Local ATX Living!: October 2009

The Benefits of Getting Pre-Approved for a Loan When Buying a Home – Austin, TX      

I have spent several hours of the last week doing a complete overhaul of my real estate website.  I decided to go it alone this time, thus the drastic increase in time it has taken to get up and running (I think it looks good though – check it out!).  While writing content for the site, I was writing about the lending process and why getting pre-approved for a loan is so important.  Then I had an “ah ha” moment and decided it would make for a great blog post.

I have an announcement for first time home buyers and those thinking of buying a home in the near future.  If you feel confused, scared, nauseas, overwhelmed, or stressed about the idea of buying a home in the coming months, you are in for some good news.  That is completely normal, and you are not alone.  Let’s face it – buying a new home (especially your first) is a catalyst moment in your life!  These important moments in life will never be without doubt or uncertainty.  Having those emotions present help you realize the magnitude of what you are about to do.

Now, the purpose of this post is not to scare the living heck out of you.  It is to help prepare you.  The most challenging part of the buying process in today’s market is the lending process.  Changes are taking place nearly every month.  I will admit – the process is confusing (most real estate agents won’t admit this but many are thinking it).  Therfore, getting pre-approved for a loan is the best thing you can do early on.  Ken Cook wrote a great article about understanding what “points” mean on a home loan.  It is one aspect of a complex process.  Let’s face it - there is a lot of information available today.  The hard part is determining which is reliable, accurate and true.               

The very best thing you can do prior to getting pre-approved for a loan is speak to an experienced lending professional.  They will explain the process as in-depth as you require.  But I want to share the benefits (and the actual topic of this post) of getting pre-approved before you even step foot in a home for sale. 

• You will know where you stand with your credit score.  Credit score is one of the biggest factors in determining if you qualify for a loan.  Whether you are using conventional lending, FHA, USDA - it matters.  If your credit needs work, that’s ok!  Your lender can help you improve it.  Damaged credit is temporary and can be fixed (post that on your mirror so you see it every day)!
• Along with knowing your credit score, you will know how much you can afford.  As mentioned before, buying a home is a big deal and you have to be serious about where you stand financially.  If you are not where you want to be, then work with you Realtor and lender to create an action plan on what you need to do and set goals for getting pre-approved for a higher loan amount.
• It will help Realtor help you.  Most agents have experienced working with a client who claims to afford homes in a certain price range, then finds out much later that isn’t true.  Our job as real estate professionals is to make sure you get exactly what you need and want.  Let us help you!
• A pre-approval letter will strengthen an offer you submit to a seller.  It shows the seller you are ready, willing, and able to move forward and buy the home (after you have the home inspected, etc.).  It is also a courtesy to those sellers whose homes you visit.  No one wants tire kickers filing in and out of their home all day long. 

The opportunities for buying a home in today’s market are incredible.  If you are confused about what to do, you are in the majority.  While the process is detailed and complex at times, there are people who want to help you.  Find a Realtor and lending you trust and start putting a plan together.  Getting pre-approved is one of the first phases, and will help you determine what your next move will be.  You’re one step closer to your dream on owning a home!

Will’s Weekly’s: An Assortment of Entertainment in Austin This Week – Oct. 26-Nov. 1

Here are this week's picks:

Monday October 26:  Andy Barham Trio @ MoMo's - 7-8 pm

Tueday October 27:  Drop the Lime @ The Parish - 9 pm

Wednesday October 28:  Charlie Mars @ Threadgill's World Headquarters - 9 pm

Thursday October 29:  Drive-By Truckers & Hayes Carll @ Stubb's BBQ - 7 pm

Friday October 30:  Widespread Panic @ Austin Music Hall - 7 pm

Saturday October 31:  Moving Matter @ Sustainable Waves - 7 pm (Happy Halloween!)

Sunday November 1:  Ray Prim @ One 2 One Bar (This place is great... live music, no cover!)

