Wednesday, March 31, 2010
Should I purchase a home even after the tax credit ends?
I'm often asked this question by different people who are considering purchasing a home, but for whatever reason can't do so until later in the year past the April 30th, 2010 deadline. Some people may be changing employers, may not have the necessary down payment available or may have a home to sell before they can purchase their next home. Whatever the situation, my answer is typically YES. I'm not saying yes because I want to sell them a home, I am saying yes because when you consider other factors such as the historically low interest rates, the affordability of homes and the overall Austin real estate market and economic conditions, why wouldn't you purchase a home? This may sound a bit rehearsed, like something you would hear in a National Association of Realtors ad, but the truth is that the current interest rates that we've seen lately are some of the lowest ever. Also, when you look at not only the national but local Affordable Housing Index (AHI), homes are more affordable than ever. As most of you know, real estate is very localized and conditions differ from market to market, but luckily in the Austin area, we haven't seen the sharp decline in real estate values and overall economic conditions that many other cities across the U. S. have.In fact, if you read any of my frequent facebook or twitter posts, I am constantly posting articles from media sources such as Time Magazine, Forbes, Money and CNN about how Austin is in the top 10 cities across the U.S. in economic conditions, job growth, technology, quality of life and so on. In fact, Retirement Magazine recently named Austin the #2 city in the U.S. to retire because of the affordability of house, cost of living and overall quality of life. Don't get me wrong, I'm not trying to say that purchasing a home makes sense for absolutely everyone (as we've witnessed by the mortgage meltdown), but those that have the desire and the means to purchase a home shouldn't hesitate even after the tax credit expires. If you would like any additional information about the Austin Texas real estate market or links to any of the media sources that I referenced, feel free to contact me directly at (512) 743-7820 or you can visit my website at http://www.romeom.com/ to learn more about me or to search for Austin home listings.
Saturday, March 20, 2010
Does working with my bank make the loan process smoother?
Does working with my existing bank make the loan process smoother?
I've often had clients ask that same question over and over and my answer is always the same, No. Having worked with just about every single bank, I can tell you that if you think that you are going to get preferential treatment from your bank because you have an existing account or have had 1,2, 3 or more mortgages with them in the past, then you haven't read the news lately. With all of the recent bank mergers, acquisitions and transfers, we are really left with only a handful of large banks. Wells Fargo recently acquired Wachovia, Chase recently acquired Washington Mutual, and BofA recently absorbed Countrywide Home Loans, who at one point was the largest mortgage lender in the country. With all of the issues that come with merging the books and operations of two major banks, the customer is usually left out in the cold when it comes to getting the best interest rate on their home and timely service. Case in point, I recently had a client that had been a BofA customer for 35 years. He had paid off 2 mortgages during that time, without ever having been late a single time. When he decided to move from Idaho to Austin, he thought it only natural to get pre-approved by BofA before moving forward with his plans. He sold his home in Idaho, packed up his family in the travel trailer and expected to close on his new home the day after he arrived. Things didn't happen as planned. While making the drive to Austin, BofA notified him that he actually would not qualify for a loan because his "new" position with a new company in Austin differed from the one he had in Idaho. In reality the only thing different, was that instead of being the customer service manager, he was now the customer service director. What resulted of this whole situation? He and his family (6 people in total) ended up living in the travel trailer for 20 days, while BofA sorted everything out. Everyday, we were told that we would be able to close the next day, then the next and so on. In the end, BofA did make restitution to my clients in the form of paying for their temporary living expenses, waiving the loan origination fee and firing the loan officer that made the mistake during the pre-approval process. You may ask, why am I telling you this "horror" story? In order to let you know that when it comes to putting your life and the life of your family into somebody's hands, make sure that it is with somebody you can trust. I do have several mortgage lenders that I work with that cringe at hearing this story, that I would recommend any day over the large banks. Unfortunately, in the long term, your mortgage will probably end up in the hands of one of the large banks anyways, but that's a different story.
Visit my main Austin Real Estate Website to view more blog discussions.
