Austin Homebuyers Glad Dow is Under 10K?
October 7, 2008 | Leave a Comment
The First Time Since 2004
We’ve had calls of people in Austin that are nervous about what to do and not sure if the news is a good litmus test or not. Today, we’ll talk about the silver lining of the clouds:
Monday, the Dow Jones Industrial Average closed below the psychologically-important 10,000 level for the first time since 2004.
Despite the milestone-marker breach, however, there was a large group of Americans with reason to cheer. As stocks sold off, mortgage markets rallied to the benefit of home buyers everywhere.
Good News
Conforming mortgages rates improved yesterday.
Most interesting here is that rates improved for the same reason that the stock market fell. Because of lingering concerns about the worlds’ economies, investors lost their collective appetite for risk Monday. In response, they sold their stock positions and parked the proceeds in the “safe haven” of U.S. government-backed debt.
The extra demand for safe investments pushed up the prices on mortgage bond which, in turn, pushed down mortgage bond rates.
Money Flow
A vault may be the only safer place to park money than U.S. government-backed debt. Now, we can’t predict when the market’s risk appetite will return, but when it does, expect money to flow into stocks just as quickly as it left.
All year long, with respect to stock markets, it’s been either “everybody in” or “everybody out” and, for now, it’s everybody out. This is why mortgage rates fell Monday.
But, when the momentum shifts — and it will shift — mortgage rate shoppers would do well to be prepared. Be ready to lock that mortgage rate because as soon as the stock market reverses course, mortgage rates will head higher.
If stocks recover as quickly as they tanked, expect mortgage rates to spike badly.
source: bring the blog
Hutto Real Estate Statistics-78634
September 16, 2008 | Leave a Comment
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!
Cedar Park Real Estate Statistics- 78613
September 15, 2008 | 2 Comments
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!
Trying To Predict Mortgage Rates
September 3, 2008 | Leave a Comment
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)
Worst Places to Search for Real Estate Online
August 22, 2008 | Leave a Comment
Misleading Americans
Stories on TV about the national real estate market are misleading to Americans.
This is because there is no such thing as a “national real estate market”.
Consider the latest American Housing Survey. It found that there are 124,377,000 homes in America spread across:
* 50 states, with
* More than 30,000 incorporated cities, and with
* An innumerable number of neighborhoods
And yet, the media repeatedly groups all 124 million homes into one giant lump and then gives an analysis. No matter how you slice and dice the data, a million dollar vacation condo in Florida does not compare to a single family home in Round Rock.
This is why national real estate statistics are somewhat useless.
Problem Solved
To get real estate analysis that matters, look local instead. And I don’t mean stats from your state — I mean stats from your neighborhood. It’s the only way to know what’s driving home prices on your street.
Unfortunately, finding local data like this isn’t easy; it’s far too narrow to be covered by the press. So, the best place to get local real estate data is from your local real estate agent (obviously why you are here!) because we have access to raw real estate data in and around your neighborhood and are really good at sharing it with you on the blog.
By talking to the “in the market” professionals that know your backyard, you’ll get a much clearer picture of your local market — good or bad — than the national media could ever provide.
Real estate is a local market so your real estate data should be local, too.
Home Prices & Foreclosures Up, Sales Down
August 19, 2008 | Leave a Comment
original image courtesy of allyaubry
Mixed News
We’ve been watching the median price of the Austin real estate market continue to climb while other parts of the nation experience sharp declines. According to data from the National Association of Realtors, the median price for Austin are homes has increased 4.1% to $194,2000 over the last 12 months.
This news comes on the eve of the Austin Board of Realtors’ data revealing that home sales in the Austin market are down 20% while the number of listings has risen. Foreclosure Listings Inc. shows that Travis County foreclosures increased 45% in the last year while Williamson County experienced a 34% increase.
The Austin real estate market is in a good news / bad news scenario but the people in the best position are those who are ready to sell but aren’t in a rush- there’s competition on the market but the median price increase indicates that sellers are getting more for their homes proving patience to be the advantage. Also, buyers benefit in this market because there is no shortage of choices between foreclosures, short sales, resale and new homes.
Apartment Data *is* Important
August 15, 2008 | Leave a Comment
So I made this cool little table which at first glance may seem stupid if you’re not apartment hunting. But guess what, it IS pertinent information because the real estate market rises and falls on the merits of many many little tiny puzzle pieces that fit together to make a whole ranging from apartment rentals, home sales, industrial and commercial space to land.