Being that this weekend is Halloween, you are guaranteed to find many activities going on.  One festive event that started at the first of the month are the Austin Ghost Tours.  The tour meets at Moonshine on Red River and runs to an hour and a half.  Experience all the spooky events of Austin's past and learn first hand some interest events that have take place here in the capital city.  To learn more about the tour and/or for tickets, visit Austin Ghost Tours.

Real Estate Market Statistics for September 2009 – Austin, TX         

I have put together graphs of market statistics for the month of September 2009.  It may seem odd to post last month’s information; however, this information was recently released from the Texas A&M Real Estate Center.  I segmented most of the information into geographical areas.  You may or may not know that the Austin Board of Realtors divides the entire region it serves into 25 Multiple Listing Service (MLS) areas.  I have simplified it into more general geo-areas.  The downtown area, for instance, includes proper downtown Austin along with the area south of Town Lake to Ben White (78704 area code).  These graphs are meant to give a general overview of the market statistics. 

This graph above shows an overview of the total sales of September by property type.  It should be noted that leases and commercial leases are exactly that – leases.  It is important to include rentals in the market statistics because rental occupancy and rates are as high as they have been in decades.  I’m sure most current residential investors are reaping the benefits of the these rental rates.  Another nugget to keep in mind is the commercial sales/lease market statistics is not 100% accurate.  This is because many commercial transactions are not listed in the MLS.  Overall, I find this info interesting, so I wanted to include it in the stats.

These market statistics above show a three overview of the 3^rd quarter from 2007-2009.  I included this because the end of the third quarter of 2007 is when the initial shift occurred in the market.  You can also see the yearly slowdown in transactions toward the end of the summer going into the fall.  However, September 2009 saw an increase in sales compared with August 2009 and September 2008.  The $8000 first-time home buyer tax credit played a significant role in this sales increases.  I think we will see the same results for October and November 2009.

Below are graphs for the Austin City and Great Austin area market statistics.  I divided them into separate graphs for two reasons:  1) the graph would have been way to big to post and 2) I like it better this way.  As I mentioned earlier, the regions are broken down by geographical area.  Some areas could be grouped in multiple regions.  It is important to keep this in mind, especially when looking at the active listings.  While it may appear that the number is active listings is high, the market as a whole is closely balanced.  We actually saw a decrease in the number of active listings in September this year than in the same month a year ago.  With the tax credit combined with the usual end of the year activity, we could very well see a strong ending to 2009.  

I would greatly appreciate your comments or feedback.  If you would like more specific market statistics for a neighborhood, subdivisions, etc., I would be happy to provide them.  Please feel free to contact me directly at the email below:

Will@localaustinrealestate.com  

Open House in Creekmont West – Round Rock, TX  $175,000, MLS# 6708124 

I am holding an open house today at a great home in Creekmont West.  It will start at 4:30 pm and go until 6:30 pm.  The area middle school, Chisholm Trail, is having a football game tonight.  This great home is located just around the corner!  If you happen to drive by or are attending the game, I encourage you to stop by the open house ahead of time. 

The owners have put a lot of hard work into the home, and it shows.  It has a 50 year roof (owner operates a well-established roofing company) and has new hardi-siding.  The owners recently installed a new Trane A/C unit – so the open house will be very pleasant!  The home has a large living area downstairs with a formal dining area, and the kitchen is off the living room with a breakfast area, refinished counter tops, and laundry closet.  Upstairs features a second living area and all four bedrooms.  The master is huge and the counter tops in the bathroom have also been refinished.  The master bath has separate tub and shower, double vanity, and walk in closest.  The owners use one of the other three bedrooms from a study.  The floor plan gives you lots of flexibility to set it up to fit you needs. If you come by the open house, you will see this home has everything you want and need!

