I just read an article in the Austin Business Journal stating that 22 zip codes in Texas are among those with the highest number of foreclosures in the nation. 78664 in Round Rock and 78660 in nearby Pflugerville are among them. In a three month period, 78664 reported 248 foreclosures filed and 78660 reported 166 foreclosures. Not to fret though. Overall foreclosures in the Austin area are down 4% from this time last year. If... Full Story

With in the past year, property values in Travis County have jumped 13% due in part to new construction activity and a higher level of interest from buyers for the Austin market. To read more from this article log on to Austin Business Journal’s website:Â
Austin Business Journal

While the housing market in the U.S. has continued to slow down, the Austin market has had the opposite effect.

For instance, the price of a single family home continues to fall nationwide, but Austin’s prices are rising. In addition, the average home value has increased in Austin by 5.6%. where as the national average is seeing a decrease of 1.5%.

You can attribute Austin’s success to the huge growth in the past year. Companies... Full Story

There is a great article written on the News 8 website today discussing the real estate trends of the Austin area specifically touching on the development of downtown and the affordable housing market. The article also discussed suburban growth citing Cedar Park has had it’s population grow 93% from where it was six years ago making it the 11th fastest growing city in the U.S. Pflugerville, Round Rock, Hutto and Kyle were also mentioned.

Click... Full Story

In a recent article I read in the Austin American Statesman, Addison based Foreclosure Listing Service Inc. reported that foreclosure postings fell 8% for the Central Texas area, the only major metropolitan area in the state to have a decline. Broken down into counties, Travis county reported a 6% decrease in foreclosures compared to this time last year, Hays County reported a 10% decrease and Williamson County had the most drastic decline with 11%.

Though... Full Story

The National Association of Realtors is forecasting a stabilization in the so-called erratic housing market. Job growth and the replacement of subprime lenders to borrowers with weak credit with government-backed loans are cited as the main reasons for the improved outlook. The trade group also said its index that forecasts near-term home sales inched upward in October. The trade group’s seasonally adjusted index of pending sales for existing homes rose 0.6 percent to 87.2 from... Full Story

Despite news reports of a struggling housing market across the nation, Austin’s market remains healthy and forecasts predict this trend will continue.With a healthy inventory of roughly 10,000 homes currently available and a number of people relocating to Austin for jobs, it’s a great time for buyers and sellers.

Austin area home sales courtesy of Lynne McCoy of Fidelity National Title®

Thinking about doing some remodeling to your home? Make sure you’re investing your time and money in the right areas. According to Remodeling magazine’s annual “Cost vs. Value Report”, exterior and replacement projects bring in the biggest return. For instance, adding a wooden deck not only adds aesthetic value to the exterior of your home, it also has one of the highest percentages of costs recouped at 85%. Other projects that consistantly rank high include... Full Story

According to housingpredictor.com, Austin is ranked 10th overall for having the highest appreciation of real estate values for 2008. According to the site, " the top 25 with the highest forecast appreciation have the greatest probability of reaching their forecast of the more than 250 local housing markets Housing Predictor forecasts. In 2007 Housing Predictor’s forecasts were 86% correct within a 1 to 2% margin." It’s estimated that there will be a 4.8% increase in... Full Story

Located one mile south of downtown, the first phase of the 2020 Congress condos is slated for completion this summer with the second phase estimated to be finished in the fall. The project, featuring 103 units ranging from studios to two-bedroom condos, are some of the most affordable in the downtown area. Prices start at $96,000 for a studio and go up to $190,000 for the two-bedroom condos. Amenities include granite countertops, hardwood floors, stainless... Full Story

The Austin City Council gave their final approval on the 270-unit condo project with construction slated to begin within the next 30 days.

Located on Barton Springs Rd. within a stone’s throw of Zilker Park and Restaurant Row, Barton Place offers the ultimate Austin lifestyle.

Prices start in the high $200,000s with presales already under way.

Interested? Contact me and I’ll send you any information you need!

Ray Perryman, a Texas economist who owns the Perryman Group,  recently released his latest analysis on the housing market in Austin, especially the downtown area. With 6,000 residents already calling downtown home and another 4,000 residential units under construction, Perryman estimates the population in the downtown area to double within the next few years. He attributes the surge to rising energy costs and traffic, making downtown living much more desirable.