What’s interesting about apartment rentals state wide is that the prices are climbing independently of their occupancy rates. Typically, when occupancy drops, so does price but this market has created an environment for pricing to rise regardless of standard indicators. The good news is that it is a steady incline rather than a sharp incline and the numbers have not spiked in many many years. In light of a freaky national real estate market, Austin remains level as this one piece of the puzzle reinforces.
It is interesting that Austin appears to have the most drastic change, the numbers in comparison to the nation’s are still very level. I’m not surprised that the Austin rental market is more high dollar than even that of Dallas and multi-family housing is growing in all cities across the state and should be watched as you temp test the market in preparation for buying or selling (or even renting).
Austin Real Estate is the Best Bargain in America
January 8, 2008 | Leave a Comment
According to Business Week, Austin real estate is the best bargain in America. Who does this matter to?
Austinites
Good news Austinites- Austin’s real estate values have consistently beaten the doom and gloom national forecasts. Our diverse job market, our progressive economic development devision and our endless natural attractions create a desireable location for those relocating. Many people that relocate from Austin move to another part of Austin, so our city retains a massive portion of our residents.
Investors
National investors have been eyeballing Austin for years and those who have not yet seen the benefit of what a bargain real estate is here are flocking. Once upon a time, I hated the idea of California money funnelling into Austin, but with the tightening in the lending industry, the people who no longer qualify to buy a home still deserve to rent a beautiful property (sidenote: do-it-yourself investors smell the deals here and pump money in without any sort of plan, but with guidance, those same investors will very nicely cushion their long term results).
Job Seekers
Austin continues to have impressive job growth and when people face the choice between a snowy climate, an astronomically priced housing market or (say it with me now) Austin, the choice is easy. Natural beauty, great deals, steady value increases and unparalleled social life make the choice for most transfers.
So, if you live here already or plan on moving, real estate here is an awesome value- congrats, Austin!
photo credit: onefivedoor on flickr
Austin Real Estate Sellers - Listing Homes - MLS
November 13, 2007 | 2 Comments
Austin MLS areas are full of Austin Real Estate Statistics, but what you can be sure of is lots of homes for sale in Austin, in fact that number is up strongly. Homes are sitting on the market a little bit longer, but what is insane is the percentage of price they’re getting even after sitting on the Market, how does 96-99% in some areas grab ya? So, in this market, you need some tips on how to move it faster, and I’m here to give them to you.
Flyers, great signs, and fancy home marketing is all great, but any agent worth their salt will tell you that it’s not necessarily the location- it’s about the price. If the price isn’t right, no one would even consider your location anyway.
Austin Home Sellers Tip of the YEAR in a down market….
Price it at or just below market. Seriously. Your listing agent should have you in a car looking at your specific comps before you list the home and before you pick your price. Grade yourself, and let go of your love of that baby blue kitchen and get real- you need to sell and you need to sell now. If you don’t, then stay off the market and let the inventory shrink.
In this market price it’s key and if your place isn’t as upgraded as the place up the street, account for it, you will absolutely blow your competition away in days on market and your chance of getting 100% of your asking price is a lot stronger. Why? Because to your buyers, you can say- we already accounted for those baby blue walls, get a bucket of paint or pay us to have it painted- full retail. That probably sounds rude but it’s just me being a bit of a brat- I would probably phrase that more like- my sellers have taken into account that some updating may be needed but we’ve accounted for that and given credit already in our sales price- we’re sure you’d probably love to pick your own colors! ;) See how that works?
So give your wallet a break, stay at or below market and watch that baby beat the odds.
Expanding American Homeownership Act Passes
September 18, 2007 | Leave a Comment
& Cuts Rate!
It’s TIME TO CELEBRATE!!! Within the last few hours, the Federal Reserve Board slashed rates followed by the great news that NAR’s tireless efforts to pass House Bill 1852 (also known as the Expanding American Homeownership Act) has passed! And no, it’s not my birthday, my anniversary or even a fun Friday, it’s just a critically important and historical day! When you’re old, you’ll be able to say “sonny, I remember when I found out that the fed cut rates and house bill 1852 were passed all in one day. There were parades in the street and we all wore funny hats.”
