Austin is the capital of the U.S. state of Texas and the seat of Travis County, with portions extending into Hays and Williamson counties. It is the 11th-most populous city in the United States and the 4th-most populous city in Texas. It is the fastest growing large city in the United States, the second most populous state capital after Phoenix, Arizona, and the southernmost state capital in the contiguous 48 states. As of the Census Bureau's July 1, 2016 estimate, Austin had a population of 947,890, up from 790,491 at the 2010 census. Located in Central Texas within the greater Texas Hill Country, the city is home to numerous lakes, rivers, and waterways, including Lady Bird Lake, Barton Springs, McKinney Falls, the Colorado River, Lake Travis, and Lake Walter E. Long. It is the cultural and economic center of the Austin–Round Rock metropolitan statistical area, which had an estimated population of 2,056,405 as of July 1, 2016.
In the 1830s, pioneers began to settle the area in central Austin along the Colorado River. In 1839, the site was chosen to replace Houston as the capital of the Republic of Texas and was incorporated under the name "Waterloo". Shortly afterward, the name was changed to Austin in honor of Stephen F. Austin, the "Father of Texas" and the republic's first secretary of state. The city grew throughout the 19th century and became a center for government and education with the construction of the Texas State Capitol and the University of Texas at Austin. After a lull in growth from the Great Depression, Austin resumed its development into a major city, and by the 1980s it emerged as a center for technology and business. A number of Fortune 500 companies have headquarters or regional offices in Austin, including Amazon.com, Apple Inc., Cisco, eBay, General Motors, Google, IBM, Intel, Oracle Corporation, Paypal, Texas Instruments, 3M, and Whole Foods Market. Dell's worldwide headquarters is located in nearby Round Rock, a suburb of Austin.
Residents of Austin are known as Austinites. They include a diverse mix of government employees, college students, musicians, high-tech workers, and blue-collar workers. The city's official slogan promotes Austin as "The Live Music Capital of the World", a reference to the city's many musicians and live music venues, as well as the long-running PBS TV concert series Austin City Limits. The city also adopted "Silicon Hills" as a nickname in the 1990s due to a rapid influx of technology and development companies. In recent years, some Austinites have adopted the unofficial slogan "Keep Austin Weird", which refers to the desire to protect small, unique, and local businesses from being overrun by large corporations. In the late 19th century, Austin was known as the "City of the Violet Crown", because of the colorful glow of light across the hills just after sunset. Even today, many Austin businesses use the term "Violet Crown" in their name. Austin is known as a "clean-air city" for its stringent no-smoking ordinances that apply to all public places and buildings, including restaurants and bars.
U.S. News & World Report named Austin the #1 place to live in the U.S. for 2017. In 2016, Forbes ranked Austin #1 on its "Cities of the Future" list, then in 2017 placed Austin #1 on its list for the "Next Biggest Boom Town in the U.S." Also in 2017, Forbes awarded the South River City neighborhood of Austin its #2 ranking for "Best Cities and Neighborhoods for Millennials". WalletHub named Austin the #6 best place in the country to live for 2017. The FBI ranked Austin as the #2 safest major city in the U.S. for 2012.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Austin, Texas. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!
The national average total real estate commission in 2015 was 5.26% *
In Austin, Texas, you will find the following real estate commissions charged*:
Typical Asking Commission: 6.0%
Competitive Commission: 5.0%-5.5%%
Very Competitive Commission: 4.5%-4.99%
The median existing single-family home price in the South rose 6.7%, to $229,400, in the second quarter of 2017 compared to the the second quarter of 2016. Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:
In the State of Texas, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
|Houston-The Woodlands-Sugar Land||$235,600||8.40%|
|San Antonio-New Braunfels||$222,600||5.70%|
Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home. In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).
In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent. Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”. This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client. This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).
When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.
At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business. These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm. This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Texas.
Sellers who are also buying a home in the same local market have a volume discount advantage. ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home. Be sure to check the box that you are also buying a home locally to receive these better rates.
Click here to see your savings in just 24 hours…
According to the 2010 United States Census, the racial composition of Austin is:
At the 2000 United States Census, there were 656,562 people, 265,649 households, and 141,590 families residing in the city (roughly comparable in size to San Francisco, Leeds, UK; and Ottawa, Ontario, Canada). The population density was 2,610.4 inhabitants per square mile (1,007.9/km2). There were 276,842 housing units at an average density of 1,100.7 per square mile (425.0/km2). There were 265,648 households out of which 26.8% had children under the age of 18 living with them, 38.1% were married couples living together, 10.8% had a female householder with no husband present, and 46.7% were non-families. 32.8% of all households were made up of individuals and 4.6% had someone living alone who was 65 years of age or older. The average household size was 2.40 and the average family size was 3.14.