The majority of the buyers... Full Story

According to an article just released by the Associated Press, after six months of less than stellar numbers in the housing market, sales posted in February were on the rise.  According to the National Association of Realtors, home sales rose 2.9% in the month of February contradicting forecaster’s earlier predictions. This pleasant surprise has led many to believe that the market is stabilizing and overall things aren’t as bad as the seem in the real estate... Full Story

After months of preparation and financing finally in place, construction is set to begin on the upscale mixed-use 37 story project consisting of 165 condo units, a 252-room W Hotel and a 2,480-seat theater that will serve as the new home for Austin City Limits along with a spa and retail space.

The lower level will consist of 47,751... Full Story

Austin area home sales courtesy of Jane Anne Hawthorne of Fidelity National Title

I just received the following information and thought it would be good to post in my blog:

 "30-Year Mortgage Rates Fall Under 6%

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 5.94 percent during the week ended Oct. 9, marking the first decrease in three weeks. The 15-year fixed rate slipped to 5.63 percent from 5.78 percent the previous week. Meanwhile, the five-year adjustable mortgage rate dropped a notch to 5.9... Full Story

Just read this and thought I’d share…

 Housing Predictor, which provides housing forecasts in 250 markets, has identified 10 markets where the regional economies are healthy and have strong potential for increasing prosperity.

These housing markets have bucked the national trend in 2008 and avoided the subprime crisis, the consultancy says.

Whatever the future holds for the housing market as a whole, Housing Predictor forecasts that these cities will continue to see steady, dependable growth.

I’m sure many of you have heard by now that 30-year fixed mortgage rates have fallen to their lowest in 37 years. The national average rate hovers around 5.19% and locally sits a little lower at 5.15%.

What does this mean, you ask? Well, two things, it’s a great time to buy and it may be a great time to refinance depending on what rate you locked in at the time of the purchase of your current... Full Story

I read an interesting article the other day describing how builders who once marketed themselves as eco-friendly and “green” are making it a point to leave those terms out of their advertising. The reason, they claim, is that even though it will same them more money in the long run, potential buyers are often hesitant in putting down extra money upfront to cover the costs of a more eco-friendly home. One local builder, Green Builders, was directly affected posting... Full Story

A recent report in the Association of Foreign Investors in Real Estate has ranked Austin 11th in top cities for U.S. and global investment in 2009, up from 16th place in 2008. Washington D.C. took the top spot on the ranking, followed by New York, San Francisco, Los Angeles and Houston for the top five. Foreign investors were most interested in purchasing multifamily sectors, followed by office space, industrial buildings, retail space and hotels. What’s interesting to note is that the... Full Story

President Barack Obama has made if official by signing the stimulus bill which includes a bit of relief for first time homebuyers. I recently visited the Federal Housing Tax Credit website and found some great information that I thought I’d share. Here are the basics:

• The tax credit is for first-time home buyers only.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the... Full Story
  Categories : Real Estate

With the Brazos Lofts going up on the auction block earlier this year and Bel Air Lofts just auctioning off the remainder of their condos, another community, Sage Condominiums, located on South Lamar, is slated to put its remaining 23 condos up for sale with 10 of those units selling absolute, with no minimums and no reserves.

The units for sale cover seven floor plans, each with two bedrooms and... Full Story

Many first time homebuyers don’t know about the City of Austin’s Down Payment Assistance Program. Check out the link below and feel free to contact me if you need help or have any questions. Now is the time to take advantage of this program along with the homebuyer tax credit if you’re thinking about buying a home, I know the perfect Realtor to help:)

http://www.ci.austin.tx.us/ahfc/downloads/dpa_faqs_updated_080709.pdf

I’ve been hearing rumors for the last few months that the government is considering extending the first time homebuyer’s tax credit program, but I had never read anything about it – until now. I receive a weekly newsletter from the National Association of Realtors and in this week’s edition was the following article:Daily Real Estate News  |  August 24, 2009  |   First-Time Buyer Tax Credit Extension Possible Bills to extend the maximum... Full Story

I’ve been reading a few great articles recently about downtown living in Austin. As much resistance as there has been to change, the inevitable is happening and the downtown skyline is changing.73% of the 1,562 condos that have already been built or are currently under construction are occupied. The most anticipated  projects nearing completion are the Austonian and W Hotel and Condominiums. With no new construction slated to start for another 4-5 years, demand may... Full Story

Looks like a few developers have had to endure a good dose of reality. The latest to stall their project is the Star Riverside luxury condominiums. They decided something more affordable would be more realistic and I couldn’t agree more.

Major competitors for the high-end market include the Austionian, a 56 story high-rise whose amenities include a private party area and fitness center. It will also include an “urban” dog park, swimming pool, a variety of... Full Story

It’s undeniable. The Austin downtown skyline has changed dramatically over the past decade, with dozen of new buildings popping up, namely various condominium and apartment buildings.

