Austin Lending, Zero Down & Home Buyers
September 25, 2008 | Leave a Comment
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.
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
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.
Get Your Home Ready to Sell in a Jiffy!
August 19, 2008 | Leave a Comment
Home Staging
Home staging is the art/science of preparing a residence for sale. It includes combined elements of lighting and color, use of space, and emotional triggers to help make a home appear “more desirable” to a potential buyer.
In the above 5-minute video from the NBC Today Show, real estate expert Barbara Corcoran shows how to stage within a budget, and how to do it quickly.
In less than 48 hours, Corcoran and her crew convert a “stale” listing that’s been listed for 6-plus months, turning it into a home with curb appeal and good looks. And they do it for less than $700.
Home staging can be do-it-yourself endeavor, but hiring a professional can help squeeze extra dollars from a sale price. If you’d like a referral to a trusted home staging professional, we’re glad to point you in the right direction.
Radical City Council Mandates Followup
June 20, 2008 | Leave a Comment
Dear Friend:
Over the last several months, you may have heard talk about a proposed City plan for achieving improved energy efficiency in existing homes. Some have called it the “point of sale” ordinance, or even the “green home tax.” There’s been a lot of confusion and misunderstanding on this issue, so I want to try to set the record straight. I hope that you will take a moment to read this.
As you know, we face a rapidly changing energy future. If you like what’s happening with gas prices right now, then you’re going to love what happens with the cost of electricity over the next few years. Make no mistake: powering our homes and buildings is going to get more expensive, perhaps dramatically. Right now, we have an opportunity to get in front of it.
This matters to you whether you know it or not, because we all share in the cost of wasted electricity. It forces us to make expensive power purchases on the energy markets during the heat of summer, and brings us closer to the day when we would need to build expensive new power plants. This drives up electric rates for everyone, not just those who are wasting energy.
Anticipating these problems, the City Council established an inclusive 28-member Task Force to study and make recommendations on ways to achieve better energy efficiency in Austin homes, rental properties and commercial buildings. This Task Force has not made any recommendations yet, but their draft concept is a far cry from some of the characterizations of it that I’ve heard.
To be clear, we’re still many months and a lot of public process away from considering anything, but if the Task Force’s draft concept were adopted today, here’s what it would NOT do:
1) It would NOT impose a tax on selling your home.
2) It would NOT require people to make energy efficiency upgrades before they could sell their home.
3) It would NOT require people to pass an energy efficiency inspection or get a “certificate of compliance” before they could sell their home.
4) It would NOT force people to buy expensive items like new air conditioners or new windows.
5) It would NOT cause burdensome delays to home sales.
If the Task Force’s draft concept were adopted today, here’s what it WOULD do:
1) It WOULD require sellers to get an inexpensive energy audit and provide that information to prospective homebuyers.
Sellers wouldn’t have to make upgrades, and they wouldn’t have to pass an inspection - they would just have to let buyers know what kind of efficiency condition the house is in. The idea of requiring “audit and disclosure” was recommended by the Austin Board of Realtors (as represented on the Task Force), and I think it’s a good one. Information is the first step to making smart energy choices, and buyers deserve to know what they’re getting into when they make the biggest investment that most people will ever make in their lives.
2) It WOULD encourage people to VOLUNTARILY participate in a program to achieve basic efficiency upgrades, if a house needs it.
The Task Force is discussing a VOLUNTARY program. Under a voluntary program, “low-hanging fruit” like weather stripping and duct sealing would be prioritized, and spending caps would be proposed. All of Austin Energy’s rebates and incentives would be available, including their low-interest loan program. As such, basic energy efficiency strategies would be self-financing - that is, the savings on utility bills would outweigh the cost of the upgrades, which would actually put money into the pockets of homeowners, make home ownership more affordable and secure, and put homeownership in reach of more people.
3) It WOULD set voluntary participation targets and track whether we’re meeting our goals over the next few years.
