“Reality” real estate

Posted on December 6, 2009
Filed Under News, Real Estate | Leave a Comment

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As you might have guessed, those “reality shows” about real estate on channels like HGTV are not particularly real. Given that, is there something you can learn from them? Read more in the Chicago Tribune.

” ‘House Hunters’ is house candy,” [Chicago Realtor Eric] Rojas said. “It’s not realistic.
It’s directed. You don’t learn anything about buying. You learn about
real estate values. You learn about how houses look.”

Despite all that, agents who’ve done it say they still watch the show,
and they’d go back on it again. After all, it’s great marketing
exposure, particularly because programs are repeated.

“It’s totally fake, but does anybody think reality TV is real? It’s all
canned, but it’s fun to watch,” said real estate agent Karl Vogel, who
also was featured in a recent episode helping a Boston native find a
home in Chicago. “Who can say they don’t like to be on television,
except you look fat?”



Short sales

Posted on December 2, 2009
Filed Under Economy, Mortgages | Leave a Comment

Selling a home below the current moertage amount create a “short” sale. This minimizes the damage to the seller’s credit and minimizes the financial loss of the lender, as well as minimizing the fall of the local market prices. Good for all, right? Except it takes a long time, and many buyers can’t or won’t wait.

The new Treasury Department rules may improve the situation for some, but in most cases don’t go far enough to have real impact, such as the $1,000 offer to lenders to cover their admin costs, or the $3,000 offer to cover losses of second mortgages, which can be hundreds of thousands of dollars.

It will be some help for pricnipal residences, delinquent loans, and loans made before 2009.



Mortgage rates at all-time low

Posted on November 30, 2009
Filed Under Economy, Mortgages | Leave a Comment

“Thirty-year fixed-rate home mortgages averaged 4.78% during the week of
Nov. 23, an all-time low, according to Freddie Mac’s weekly surveys.” [Link]

This is good news for home buyers and potential sellers, especially given the extension of tax incentives. If you’re thinking about buying or selling, now might be the best time! Prices are low now, too, and there are foreclosures available on the market that are really good buys. Besides, experts say every home sale adds over $40,000 to the economy.



Sea monsters in South Austin

Posted on November 29, 2009
Filed Under Austin, Homes | Leave a Comment

LovelyListing.com shows this interesting property at 507 Leland in Austin. Give me a call if you’re interested, I’d love a chance to show it!



More on the homebuyer tax credit

Posted on November 29, 2009
Filed Under Buyers, Incentives, Sellers | Leave a Comment

The Baltimore Sun has a good overview of the homebuyer tax credit, including five tips you’ll want to read, starting with “Don’t procrastinate.”

Getting your search started now will give you a better chance of finding the right house before the credit deadline. When first-time buyers thought the credit would expire Nov. 30, people scrambled to find properties in September and October, said Pat Lashinsky, chief executive of real estate brokerage ZipRealty. In some cases, “there wasn’t inventory that fit people’s needs,” he said.

Another great tip is near the end: “Don’t take shortcuts.”

Don’t forgo any steps take just to make the tax-credit deadline. Make sure the house is a good fit for your needs and get a home inspection, Lashinsky said. Skipping steps could cost you in the long run.

If you’re thinking about pursuing the new $6,500 tax credit that is available to some current homeowners who buy another home, I recommend that you also read USA Today’s overview of “frequently asked questions.”



Existing home sales are up

Posted on November 23, 2009
Filed Under Marsha Moves Austin | Leave a Comment

Existing home sales were up 10.1% in October, 23.5% over the previous October, thanks to the now-extended first time buyers’ home credit. [Link]

It’s not clear the surge represents a bottoming out of the housing market, as the sales are still not happening organically–that is to say, without a government incentive. And now that the home buyers’ credit has been extended to April, we won’t know if we have an organic, non-subsidized bottom until after then.



Federal First Time Homebuyer Tax Credit has been extended!

Posted on November 23, 2009
Filed Under Incentives | 2 Comments

This time the tax credit isn’t just for First Time Homebuyers!

A new bill extended the tax credit of up to $8,000 through June 30, 2010, and opens new opportunities.

Even more people are now eligible, because the amount of income you can earn has increased. The program also offers those who already own homes the ability to move to a NEW home — there’s a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for five consecutive years during the last eight.

Call today—get moving to get your tax credit now!

Who’s eligible?

Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. If owned property is an investment property or a vacation property, or if a couple is married but filing jointly, special rules will apply.
The tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500 if they move to a new home.

Singles who earn up to $125,000 are eligible for the full credit amount, and partial credit for those earning up to $145,000.

Joint filers earning up to $225,000 can get the full credit, and up to a $245,000 limit can get partial credit.

For more details, give me a call! (512) 779-3518



Austin: best performing city in 2009

Posted on November 15, 2009
Filed Under Austin, Economy, News | Leave a Comment

According to the Austin Business Journal, the Austin-Round Rock area was named best performing city on the 2009 Milken Institute/Greenstreet Real Estate Partners Best Performing Cities Index. This is based on Austin’s ability to create and sustain jobs, considering metrics for employment, salary growth and technology output.

“Texas’ strong position in our best performing cities study demonstrates that a favorable business climate, combined with a low-cost/low-tax environment, is highly supportive of job creation,” said Ross DeVol, senior economist at the Milken Institute and lead author of the report. “The state has diversified its economy by fostering several key high-tech clusters, and the passage of Proposition 4, allocating $500 million in funding for research universities, will make Texas an even more formidable competitor in the future.”

The Milken Institute press release is here. Note that Austin is the first metro to ever be ranked number one twice on the index, the last time being in 2000.



Three proposed tax credit extensions

Posted on October 26, 2009
Filed Under Buyers, Economy, Real Estate | Leave a Comment

Three extensions of the tax credit for first-time home buyers have been proposed in the Senate. The hope is that a liberal extension of the amount as well as the length of time in effect will permanently raise the housing market to a sustainable level of activity before it is phased out or time runs out. Hopefully we’ll have something soon, as the current credit ends Nov. 30, the Monday after Thanksgiving. [Link]



Energy efficiency for the middle class

Posted on October 21, 2009
Filed Under Economy, Green Living, Homes | Leave a Comment

Joe Biden is helping promote green jobs that stay at home, literally, through a proposal for a new program to boost energy savings for homeowners and help our environment, too.  The White House estimates greenhouse gas emissions could be lowered by up to 160 million metric tons by 2020.  Find more info in the Recovery Through Retrofit report.   The proposals here promote better information for consumers  with wider dissemination re energy cost savings & benefits, access to better financing options, and a training and certification program to enhance consumer confidence and promote job growth here at home. Read more about the report here.



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