Many speculated that “downtown living” would not take off here, but a recent article seems to disprove that. Recent estimates state that there are roughly 400 units left to purchase in the downtown area. With lenders tightening their ropes and loans getting harder to obtain, it is unlikely that... Full Story

acceleration clause – A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender.

A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes.

The loan payment consists of a portion which will be applied to pay the accruing interest on a loan, with the remainder being applied to the principal. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time.

This is not the note rate on your loan. It is a value created according to a government formula intended to reflect the true annual cost of borrowing, expressed as a percentage. It works sort of like this, but not exactly, so only use this as a guideline: deduct the closing costs from your loan amount, then using your actual loan payment, calculate what the interest rate would be on this amount instead of your... Full Story

A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby

By filing in federal bankruptcy court, an individual or individuals can restructure or relieve themselves of debts and liabilities. Bankruptcies are of various types, but the most common for an individual seem to be a “Chapter 7 No Asset” bankruptcy which relieves the borrower of most types of debts. A borrower cannot usually qualify for an “A” paper loan for a period of two years after the bankruptcy has been discharged and requires the re-establishment... Full Story

One of the biggest challenges many homeowners face is making smaller rooms look larger and more inviting. Here are five ways to achieve that goal:

 1. Paint Color – Lighter colors such as creams, icy blues and greens make the best color combinations. Light colors tend to reflect light making the room brighter there by more open. Darker shades of wall color absorb the light giving the room a cave-like feeling. If you want... Full Story

Here is a great real estate tip pertaining to bargain homes….

Most buyers want a home that is in tip-top condition and ready for them to occupy, but many homes sell for bargain prices because they need work. Buyers love “fixer-uppers” for the obvious reasons: the affordable price and the satisfaction of remodeling the house to accommodate your tastes and needs.

Whether you are buying the property for yourself or as an investment, choose a... Full Story

With in the past year, property values in Travis County have jumped 13% due in part to new construction activity and a higher level of interest from buyers for the Austin market. To read more from this article log on to Austin Business Journal’s website:Â
Austin Business Journal

We’ve all heard it in the news lately – mortgage companies filing for bankruptcy, subprime lending becoming extinct. With the everchanging going ons in the lending world, here are a couple of things to know before applying for a home loan.

Credit Score:Having a good credit score is key in getting approved for a home loan. A credit score of around 680 will satisfy most lenders, but a score of 720 will qualify most people... Full Story

Thinking about doing some remodeling to your home? Make sure you’re investing your time and money in the right areas. According to Remodeling magazine’s annual “Cost vs. Value Report”, exterior and replacement projects bring in the biggest return. For instance, adding a wooden deck not only adds aesthetic value to the exterior of your home, it also has one of the highest percentages of costs recouped at 85%. Other projects that consistantly rank high include... Full Story

2008 has seen a record number of foreclosures nationwide and Austin is not immune to this epidemic. Below are some tips to help those of you who may not be in the most secure position when it comes to your mortgage.

 1. Start by facing the problem head-on. Acknowledge the letters your mortgage company is sending you. If you address the problem early enough, you could help avoid the “f” word all together. Contact a... Full Story

One great benefit of being a member of the National Association of Realtors as a designated Realtor is getting their newsletters filled with all types of useful information. The latest included an article of home fads that are slowly on their way out the door in new construction. The list below are some of the ones discussed in the article and may surprise you…

• Fireplaces – There are some parts of the... Full Story
  Categories : Real Estate, Real Estate Tips

If you’re a first time homebuyer, things can be pretty confusing right now. With the tax credit deadlines, who qualifies, new F.H.A. standards, etc. there’s a lot to keep up with.

Just recently the Federal Housing Administration announced they are going to be increasing the mortgage insurance premium on F.H.A. insured loans. The new premium will be 2.25%, a .5% increase from what it was before.

In addition to the insurance premium, beginning this summer... Full Story

Every week I receive an e-newsletter from realtor.org with the latest updates in market trends, lending info. and tips to pass onto my clients. The issue I received today had the following article regarding changes being made to FHA loan applications:
The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, the agency announced Tuesday.

The change is among a number of major changes the FHA is... Full Story

Let’s face it, for those of us who are first time homebuyers or our upgrading to another home, the tax credit has been very helpful. But how exactly do you get that money?