If Austin realtors do what they’ve committed to do as part of the Task Force and become full partners in this process - and if the City and Austin Energy does what we’ve committed to do and make this an easy, seamless process - I have no doubt we’ll meet our goals. But if we’re falling short, we’ll need to recognize that and try a different approach. Under the Task Force draft concept, the basic efficiency program could become mandatory if the voluntary program wasn’t working.
These ideas are still open to a lot of discussion and debate, but I think we’re starting from a good place. If everyone works together in a spirit of good faith and cooperation, I know we can develop solutions that will actually make our homes more affordable, keep electric rates lower for the entire community and put us on strong footing as we enter a shifting energy economy.
I appreciate your interest in this issue and look forward to hearing your input.
Sincerely,
Will Wynn
Austin Mayor
Essentially, the goal is to have an inspection that simply reveals/discloses energy efficiency of a home at the time of sale. That is a LOT easier to swallow than radical terms proposed in recent times!
original image courtesy of bullcreek on flickr.com
3927 Lord Byron Drive
May 11, 2008 | Leave a Comment
With a Diamond Brite pool/spa, grand oaks, an elevated rear patio and back yard overlooking a green on the Forest Creek Golf Course, the stage is set for this luxurious home.
Inside, you will enjoy granite countertops, travertine tile, bay windows, a full guest suite, game room and two story living room. Forest Creek is one of the most desirable areas in Round Rock and priced at only $329,900 we anticipate this home will not be on the market for long!
Why Resale Is Hot
April 23, 2008 | Leave a Comment
Today, I just wanted to note that the Austin home resale market is hot not only because Texas hosts more Fortune 500 companies than any other state, it is ALSO because Austin caters also to the startup industry better (in my opinion) than almost any city in America.
With people making it big with their startups and others having been recruited from other states to work at the larger corporations here, Austin is in a good place. Other areas have to rely on the move-up buyer or the first-time buyer to buy their homes for sale, but Austin attracts an extremely diverse buyer pool that matches the extremely diverse workforce.
For example, our last three calls while writing this article were either from abroad or other states relocating in the technical field. Now that’s sayin’ something!
Dear Home Searchers! (An Open Letter)
March 15, 2008 | Leave a Comment
The truth… Weekly UN-Hotties
I showed 3 homes in one of Austin’s most beautiful subdivisions yesterday. I’ll admit, I was excited to tour this neighborhood (as always)- an Austin neighborhood with grandeur, that Austin neighborhood is Avery Ranch.
I want you to know that I’ve never been more ashamed in my entire life entering all three of these homes. Why? Because they weren’t ready to be shown.
…It Hurts
For starters they smelled like ass. Dirty and tattered carpet, dents in the walls, grungy paint, and completely unkempt. All I could say to my clients was how absolutely sorry I was for the experience.
In fairness to the listing agents, they are at the mercy of the spending power of the home owner to clean up and repair such a mess, but that is when it boils down to good old fashioned truth- it just isn’t ready for market.
A home should look and smell like a home, not a kennel.
Utter Disappointment
So, with much despair I say- I’m sorry you had to experience that. I wished I had my camera, or I’d be sharing the horrible images we witnessed yesterday, but maybe that would just be rude. Normally, I would preview such homes, but time does not always allow for such a luxury- you pray that the owners have some sense of pride, especially in a neighborhood such as that.
I would never allow my home sellers to lower themselves in that way, I would never let you go to market in a losing position. Why was it a losing position? Because my home shoppers were too good to live in your home- so we search on.
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
Listing Your Austin Home - Austin Market Perception
November 23, 2007 | Leave a Comment
Perception is the mother of all keywords right now in the business of Austin real estate. Make no mistake about it, perception is the problem, and the panic many are feeling is based on the over reaction of others. The sky is falling seems to be the rhetoric of the ill informed- they’ve been touched by a problem, therefore you must have a problem too, even if they are 5,000 miles away.