Y’all know we here at Single Pointe loooove talking about Real Estate, but I’ll spare you the bore. We know what you want, so here is what HB1852 means to you:
- The FHA (Federal Housing Administration which is a government agency who insures residential mortgage loans) now has a loss mitigation program which allows mortgage term alterations so borrowers can be put in a more affordable situation and avoid default.
- The new bill allows “partial claim” programs in which FHA lends the borrower money to cure the loan default. No interest due on this partial loan until the property is sold or paid off. This means less foreclosures and a healthier market.
- The BEST news is that there is no more government required financing of 3% for your down payment into your mortgage amount.Previously when buying under FHA many would finance the required 3% down and this is no longer necessary. You’re free to put as much or as little down as you see fit. This opens that 3% up to be used on things like further buying down rates, payment buydowns, upgrades, & more.
- This bill also allows for more flexibility to provide risk-based pricing. Yeehaw! FHA has always been pretty tight with this and the new House Bill gives them more room to stretch.
- Loan limits have been increased which allows people in high-priced markets to qualify for FHA loans that have previously been denied due to the price of the home they were purchasing. Good news to all of you looking to live near downtown Austin- SoCo, here we come!!!
So, here’s a toast to you buyers and sellers- congratulations, today is a big day!
———————
P.S: the image is NOT of a person on the Single Pointe web team. We think this dude is from Ireland (or… maybe England).
OMG- FED CUTS RATE 1/2 POINT!!!
September 18, 2007 | 1 Comment
There was much speculation at the water cooler about what exactly Federal Chairman Ben Bernanke (position formerly held by Alan Greenspan) would do with the rates. Some argued he’d keep it where it is while investors rallied today in anticipation that Bernanke would lower the rate.
This just in: according to Fox News, the Federal Reserve board has lowered the Federal Funds Rate to 4.75%!!! This half point cut is fantastic news for those homeowners who have adjustable rates that are about to reset, and it’s GREAT news for people who are in the market to buy- you will see better rates with this adjustment! Also benefiting are the sellers who have had trouble moving their homes- hooray!
The Federal Discount Rate (the rate which the federal reserve board lends money to banks) was ALSO cut by half a point reducing the rate to 5.25%. This means that there will be more money available to lend and will end the hemmorhaging of the market. The bottom line is that money is getting cheaper! Many of you have been holding your breath for this day and the great news is that you can now sigh in relief. So go ahead and pack- it’s a great time to move thanks to Bernanke!
5 Austin Home Buyer Tips
September 18, 2007 | Leave a Comment
Here are today’s 5 Austin home buyer tips:
- If your agent suggests a property to you and you want to make an offer - ask for a C.M.A
A Comparative Market Analysis on any neighborhood is a great idea. It gives you the opportunity to take a hard look at the neighborhood facts.
- Drive your neighborhood night & day
Why night & day? Because during the daytime folks are often off to work, it gives you a chance to look closely from the street at the lawns and driveways. What are their conditions? Driving during the evening around or just after dinner time is a great way to see how active it is. Are you okay with what you see? Are cars in the driveway or in the garage? Whats worse than a driveway you ask? The street perhaps? Where are their trash cans stored? Perhaps it might even be clever of a savvy buyer to drive it on Saturday night as well?
- Always buy with a home sellers mentality
Imagine yourself selling the home in 5-7 years, and ask yourself, where is this neighborhood heading. Will I get my money back? If the neighborhood looks run down now, chances are it may get worse before it gets better!
- Is the home you’re thinking about buying older (say 10-40 years) with a single owner?
If it is, chances are, there’s money to negotiate. If a family 25 years ago bought the home for $80k one must ask themselves how much of the sales price is market perception if they’re now selling at $225k. Add the total days on market to this equation and you may not want to participate in the sellers windfall. The county tax record and a C.M.A will help you plot your offer with your agent.
- Don’t be afraid to ask questions
No one likes a know-it-all so use the knowledge you have as a springboard to ask questions of your agent about options. Very often folks walk into our office with a clear cut idea of what they want only to realize that they had even more options open to them. Knowing everything may leave your agent afraid to make suggestions. Our advice is to simply collaborate your information with your agents into a well rounded decision. (yes we know, no one likes a know-it-all realtor either!)
Austin Market Conditions going into September
August 30, 2007 | Leave a Comment
Regardless of what the national market looks like and however loudly news anchors screech negativity over the air, Austin’s foreclosure rate is DOWN 6%.