This home has so many great features.  The area is one of the most desired in the Round Rock area.  The house sits on a corner lot and backs up to open, privately-owned land.  Thus, there are only neighbors on one side!  It also has an oversized backyard for the neighborhood.  The backyard has a patio off the kitchen.  It has a tremendous sense of privacy.  As I mentioned, the middle school is right around the corner.  Round Rock ISD is top notch and so are all the schools this home feed into.  It is easily accessible to HWY 620.  This open house is really worth seeing!

Here is the address and map to the property.  I hope to see you there!

1000 Riverlawn

Round Rock, TX 78681

Condo for Lease in Clarksville - Austin, TX - $2200/month, MLS # 8982806

This is a one of a kind condo for lease in the ever-popular Clarksville neighborhood.  It is located less than one mile from the heart of downtown Austin - easy to walk or bike to area shops, groceries, restaurants, and boutiques.  It is located minutes for places such as Galaxy Cafe, Cafe Medici, Nau's Pharmacy & Grill, Jeffery's (five-star restaurant), Fresh Plus Grocery, and much more!  This condo for lease was updated three years ago and has 2 bedrooms and 2 1/2 baths.  It is a multi-level corner unit, so it gets a lot of great natural sunlight through the living area.  The remodel includes:  custom hardwood floors in the living area, fireplace, stainless steel appliances and granite counter tops in the kitchen.  Each bedroom has a full private bath.  There is additional space off the living area, which makes for a great second dining room or office/study.  The condo has a two car garage and comes with washer and dryer.  This property has all the unique qualities that reflect the funky neighborhood it is in.

This is the ideal central Austin community.  There are only 8 homes in the complex, and this is the only condo for lease.  It is a very quite area nestled in a canopy of trees.  Clarksville is one of the most desired neighborhoods in all of Austin.  Another great feature of this condo for lease is the area schools are some of the best in all of the Austin school system.  Clarksville It is very accessible from Mopac and Lamar Blvd. This condo for lease is also conveniently located near the hike and bike trail on Lady Bird Lake, and a short 5 minute drive to Lake Austin.  Imagine biking through downtown on your way to work, or enjoying a relaxing afternoon at Hula Hut on Lake Austin.  It is so easy to live in this place - it's a dream come true!  It is perfect in so many ways!  If your work or play in the downtown area, this condo has everything you need and want.  Do not let this opportunity pass you by!   

For details or to setup a showing of this condo for lease, please feel free to contact me.  I am always happy to set up a time to show this property and tell you more about it!

will@localaustinrealestate.com

Will’s Weekly’s: An Assortment of Entertainment in Austin This Week – Oct. 19-25

This is my second installment of my weekly picks for great entertainment in the Austin area.  As I said before, I am musically inclined so the first few mosts are going to have live music events.  However, I am keeping a watchful eye on other activities as well. 

Here's the dish I've served up for this week:

-Monday:  Junior Boys @ Mohawk

-Tuesday:  Rodrigo y Gabriela @ Stubb's BBQ

-Wednesday:  Tyrone Wells @ La Zona Rosa (just came across this one - sounds good!)

-Thursday:  Toubab Krewe @ Flamingo Cantina (a unique blend of West African and Deep South music)

-Friday:  Donn & the Station Masters @ Donn's Depot (a Friday night regular but always worth seeing!)

-Saturday:  Fall Beer Festival @ Flying Saucer in the Triangle (sample great beers from all over... and keep your tasting glass!)

-Sunday:  Tragically Hip @ La Zona Rosa

If you have any feedback, or know of an upcoming event in the Austin area, please let me know.  I would be happy to include it!  The fall in Austin is loaded with activities.  I will continue giving daily picks, while highlighting larger events/activities.  Enjoy... and hope to see you out there!

Will’s Weekly’s:  An Assortment of Entertainment in Austin This Week – Oct. 12-16

I am going out on a limb and making the prediction that Monday is not your favorite day of the week.  I know, I know… this is profound on many levels and your reveling in my omnipotent social awareness.  Being the eternal optimist that I am, Monday’s do not really drag me down.  Rather, I accept them for what they are – a necessary beginning to each and every week.