There is a way around this crisis and not allowing perception to dictate your marketability when it comes to listing your Austin home. It is really simple and it begins with your agent being brutally honest with you. Honest you say? Yes, honest. If you want honesty, and want an agent that will evaluate your market and tell you the honest truth about whether to market now, or in a few months- we’re those Realtors. We’re not afraid to lose a listing because it’s in your best interest. Our goal is to make sure your market is performing optimally, and put you in a position to bring the best possible offer- and if it isn’t quite performing, to fully advise you as to what now versus later may mean to your wallet.
Marketing can only go so far, we can bring offers even in a tough market (we do it everyday), but the quality of the offer is affected by perception. If you’re thinking of listing, give us a call, a second opinion may mean $1000s to your bottom line.
… and by the way, the sky is not falling in Austin real estate, but buyers are affected by perception and will wait until they can buy safely, the same way you’re going to market when you can profit optimally.
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.
Austin Real Estate News- Labor Market is Hot
October 30, 2007 | Leave a Comment
According to the Texas Workforce Commission and Bureau of Labor Statistics, Austin’s labor stats are outperforming the Texas averages, and nearly allother major metropolitan areas. Read until the end to find out WHY this is real estate news…
***Ranking SECOND in Texas only to the McAllen area, Austin’s EMPLOYMENT GROWTH RATE is at an impressive 3.5% while overall, Texas experienced 2% growth rate over the last 12 months. The misconception of big city equals big employment is simply false and as Austin job creation numbers consistently rise, chances are you’ll be here soon if you’re not already! Other metropolitan areas that had impressive numbers were Houston and Dallas, both at 2.6% growth, Waco at 2.4% and Midland at 2.5% employment growth rates.
***Austin’s UNEMPLOYMENT RATE is also declining. Raking FOURTH in Texas after Midland-Odessa (3.25% unemployment), Lubbock (3.5%), and Amarillo (3.5%), Austin has only a 3.7% unemployment rate which is very impressive considering the state unemployment rate is 4.4% while the nation experiences 4.7% unemployment.
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I know, I know- you’re asking how this is real estate news. It is- these numbers are taken into account by three different groups that are important to you whether you are buying or selling property in Austin:
INVESTORS: when scouting new locations, investors look not only at unemployment rates and employment growth rates but at job diversity to support meaning we can lose more than one industry and our economy still hums right along. Austin is the nation’s second silicon valley (Dallas being the silicone valley!) but is also supported by an increasingly strong retail market, health industry, and banking sectors.
EMPLOYERS: numerous companies are packing up their California plants or headquarters and heading for Austin which is a much less expensive location to operate in yet still offers a similarly beautiful landscape with endless entertainment and venues that are attractive to employees.
REGULAR JOES: the job growth rate is an indicator of the strength of the Austin housing market. When our city has attractive numbers, it creates a vibrant relocation market which in turn creates a demand for housing which is good news for sellers. For buyers looking at Austin and comparing it to other cities that they are considering relocating to (including many of our readers, hint hint), these numbers are a major draw for Austin.
So great news Austin- we’re hot!
Austin Is The Place To Live- Affordability Showcase
October 24, 2007 | 2 Comments
Austin is the place to live and if you aren’t here yet, we’ll give you yet ANOTHER reason to move- affordability! Because of the gorgeous landscape and endless lakes, much of our entertainment is free (can you say hiking, biking, swimming?).
But who are we kidding- the best deal in Austin is housing! Last year, the national median home price was $221,900 while Austin’s median price was only $173,700! While prices have increased (congratulations home sellers!) since last year, Austin will forever be less expensive than real estate on the east or west coast and the landscape is just as beautiful!
