Grossman & Jones Real Estate Blog - housing

"Real Estate Roundup: Local firm snatches up lots of space in St. Elmo, plus more deals to know"

Austin Business Journal reports, "one of the biggest property owners in South Austin’s St. Elmo Arts District acquired a whole lot more real estate in the neighborhood in December.

Austin-based Veloway Threads — owners of The Yard and other properties where business such as Icon, Tesla, Still Austin and St. Elmo Brewing lease space — purchased eight properties within the district last month, said Priscilla Sauceda, vice president of operations and community at Veloway Threads. The area, which a few years ago was a sleepy industrial hub, has piqued the interest of many developers and is rapidly changing into a mixed-use destination.

The firm also purchased four other properties outside of St. Elmo, and all 12 properties together pushed Veloway’s…

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"How a ‘Dry January’ Mindset Can Get You Closer to Buying a Home in 2024"

Realtor.com writes, "the “dry January” challenge of giving up alcohol for a month got us thinking about kicking some other bad habits that might be holding us back.

We’re not talking about giving up carbs for a month or an afternoon latte, but the not-so-great things you might be doing as a wannabe homebuyer. Not to point fingers here, but many home shoppers fall prey to a faux pas or two when making what’s likely the most significant purchase of their lives, especially in today’s brutal housing market.

To help you get closer to your homebuying dreams, consider taking the month of January to hit the reset button and think about the strategies that aren’t working in your favor. Ready for a homebuying reset? Read on.

Bad habit No. 1: Shopping…

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"U-Haul: Austin ranked No. 5 among top cities for one-way moves in 2023"

Austin Business Journal shares, "Austin was among the hottest destinations in the country for where people were moving last year, according to the latest annual ranking from U-Haul International Inc.

Austin ranked No. 5 among the top U.S. growth cities in 2023, and Texas was again named the top state for move-ins for the third consecutive year, according to data released Jan. 2 and Jan. 3.

U-Haul collects migration data from more than 2.5 million one-way U-Haul truck, trailer and moving container rentals for the year. It ranks the top "growth states" and "growth cities" by net gain, which contrasts the number of one-way U-Haul trucks entering a city or market versus those leaving.

U-Haul migration trends don't directly correlate to an area's…

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"Texas is winning the US economy"

Business Insider writes, "Texas is becoming the poster child of the US economy.

A new Wells Fargo analysis determined that Texas is outpacing many states regarding GDP and employment growth, despite some struggles in commercial real estate.

These findings echo a Bank of America report from earlier in December that determined the Southeast's economy may outpace other regions of the US.

In 2023, Texas experienced the third-fastest growth in terms of population, increasing 1.6% between July 2022 and July 2023 — compared to 0.5% nationwide. This amounted to about 473,000 new residents, many moving from different states.

In 2023, net domestic migration — the number of people who moved into Texas from another state, minus those who moved out —…

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"5 major towers are set to open in downtown Austin in 2024. Check out what's planned"

Austin American-Statesman reports, "the new year will bring new skyscrapers to downtown Austin.

In the past two decades, downtown has seen an unprecedented high-rise building boom that has transformed the city's central business district with towering condominium, apartment and office buildings along with hotels and scores of new shopping, dining and entertainment options.

Even as downtown's office market has languished as remote work has taken hold since the coronavirus pandemic, people still want to live in the center of the action, and that's keeping downtown's housing, retail and restaurant sectors bustling.

“With falling interest rates and strong population/job growth, I am quite optimistic that the downtown Austin condo market will see…

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"Zillow’s 2024 housing market predictions for Austin, nation"

KXAN Austin shares, "real estate marketplace Zillow has predictions for what will happen to the Austin and national housing markets in 2024, including cost decreases, supply increases and the arrival of generative computer programs (often called artificial intelligence or AI) to the buying process.

Zillow on Austin’s market from 2021-2023

In 2021, Zillow declared Austin the nation’s hottest housing market. It cooled slightly on Austin in 2022, but still ranked the city as the 10th hottest. In 2023, the company declared Austin’s housing market “ice cold.”

But in a Thursday interview, Zillow Senior Economist Orphe Divounguy said that 2023 has been “a great year” for Austin and the U.S.

“We started the year with high inflation that of course…

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"Median home prices down almost 8.4% in Austin-area year-over-year"

 Austin American-Statesman shares, "there was good news for homebuyers in the latest monthly report from the Austin Board of Realtors last week.

With rising inventory and lower prices, Central Texas' cooling housing market has provided more choices and leverage for buyers, board officials and other experts say.

Here are some key takeaways from the November report.

Median price

• Across the Austin Round-Rock region from Georgetown to San Marcos, the median price of the homes that sold in November fell 8.4% year-over-year to $424,450, indicating Austin’s housing supply is becoming available at lower price points, board officials said. They were quick to point out, however, that prices remain "considerably elevated relative to pre-pandemic…

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"How To Buy a Home Without a 20% Down Payment"

Realtor.com writes, "one of the first things you’ll hear when you start considering homeownership is that even with a mortgage, you’ll need a hefty chunk of change upfront. Most financial planners recommend putting down a 20% down payment.

On the current national median home price of $420,000, that comes to $84,000. And that’s serious money.

But if you don’t happen to have that kind of cash on hand, you’re not alone. Mortgage expert Bill Banfield notes that the most common barrier to homeownership isn’t being able to afford the monthly mortgage payment—it’s being able to save the down payment.

Thankfully, there are other ways to go about buying a home that doesn’t require you to put 20% down. Here’s a list of where you can find…

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"River City Capital plans 700-plus apartments near Tesla, airport"

Austin Business Journal reports, "River City Capital Partners is planning a big apartment complex in Southeast Austin near the airport.

The project is set to include more than 700 apartments northwest of Austin-Bergstrom International Airport, according to site plans filed with the city. That's about a 15-minute drive from Tesla's Gigafactory, which has ramped up to more than 20,000 employees. The project will be developed in multiple phases and will have an affordability component.

River City Capital did not respond to requests for comment.

The project will rise on about six acres at 6610 E. Riverside Drive and will consist of 708 apartments. While the site plan did not indicate the total square footage of the project, it did specify…

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"Foreign buyers boost Texas housing market"

TheRealDeal reports, "an influx of international home buyers is providing a boost to Central Texas’ housing market. 

Over a 12-month stretch that ended in March, foreign homebuyers spent $609 million in Central Texas, accounting for 3 percent of sales dollar volume in the Austin region, the Austin American-Statesman reported, citing a study by the Austin Board of Realtors. 

“The Central Texas region continues to be a magnet for international homebuyers and investors,” Ashley Jackson, president of the Austin Board of Realtors, told the outlet. “One in six new Austin-area residents come from abroad.”

India was the primary source of international homebuyers for the second consecutive year, accounting for 21 percent of transactions among foreign…

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