Round Rock Named 7th Best Place in US

September 27, 2008 | Leave a Comment

Round Rock in Top Ten

According to CNNMoney.com’s “Best Places to Live 2008,” Round Rock ranks 7th in the nation among small cities in which to live, the only city in Texas to win a mention. Round Rock is appealing on many levels from affordable housing, the Round Rock Independent School District, booming retail and commercial real estate, a new Tollway which goes directly into Austin, and Dell’s Headquarters in the city. Round Rock is home to a branch of Texas State University, the Round Rock Express baseball team, the awesome IKEA and Prime Outlets.

The median home price is $193,931, job growth has risen just over 45 percent between 2000 and 2007, and family purchasing power is at $101,381. Take a peek at the available homes in Round Rock by clicking here and on the left, search for Round Rock’s primary zip code “78664″ and click around to see houses for sale and their pictures!

photo credit

Posted by Lani, Asset Director | Filed Under Austin News, Austin Real Estate Blog, Buying 

Austin Lending, Zero Down & Home Buyers

September 25, 2008 | Leave a Comment

austin lending, zero down and home buyers in the austin real estate market

The lending world is changing

As you may or may not have noticed, the credit market is in trouble- as we speak, lending guidelines are changing by the minute, depending on the loan program. But never fear; when it all boils down, what you’re left with is this simple truth- lenders lend.

What you should know

The days of zero down home loans isn’t over completely, there are still down payment assistance programs available, but timing is crucial. Depending on what you’re buying, you will need to pre-qualify now more than ever before you even begin the process of serious home searching.

The state and local governments still have grants available and have increased the income guidelines right along with FHA increasing the loan limits on homes. This means that Austin home buyers still in the market for zero down loans can still buy, however, the money for grants is limited and can virtually vanish overnight. What we’ll need to do is get you pre-qualified and get your file in line for the grant. Our lenders will advise us on how to time your transaction. So with a little pre-planning, zero down is still a possibility. The alternative is that if you are going to go for a FHA or Conventional loan, you should be prepared to make a down payment- we can advise you of the amount at the time of your pre-qualification.

The Credit Score Facts

Under certain loan programs, we can still approve Austin home buyers up to certain limits with a 580 score or better. Anyone with less than a 620 FICO score may pay a slightly higher interest rate, but not always- absolutely no late payments over the past 12 months are being approved at this time even with letters of explanation, but we expect this to soften over the next few months. We’ll update you as situations in lending change.

This information pertains to Texas

The information we’re providing you here today is designed for buyers in the Austin and Texas markets and is not for the national audience. In your state, you should seek out council from your local Realtor or mortgage lender. If you need guidance, please feel free to call me, I’m happy to refer you out- I personally know lenders and fantastic agents all over the country that will be happy to help you in your market.

Closing dates

This one is a real pain in the rear and bugs us more than the lending guidelines changing, and the reason is that the anxiety a home buyer faces trying to get to closing can really be stressful for all parties. What we’re telling our home buyers is that all dates are soft but only to a point. Our Austin lenders are professionals from start to finish and know how to lean on the process as well as when they shouldn’t. When applying for large sums of money, we have to remember that the underwriter really needs to do their due diligence and we’re seeing closing dates exceeding 30 to 45 days. We’ve not seen anything residential take more than 60 days unless the file was really complicated which is a small percentage of transactions for our lenders- like I said, we work with the finest in the country.

Going it alone

I must warn all home buyers working this alone or home sellers selling on their own and working with unrepresented buyers. Beware. Do your homework, study everything you’re signing, and proceed cautiously when anyone is selling you anything simple about the complex market we’re in right now. Rent-to-own home products are popping up all over in place of mortgages in an effort to bypass lending as well as loan products that prey on the unsuspecting. Please take great care in going it alone- the sharks are out in full force.

A note to Austin home sellers

Sellers are asking nearly every day if the credit market will create buyer problems and the answer is yes and no. Obviously, lending is a little more complicated, but the buyers in our market today are well qualified and cooperation with these buyers is a must, as with less lending packages creating incentive to buy for all buyers, there are a few less buyers in the Austin market. So, all offers should be considered seriously.

In Conclusion- should I buy now?

