Valuable Austin Real Estate Tips

Feb. 2, 2010 By ADRIAN SAINZ, AP Real Estate Writer

The National Association of Realtors said Tuesday its seasonally adjusted index of sales agreements rose 1 percent from November to December to a reading of 96.6. That was a bit lower than the 97.1 level analysts expected, according to Thomson Reuters.

The index has risen for nine out of the past 10 months as buyers work to take advantage of an $8,000 first-time homebuyer tax credit.

The credit had been set to expire Nov. 30 before Congress extended it to April 30. Lawmakers also added a $6,500 credit for current homeowners.

“These swings are masking the underlying trend, which is a broad improvement over year-ago levels,” said Lawrence Yun, the Realtors’ group chief economist.

This is going to be probably the most pleasant experience for a home seller in the last four or five years, So to help property owners get the best selling price they can–without burying themselves in expenses.

1. Retouch the front shell: If your property’s exterior isn’t appealing, no one will want to see your newly remodeled kitchen. So property sellers must first ensure that their home projects a cozy, inviting feeling. “The shell–the outside front–is probably the most important area for improvement, the area where you can make the biggest improvement with the smallest amount of cash.”

2. Trim the greenery: Ensuring that the lawn, hedges, and flowers are well maintained helps make your home more alluring to prospective buyers as well. Property owners can hire professional landscapers or break out the lawn mower and get busy themselves.

3. Paint the interior: Putting a fresh coat of paint on the home’s interior is a cost-effective way for sellers to make their home more appealing to buyers.  Homeowners are best off using neutral colors.

4. Don’t forget the floors: Improving the condition of a home’s flooring is also a smart move for sellers–and you don’t need to refinish wood floors or install new carpets to make them more attractive. “If it’s a hardwood [floor], has the floor been buffed?” “If you have carpets, have the carpets been cleaned?”"If you have carpets, have the carpets been cleaned?”

 5. Make all major repairs: Because tighter lending standards demand higher down payments, today’s home buyers won’t have much cash left over for improvements once they’ve made their purchase. So it’s imperative for sellers to make all major home repairs–fixing the leaky roof, rebuilding the front stoop–before they put the property on the market. “Repairs can’t be ignored, because nobody has any extra money.”

6. Put appliances under warranty: To give buyers more confidence in a home’s appliances sellers should put them under warranty. Sellers can buy home warranties–which cover repair and replacement costs for many home appliances–from several different firms.

8. New light fixtures: Replacing old or broken light fixtures with new ones can also be a low-cost way to add value. Installing a nice new light fixture in the foyer near the home’s entrance can be a particular benefit because it can make a strong first impression on would-be buyers.

9. New stove in the kitchen: While some homeowners might think the only way to jazz up a dated kitchen is a full-on remodeling job. A much less costly alternative: buying a new stove. “If there is an updated stove in the kitchen, it is amazing how that draws people in. Property owners in neighborhoods where most homes have granite countertops can consider making this upgrade as well.  The project makes sense only for homeowners with extremely dated kitchens that are going to serve as a serious impediment to finding a buyer. A real estate agent withexperience in the local market can help you determine whether or not the upgrade is essential.

10. Freshen up the bathrooms: Getting rid of mildew stains on the bathroom caulking can boost a home’s appeal as well. Such stains “scream, ‘These people haven’t taken care of this house. It’s going to be a money pit.”  Use a razor blade to remove the old caulk, and replace it with new, mildew-resistant caulk. And rather than remodeling the entire space, homeowners can reinvigorate a worn-down bathroom by replacing cracked sinks.

Sat Dec 26, 12:38 am ET

WASHINGTON (Reuters) – After hitting an all-time low in early December, the average rate on a 30-year, fixed-rate mortgage rose to 5.05 percent this week and could climb to 6 percent by the end of 2010, the Washington Post reported on Saturday, citing U.S. mortgage financier Freddie Mac’s latest survey.

Meaning that if you want to buy a home or even “considering” buying a home, I recommend pulling the trigger at the latest by March 30th 2010 so you can close by April 30th. Why? 3 BIG reasons:

1. get the $8000 or $6500 tax credit (m0ney)

2. Interset rates are still in the low 5% (not 6% YET)

3. House prices still low.

What other motivation do you need???

You will save more money now than  at ANY FUTURE TIME. This is not the time to hem and haw and after April 30th is passed say, “wow I Should have bought that home.” Wrong.

Think carefully and save lots of money now.

Call your Smart realtor and discusses it (me)

A movie theater, apartment building, medical office building and a boutique hotel are expected to break ground next year at University Park, the $750 million project at the former Concordia University site and one of the few Austin-area projects forging ahead during the economic downturn.

Premiere Cinema Corp., a Big Springs-based chain with 18 cinemas in Texas, has signed a lease for a theater with six or seven screens and more than 850 seats, said Andy Sarwal, lead developer of the 23-acre University Park at Interstate 35 and East Avenue.

Texas Growth 483,500 people in one year

Largest population growth of all 50 states

2008 Population: 24,326,974

2007 Population: 23,843,432

Year-over-year Increase: 2.03%

The Lone Star state’s proximity to Mexico keeps the population from contracting. From 2000 to 2008, Texas’ population increased by 16.7%.

By American-Statesman staff | Friday, December 18, 2009, 09:35 AM

The Austin area unemployment rate fell in November, but job losses deepened, according to the Texas Workforce Commission.

The jobless rate in November was 6.9 percent, down from 7.2 percent in October but up from 4.9 percent a year earlier.

The region lost 4,300 jobs from November 2008 to last month, a loss rate of 0.6 percent.

Statewide, employers added 17,300 jobs from October to November, the second month-to-month gain in a row.

The jobless rate was 8 percent, down from 8.3 percent in October.

Austin Chamber of Commerce

Annual Economic Forecast, Nov. 23^rd, 2009

Expect 2010 to be Good, not Great

-          Expect slow steady GDP growth, around 2%.

-          Consumer spending remains sub-par due to high debt levels

-          Unemployment levels will hover at 10% in 2010, down to 9% in 2011.

-          Inflation will remain subdued by high unemployment.

-          Interest rates will stay low.  Any increases by the federal reserve are unlikely until the 4^th quarter of 2010.

-          The dollar will weaken into 2011.

-          Corporate earning will accelerate in 2010.

o    Look for a 30% increase year-over-year S&P 500, up to an average of $74 per share in 2010.

o    Investors waiting for top line sales to improve before getting back in the market will miss their moment. Top line revenues typically lag behind corporate earnings by about 3 months.