I've often had clients ask that same question over and over and my answer is always the same, No. Having worked with just about every single bank, I can tell you that if you think that you are going to get preferential treatment from your bank because you have an existing account or have had 1,2, 3 or more mortgages with them in the past, then you haven't read the news lately. With all of the recent bank mergers, acquisitions and transfers, we are really left with only a handful of large banks. Wells Fargo recently acquired Wachovia, Chase recently acquired Washington Mutual, and BofA recently absorbed Countrywide Home Loans, who at one point was the largest mortgage lender in the country. With all of the issues that come with merging the books and operations of two major banks, the customer is usually left out in the cold when it comes to getting the best interest rate on their home and timely service. Case in point, I recently had a client that had been a BofA customer for 35 years. He had paid off 2 mortgages during that time, without ever having been late a single time. When he decided to move from Idaho to Austin, he thought it only natural to get pre-approved by BofA before moving forward with his plans. He sold his home in Idaho, packed up his family in the travel trailer and expected to close on his new home the day after he arrived. Things didn't happen as planned. While making the drive to Austin, BofA notified him that he actually would not qualify for a loan because his "new" position with a new company in Austin differed from the one he had in Idaho. In reality the only thing different, was that instead of being the customer service manager, he was now the customer service director. What resulted of this whole situation? He and his family (6 people in total) ended up living in the travel trailer for 20 days, while BofA sorted everything out. Everyday, we were told that we would be able to close the next day, then the next and so on. In the end, BofA did make restitution to my clients in the form of paying for their temporary living expenses, waiving the loan origination fee and firing the loan officer that made the mistake during the pre-approval process. You may ask, why am I telling you this "horror" story? In order to let you know that when it comes to putting your life and the life of your family into somebody's hands, make sure that it is with somebody you can trust. I do have several mortgage lenders that I work with that cringe at hearing this story, that I would recommend any day over the large banks. Unfortunately, in the long term, your mortgage will probably end up in the hands of one of the large banks anyways, but that's a different story.
Visit my main Austin Real Estate Website to view more blog discussions.
Sunday, February 14, 2010
Pearson Place at Avery Ranch to include new schools
To promote the expected growth from the upcoming Pearson Place at Avery Ranch subdivision, Round Rock ISD recently purchased a tract of land adjacent to the new development by Waterstone Development. RRISD plans to open three new schools in the Avery Ranch area over the next ten years.
Elementary School First
The RRISD plans include a new elementary to be opened sometime between 2012 and 2014. Much of the timing is dependent on the growth and development in the Avery Ranch and Lakeline/Neenah area. The students on eastern side of Avery Ranch will continue to attend Patsy Sommer Elementary along with students living in the Ranch of Brushy Creek subdivision.
Bond Election Required for Middle School and High School
The plans for a new middle and high school serving the Avery Ranch, Ranch at Brushy Creek and surrounding areas are planned, but not finalized. RRISD has not set a definitive schedule for the opening of the schools because much of the funds required to build the new schools will rely on a new bond election in coming years. The Avery Ranch area continues to experience a tremendous amount of growth, with many new restaurants including Z Tejas, Waterloo Icehouse, Brooklyn Pie Company and many more. The Avery Ranch Golf Course has been voted in the past, one of the best daily golf courses in Austin as well as Patsy Sommer Elementary has recently been rated exemplary as part of the RRISD. The area will only continue to increase its appeal to homebuyers as the Pearson Place at Avery Ranch development kicks off.
For more Austin area real estate information visit http://www.romeom.com/ or http://www.pearsonplaceataveryranch.com/ .
Thursday, January 28, 2010
New Water Park coming to the Austin area
Austin American Statesman
Cedar Park could soon be home to a water park resort, the latest attraction in the growing bedroom community that officials say will draw people from across Central Texas.
City leaders are expected to announce plans tonight for a new Schlitterbahn Waterpark, a brand well known to Texans for its original New Braunfels location.
The park would be built on about 95 acres on RM 1431, about halfway between U.S. 183 and Interstate 35, according to a Cedar Park Economic Development Corp. meeting agenda. The project is expected to cost about $360 million to fully develop, city documents said.
The economic impact of the project is expected to be $2.5 billion over 30 years and could create more than 1,000 jobs , according to an independent study cited in city documents.
"It is a resort destination that we're announcing \u2026 not just a water park," Schlitterbahn spokesman Jeffrey Siebert said.
The park would be the company's fifth and its second largest in acreage. Other parks are on South Padre Island and Galveston Island and in Kansas City, Kan.