Where does Austin rank nationally? According to Travel & Leisure magazine, here are the national affordability rankings:
1. San Antonio, TX
2. Nashville, TN
3. New Orleans, LA
4. Minneapolis/St. Paul, MN
5. Austin, TX
6. Portland, OR
7. Philadelphia, PA
8. Charleston, SC
9. Denver, CO
10. Dallas/Fort Worth, TX
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!
Is The News Freaking You Out? A Couple of Things Our Callers Are Asking…
August 10, 2007 | Leave a Comment
Hey guys & gals,
We’re watching the industry on many many levels, especially mortgages. The reality is, we do not deal in loans that are not buyer friendly, period.
It has always been a Single Pointe policy that our buyers know what options are available and we’re not afraid to say, “don’t take that loan.” You’ll know upfront what the loan really is and once you have all of the facts, it’s your decision; we never let lenders or sellers pressure our buyers.
Our first home buyers get great rates and generally we can get them down to even better rates using FHA, VA and various other first home buyer programs. You’ve still got many many of the best options.
Step-up buyer & seller? We’re helping our clients get pre-qualified for fantastic rates on their next home and have created buy/sell strategies to help move them up OR down to the home they can best afford.
We know that subprime mortgage talk is all around the water cooler, but the reality is that the vast majority of you are not a subprime credit risk, even if you may feel your credit has been damaged in the past.
A question was asked today, is it harder or going to be harder to get credit? If you’ve never paid a bill in your life, probably! But if you’re like most folks who work hard, pay the bills the best you can, and do a reasonably good job, you’re more than likely going to be just fine. But always know that we’re here to help you navigate the process, and we’re not afraid to shop lenders to get the right loan and rate.
Worried about rates? Well, rates on normal loans (fha, conventional etc.) are down right now. Obviously, higher risk loans will have higher rates, but we’ve not seen anything unreasonable just yet.
Another question was, is it a good time to buy? It is definitely a great time to get out and buy- low rates, great prices, lots of options, and a friendly staff here to help you through the muck… what more could you ask for?
We’re ready to help!
Here’s a tip: contracting by the end of August on a new home will land you some of the best deals of the year; it’s close-out season! Get in on the action while inventory is hot!
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Have a Real Estate question you’d like to ask? Give us a call; we’ll post them as we get them here for others who need to know. If you’re shy and in need of asking a question, drop us an email or just comment on this post and we’ll answer in our next call session!
We’re Shaking Things Up In Austin! Here’s The Buzz- Buy Sell Search
July 15, 2007 | Leave a Comment
Sweet New Features Added
We’ve launched A Sweet New Feature this weekend that will give buyers a more effective way of Map Searching Austin Homes, and Sellers equal excitement that buyers will find their homes all over Austin. You can search by map, or simply search standard listings and revert back easily to see exactly where a specific home is on the map. Buyers can also easily update the map- streamlining their home searching process.
We continue to improve features at Single Pointe as well as your experience while browsing. Here are a few of the features:
We’ve removed all images that slow down load times on all pages. Honestly, they do nothing to improve the consumer’s ability to search homes, so why have them? Instead we’re using richer colors, simple text, and smarter page layouts.
We developed our “buy sell search” motto which means to you- we’re breaking down the site in a way that takes the user directly where they want to go. Simply click one of the three buttons to do exactly what you came here to do, less all the fluff you’ll get from average search sites.
We’ve expanded the ability to save your Austin home search. It is a much simpler way of getting and saving only the content you want as well as getting updates on new listings on only the homes you specify- this is a feature that seems well loved so far and we’re excited!
As for our Layout- you’re experiencing it for yourself right now! So check out the links below; tour around!
The Discount Listing Agent- Seller Beware
May 1, 2007 | Leave a Comment
Okay, here is a quote from a local discount listing agent, “List your home in the local Realtors® MLS for a flat fee as low as $399.” Now what? A sign in your yard, some flyers, maybe a virtual tour for an additional fee- Home Sellers, you should wake up and listen to what the agent is actually saying. This agent actually goes on to say he works dilligently to sell your home. I am not sure how he can back that statement up. I mean, if he dilligently sits by the phone and waits for buyers to call, I guess you could say he is being a little bit truthful.
