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Real Estate Blog Wednesday, October 15 2008
 Have you ever walked into an older home and started to do the rehab job in your mind before you even walk passed the foyer? Well, if you are considering buying a historic home and find yourself in this situation- take a pause and ask your Realtor® about the specific codes that the house must adhere to. Bankrate.com
advises that detail s especially in regards to expansions, roofing, paint, windows, insurance, tax, and energy efficiency, may make you think twice before making your final purchase decision. These restrictions make the improvements and upgrades either impossible or very expensive. The purpose of historic homes having such stiff limitations is to preserve the character and culture of the original architecture. Although there may be a set of hoops to jump through, for the willing and able, it is a great way to contribute to the neighborhood as well as the city. Locally, if you are interested in seeing some of the historical homes closer to your neighborhood, consider going to the 2009 Hyde Park Historical Homes Tour.
For those who want to study up on the Austin historical home ordinances, start with the City of Austin zoning information. Remember: If all we invest in are the modern designs and plans, we will forget the path that directed us here to begin with. Wednesday, October 08 2008
You want to sell your home, and you have interested buyers; if you are lucky enough to be in this situation, there still may be one obstacle that is holding you back from a closed transaction: the bank. With news of doom and gloom, it is those who think out of the box that will get to the finish line (ie. the closing table). Consider owner-financing- financing all or part of the amount of the agreed sales price. With the correct advice from your lawyer and accountant, this can be a win-win situation. Buyers can enjoy flexible qualification terms, personalized financing terms, agreeable down payment agreeable, lower closing cost, and faster closing. As the seller, you can look forward to higher sales price, tax breaks, monthly revenue, and the ability to charge a higher interest rate. Owner financing may be the key to help guide the increased number of pending transactions to closing. The National Association of Realtors reported an 8.8% increase of pending sales in August 2008 from August 2007. As the rest of the nation waits to see how many of these become successful transactions, Sellers, do you homework and seek out all the different pathways that are available to you.
For additional information regarding owner financing, visit about.com
*Please seek the professional advice of your lawyer and accountant as Joa Realty is licensed to sell real estate in Texas and may not advise you on the details of owner-financing. Tuesday, August 26 2008
The new magic number is $195,000- Austin’s median sales price for July 2008, according to the Austin Board of Realtors July Area Sales Report. This is a three percent increase from July 2007. Regionally, Realtor.org reports that the median price of homes in the South have decreased 3.5% in July 2008, compared to July 2007. Yet another confirmation that
 Details of ABOR's July Sales Report:
The areas within
NE (Northeast quadrant of Anderson and 35): +10.5% in July closings
SWE (Which includes San Leanna and Manchaca): +1.4% in YTD closings
W (NW quadrant of Mopac and 290): +12.1% in July closings
Surrounding Areas with record-setting numbers include:
5E (Approaching Webberville): +16.7% in July closings, with sales price increase from $107,956 to $113,725 (+5.3%)
CM (Comal, TX): +109.1% in YTD closings
FC (Fayette, TX): +50.0% in July closings, and +133.3% in YTD closings Monday, August 25 2008
Jean Kwon published a report that highlights the statements of Mark Dotzour, chief economist at the Texas A & M University Real Estate Center, concerning the economic forecast for Austin into 2009.
The report made predictions regarding jobs, the housing market, residential leasing,
 commercial real estate, and retail profit margins. The findings include:
- 8,500 new jobs by Aug 2009
- Austin area residential home sales will pick up much faster compared to other metropolitan markets
- Constructions in the new builder sectors will decline due to the inability of some to get new loans; should last until fall.
- Rental rates for apartments will be
 low. Occupancy rates will expected to be around 90.4% - Commercial office construction will have little activity, so as the economy starts to improve mid-2009, there will be higher rental activity.
- Downtown big brands, such as REI and Whole Foods which have been successful will have a difficult time in 2009.