Siebert said the new water park might include a hotel or other features, but he did not provide details Wednesday.
The City Council will vote tonight on whether to spend up to $6 million in city sales tax revenue for infrastructure, which could include utilities and roads surrounding the project, according to the council's regular agenda.
Council members will also vote on an economic development agreement between the city and AWPH Management LLC, whose registered agent is listed by the Texas secretary of state's office as Schlitterbahn owner Gary Henry . City officials wouldn't elaborate on the agreement Wednesday and declined to comment on the project until the meeting. That meeting is at 5:30 p.m. today at the Cedar Park Public Library, 550 Discovery Blvd .
The project would be complete by 2012 , according to Rick Redmond , who owns Volente Beach Waterpark on Lake Travis and is one of the partners in the project. He said in a news release that he, along with his wife, Jill, and other partners, have been trying to build a water park in Cedar Park for at least four years.
"The Henrys, owners of Schlitterbahn Waterparks and Resorts, and the Redmonds, friends for many years, decided that the Schlitterbahn concept was a perfect fit for this site," Rick Redmond said in the release. "The City of Cedar Park agreed and here we are."
He said his park will remain open this year and in 2011. But he did not say if it would remain open once Schlitterbahn debuts.
The water park would be the latest effort by city officials to transform Cedar Park, a city of 55,000 just northwest of Austin, into what members of the council regularly refer to as a "destination city."
Last year, the city completed work on the $55 million , 181,640-square-foot Cedar Park Center, at New Hope Drive and the 183-A tollway. The center is home to the American Hockey League's Texas Stars and also hosts other events such as concerts. It is the third-largest indoor mixed-use venue in Central Texas.
For more Austin Real Estate information please visit our site at http://www.romeom.com/
Cedar Park could soon be home to a water park resort, the latest attraction in the growing bedroom community that officials say will draw people from across Central Texas.
City leaders are expected to announce plans tonight for a new Schlitterbahn Waterpark, a brand well known to Texans for its original New Braunfels location.
The park would be built on about 95 acres on RM 1431, about halfway between U.S. 183 and Interstate 35, according to a Cedar Park Economic Development Corp. meeting agenda. The project is expected to cost about $360 million to fully develop, city documents said.
The economic impact of the project is expected to be $2.5 billion over 30 years and could create more than 1,000 jobs , according to an independent study cited in city documents.
"It is a resort destination that we're announcing \u2026 not just a water park," Schlitterbahn spokesman Jeffrey Siebert said.
The park would be the company's fifth and its second largest in acreage. Other parks are on South Padre Island and Galveston Island and in Kansas City, Kan.
Siebert said the new water park might include a hotel or other features, but he did not provide details Wednesday.
The City Council will vote tonight on whether to spend up to $6 million in city sales tax revenue for infrastructure, which could include utilities and roads surrounding the project, according to the council's regular agenda.
Council members will also vote on an economic development agreement between the city and AWPH Management LLC, whose registered agent is listed by the Texas secretary of state's office as Schlitterbahn owner Gary Henry . City officials wouldn't elaborate on the agreement Wednesday and declined to comment on the project until the meeting. That meeting is at 5:30 p.m. today at the Cedar Park Public Library, 550 Discovery Blvd .
The project would be complete by 2012 , according to Rick Redmond , who owns Volente Beach Waterpark on Lake Travis and is one of the partners in the project. He said in a news release that he, along with his wife, Jill, and other partners, have been trying to build a water park in Cedar Park for at least four years.
"The Henrys, owners of Schlitterbahn Waterparks and Resorts, and the Redmonds, friends for many years, decided that the Schlitterbahn concept was a perfect fit for this site," Rick Redmond said in the release. "The City of Cedar Park agreed and here we are."
He said his park will remain open this year and in 2011. But he did not say if it would remain open once Schlitterbahn debuts.
The water park would be the latest effort by city officials to transform Cedar Park, a city of 55,000 just northwest of Austin, into what members of the council regularly refer to as a "destination city."
Last year, the city completed work on the $55 million , 181,640-square-foot Cedar Park Center, at New Hope Drive and the 183-A tollway. The center is home to the American Hockey League's Texas Stars and also hosts other events such as concerts. It is the third-largest indoor mixed-use venue in Central Texas.