The whole truth is, YOU HIRE US TO SELL YOUR HOME, NOT JUST LIST IT! Selling is an art form, it requires strategy and focus. Are you telling me you would work for your employer full time for potentially 60, maybe 120 days for $399 bucks? Common sense tells me you said no way! Believe me, that agent said the same thing.
In a market where profits on existing homes are up sharply, you’re going to tell me that you want an agent that will take less money to do less work? This strategy is just insane. My clients tell me they are looking for a sharp Agent with top notch skills, tools, and drive to SELL their home at the absolute HIGHEST possible sales price! Are you that client? Or is your strategy to quibble over maybe $3k when a quality agent wants to earn you 10 times that amount? My bet is you’re going to go with a winning strategy, not a lay down agent who puts a pretty sign in your yard and lists your home (the needle) in the haystack we call the MLS. Don’t get me wrong, the MLS is key, but it is not the end all be all of selling your home. It’s a combination of tools that veteran SELLERS have in their portfolio.
Do yourself a favor. Shop for an agent that can WIN. Avoid the plastic salesman who simply lists your home and disappears, until you call him/her in desperation and buy the full service package he should have advised you to take in the first place. Gimmicks are a nasty game when you need your home sold now and you’re counting on the profits to move from point A to B.
And trust me, this is a gimmick. The discount MLS only fee was invented to attract a For Sale By Owner or FSBO. Realtors knew the FSBO could only hold out so long without over 90% of the market being able to see their home- which is the case. There is only so much exposure a FSBO can get on their own without finally giving in on day 73 to the Realtor they should have hired in the first place. Unfortunately, regular every day sellers are getting caught up in this mess and it is unfortunate. Don’t make the mistake some of my current clients made. They sat on the market with a simple flat fee listing for almost 200 days before they just could not stand it anymore. The baby they were having that created the need to up-size was now here with the crib now stationed in the living room. This is crazy! The photo that was on the flyer actually demonstrated this fact making the home look even smaller than it really was! We’re in the process of putting this home in the proper light now and I feel confident I can help these sellers- but what about you? It’s not to late.
Hire a Realtor that brags about SELLING your home, not discounting it.
That Real Estate Guy
By the way… How does one find such a Realtor that will do the job? Simple, find the Realtor that will give it to you straight, explain the risks clearly, but is aggressive and hates to lose. Avoid anything kitchy or smarmy. A benz does not mean “the best.” It simply means, they have a nice car. Simply listen to the strategy, do they understand your goals, and how important is your listing to them, personally. Are they challenged by your home, area market, or the asking price. This is simply a starter, I am sure by reading the above you have an idea of the type of Agent you want selling your home.
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
Part III - Spring Forward Ideas
April 15, 2007 | 1 Comment
Okay, so the last episode was mostly about cleaning the inside stuffed parts of your life, so this week I thought I would speak more about what you may or may not be doing in the yard, landscape, or the patio. So here goes:
You’re going to need to stage certain parts of your home this fall when you go on the market, so here are some things to consider-
Austin may be weird, but yeah… your home shouldn’t be- unless it is the neighborhood standard. REMOVE THE LAWN ORNAMENTS! I cannot say this enough, so incase you missed it the first time- REMOVE THE LAWN ORNAMENTS! And yes, this includes the statues in the landscape. It may be cute to you, but one man’s cute is another man’s grandma- just in case, if you have plastic on the sofa, lose that too!
The patio or deck: Get rid of the clutter, make a place similar to your living space, i.e. extend your living room outdoors. Open it up, make it inviting by adding things such as planters that will convey in the sale, a nice patio set, a barbque pit (you will get better pricing on these types of items towards the end of the summer)- things that will show potential buyers a larger living area that includes the backyard. Remember, many first home buyers have never had a yard of their own, and this will be a very large part of their buying decision.
