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Posted by: gardnergroup in Home Selling on
Mar 15, 2010
At last some hope for American homeowners: A week ago the National Association of Realtors reported that fourth-quarter existing-home sales surged almost 14% over the previous quarter. Still homeowners must be realistic; the median existing single-family home price remains 4.1% below 2008 fourth-quarter levels, according to the same report. The freefall in home prices may be over, but the buyers' market persists--there's stiff competition to get a house sold for a good price. In a competitive market sellers need to make every effort for their properties to appear more attractive so they sell for more. In Depth: 10 Ways Get More Money From Your Home And it's the simple touches--not the big renovations--that often matter the most. Look the Part
Louis Cammarosano, general manager of HomeGain, a real estate marketing company in Emeryville, Calif., stresses the importance of subtle yet crucial marketing tactics such as staging, or dressing up your home. "It's the same thing when you go for a job interview," he says. "You're looking at a person--how they dress, how they speak. You're not looking at their credentials initially." Last year HomeGain surveyed 1,000 real estate agents to determine which home repairs offer the biggest rewards. After ranking for return on investment, the survey found that cleaning and de-cluttering--including removing personal possessions, polishing woodwork and glass and removing excess furniture--is the most important. Spending $100 to $200 tidying up can increase a home price by $1,500 to $2,000. From Forbes.com
by Shonda Novak Central Texas home sales rose 5 percent in January from a year ago, the Austin Board of Realtors reported Thursday. January's median sales price rose 1 percent to $179,250. Real estate agents sold 884 previously owned homes in January, compared with 840 the same month last year. There were 1,417 sales pending, a 7 percent increase from a year earlier. John Horton, chairman of the Board of Realtors, said January 2009 marked the low point of the current cycle. "With steady improvement throughout 2009 that continued in January 2010, we can see that we're one year into the recovery in Austin," Horton said. "What's most important about this is that it's the kind of recovery we want: one that is steady, stable and consistent." Throughout 2009, the volume of single-family home sales in Austin improved steadily, Horton said. In the first half of 2009, the gap in year-over-year sales narrowed consistently, reaching levels similar to those in 2008 during the summer peak, with the exception of a dip in August, Horton said. By fall, sales began outperforming 2008. They surged in October and November, spurred by the original deadline for the first-time homebuyer tax credit. In December, sales returned to a modest increase, rising 5 percent from December 2008, a growth rate that held last month. "We're already seeing positive signs in sales volume and price appreciation," Horton said. "Those factors, combined with the population growth and additional jobs economists expect for our area in 2010, bode well for the long-term value of Austin real estate." from Statesman.com
Posted by: gardnergroup in The Economy, Job Market on
Mar 15, 2010
In recent weeks business in Washington, D.C. ground to a halt as record snowfalls pummeled the area and a sparring match over national health care reform hijacked the political conversation. But the nation's capital is getting something right: It is emerging from the recession better than any other major city in the country, according to research by Forbes. Jobs in Washington are growing quickly, and in 2008 the city produced more in goods and services than almost anywhere in the country. D.C. and nine other cities (among them: Boston, Los Angeles and a host of metros in Texas) are best surviving the downturn in part because they specialize in industries that are relatively insulated from economic volatility. Federal and state jobs all but guarantee the health of a local economy, and nowhere is there more government-related work than in Washington. The city has one of the lowest unemployment rates in the country, at 6.2%, and its output amounts to $362.3 billion, more than three times the average for the country's largest cities. List: Cities Where The Recession Is Easing It also saw a more modest slide in home sale prices than many other metros in late 2009. Cities where the recession's effects are lessening either never felt the full brunt of the housing crisis, or have proven resilient enough that demand is returning sooner than elsewhere in the country. These strong housing markets further enrich the local economy by feeding a host of secondary industries, like construction, lending and household services. Uncle Sam as a Recession Shield