For more Austin Real Estate information please visit our site at http://www.romeom.com/
Tuesday, January 19, 2010
Austin Area Builders Ready to Recover
AUSTIN (Home Builders Association of Greater Austin) – The Austin area's new home market could be headed toward a recovery, experts said Wednesday at the 2010 Economic Housing Forecast.
“The resiliency of the job market and relatively stable home prices will translate to a more positive consumer confidence level locally,” said Eldon Rude, Austin director of Metrostudy, which tracks the new home market in Austin and 30 other markets across the country. “Consumer confidence is an important driver of home sales.”
Rude said builders in the Austin area cut new home production by approximately 19 percent in the last year, resulting in 6,490 new home starts in 2009.
“Starts have stabilized in recent quarters, builders have closed more homes than they have started for the last three years. This strategy has resulted in far fewer inventory issues in the Austin new home market compared to the more challenged markets across the United States,” he said.
Metrostudy anticipates that new home starts in the five-county Austin region will be maintained at 2009 levels because of the expected lack of job growth through at least the first half of 2010 and the continued capital constraints facing builders.
Experts believe the region is at or near bottom with respect to housing starts and starts will begin to increase toward the end of 2010 and into 2011.
The conference was sponsored by the Home Builders Association of Greater Austin and the Austin Board of Realtors.
Experts believe the region is at or near bottom with respect to housing starts and starts will begin to increase toward the end of 2010 and into 2011.
The conference was sponsored by the Home Builders Association of Greater Austin and the Austin Board of Realtors.
For more information about Austin Real Estate, visit my website at http://www.RomeoM.com
“The resiliency of the job market and relatively stable home prices will translate to a more positive consumer confidence level locally,” said Eldon Rude, Austin director of Metrostudy, which tracks the new home market in Austin and 30 other markets across the country. “Consumer confidence is an important driver of home sales.”
Rude said builders in the Austin area cut new home production by approximately 19 percent in the last year, resulting in 6,490 new home starts in 2009.
“Starts have stabilized in recent quarters, builders have closed more homes than they have started for the last three years. This strategy has resulted in far fewer inventory issues in the Austin new home market compared to the more challenged markets across the United States,” he said.
Metrostudy anticipates that new home starts in the five-county Austin region will be maintained at 2009 levels because of the expected lack of job growth through at least the first half of 2010 and the continued capital constraints facing builders.
Experts believe the region is at or near bottom with respect to housing starts and starts will begin to increase toward the end of 2010 and into 2011.
The conference was sponsored by the Home Builders Association of Greater Austin and the Austin Board of Realtors.
Experts believe the region is at or near bottom with respect to housing starts and starts will begin to increase toward the end of 2010 and into 2011.
The conference was sponsored by the Home Builders Association of Greater Austin and the Austin Board of Realtors.
For more information about Austin Real Estate, visit my website at http://www.RomeoM.com
Monday, December 14, 2009
7 Ways to Improve Your Home's Appeal to Buyers
In this economy, houses aren't selling like they used to. However, there are some ways to improve the chances of selling your house. If you have a house on the market, or are considering it, read on for seven tips that will make it easier to sell your home and make a smooth transition from one owner to the next.
1. Maintain Neutrality
This policy has worked for Switzerland, and it can also work in real estate. Customizing your home is great if you plan to stay there, but extreme colors and themed rooms can scare off potential homebuyers If you have customized every room with extremely bright or dark colored paint, wallpaper or wall fixtures, you may want to consider toning it down a bit. Using neutral colors on the walls can help prospective buyers create their own vision for the house, and will also leave them with less work to undo if they buy the house.
2. Less Is More
Even though you have not moved out yet, removing some of your furniture can help the house move off the market. If you take pictures for your listing, having less furniture can help the home appear more spacious. When potential homebuyers arrive, having less furniture can also provide clear walkways.
3. That New House Smell
Honestly, the new house smell isn't always the most pleasant, but at least it is new. In preparing to show your home, you should avoid strong smells. To avoid odors, make sure to take out the trash and clean the refrigerator regularly. It is also good to be mindful of what you cook in the days leading up to a showing since certain foods have strong scents. If you have pets, keep an eye on the litter box. Any smell that is too strong could send potential homebuyers running out the door.