The windows: It is time to make those repairs to screens and caulking around your exterior windows. This brings me to another point… do you have a glaring sunlight problem in some of your windows? It may be time to fix it with some fresh tree plantings. Remeber, it does not take a a giant tree to create shade, but also remember not to kill any possible view with a short tree. Position the tree with plenty of room to stretch out and watch that nothing too large is planted too close to the foundation- this is a conversation for you and the local nursery.
Shutters: Did you buy a home that would look good with a nice pair of shutters? Did you know that this can be done for around a 100 bucks per set? This one adjustment could add a lot more than that to the bottom line of curb appeal. Trust me, the curb is where the money is made. Look at the profile of your home, and picture it. Need help? Take a good photo of it, and head down to the Depot to get a second opinion. Seriously folks, this is a one day project that could bring your home from shabby to chic!
Know your buyer tip of the week; and folks, this is a biggy. Look up! Do you see those cheap, brass colored fixtures? If you said yes, I’m speaking directly to you! If you have about a day, and a couple hundred dollars, you could seriously set your home well above your neighborly competition. It does not take a rocket scientist to replace those lights, nor the door knobs on your interior doors, nor are the replacments very expensive. The “in” color right now is gun metal or gun barrel, depending on what your particular hardware store may call it or you could just go stainless or brushed nickle. The makers vary, and so do prices, so shop around. And don’t forget the front door. If you took my earlier advice in Part I, you’ve already painted the front door; wouldn’t it look great with new hardware too? This can cost anywhere from 59 bucks to $300, so shop around for the most economical option (don’t cheap out and skip the kick plate). It does not take a lot of investment to bring a return. And folks, if you’re afraid to mess with electricity, please call a professional.
The last item of the day is staining the concrete. I want to begin with a warning however; stain means exactly that- it will stain the concrete, so plan well. This has become very popular and well loved by all who dwell in and around Austin, but it has its limits. I highly recommend you NOT stain your driveway. All this does is make your driveway stand out as opposed to your hard work on the landscape (not to mention your HOA may choke and fine you big time!). Leave that to the buyers. However, staining the landing of your entry is a definite plus. Leave the fancy patterns to the pros- more than likely you’ll end up staining over the pattern anyway because you cannot get it perfect. If you have not stained your back patio, you should add this to your list. But back to the landing- you’re creating drama here. The landing ties into the landscape, surrounded by your gorgeous lawn you’re working on now. Done correctly, this can add thousands to your bottom line. Last but not least, use a local pro or get advice from your local hardware store- these guys know what’s in and what’s out and can advise you in a popular direction on color, wear and tear, etc… Staining is about a 1.5 day project spread over about 4 days.
See you next weekend for more tips and ideas!
Happy Selling!
That Real Estate Guy
Your Austin Home Search has never been easier! (from the Broker)
April 14, 2007 | Leave a Comment
In an industry that continues to do less for you, we’re doing more- as you can see by looking around the site; SPR Online has given its clients and customers an even fresher, cleaner, and faster site to peruse with more updated content and even more state of the art features to boot!
We’ve listened to our customers and added some handy tools to help them along the way. For example, by loading the Featured Listings page and registering as a customer, buyers can now build a portfolio! They can pick and choose the homes that most interest them and this portfolio can be accessed by their SPR agent later when they sit down to visit or by phone! This is helpful to the agent because your they can begin to learn more about your taste, your likes and dislikes and offer even more options. You can even email yourself, friends and relatives an email brochure of your favorite homes! Even better, shoppers can do all of this with no pressure and on their own time! Simply log back in and your information is still there for you! You can also easily check status of a home without even picking up the phone! There are tons of unique and fun tools for our buyers here at SPR Online and we want to do even more!
For our Sellers, you’re going to love what our site can do for you! Call us today for a listing presentation so that we can demonstrate our powerful listing technology!