I just received an email today that states exactly what is needed…

If you’re a first time homebuyer, go to the IRS website and download Form 5405. You’ll include it with the rest of your documents when you go to file... Full Story

It’s been almost ten years since a major multitenant office tower has been developed in downtown Austin. Capital City Partners LLC has big plans for their newest project located on the corner northeast corner of West Cesar Chavez Street and Lamar Boulevard. Park Plaza, the planned 15-story tower will feature 189,000 square feet of predominately Class A office space and will be located next to the Gables apartment community.

The newest development has brought... Full Story

It’s hard to imagine with the current economic status but a housing shortage may become a reality for Austin in the next year or two.

A combination of our rapidly growing population along with a slow down in new construction in multi-family and single family residential homes could be the leading cause. This past June, Austin was the fastest growing market, year over year, in the United States with a 1.3% annual growth rate. This... Full Story

Once a month a gaggle of realtors go on a property tour showcasing listings in downtown Austin. Since this is one of the areas I specialize in I always make it a point to go and check out new listings and new projects. Yesterday I toured one that I really thought would stand out in the market.

904 West located in the heart of downtown is marketing itself as high performance downtown condos that owners... Full Story

A few weeks ago I had the privilege of going on a private tour of two of Austin’s newest luxury condo developments, The Austonian and The Four Season Residences. I have to say it’s really exciting to see firsthand how revitalized downtown Austin has become.

Ten years ago only a few hundred people lived downtown, today it’s thousands. Although some would see no new downtown condo projects having been started since work began on the... Full Story

Austin Chamber of Commerce came out with some great statistics that compares Austin to the rest of the nation. For example the percentage of the population aged 25 or older with a bachelor’s degree or higher in Austin is 38.7%, compared to 27.9% nationwide. Self-employed in Austin equals 10.6% of the civilian employed population, compared to 10.0% nationally. Median household income is $56,218 in Austin and $50,221.

For more statistics go to http://austinchamber.com/LiveWork/Economic/report.html

It’s hard to believe, but mortgage rates have dropped even lower than what they were in the summer months. According to Freddie Mac, the rates have fallen to an average of 4.19 percent this week, down from 4.27 percent last week, the lowest since at least 1951. In its 23rd consecutive week the average rate on a 30-year mortgage has remained below 5 percent and 15-year fixed-rate mortgages fell to 3.62 percent this week, another... Full Story

I wish I had a crystal ball to predict the future. How many kids will I have? Will I win the lottery? What will I be making for dinner next Friday night?

I wish this crystal ball could show me the future of real estate so I could answer the questions I get on a daily basis, namely, is this really the best time to buy? Turns out it really is, especially if you take... Full Story

With 2010 nearing its end, I thought it would be interesting to see how this year compares to last year in regards to home sales and sales volume. The chart is broken down by MLS area which I really like since it helps me to see what areas of town are considered “hot” and what areas are more challenging to sell.

Sold Volume:
2009 – $409,093,504.00
2010 – $282,230,720.00
Change: (-31%)

It was bound to come ahead at some point and it looks like the time is quickly approaching.

Austin area apartments complexes are seeing a steady decline in vacancies down from 8.2% to 7.6%. There are two major contributing factors: lack of new projects and a rise in population growth. Only 2900 new units are expected to become available in the upcoming year which is about half of what the normal average is. With roughly... Full Story

There were many who were skeptical when cranes started popping up around the downtown skyline. What followed in the years to come were numerous mid-rise and high-rise condo buildings breathing new life to downtown.

The latest five condo projects are boasting stellar numbers, with 30 closings in the month of October alone. Here’s a breakdown of how each building is doing in terms of sales:

Barton Place Condominiums – 54% sold
The Austonian –... Full Story

The Austin Board of Realtors released its November stats from the MLS (multiple listing system) and it looks good!

In terms of volume, home sales in November of last year were at 1,243 down 20% from the previous year. Over the course of the year, 16,477 homes sold, down 6% from 2009.

Despite a slight decrease in volume, home values stayed consistent. The median price for single-family residences was $184,000, a 3% increase from... Full Story

We had a great guest speaker at our sales meeting this morning that provided some very useful information regarding the Austin housing market.

The Austin rental market:
- There is a 95+% occupancy city-wide
- Rents are up 11% city-wide, averaging about $1.00 per square foot
- Only 1800 new units are projected to be built in 2011
- There are roughly 900 families moving to Austin every month

The... Full Story

Thankfully in the Austin market we are not seeing a huge influx of short sale or foreclosure properties, but travel a little further north or south to Pflugerville, Round Rock, Kyle or Buda and their presence is undeniable. But what exactly is the difference between a short sale property and a foreclosure? Both can be great investments, but can also require a lot of time and patience.

