While much of the rest of the nation is suffering from real estate devaluation, the Lake Travis market appears to be on the upswing, local realtors are saying.

 The surge is particularly true for homes between $200,000-$400,000.
“It started for us around the end of March/first part of April and it’s definitely in that mid $200,000s-mid $400,000s where we’ve had the most activity,” said Larry Bishop of Turnquist Partners Realtors. “I really do think we hit the bottom of the market around that same time.”
He said his office has seen more traffic, gotten more phone calls and seen buyers buying instead of just looking.
“It’s all indicative of an improving market,” he said, but added that the summer season was also helping. “If we’re not busy this time of year, we’re really in trouble.”
Bishop believes that buyers are sensing the turn-around in the market as well.
“Overall, it’s just a feeling that it’s probably a good time to buy. Most buyers think we’ve hit the bottom or are getting close and the interest rates are still good,” he said.
Doug Land at Capital City Sotheby’s International Realty has seen the same trend in his office.
“It probably has to do with the first-time home buyer credits that are available,” Land said of the federal program that gives first-time buyers a tax credit of up to $8,000. “That tax credit is not going to be available to people in the higher price points.”
Of the 70-75 homes under $500,000 that his office has listed, a host of them are already under contract.
Land said he sees the trend continuing throughout the summer and into the fall.
“The first time home buyer credit is available through the end of November,” he said.
The Home Builders Association of Greater Austin’s Lakeway/Bee Cave Chapter has also observed an upswing in the market. The HBA said its most recent housing forecast predicted an end to the current recession by year’s end. And the Travis County market is poised to be one of the first mid-sized cities to reap benefits, since the area did not experience as drastic a downturn as other areas of the nation.
HBA said it continues to see a steady stream of families relocating to the area because the job market remains better in Texas, thanks to its business friendly atmosphere.
Growth, according to the Travis County Demography Department, is anticipated to continue its surge. This year alone, the county anticipates 30,000 new residents moving into the community. The county believes that demand is “not going to go away” and that there are about two years worth of lots currently available. HBA said it takes about two years for a lot to be developed, so once the current inventory moves, there is likely to be a push for new construction.
“The Lake Travis/Lakeway area has a bit longer period for lot development,” noted HBA President Wes Peoples. “It takes a minimum of a year for a lot to be developed, and usually it is more like about 18 months. So what is going to happen there is going to be a small lot supply. As we all know, when the market is constricted, the price goes up.”
Peoples said one thing that has hurt the market is the cost of building materials. He said the HBA will be returning to Rough Hollow this fall for its tour of homes. The exact dates, times and locations will be announced later this fall.
But Sharon Seligman of Keller Williams said those in looking for a new home can find great deals right now if they have available credit because there are good deals to be had.
“In certain areas, you could even say there is a ‘seller’s market,’” Seligman noted. “In the $300,000 price range, we have seen some of that. In the higher priced houses, it is slower, but I have noticed that houses sell every day — particularly if the house is priced right. People understand that the market dictates the price and those who price properly and do what needs to be done to get their houses into a saleable position — the paint touch ups and repairs — they can see success. We are recommending pre-inspections so the seller knows what they are getting into and there are no surprises at the last minute. It is better to deal with potential problems on the front end so there are no surprises down the line.”
Seligman also has extensive expertise in “green homes.”
“I have one house located in Belvedere that is a ‘Austin Energy Green rated home,’ with forward thinking features,” Seligman explained. “The house is already plumbed and ready for water collection system. The air conditioning system is within conditioned space, which removes significant toll on the unit, lessens the tonnage necessary. It has tankless water heaters, and deep eaves keep sun away. In the case of this luxury home, the builder, Integrity Builders, was as passionate about quality materials and workmanship as he was about energy efficiency. This was reflected by the use of Brazilian Lacewood and Brazilian Tigerwood, along with many other unique and beautiful materials.”
Seligman believes that green building will increasingly become popular in the coming years, particularly if government increases incentives for green building projects. Most analysts believe that trend will continue.
And Seligman is quick to point out that luxury amenities do not have to go by the wayside if the buyer chooses to purchase a green home.
The most important thing, Seligman said, is for buyers to make certain they are getting the “best bang for their buck.”
Guy Clayton, Executive Vice President of Texas Country Bank, who specializes in mortgage lending, said there is financing available to qualified borrowers. He said the key to success is planning.
“It is essential to do some pre-planning up front,” Clayton said. “Go to your lender and get pre-approved. In the past, you could just walk in and have a contract and be ready to close. But now, with all the new government guidelines and programs, the key is to get with a lender and get pre-approved. That is different than being pre-qualified. It means you have all you need to proceed with your negotiations.
“This allows you to go to the seller and tell them that you are pre-approved,” Clayton said. “It is like saying, ‘I’m as good as gold,’ and that allows you to make a stronger offer. It is almost like being a cash buyer.”
Clayton said that tougher oversight is being exercised in the lending market, noting that everything is based a person’s credit score.
“Folks need to stay on top of their credit scores,” Clayton advised. “There is so much identity theft and strange things going on out there that you have to be very vigilant.”
But the bottom line is positive, said Peoples.
“People will never have a better opportunity to buy a house at the right price than they do now, as long as they have available credit,” Peoples concluded.