We would love to hear from you! If you have a question, comment, even if you dislike something, let us know! This sites for you! We’ll do our best to continue to custom tailor SPR Online to meet the needs of its ever growing customer base!
Single Pointe Realty continues to be Austin’s Leader in the Full Service Real Estate Industry, doing more, not less to serve you!
Thanks for choosing us, and don’t forget to comment!
the Broker..
Part II of: Spring Forward Ideas
April 8, 2007 | Leave a Comment
Last week, you read several suggestions on how to Think Forward when doing your spring spruce up in anticipation of listing this fall. Rather than wait all summer to start, you can be doing things in advance that can help you add real numbers to the bottom line!
So here goes:
1) The closet(s). If your plan is to live in the home while it is on the market, then you need to spring clean in a crazy, crazy way! Your closets full of everything from the shoes you were born in to the dress you got at that garage sale 14 years ago that you might fit into (someday) will not impress buyers. Remember when you bought the house and were amazed with the storage space in the home? Well, you’re moving! Someone else needs to be just as impressed! (By the way, what if the storage was never great in the first place? Simple fix- get rid of everything but the clothes you’re wearing tomorrow!)
2) The kitchen. Storage in this area is primo, and clutter will kill the deal before it even starts. Like I said above, I am sure you will someday use that bread maker you got on your wedding day 25 years ago, but wow- maybe someone would use it now? Can you say garage sale?
3) The pantry. Are you sensing a theme? Yeah, this needs an overhaul as well. Think back to those days when you worked at the corner store (or shopped in one). Face and front your shelves, organize the cans, separate the boxes, clear out the clutter. Here’s a thought- get rid of all of those sweets you’ve been swearing off for the last three years! The added (pantry) space will add value. And no, I did not just say you needed a diet!
4) The garage. Yeah, I am talking to you, guys. It’s time to sell that old car you’ve been promising the wife you would fix and drive her down the coast in some day. In case you guys haven’t heard, Austin has no coast line… Anyway, clean it up and get the cars that actually start in there.
Here is a tip: Everyone suggests you have a community garage sale. No- have one yourself. Why would you want to compete with your nosy neighbors as they suck up all the money? I recommend you simply organize quietly and advertise in the paper and any other free publication you can find. Let it be a surprise to your neighbors’ wallet this weekend!
5) This is totally off the subject of space- this is one you all overlook, but buyers zero in on every time. If your baseboards where originally white when you moved in? You may want to make them white again! Pine Sol- works like a charm.
Tip Two: (I should charge for this- really!) Know your buyers! No, don’t stalk them- know where they’re coming from. By this I mean, head out to one of Austin’s newest and brightest luxury apartment communities. Ask to see a “made ready unit”. When you’re in it, look at the details, such as the screws in every outlet plate that face up and down, or how about how well the carpet is cleaned, or how white those baseboards are! This is a great place to learn what your buyers are used to living in! Another place to look is at some new construction homes! (No, not the models- bad idea, Ill explain next week!) This will be a healthy reminder of what your new home may have looked like when you moved in- and the new homes you may be competing with. You can’t add a second story, but you can make it just as fresh- I cannot say paint, paint, paint, paint, paint enough. Paint can add tens of thousands of resale dollars to a home with a serious lived in look and two kiddos! (More on this next week, I promise!)
Next Monday I am talking about staging- I have some really good tips for you that you won’t see anywhere else. So don’t miss it!
Happy Selling!
That Real Estate Guy
Selling your Austin home in the near or distant future? Here are some spring forward ideas that add value!
March 28, 2007 | Leave a Comment
So your game plan is to sell your home sometime in the next six months to a year, but you are not exactly sure. With this in mind, spring changes to the landscape or the house in general are probably going to go to the bottom of the priority list this spring- most sellers will do nothing until they have to. Well, I have a few ideas you might want to think about that will bring in higher offers.