If I were in the market for a home right now in Austin, I would buy a home. Interest rates are down again, FHA fee reductions and retooling, home prices are steady, price reductions by motivated sellers are abundant- the Austin market seems calm and cool waiting on the rest of the country to figure things out.

We’re always ready to help you navigate Austin’s real estate market, with a no pressure policy, a friendly support team, and great Austin mortgage lenders- you’re in great hands.

Posted by Benn, Single Pointe CEO | Filed Under Austin News, Austin Real Estate Blog, Buying, Mortgage, New Construction, Selling 

Mortgage Payback Periods Comparison

September 24, 2008 | Leave a Comment

mortgage comparisons in austin

15- 20- & 30-Year Mortgages

On all principal + interest home loans, the first few years of payments include a lot more money going to interest than to principal.

This is because mortgage repayment schedules are front-loaded with interest, meaning large-volume principal reduction won’t occur until late in the mortgage’s lifecycle.

Comparing products at a 6% mortgage rate, did you know that after 15 years:

* A 15-year mortgage will be paid in full
* A 20-year mortgage will have 41.21% of its loan balance remaining
* A 30-year mortgage will have 73.19% of its loan balance remaining

Of course, this doesn’t mean that 15-year mortgages are better than their 20-year or 30-year brethren. It just means that 15-year mortgages pay off faster.

Yet, there are reasons for homeowners to avoid 15-year mortgages.

For example, versus 20-year or 30-year products, 15-year mortgages require the highest monthly payment because the payback period is compressed to a shorter time. In addition, mortgage interest tax deductions to which most homeowners are entitled are reduced.

So, just because the 15-year pays off quickly doesn’t mean that it’s best for everyone.

Source: Bring The Blog

Posted by Lani, Asset Director | Filed Under Austin Real Estate Blog, Mortgage 

Austin Texas MLS Statistics For August

September 22, 2008 | 1 Comment

austin real estate statistics

What Does This Mean?

  • Active Listings 2008: 10,348
  • Active Listings 2007: 9,819
  • Homes Sold 2008: 1,992
  • Homes Sold 2007: 2,497
  • Median Sales Price 2008: $195,000
  • Median Sales Price 2007: $191,250
  • Average Sales Price 2008: $261,799
  • Average Sales Price 2007: $259,686

Let’s start with “Active Listings.” These are all the houses on the market for the Austin MLS in the month of August. The number has increased over the last year and the competition among sellers in some areas is tighter. This is good news for buyers because not only is there a greater variety of options, negotiation power is greater when supply is up.

I know that all sounds like bad news for sellers and good news for buyers but sellers are getting more for their homes as seen in the median price and average price increase over the last 12 months.

The number of homes sold has decreased but housing experts in Austin are not panicked because according to Austin Board of Realtors Chairman Socar Chatmon-Thomas, “our city’s job market receives high marks for its consistency, which in turn drives more people to move here. A robust labor pool and an expanding population are key to maintaining a healthy housing industry.”

Austin Real Estate Market

If you want to follow the Austin Real Estate market trends and conditions in more detail, check out the UNZipped section on the sidebar (here are the past few months):

Posted by Lani, Asset Director | Filed Under Austin Events, Austin News, Austin Real Estate Blog, Human Interest 

Austin New Homes For Sale- Quick Search

September 18, 2008 | Leave a Comment

search new austin homes for sale
Most people don’t know that Austin New home builders do put some of their inventory online, you just have to know where to look. Oh it’s ridiculously easy, here are three ways:

(1) The easy way: I do is go to the GoSinglePointe search page, and either zoom in to where I know a brand new subdivision is and the little green house bubbles pop up.
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(2) The easier way: click “advanced” at the bottom left of the search page, and move the “year built” slider to 2008 and voila! New construction!
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(3) The easiest way: again, click “advanced” at the bottom left of the search page and where it says “city, community, tract, zip” you can type in the name of the subdivision you want to check out. Easy, huh!?