4. Pay Attention to the Details
It is not a good idea to make major renovations when you are ready to sell your home because you may not recoup your investment. If you never got around to starting or completing that total kitchen or bathroom makeover, then you can make some small, inexpensive changes to spruce things up. Replacing the hardware on cabinets is a quick way to improve the appearance of older looking fixtures. Upgrading small items such as light switch and outlet covers can also add a nice touch.
5. Maximize Your "Curb Appeal"
The front of your home is the first thing prospective home-buyers will see, so keeping it presentable is a must. If there is a yard, keep the grass to a reasonable height and if there are trees, be sure to keep the branches under control. The path to your front door should be a clear and welcoming one, not an obstacle course!
6. Don't Get Too Personal
Upon entering your house, everyone will know it is lived in, but they do not need to see all the evidence. Get rid of excess clutter such as newspapers, magazines, and mail. Be sure to put away your laundry and shoes. It may also be a good idea to put away some other personal belongings like pictures on the refrigerator or mantle. For you, the pictures may make a house a home or display your personal touch. For the new homeowner, it may appear too personal.
7. Take Care of Repairs
Waiting to make repairs until after you find a buyer can be tricky. Depending on the nature of the repairs, you may not be able to find a buyer. Depending on how fast the buyer wants to close on the house, you may not have enough time to make the repairs. Save yourself some time and potential trouble, by making repairs before you list your home. The repairs will have to be made anyway, so it is better to get them out of the way sooner rather than later.
For more Austin Real Estate information, visit http://www.RomeoM.com
1. Maintain Neutrality
This policy has worked for Switzerland, and it can also work in real estate. Customizing your home is great if you plan to stay there, but extreme colors and themed rooms can scare off potential homebuyers If you have customized every room with extremely bright or dark colored paint, wallpaper or wall fixtures, you may want to consider toning it down a bit. Using neutral colors on the walls can help prospective buyers create their own vision for the house, and will also leave them with less work to undo if they buy the house.
2. Less Is More
Even though you have not moved out yet, removing some of your furniture can help the house move off the market. If you take pictures for your listing, having less furniture can help the home appear more spacious. When potential homebuyers arrive, having less furniture can also provide clear walkways.
3. That New House Smell
Honestly, the new house smell isn't always the most pleasant, but at least it is new. In preparing to show your home, you should avoid strong smells. To avoid odors, make sure to take out the trash and clean the refrigerator regularly. It is also good to be mindful of what you cook in the days leading up to a showing since certain foods have strong scents. If you have pets, keep an eye on the litter box. Any smell that is too strong could send potential homebuyers running out the door.
4. Pay Attention to the Details
It is not a good idea to make major renovations when you are ready to sell your home because you may not recoup your investment. If you never got around to starting or completing that total kitchen or bathroom makeover, then you can make some small, inexpensive changes to spruce things up. Replacing the hardware on cabinets is a quick way to improve the appearance of older looking fixtures. Upgrading small items such as light switch and outlet covers can also add a nice touch.
5. Maximize Your "Curb Appeal"
The front of your home is the first thing prospective home-buyers will see, so keeping it presentable is a must. If there is a yard, keep the grass to a reasonable height and if there are trees, be sure to keep the branches under control. The path to your front door should be a clear and welcoming one, not an obstacle course!
6. Don't Get Too Personal
Upon entering your house, everyone will know it is lived in, but they do not need to see all the evidence. Get rid of excess clutter such as newspapers, magazines, and mail. Be sure to put away your laundry and shoes. It may also be a good idea to put away some other personal belongings like pictures on the refrigerator or mantle. For you, the pictures may make a house a home or display your personal touch. For the new homeowner, it may appear too personal.
7. Take Care of Repairs
Waiting to make repairs until after you find a buyer can be tricky. Depending on the nature of the repairs, you may not be able to find a buyer. Depending on how fast the buyer wants to close on the house, you may not have enough time to make the repairs. Save yourself some time and potential trouble, by making repairs before you list your home. The repairs will have to be made anyway, so it is better to get them out of the way sooner rather than later.
For more Austin Real Estate information, visit http://www.RomeoM.com
Monday, November 30, 2009
Understanding the Multiple Offer Situation
To learn more about how to handle a multiple offer situation, visit my site blog at http://www.romeom.com/
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