In the city, the population was spread out with 22.5% under the age of 18, 16.6% from 18 to 24, 37.1% from 25 to 44, 17.1% from 45 to 64, and 6.7% who were 65 years of age or older. The median age was 30 years. For every 100 females there were 105.8 males.
The median income for a household in the city was US$42,689, and the median income for a family was $54,091. Males had a median income of $35,545 vs. $30,046 for females. The per capita income for the city was $24,163. About 9.1% of families and 14.4% of the population were below the poverty line, including 16.5% of those under age 18 and 8.7% of those age 65 or over. The median house price was $185,906 in 2009, and it has increased every year since 2004. The median value of a house in which the owner occupies it was $227,800 in 2014, which is higher than the average American home value of $175,700.
A 2014 University of Texas study stated that Austin was the only U.S. city with a fast growth rate between 2000 and 2010 with a net loss in African-Americans. As of 2014, Austin's African-American and Non-Hispanic White percentage share of the total population is declining despite the absolute number of both ethnic groups increasing. Austin's Non-Hispanic White population first dropped below 50% in 2005. The rapid growth of the Hispanic and Asian population has outpaced all other ethnic groups in the city.
According to one survey completed in 2014, it is estimated that 5.3% of residents in the Austin Metropolitan area identify as Lesbian, Gay, Bisexual, or Transgender. The Austin metropolitan area had the third highest rate in the nation.
The Greater Austin metropolitan statistical area had a Gross Domestic Product of $86 billion in 2010. Austin is considered to be a major center for high tech. Thousands of graduates each year from the engineering and computer science programs at the University of Texas at Austin provide a steady source of employees that help to fuel Austin's technology and defense industry sectors. The region's rapid growth has led Forbes to rank the Austin metropolitan area number one among all big cities for jobs for 2012 in their annual survey and WSJ Marketwatch to rank the area number one for growing businesses. By 2013, Austin ranked No. 14 on Forbes' list of the Best Places for Business and Careers (directly below Dallas, No. 13 on the list). As a result of the high concentration of high-tech companies in the region, Austin was strongly affected by the dot-com boom in the late 1990s and subsequent bust. Austin's largest employers include the Austin Independent School District, the City of Austin, Dell, the U.S. Federal Government, NXP Semiconductors, IBM, St. David's Healthcare Partnership, Seton Family of Hospitals, the State of Texas, the Texas State University, and the University of Texas at Austin.
Other high-tech companies with operations in Austin include 3M, Apple, Amazon, AMD, Apartment Ratings, Applied Materials, ARM Holdings, Bigcommerce, BioWare, Blizzard Entertainment, Buffalo Technology, Cirrus Logic, Cisco Systems, Dropbox, eBay, PayPal, Electronic Arts, Flextronics, Facebook, Google, Hewlett-Packard, Hoover's, HomeAway, Hostgator, Intel Corporation, National Instruments, Nvidia, Oracle, Polycom, Qualcomm, Inc., Rackspace, RetailMeNot, Rooster Teeth, Samsung Group, Silicon Laboratories, Spansion, United Devices, and Xerox. In 2010, Facebook accepted a grant to build a downtown office that could bring as many as 200 jobs to the city. The proliferation of technology companies has led to the region's nickname, "the Silicon Hills", and spurred development that greatly expanded the city.
Austin is also emerging as a hub for pharmaceutical and biotechnology companies; the city is home to about 85 of them. The city was ranked by the Milken Institute as the No.12 biotech and life science center in the United States. Companies such as Hospira, Pharmaceutical Product Development, and ArthroCare Corporation are located there.
Whole Foods Market (often called just "Whole Foods") is an upscale, international grocery store chain specializing in fresh and packaged food products—many having an organic-/local-/"natural"-theme. It was founded and is headquartered in Austin.
Other companies based in Austin include Freescale Semiconductor, GoodPop, Temple-Inland, Sweet Leaf Tea Company, Keller Williams Realty, National Western Life, GSD&M, Dimensional Fund Advisors, Golfsmith, Forestar Group, EZCorp, Tito's Vodka and YETI.
In addition to national and global corporations, Austin features a strong network of independent, unique, locally owned firms and organizations.