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D.R. Horton in Cedar Park

Cedar Park Town Center is a new subdivision in Cedar Park near where 183 and 183A split and one of the homes available is on Main Street. This single story home has 4 bedrooms, 2 bathrooms, is 2.257sf and is selling for $236,203. Ooh, the master bedroom has a sitting room and the master bathroom has a “sun tunnel” (which is similar to a skylight). So now that you have a starting point, click on the “map” button up top and check out other new homes in the subdivision. Click here for all the details.
cedar park town center new home by DR Horton
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Benbrook Ranch in Leander

D.R. Horton opened their second phase of Benbrook Ranch this year and it’s really close to the super mega HEB in Leander! Selling for $179,373 this 3 bedroom 2 bathroom, 1771sf home features an open gameroom and (one of my fave features) an oversized window in the master bathroom. Click here for all the details.
DR Horton new homes in Leander
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Lennar Home in Manor

People have been moving to Manor in higher volume since the 130 Tollway opened and new home builders opened several new subdivisions. One of those neighborhoods is Pioneer Crossing and Lennar has a home listed for $221,490 that has 4 bedrooms, 2.5 bathrooms and is 2,604sf. It’s a two story home on a 60′ x 120′ lot. Remember, not all home builders post pictures and you may see an elevation illustration instead but you get the idea. Click here for all the details.
lennar new home for sale in manor
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Highland Park in Pflugerville

This subdivision is near the new Stone Hill Center retail project and just off Hwy 45 and 130. I love that the second story also has a walk out patio and the garage is rear entry so guests see the profile of your home but not the big garage door. It has 4 bedrooms, 2.5 bathrooms and is 2,153sf for $189,921. Click here for all the details.
pflugerville new homes for sale
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Affordable in Hutto

This brand new Hutto home is only $141,690! It has 3 bedrooms, 2 bathrooms and 1330sf. It features a covered rear patio and has quick access to the 130 Tollway and is near Hwy 79 also, so there is a lot of new development (housing and retail) in this area. Click here for all the details.
new homes in hutto
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Find Your Own New Homes

Here are just five quick examples of new homes for sale around Austin I found on GOSinglePointe. If you’re having a quick sandwich for lunch and want to poke around new homes, you now have a starting point to zoom in and out of the GoSinglePointe search site and don’t worry- it’ll still be here when you want to play around online in your jammies tonight (yeah, we do it too)!

Posted by Lani, Asset Director | Filed Under Austin Real Estate Blog, Buying, Listings 

Austin Real Estate- Exotic Homes For Sale

September 17, 2008 | Leave a Comment

search austin homes for, find exotic austin real estate!
By adjusting the sliders on the left side of the GoSinglePointe search page, I jacked up the price to over $2,000,000 and and found the following available homes for sale in Austin that are really exotic:

Mount Bonnell Shores

$12,800,000- On beautiful Mount Bonnell (Austin’s tallest peak), overlooking Lake Austin (aka Lady Bird Lake), this 11,114sf, 5 bedroom, 6.5 bathroom, three story home is equipped with a theatre and sits on 2.3 acres.Click here for all the details.
lake austin waterfront property on lady bird lake
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Bee Caves West

$11,256,000- Over 40 acres makes this 9,500sf to be built home a major find- 4 bedrooms, 4.5 bathrooms with guest accomodations, a swimming pool and horses are allowed.Click here for all the details.
exotic real estate in austin comes in all sizes
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Land For Development

$10,000,000- This 3 bedroom, 1 bath home near Hudson Bend features a separate library. The more than 13 acres has 565ft of Lake Travis waterfront AND Hwy 620 frontage with no restrictions on future development! Click here for all the details.
lake travis land and real estate for sale
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Lake Travis Living

$9,250,000- This home has 5 bedrooms, 3 bathrooms, is 9090sf seated on 3.09 acres. With three stories, an exterior workshop and a lap pool just above Lake Travis, this is one exotic find! Click here for all the details.
lake travis house for sale in austin
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Find Your Own Exotic Real Estate

Take some time playing around with the GoSinglePointe search, move the levers up and down to find larger, smaller, more expensive, less expensive, northern, southern or central homes for sale in Austin, it’s awesometastic!

Posted by Lani, Asset Director | Filed Under Austin Real Estate Blog, Buying, Listings 

Hutto Real Estate Statistics-78634

September 16, 2008 | Leave a Comment

hutto real estate market statistics

This information is found on GOsinglepointe of currently mapped properties in Hutto Texas- this information is provided for free every day here.

