.
Scott and White Clinic Opens in Leander:The $3 million Scott & White Clinic - Leander opened Jan. 23, bringing primary care and physical therapy services to Leander. The clinic is equipped with 16 examination rooms, two treatment rooms, on-site X-rays and a laboratory.
A ribbon cutting has been scheduled for Feb. 2 at 4 p.m. at the clinic, which is located at 1007 S. U.S. 183.
Costco to Open In Cedar Park - The warehouse membership club chain Costco announced plans to open a store in Cedar Park late next year at Town Center, located at the northwest corner of RM 1431 and Toll 183A. Costco expects to hire 300–400 full- and part-time employees for its 150,000-square-foot store, said Dave Messner, Costco vice president of real estate. He said the store will serve the thousands of Costco members who currently travel and shop at the Austin stores—one in the Arboretum area and one in Southwest Austin.
First Kenguru electric vehicle rolls off the line in Pflugerville: The first Kenguru—the small, yellow electric vehicle designed to be driven in a wheelchair—was unveiled Thursday in Pflugerville several years after Community Cars founder Stacy Zoern first saw the design for the car online. “I knew it was going to change my life as soon as I saw it,” said Zoern, who has been in a wheelchair her entire life.
The cars cost $25,000 and allow people who are wheelchair-bound to drive the vehicles up to 25 miles per hour. The vehicles are manufactured in Pflugerville. Given the opportunity to place a “Made in Pflugerville” sticker on the first Kenguru, Pflugerville Mayor Jeff Coleman said, “Pflugerville is incredibly proud of this sticker, this company and this car.”
Formula One releases Austin race dates, times:
Formula One has released details on date and race times for the U.S. Formula One Grand Prix in Austin at the Circuit of the Americas track. Practices will be held Nov. 16 at 10 a.m. and 2 p.m. A Nov. 17 practice will be held at 10 a.m. followed by a 1 p.m. qualifying run. The main event Grand Prix race will be held Nov. 18 at 1 p.m. Click here for more from Circuit of the Americas and stay on top of all the latest F1 Austin news with the Austin Business Journal.
Georgetownstaff announced Jan. 17 the city would host the inaugural Georgetown Grand Criterium Bicycle Race May 19–20. The event is expected to draw up to 800 cyclists and 5,000 spectators to the Square in its first year.
The cycling event, staged by Holland Racing, will be the state criterium championship for the Texas Bicycle Racing Association, with a USA Cycling sanctioned course. Criterium is a closed-circuit race on a 1- to 2-mile course often staged on city streets. Riders average a speed of 30 to 35 miles per hour and can reach speeds of more than 40 mph.
The event will also include a noncompetitive ride with routes varying in distance for recreational riders and could include a health and fitness expo, vendor booths and a children’s play area.
Andrew Willis, president of Holland Racing, said the event is expected to grow over the next five years and could eventually draw a crowd of nearly 25,000 people.
For more information about the event, including updates, race course and ride routes, and race registration, visit www.georgetowngrand.com.
California Jobs Moving to Texas
California has one of the highest unemployment rates in the country, and now California Governor, Jerry Brown, is being forced to defend the state against the notion that Texas is stealing some of their jobs.
Dave Porter, Senior Vice President of Economic Development for the Austin Chamber of Commerce said, “California is driving business out of its state with high cost of doing business and an anti-business attitude from leadership. What happens is companies reach a certain size in California, where they realize it's too expensive to expand, so they look at other places and Austin is usually one of those places," said Porter.
According to the Austin Chamber of Commerce, since 2004, California has been the greatest source for company relocations to Austin, with 61 companies moving here.
Many of those companies are tech-related, including Vast, which expanded to Austin from San Francisco. While the company maintains an office in California, the Austin office continues and is now its headquarters. More than 130 companies, headquartered in California, have a presence here. Read more: http://www.myfoxaustin.com/dpp/video/Is-Texas-Stealing-California-Jobs%3F20120119-ktbcw#ixzz1kUVeNkBH
Ask the Inspector:
Question: I’m a seller who had my house inspected by a home inspector last week and he said in his report that the water heater in the garage needed to be elevated 18 inches off the garage floor; however, it is an electric water heater. The buyer wants the water heater elevated and is causing me a lot of grief. Isn’t only gas water heaters needed to be? What could possibly his justifications for this?
Answer: For electric water heaters, the lower electric (heating element) is a potential ignition source to ignite flammable vapors that possible could be settling on the garage floor.
Additionally, “Burners, burner ignition devices or heating elements, switches, or thermostats that are not a minimum of 18 inches above the lowest garage floor elevation, unless the unit is listed for garage floor installation” shall be stated in the home inspector’s report as deficient under the Texas Administrative Code, Section§535.231(b)(G), which governs home inspectors in Texas.
Question: Is it code to have those flexible air ducts in garages?
Answer: No, it is not.
The 2009 International Residential Code Section R302.5.2 states,
“Duct Penetration. Ducts in the garage and ducts penetrating the walls or ceilings separating the dwelling from the garage shall be constructed of a minimum No. 26 gage (0.48 mm) sheet steel or other approved material and shall have no openings into the garage.”
So Who’s Representing You? Did you know that in Texas, Real Estate Fees are typically paid by the Seller or the Listing Brokerage so if you're a Buyer, the services of your Buyers Agent are usually free. For additional information on the Agent’s role and brokerage services Click Here
Check out this great 7 minute video about the Texas Economy, Population growth and much more. Some amazing information: The TexaPlex 2- Click here
Defect of the Month
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Interesting placement of the exhaust fan |
Below are Links to a few listings and General Property and Area information
2. Free Standing Commercial Building in Georgetown, previously used as an assisted living facility. Ideal for medical, dental or general office use. Click Here
3. 284 Acres East of Austin, Frontage on Hwy 290 and old CR 20. This gorgeous piece of land is well cleared with an Ag exemption and hay lease. Great buy and hold property: Click Here
6. 4 to 6 acre lots. Your builder or ours. San Gabriel River frontage available. Click Here
7. See all area available properties 24/7 - Click here for the Sedlor Properties Search Engine Page
Equal Housing Opportunity |