Our local market conditions are steady and don’t reflect the national market.
Fed Cuts Rate
August 17, 2007 | Leave a Comment
Today, the Federal Reserve Board cut the rate 1/2 point today, cutting the fear factor out of the rates that had made some buyers nervous, bringing some good news back to buyers. This is your weekend to buy!
Austin Number One Nationally For Business
August 6, 2007 | Leave a Comment
It’s no surprise to Austinites that Austin has been named by Moody’s Economy.com the best place for business in the United States. The Austin Business Journal reports that the Round Rock-Austin MSA (metropolitan statistical area) as the top area in the independent economic research firm’s findings.
The ABJ also noted that the last index reported in March 2007 named the Austin MSA as the seventh best, so guess what? Our economy is on the rise and the outlook is a good one! The index takes into account the “current economic conditions, expected trends, and potential risks, taking into account factors such as employment growth, household income, productivity, net migration, industrial diversity and cost of doing business,” according to the ABJ.
Austin frequently ranks Number One in various studies, and we are in agreement with the study’s findings. Over the past few months, we have witnessed an influx of companies expanding and relocating employees to Austin which has given our economy a dramatic boost. In the housing industry, this has translated to a vibrant market- the average days of an Austin home being on the market has decreased 7% over the last year according the Austin Board of Realtors.
Another sign of a positive market and a trend indicator is the Median Sales Price which has increased 6.7% when comparing June 2006 and 2007. An increase in local sales prices may sound like bad news for buyers when in fact it is proof of the value of a market- an increase in home prices is good for everyone, especially if it is a continuing trend.
Based on the current housing market in Austin and our own independent business success, we agree with the Economy.com study naming Austin as the best place for business and your Austin Real Estate Investment!
Austin Has Another Reason To Toot Its Horn!
July 23, 2007 | Leave a Comment
According to The AARP Magazine, Austin is one of the top four cities to watch as a retirement-friendly community for those over the age of 50. The Austin Business Journal notes that the cities were compared based on “new urbanism, smart growth, mixed-use development and easy-living standards,’ says Steve Slon, editor of AARP’s magazine.”
Austin is progressive in all of these areas and is a haven for people of all ages- we live in such a diverse city that there is a place for any and all!
Single Pointe Realty names the Top 5 Reasons Austin is Retirement-Friendly:
1. Lake living is laid back and age-diverse! Whether you’re a boat owner who wants to dock at either Lake or you just want to rent for a weekend, Austin’s got it!
2. As stereotypical as this might sound, Austin has roughly 25 courses, many of them public! Even if you don’t plan on taking up golf until you retire, we’ve got options! These aren’t your average city courses- we’re talking about water features, 18 holes, and hill country splendor. If you’re into tournament play, Austin is a PGA favorite, and there are endless Classics every month. This is a great way to meet others who have relocated- Austin is full of transplants!
3. Austin IS laid-back. There is a hot lounge scene downtown and around the suburbs with a core crowd around 50. Not all clubs are geared for the teens- Austin knows that when you retire, it’s party time!
4. Hiking and biking is super popular. The trails around Lake Austin have runners and bikers from the toddlers to the great grandparents- anyone can be fit! Most new subdivisions are now required to have a certain amount of green space in the forms of parks or walking trails. What a great way to start the day!
5. Shopping shopping shopping… The Hill Country Galleria opens this fall, and The Domain recently opened- both feature upscale shopping (think Tiffany’s and Neiman Marcus). If an indoor mall is more your pace, Barton Creek Square Mall, Lakeline Mall, the Arboretum, Northcross Mall or even Highland Mall offer great retailers. The coolest part of Austin shopping is truly all of the independent stores around town like Baubles and Beads, Book People, Spider House Coffee, Upper Crust Bakery, or Tesoros.
6. Okay, we fibbed- we HAD to add a sixth! Who can forget development! Austin is experiencing incredible growth and commercial retail is creating more and more destinations for those in search of shopping, golfing, hiking, etc. as mentioned before! Austin has been in the process of developing numerous condominum projects, more high rise living towers, multi-use development (live work play concept), brownstones, rowhouses (Hill Country Galleria), affordable garden homes, impressive designer homes, McMansions or even true Lake Villas.