For more information, please visit the Austin Business Journal. Tuesday, August 19 2008
 Mueller adds to its architectural collection with Greenway Lofts. Set for a move-in date of 2009, this 34-unit condo project will add yet another option among the cottages, single family homes, and row houses that already anchor the community. These condos will also participate in Mueller’s affordable housing program, as seven of them will be set aside for people who meet the particular income requirements.These one-bedroom and two-bedroom units, designed by The Hailey Group, will share attractive amenities such as 140 acres of parks, greenbelts, playing fields, trails and plazas, swimming pools, picnic areas, play grounds, and of course a convenient location to downtown. With sleek designs, easy access to outdoor activities, and location, location, location, Greenway Lofts will surely win over the crowds of Austin! Friday, August 15 2008
 Brandie Malay and Barry Woods- HGTV’s team that makes you think about your own home’s Hidden Potential. As you watch their show, you might get some grand ideas of how attractive your home can be to potential buyers if you would just add that foyer you saw them do to house number two. Before you rummage through your garage for that toolkit, take a look at “Cost vs. Value Report”, a study that REALTORS® participated in, published by Remodeling magazine.
They analyzed the ratio of returns that specific home improvement projects had. Due to the adjusting markets nationwide, the top values reflected in the 80%s.
Improvements With Highest Returns:
For recommendations of local remodeling contractors, consult your community members at Yelp.com. Wednesday, August 13 2008
As we approach mid-August, it is a great time to gather the family and really consider buying a home. This year’s changing real estate market had many metropolitan areas in the US crying for help. In Nevada, whose real estate woes are concentrated in Las Vegas, The Huffington Post reports that one in 122 households have received a foreclosure notice. Luckily, numbers here are not anywhere near that end of the spectrum. In fact, The Austin Board of Realtors boasts that as of June, median home prices were up 2.7% from 2007 and 11.2% from 2006!
Now that you are rest assured that the sky is not falling in Austin, let’s talk about why now is a great time than ever to purchase that piece of the American Dream.
1. Schools are About to Go Into Session: Many people who were counting on selling their homes to families are starting to feel the pressure. The homes that are large enough for two children and a dog are seeing their pool of buyers shrink as September nears
2. The End of Summer Equates to the Beginning of the Holiday Season: It is difficult to keep your house in tip top shape when you are concentrating on carving pumpkins, housing your in-laws, and hiding presents from your kids. During the colder months, sellers who keep their houses on the market keep them there because they are MOTIVATED.
3. The Government Wants You To BUY: In an effort to jump start the housing market, H.R. 3221, the Housing and Economic Recovery Act of 2008 is a gift from Congress and President Bush to you. It grants up to $7,500 in tax credits to first-time home buyers of both new and resale homes. Tax payers get this credit for homes bought between April 9, 2008 and before July 1, 2009. Remember, a tax credit is a dollar for dollar reduction on the taxes owed!
Lastly, don’t forget to utilize a REALTOR in your search for this new home. There is no reason not to. Find one that can meet your needs, negotiates well, and knows the parts of Austin you are eyeing. Happy House Hunting, Austin! Wednesday, June 25 2008
Here's a tax loophole that can benefit YOU, the future homeowner: You can actually use part or all of your IRA for a down payment on a house! That is, if you're a first-time buyer. Whether you need the money for the actual down payment, for closing costs, or you need to save some cash for repairs, if you're a first-time homebuyer, you can actually withdraw from your IRA penalty-free if it's going towards your home purchase. The IRS allows a withdrawal of up to $10,000 from your IRA if you will be using the funds to build, buy, or refurbish a home within 120 days. If you're married, and you and your spouse are both first-time buyers, the total allowed amount bumps up to $20,000. What if you have owned a house before, but your spouse has not? If your spouse has never held any ownership interest in a house, the "first time buyer" exception applies! Also, if you've owned in the past, but have been renting or otherwise not held an ownership interest in a principle residence for at least 2 years, the "first time buyer" exception applies to you, as well. You can even withdrawal funds penalty-free if your first home purchase is for a child, grandchild, or parent. You'll want to be careful if your IRA is a Roth IRA less than 5 years in age, or if you have a traditional IRA. With either a traditional IRA or Roth IRA opened less than 5 years ago, the amount withdrawn will be subject to income tax. If you have both a Roth IRA and traditional IRA, there's a specific order in which you are allowed to make withdrawals. See IRS Publication 590: http://www.irs.gov/pub/irs-pdf/p590.pdf If you're short on cash, taking advantage of the first-time buyer exception can be a great option for first-time buyers. It's also great for one-time homeowners who are ready to own again! |
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