Currently in Hutto Texas

Homes on the Market In Hutto

Mapped Properties: 266

Prices

Average: $160,939
Median: $147,500
Median: $78 / sq ft
Lowest: $99,900
Highest: $495,500

Lot Sizes

Average: 7,081 sq ft
Median: 6,664 sq ft
Smallest: 0 sq ft
Largest: 5.25 acres

Home Sizes

Average: 2,007 sq ft
Median: 1,881 sq ft
Smallest: 1,008 sq ft
Largest: 4,041 sq ft

Want to Learn more?

We can put this real estate data into perspective for you and assist you in finding the most competitive pricing per square foot. Whether it’s Cedar Park, Hutto, Round Rock, or Austin, we can help!

Posted by Benn, Single Pointe CEO | Filed Under 78634, Austin Real Estate Blog, Market Conditions 

Austin Rent Homes- Most Exotic Leases

September 15, 2008 | 1 Comment

search austin rent homes, find something exotic!
By clicking “Advanced Search” at the bottom of the GoSinglePointe search page, I selected Residential Lease properties and found the following available homes for rent in Austin that are really exotic:

Barton Creek Beauty

For only $16,000 per month, you may live in this 5 bedroom, 5 and a half bathroom, 8,700sf home built this year. Everyone needs a six car “motor court,” an elevator, separate wings for the master suite and guests set on four acres. Click here for all the details.
barton creek rental house in austin
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West Rim Views

78746 is a popular zip code and for $14,000 monthly, you may live in the Summit at West Rim on Mount Larson and enjoy skyline views, a pool and spa, wine room, four fireplaces and a wetbar, how cool is that? This 5 bedroom 5 and a half bathroom, 7,764sf home was just built in 2007! Click here for all the details.
westlake rental property
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Lake Austin Living

Just one block from the Lake Austin Marina in Westlake, this Austin rental home has over 1500sf of porches, a wine cellar, koi pond, fire pit and the 4 bed/4bath spreads over 3686sf and rents for $12,000 per month. Click here for all the details.
rent in austin and get something exotic!
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Mediterranean Style Rental

Who says rent homes in Austin have to be small? This home is 6762sf and sits on a full acre! It features 5 bedrooms and 5 bathrooms, an enclosed courtyard, a theater-style media room, pool, four car garage and rents for $11,950 in the Seven Oaks subdivision in the 78733 zip code. Click here for all the details.
austin rentals don't have to be tiny
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Austin Condo Penthouse

For $10,950 you can rent a two story penthouse in the Monarch Condos downtown on 5th Street. Built in 2008, this high rise has amazing views and the 3 bedrooms and 3 bathrooms spread over 2985sf. Click here for all the details.
austin condos for rent can be beautiful!
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Find Your Own Exotic Rental

Take some time playing around with the GoSinglePointe search, move the levers up and down to find larger, smaller, more expensive, less expensive, northern, southern or central homes for rent in Austin, it’s muy fun!

Posted by Lani, Asset Director | Filed Under About Austin, Austin Real Estate Blog, Listings 

Cedar Park Real Estate Statistics- 78613

September 15, 2008 | 2 Comments

map search cedar park homes

This information is found on GOsinglepointe of currently mapped properties in Cedar Park- this information is provided for free every day here.

Currently in Cedar Park Texas

Homes on the Market In Cedar Park

Mapped Properties:651

Prices

Average: $250,896
Median: $239,990
Median: $103 / sq ft
Lowest: $119,000
Highest: $1,250,000

Lot Sizes

Average: 7,834 sq ft
Median: 7,840 sq ft
Smallest: 0 sq ft
Largest: 2.16 acres

Home Sizes

Average: 2,464 sq ft
Median: 2,329 sq ft
Smallest: 1,005 sq ft
Largest: 4,336 sq ft

Want to Learn more?

We can put this real estate data into perspective for you and assist you in finding the most competitive pricing per square foot. Whether it’s Cedar Park, Hutto, Round Rock, or Austin, we can help!

Posted by Benn, Single Pointe CEO | Filed Under 78613, Austin Real Estate Blog, Market Conditions 

Find Like-Minded Austin Athletes & Fans

September 9, 2008 | Leave a Comment

Need a Football Watching Buddy?