If you’re looking for somewhere to retire, take it from AARP- Austin’s in the Top 5 Cities to Watch! We can help make your move possible- check out the rest of our site and start your search from your home even if you ARE in your pajamas!
WooHoo- Cedar Park is in Top 10 Cities for Families
July 5, 2007 | Leave a Comment
Family Circle named Cedar Park as one of America’s Top 10 Cities for Families for its August 2007 issue! According to the Austin Business Journal, the magazine joined up with a research firm to analyze 1,850 cities/towns with populations under 150,000 with an average income of $65,000. Indexes examined included green space, cost of living, jobs, health and air quality. Other Top 10 cities include Castle Rock, CO, Chanhassen, MN, Cooper City, FL, Derby, KS, Diamond Bar, CA, Franklin, MA, Kennesaw, GA, Madison, MS, and Morton Grove, IL.
So what exactly is so awesome about Cedar Park? Well besides the fact that several Single Pointe Realtors live there, it is an awesome alternative to the hustle and bustle of the city life. Since the 183-A Tollway opened, life in Cedar Park has become quite convenient- a zip to the Arboretum, a dash to Lakeline Mall and a scoot to Lake Creek Alamo Drafthouse!
Cedar Park has a really laid back feel where cul-de-sacs are decorated with edged lawns, preteens on bicycles, neighbors sharing barbecue, and chatting. People have relocated from all across the globe, giving Cedar Park a really diverse feel. Oh, and don’t forget that the Texas wave is required when driving through neighborhoods- that’s when you smile and keep both hands on the wheel and put up your index and middle fingers of your left hand in recognition of the people walking or driving by.
If this sounds like your pace and you want to sneak a peek at Cedar Park homes, go ahead and click here to start peeking- we promise not to bug you with spam or calls! We’re no pressure, so justall us when you’re ready to see any home in Cedar Park! We love Cedar Park, so does Family Circle, and you will too!
Happy Cedar Park-ing!
LA
Austin’s Endless Bragging Rights
May 17, 2007 | Leave a Comment
I have lived in Austin my entire life and I often take this city for granted. I am lucky because my husband (who was born in Oklahoma but got here as quickly as he could) sees things from a more wide eyed, grateful point of view. He notes the rolling hills and the sunset on the lakes. It has been amazing seeing it through his eyes and it is why we will never ever ever ever leave- ever.
We all know that Austin is an amazing place to live because of Lake Travis, Lake Austin, Mt. Bonnell, Sixth Street, the University of Texas and so on, but I’ve recently learned some new facts about Austin that reinforce my belief that it is the best place in the world:
1. Austin ranks 4th in tech towns (Silicon Valley Leadership Group).
2. Austin is the No. 2 place to live in America (Men’s Journal).
3. Austin is the most wired city in the nation (Forrester Research).
4. 19 of Texas’ 50 fastest-growing tech firms are in Austin (Deloitte & Touche).
5. The Austin-Round Rock MSA was named top metro for future business locations (Expansion Management).
6. Austin ranks 3rd most inventive city (Wall Street Journal).
7. Austin named 2nd in Best Places to Live (Money).
8. Austin is ranked the 8th best city for Singles (Forbes)!
9. Coming in 4th in best overall standard of living is Austin (Expansion Management).
10. Austin jumps 23 spots to be named the 3rd smartest city (Bizjournals.com)!
11. Austin is the 14th best Sustainable City (SustaineLane.com).
12. Austin ranks among Top 8 Cheap Places to Live (MSN Real Estate).
13. UT Business School ranks 19th in the US, UT Accounting School ranks 3rd (Business Week)!
14. Austin has the 4th hottest job market nationally (Business 2.0).
15. Austin/Round Rock named 2nd best schools for mid-size metros (Expansion Management).
16. Austin named 28th in Best Places for Businesses and Careers (Forbes).
17. Austin is the 8th Greatest Golf-Home Town (Golf Digest)!
18. Coming in at the 8th spot for Hot Retail Real Estate Markets is Austin (Sperry Van Ness).
19. Austin ranks 2nd for Filmmakers (MovieMaker).
20. Austin is the 6th best City for Walking (American Podiatric Medical Association).
The list goes on- Austin has incredible bragging rights. I myself used to be annoyed at outsiders (meaning anyone not from Austin, even Houstonians and the like) moving here, but because of said “outsiders,” and the city’s innovative nature, Austin has become extremely diverse which I absolutely love! Austin is the younger, hipper Silicon Valley and is a laid back yet extremely intellectual environment. The landscape is incomparable, and for numerous other reasons, Austin is repeatedly highly ranked nationally in countless categories. If you aren’t already in Austin, what are you waiting for? According to ME, Austin is ranked the Number One City in America To Live!