Now back to the purpose of this post.  I am kicking off my new weekly post of fun and exciting things going on around Austin.  I am pretty partial to live music, so this week’s list is going to be pretty saturated.  However, I am looking to open my horizons to other forms of artistic expression.  I will be keeping my eyes (and ears) peeled for upcoming events that are worth sharing.  So without further ado… the list!

-          Monday Night Football @ Anywhere you want (with a TV)!!! – Monday 10/12

-          The Black Crowes @ Stubb’s BBQ – Tuesday 10/13

-          David Cross (hilarious!) @ The Paramount – Wednesday 10/14

-          MarchFourth Marching Band (gotta love it!) @ Antone’s – Thursday 10/15

-          Buddy Guy @ Stubb’s BBQ – Friday 10/16

-          Carolyn Wonderland @ Antone’s – Saturday 10/17

I also heard of a great ongoing activity this morning while listening to 107.1 KGSR.  This is the third week (sorry but I just found out myself) of Free Night of Theater.  If you click the link, you can learn all about this nationwide movement.  Surmise to say, many local theater groups are offering theater-newbies the opportunity to come see performances for FREE!  Whoa!  Yes, it is a unique opportunity to get a first time look at theatrical performances in Austin.  Here’s the skinny… although some shows are sold out, the venues are adding more tickets each day.  If you want to get a healthy dose of the Austin acting scene… your ship hath come in!

That’s all for this week!  Be sure to come back each Monday for the new list.  It will be worth it.  Enjoy yourself Austin!

Austin Pegged as Top 5 Youth-Magnet Cities by Wall Street Journal

I recently came across an article in the Wall Street Journal that listed the Top 10 “youth-magnet” cities for young professionals in the U.S.  I love every opportunity I can to read something positive about the Austin area.  I’m not naïve enough to think that everything is roses here.  However, Austin and the surrounding communities have done an excellent job to position the central Texas area as a top place to live.  I recently heard that over 60,000 people have relocated here over the last year.   

It’s hard to argue why young people want to live in Austin.  Between the live music, nightlife, art galleries, and plentiful outdoor activities – there is literally an endless supply of things to do.  I’ve been here for over seven years, and sometimes I feel like I’ve hardly scratched the surface. 

It’s not just about the fun stuff either.  Austin has become a premiere location of business.  The friendly culture welcomes people from all over the world.  People in Austin could care less about where you came from or what you do.  What is important for young people in Austin (whether you grew up here or just arrived)  is to participate in making it an even better place than it already is.  The youth of Austin have a great opportunity to impact the community.  I am involved in a charitable group, and there are literally dozens others out there.  I hope articles like these not only bring young people to Austin, but drive them to make a last impact! 

Local Home Builder Plans New Homes in South Austin

While attending my office’s monthly sales meeting, I had the chance to get some great info on a new local builder in Austin.  We were visited by a sales rep from Treaty Oak Homes.  They recently began building new homes in South Austin.  The community is called Central Park and is located conveniently in the heart of South Austin.  The homes start in the $180’s.  Looking at current inventory in that area, you’re hard pressed to find a home in that price range that has been updated since the 1970’s. 

What I like about these new homes in South Austin is 1) the builder is local and 2) they offer flexibility with floor plans.  The houses start in the 1100 Sq Ft range up to 2000+.  Treaty Oak Homes will modify these floor plans to meet individual desires (i.e. up or downstairs master, optional study areas, etc.).  They currently are offering some great incentives for potential customers.  Having such variations among similar floor plans in the same community can be beneficial for long term resale value.

The last great aspect of this community of new homes in South Austin is location.  The community has great access to major Austin roadways (Mopac, IH-35, Lamar Blvd, etc.) and is a convenient commute downtown (10 minutes or so).  I think this is going to be a very popular community.  I look forward to seeing how it turns out!