So many people relocate to Austin from around the country (and even world) and feel like everyone here is freakish about UT Football. Oh, but it’s not true- people like ME (who *went* to UT) care, but we have Sooners, Jayhawks, Mavericks, Raiders and Cowboys in Austin that stay at home alone and watch the game. Wouldn’t it be more fun if they knew where to go to watch the game with fellow fans? SportsFanLive.com steps in to fill in the blanks- simply tell it what team you love and where you live and BOOM, they’ll tell you where others are watching the big game!

Want to Physically Play Sports?

Another part of relocating is meeting people that like to engage in whatever your chosen sport is. We have endless parks and arenas to play basketball, volleyball, ultimate frisbee and the like and all you have to do is visit Sportsvite to network with fellow athletes. Find a pick up game to join or start your own, this is the place for people to get out and hit the courts together!

No More Excuses

You’re new to Austin or you’ve been too lazy lately to get out, so here’s your excuse- find fellow fans of your hometeam or go play some dodgeball. No one likes to sit at home alone and watch the game and no one likes playing volleyball with the wall- so GET OUT THERE, AUSTIN!

photo credit

Posted by Lani, Asset Director | Filed Under Austin People, Austin Real Estate Blog 

Keep Austin Weird

September 6, 2008 | Leave a Comment

There’s more to Austin real estate than bricks and sticks, we are lucky to enjoy a diverse culture in our city, just take a peek:

Posted by Lani, Asset Director | Filed Under About Austin, Austin Real Estate Blog 

What is a Home Inspection?

September 5, 2008 | 2 Comments

What is a Home Inspection?

A home inspection is a complete, top-to-bottom, visual check-up of the structure and systems of a house. It is meant to be an objective determination of a home’s condition.

A home inspection usually takes 3-6 hours to complete, depending on the size of the home.

During the inspection process, the inspector will examine all of the following components of a home:

  • Home exterior including doors, decks, and vegetation
  • Heating and cooling systems for leaks and efficiency
  • Electrical systems for safety and soundness of design
  • Plumbing systems for venting, distribution, and drainage

In addition, the inspector will review the roofing system, the home’s interior, and several other parts of the property.

A home inspection may be ordered by a home owner or by a home buyer.

Why Get an Inspection?

For a home owner, an inspection can detail a home’s shortcomings and provide a roadmap for repairs.  This can help a person prepare his home for sale because “major issues” can be addressed in advance of listing.

For a home buyer, a home inspection physically reviews a home under contract, identifying structural flaws that may impact the home’s desirability.  This is essential for the negotiation process because no home is “perfect” – even new ones!

A home inspection highlights potential long-term trouble spots and the likelihood for expensive home repairs.  This is why real estate professionals often recommend inspecting a home immediately after signing a purchase contract.

Source: American Society of Home Inspectors Frequently Asked Questions on Home Inspections

(Image courtesy: Anderson Home Inspections)

Source: Bring The Blog

Posted by Lani, Asset Director | Filed Under Austin Real Estate Blog, Buying, Selling 

Trying To Predict Mortgage Rates

September 3, 2008 | Leave a Comment

mortgage rates in austin

Using Marketplace Trends

Mortgage rates are hugely important to household budgets.

  • Lower mortgage rates free up household cash for spending and long- and short-term saving.
  • Higher mortgage rates, of course, do the opposite.

How Certain is it?

Unfortunately, it’s impossible to predict the future of mortgage rates with any bit of certainty.  This is because there are countless influences on mortgage markets, ranging from the obvious to the obscure.

Some obvious influences include:

  • The strength of the U.S. dollar
  • The rate of inflation in the U.S. economy
  • The relative performance of the U.S. housing market

And some of the obscure influences include policy decisions by the Bank of Canada, or political unrest in Nigeria.

Despite Challenges…

But despite the challenge of making accurate mortgage rate predictions, we shouldn’t stop looking at trends for clues.  The graph at top shows one such trend.

Starting in January, as oil prices rose, mortgage rates followed them higher.  Then, as oil started its descent in mid-July, mortgage rates began to fall, too.

The relationship between oil prices and mortgage rates is not one-to-one and, most likely, the similarities are there because both oil prices and mortgage rates are pegged to the ever-stronger U.S. dollar.

As the dollar gets stronger, it’s pushing oil prices and mortgage rates down, and improving household cash flow for home buyers and other people in want of a new home loan.

(Image courtesy: The New York Times)

Posted by Lani, Asset Director | Filed Under Austin Real Estate Blog, Market Conditions