Brag on Austin… brag on,
L.A.
Austin just continues to thrive
April 18, 2007 | Leave a Comment
Leading economists, and of course myself have already told Austinites that the state of the Austin housing economy is booming- what one has to wonder is if it is getting through that the time to buy is right now. Waiting around for the “national” housing bubble to pop is not what Austin buyers should be doing. You simply take the national report and know that it can happen here. Let me translate this into regular speak- you know the streetlight is going to turn red, but that does not mean you stop at a green light or even a yellow. You tap the brake and you look cautiously as you enter the intersection, but you proceed forward now before the light does turn red. There, that was easy to get, right? So now what do you do with this newly found information (the practical application)?
You get off of the fence and make a decision to buy, but you become more cautious of price, you listen to your options clearly at financing, and all of this after you’ve spoken to a qualified REALTOR; listening to where the right places to buy are (because there are many hot locations and many that are not such a good idea), and making educated decisions under their watchful eye. I assure you, your REALTOR wants your success as much as you do, and why? Because your REALTOR wants to be your REALTOR, your friend’s REALTOR and even the REALTOR to your children.
Now, this sounds like just a plug for a REALTOR, but it isn’t. I am trying to convey to you that you do not have to go this decision alone. Buying your home should be an awesome experience, a happy time, and having an advocate in your corner will only help to ensure that that happens.
So here is the strategy I suggest you employ:
A. Find a REALTOR.
B. Discuss with your REALTOR your fears, needs and wants.
C. Listen to your advocate and make educated decisions.
D. Buy with confidence that the house you’re buying is not just a house, it is home- who cares what the housing bubble does, you’re already home!
Happy Buying!
That Real Estate Guy
What we need more of in the world of Austin Texas Real Estate
April 7, 2007 | Leave a Comment
We often brag about the specialists we have in house at SPR, and sometimes we find a gem outside of the firm that deserves some boasting about too- one that does something so outside of the box that we have to brag on them. We feel that in a sea of mortgage personnel, Miranda Anderson with DHI Mortgage shines the brightest as she usually goes without praise in a sometimes thankless position.
It is difficult to trust vendors outside of our firm because they have to care as much for our clients as we do, and honestly, they usually don’t- but not Miranda. Countless times over, Miranda does not do simply one thing that leads to great praise- it is what she does all the time that has me spouting her praises and how she has become one of SPR’s top pre-qualifying lenders. Miranda has consistently provided our buyers with Class A Service regardless of their buying power- this is rare in this business. When loan officers grow their business, they take on an air of being too good for the more complicated loans that got them advanced in the first place, but not Miranda- as her business has grown, she has remained the same grounded, focused loan officer. She has remained determined to carry out the SPR directive which is to provide outstanding service to everyone regardless of their buying power which is why almost every loan we do goes through her first.
When I think of all of the complicated files I have thrown at Miranda, one in particular comes to mind with some bad credit, good income, and great time on the job. Another lender said no way, but not Miranda. After discussing the file at great length, I was able to point out why I thought this buyer should qualify; Miranda took that and ran with it, building a fantastic case for the underwriter. I spent many nights working this file, but what was amazing was that Miranda worked on her side just as hard. Without her and her processor, this loan would never have been packaged with such a pretty bow! They fought for the loan even when I thought things were looking grim. I just had dinner with those buyers (now owners) last Friday night in their new home. The buyers went on and on about Miranda and how they had been treated negatively by other lenders versus how Miranda literally held their hands. That is when I realized just how little we had done to promote this valuable asset, and why I’m blogging about her today.
I’ve asked Miranda to do a weekly Q&A with our blog readers, and she has agreed. So, beginning this week she will discuss her business, what they do, and the benefits they can provide all types of buyers and also what we’ll call “the State of the Market”. You won’t want to miss it!
Happy Reading,
That Real Estate Guy
Will Austin home prices come down anytime soon?