A Short Sale property is one in which... Full Story

While the home buyer tax credit opportunity ended last year for most Americans, it is still available for some members of the military and certain other federal employees serving abroad!

Low interest rates on VA and other loans , combined with the se federal tax credits* for certain first-time home buyers and move-up buyers , make home buying an exceptional value right now. But, time is running out, because the credits, which can be worth... Full Story

It’s no surprise, but with an average of 900 families moving to Austin every month, home rentals are in high demand and landlords are reaping the benefits.

http://www.kvue.com/news/Austin-apartment-rent-soaring-higher-and-faster-than-any-other-Texas-city-117443614.html

Take into consideration the tax benefits, investing in your future and record low interest rates, now really is the perfect time to buy!

Cnnmoney.com published an article citing reasons why real estate is a better investment than stocks or even gold. Austin’s real estate market has weathered the economic storm for the most part. Some analysts have even declared we hit bottom last Spring and with less that six months of residential inventory, a seller’s market is quietly creeping up on buyers. Take advantage of the tail-end of the seller’s market and invest in a home.

Need more... Full Story

We’re getting close to that time of year when the county mails out your latest tax appraised value. This amount determines how much you pay in property taxes each year and can greatly affect your monthly payments.

The information below is provided by Lisa Altamirano of Gracy Title and can prove to be very helpful if you’ve noticed a drastic increase in your assessment.

Values may have dropped 10% or more in some MLS... Full Story

If you’re currently renting, you have probably noticed a hefty increase in your monthly rent. Depending on where you live, rates have increased anywhere from 5-15%!

The Austin Apartment Association reports rental rates have increased in the downtown and UT areas by 7.7 percent in the last year. Larger increases are showing up in just the last three months in north, northwest and southeast Austin, areas typically known for more reasonable rents. Tenants in those... Full Story

If you build it, they will come.

Austinites looking to make the move downtown may have another high-rise option to look forward to. It has just been announced that plans for a new mixed-use development have been filed with the city. The new residences will be making their home on the corner of W. 5th and Bowie St. near the Spring condominium and the Monarch. There will be 340 residential units and roughly 58,000 sqft... Full Story

This makes me very excited! Forecasters are predicting another good year for Austin, but the fact that it is nationally recognized as the number one city in the states is even more promising.

Not only are home sales expected to rise, but rental vacancies are set to decrease with the influx of future Austinites moving to town needing temporary housing.

See what other cities made the cut:
http://www.forbes.com/2011/01/21/best-cities-home-values-prices-personal-finance-best_slide_9.html

In Austin, when it comes to renting vs buying a home, financially it makes more sense to buy if you are in the position to do so. You’ve heard that owning a home makes for a sound investment, but did you know that there are tax benefits as well? Here are a few of them:

The tax benefits of buying a home include:

Home mortgage interest deduction: The interest paid on a mortgage or mortgages... Full Story

I always love when Kiplinger puts together slideshows of different properties for sale around the world. The latest is one of the more affordable variety “Homes for $300,000 around the world”.

Enjoy:)

$300k gets you what?

I always love when Kiplinger puts together slideshows of different properties for sale around the world. The latest is one of the more affordable variety “Homes for $300,000 around the world”.

Enjoy:)

$300k gets you what?

If you’re currently renting, chances are your rent has increased substantially in the last year. A lot of it has to do with the sheer amount of people moving to Austin every day. In August alone, the Chamber of Commerce is expecting 6000 new Austinites! The rate at which apartment complexes are being built is way below the demand for them making Austin the hottest rental market in the U.S.

Read... Full Story

Whether you currently have your house on the market, just recently sold it or are planning to do so in the near future, read up on these 10 tips and keep them in mind come closing time:

IRS top ten tax tips

If you’ve driven down Mopac where it intersects with Slaughter you’ll notice some pretty big changes that are taking place, namely a new shopping center anchored by one of my all time favorites, Alamo Drafthouse. Drive a little farther south down Mopac and you will run into what will become the Greyrock Ridge subdivision. 386 homesites are set for this master planned community, but as with most major developments, this one comes with a bit... Full Story

Great news! The Texas State Affordable Housing Corporation’s first-time homebuying program now includes grants to assist buyers with their down payment and closing costs.

There are three groups in particular that can qualify for the grants. The TSAHC’s Professional Educators and Texas Heroes or Home Sweet Texas Home. The grant is 5% of the loan amount which can be a significant amount of money.

Note, those who qualify for one of the programs, must also... Full Story