Inevitably, you will have a REALTOR in your home to advise you on what you will need to do in order to bring your home up to par with the rest of the market. This will cost you money, especially all at once, so here are the suggestions…
*Instead of putting off the accent wall you painted teal green, go ahead and update it! Choose a color that that is neutral in tone, and no, it does not have to be off white.
*Is your landscape looking rundown? Spice it up! But not with flowers, think low maintenance. If you are going to be selling in the fall, then plant some fall flowering shrubs! Thinking of putting in a deck this spring? Excellent! A deck adds value to any home so long as your yard is not on the smaller side. If it is, you may want to think about a less imposing stone extension to your patio.
*Was your dream to add granite counters in your bath or kitchen, or both? DO IT! You can never go wrong with granite so long as the granite you choose is on the mild side. I would avoid loud colors or pattern, always think neutral!
*Have you always wanted to spruce up your front entrance with a painted door? GREAT IDEA! Black is a favorite with buyers these days, also red, or stained wood, you pick! But remember, someone else has to love it as much as you do!
*Have you been meaning to remove that ugly border trim you put up ten years ago in the kitchen and bathroom? Fantastic idea! Remove it and go ahead and paint those walls while you’re at it. Bring your rooms back to a palette a new buyer will want to work with, not see as a repair!
Whether updating your appliances or simply getting rid of the weeds, this spring will add even more value to your home in the future when you do enter the real estate market.
All of these things can be done now during your normal Spring Spruce Up! Just do it, forward thinking! Give your home a fresh look today, impress the neighbors and your friends; after all, they may be your next buyer in the next year! Doing this today will save you time and money down the road and increase your home’s value in the process.
If you would like a consultation on your home this spring about your listing down the road, call today! Most agents will come out free of charge to help get your spruce up moving in the right direction. Or you can check back here every Thursday for a new set of ideas!
Happy Buying Selling!
That Real Estate Guy
Who Will Represent You in the Fast and Furious Texas Real Estate Market?
March 27, 2007 | Leave a Comment
Let me set the stage- you’re charged with criminal charges, it is your first offense and the charges are not that serious, but are difficult to defend against. You know nothing of the law but common sense and morals, and believe yourself to be either innocent, or simply negligent at the most.
Would you walk into a courtroom alone and choose to represent yourself? If the judge asked you to step into a room with a prosecutor in an attempt to negotiate your case, would you do it alone? Of course you wouldn’t. Your freedom is at stake as well as your reputation and more.
Real Estate is said (and I believe it to be true) to be the most important financial decision you’ll ever make. You’re asking for a very high amount of money in the form of a loan that you will be paying back for at most 30 years, in some cases, 40. A bad home, a bad loan, and a bad decision could be what equates to a very expensive prison term that will probably be hard to overturn in this case.
Unfortunately, many people every day read stale, canned information on real estate websites. Many times that information comes from those who would call themselves educators, but I call them opportunists. Teaching you to buy real estate on your very own with their flat rate fee being the only thing standing between you; a sales agent at the time of negotiation, sales contracting, inspections, appraisals, lending, the underwriter, and anything else that can come up in the transaction could cost you more in the long run than the dollars you saved with a discount brokerage. There is rarely time to consult a webpage during any of these snap decisions in negotiating. Not knowing the law, your rights, or what is an acceptable solution or practice could lock you into a cell of huge financial proportions.
My advice (and not just because I am REALTOR) is to HAVE A REALTOR! In my blog I never ask personally for your business because I try hard to remain objective. I do not just want you to pick any old REALTOR; you need one who understands your goals, your needs, and your wants. Those three factors will keep you free and make each and every one of your mortgage payments happy payments. Payments you can be proud of. If I were in the above scenario, the last thing I would be worried about is the agent’s fee. I want the very best to represent me, knowing I will save thousands over what the agent will make in even a mild version of the above case.
Happy Buying,
That Real Estate Guy
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