March 31, 2007 | Leave a Comment
The answer to this question in a nutshell is, no. By all the trends and statistics, the Austin real estate market will simply stable out or continue to increase steadily.
Austin never was overheated when compared to California, Florida, or other hot markets. Folks in those markets saw dramatic increases almost overnight. Austin’s higher end real estate did see dramatic increases, but the first and second home markets in Austin saw steady growth. That has been our saving grace- steady growth. It is because of that that we are not crashing and burning like many other markets in the nation.
This may sound like bad news, but it’s not! This fact has allowed many first home buyers to still be able to buy- the home is not completely out of reach. Buyers have had a chance to adjust to slightly higher price per square foot as opposed to being completely unable to qualify. While the higher end property has seen great growth in value, it is (to be honest) where the prices should have been years ago. We’re still adjusting, and leveling.
So here is my advice- if you are a new home/first home/second home buyer, you should probably get off of the fence and buy. I gave this same advice three years ago and honestly, I see people who did not take my advice and are now paying 5.50% interest rates or higher when three years ago the going rate was 4.99%. Rates and home prices are still excellent, but waiting for something to happen that would swing home prices downward would probably set up a scenario for something much more gloomy.
So get off the fence, take the plunge, make a move or you never know, I may be writing to you three years from now about how you should have listened to me- again.
I was going to close, but let me give another piece of advice- if you’re already out of qualifying, meaning the home you looked at last year is now outside of your qualifying range, take a look further outside in the ‘burbs. Look for brand new subdivisions, and when I say new, I mean just breaking ground in a first phase. You’ll many times be pleasantly suprised on how much you can get for your buying buck! But don’t tell anyone else, it’s just our little secret…
Happy Buying!
That Real Estate Guy
Lennar reports 1st quarter profits plunge 73%. What does this mean to Austin and the homebuyer?
March 27, 2007 | Leave a Comment
Let’s first put this in perspective with a quote, “while some markets are performing better than others, the typically stronger spring selling season has not yet materialized,” said Stuart Miller, Lennar’s President and Chief Executive. “These soft market conditions have been exacerbated by the well-publicized problems in the subprime lending market.”
This is actually buyer good news in my opinion! Product is sitting on the market a little longer and builders had anticipated a strong spring beginning. It has yet to happen. Meaning inventory is waiting on possible buyers, and often at fantastic discounts to you! Unfortunately, Austin is one of those markets that is performing at a resonable level- not too hot, not too cold. Warm is how I like to describe it, meaning the discounts may not be as deep as in other areas of the country, but nonetheless, great deals are to be found all over Greater Austin.
So if you’re on the fence waiting for the perfect time, I can only tell you that you may want to consider today as that time. My suspicion is that the spring rush will come, and when it does, the bargins may not be as easy to come by.
As for the subprime effect, remember- this will really only effect a subprime borrower who can expect tightened conditions on their loan and higher expectations on qualifying. A savvy lender and REALTOR combo can help you navigate the new changes in sub-lending.
Happy Buying!
That Real Estate Guy
How Will All The Drama Over The Sub-Prime Market Affect You?
March 20, 2007 | Leave a Comment
Well, you once thought your 600 credit score was a decent FICO score, but guess what- it might not be for much longer!
Shoddy lenders have apparently cut corners in writing loans that have defaulted, thus opening the door to speculation and investigations. Obviously, heads will have to roll and the noose will tighten on buyers in the very near future. New restrictions and more regulation will probably make it harder for average Joe with some dings to sell himself to the faceless underwriter (the “decider” if you will).
I’ll give you my advice whether you want it or not. If you have credit dings, or credit issues that you feel may cause a problem, you’re going to need a good REALTOR and their lending relationships. Why? Because! While a lender can only tell you yes or no, a REALTOR’S job is assist you in finding solutions to dents; a REALTOR has something to lose, namely you. A quality REALTOR can help put a face to your file, giving you a chance to tell your side of your credit story.
So before you step into that black hole of lending, grab yourself a REALTOR. There are no promises in the world of Real Estate, but you’re stacking the deck in your favor when you have an advocate on your side! Many buyers fear calling a REALTOR because of rejection, but that is just silly. Keep calling until you find a REALTOR that you’re comfortable with, and that understands you; because as a REALTOR, I know the solution to your buying obstacle is just waiting for your problem to come along.
Happy Buying,
That Real Estate Guy
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