Government spending hasn't hurt Austin, Texas, either. It's the seat of state government and tied for No. 1 on our list of 10 cities best surviving the recession. Jobs have been lost nearly everywhere in the last three years, but between December 2007 and December 2009 the number of jobs in Austin rose by 0.98%; more than any of the other major cities we looked at. And by three years from now, jobs are expected to grow by 8.09%, the second-best job outlook on our list. Third on the list is Dallas, home to a thriving technology and energy sector, where jobs are projected to jump 7.19% in three years. From Forbes.com
Posted by: gardnergroup in About Austin on
Feb 22, 2010
One of Austin's favorite festivals is its most laid back: What says "life is good" better than a day spent flying a kite? The 81st Annual Zilker Park Kite Festival is Sunday, March 1. (Read the full story here, complete with activitiy details AND parking info.) As fun as flying a kite is, just as fun is making your own kite. Click here for easy, step-by-step instructions that moms and dads can follow to help their kids make their very own kite! Get your colored markers out, and have fun. From Austin.com
Realtors' group sees ‘slow, sustainable growth' in sales activity NEW YORK - Better news from the U.S. housing industry sent stocks higher Tuesday, including an increase in the number of people with contracts to buy homes. The National Association of Realtors, a trade group, said its index of sale contracts rose 1 percent in December. It was the ninth improvement over the past 10 months as buyers scrambled to take advantage of a first-time homebuyer tax credit before it was set to expire last November. "It's a slow, sustainable growth," said Daniel Penrod, senior industry analyst for the California Credit Union League. "Most people would prefer a quick rebound but that's not likely to happen." The home sales report was the latest bit of encouraging news on the economy. Stocks rose on Monday after a surprisingly strong reading on the manufacturing sector, and on Friday the government reported that the U.S. economy grew at an annual rate of 5.7 percent in the final three months of 2009, a faster pace than expected. Homebuilder stocks rose sharply after D.R. Horton Inc. posted its first profit since 2007 during its fiscal first quarter. Much of its $192 million profit during the October-December period came from a tax gain, but its revenue rose because of a 36 percent jump in home sales. Orders increased 45 percent. The reports brought a positive tone to the market, which stumbled in late January as concerns arose that the recovery might be stalling and that the market's 10-month advance was running out of gas. The Standard & Poor's 500 index fell 3.7 percent in January, its worst month since hitting a 12-year low nearly a year ago. According to preliminary calculations, the Dow rose 111.32, or 1.09 percent, to 10,296.85. The S&P 500 index rose 14.13, or 1.30 percent, to 1,103.32, while Nasdaq composite index advanced 18.86, or 0.87 percent, to 2,190.06. Bond prices inched higher. The yield on the benchmark 10-year Treasury note, which moves opposite its price, dipped to 3.64 percent from 3.66 percent late Monday. Click here for the rest of the article. Story by Associated Press
Sales of existing home sales in Central Texas rose 5 percent in December from the previous December, bringing total sales for 2009 to 19,005, down 6 percent from 2008, the Austin Board of Realtors reported. The median price was up 6 percent in December, to $194,000, but throughout 2009 it slipped 1 percent, to $188,480, the board said. Sales climbed dramatically in October and November as buyers rushed to take advantage of the original Nov. 30 deadline for first-time homebuyer tax credit, which has since been extended and expanded to repeat buyers through April. "However, increases in sales volume beyond November and figures that have improved steadily throughout the year indicate that, while some demand was driven by the tax credit deadline, a sustainable recovery is also underway in the real estate market," said John Horton, the board's chairman. "We're seeing encouraging news from many sources that 2010 will be an improvement over 2009, and I think this report is one more indicator the outlook is beginning to brighten." Homes stayed on the market longer in December, an average of 88 days compared with 85 in December 2008. The number of homes on the market declined, with December's 8,079 listings down 5 percent from the previous December. from Statesman.com
Posted by: gardnergroup in About Austin on
Jan 20, 2010
When the weather here in Austin turns cold or cloudy, there are many indoor activities available throughout the town and the Bob Bullock Texas State History Museum downtown at MLK and Congress is right at the top of fun things to see. It's not just another boring old dusty museum, it's the newest museum in Austin and it offers three floors of interactive exhibits that appeal to all ages as well as Austin's only IMAX Theatre. Physical exhibits and media programs are augmented by recreated environments that bring home the sights, sounds and even the smells of Texas to you as you take the tour. The Museum offers a plethora of historical items almost too many to name. Among other things, you will find old uniforms and period costumes, oil paintings, musical memorabilia, Native American artifacts, pistols, cookware, Republic of Texas money, lots of rare political items, postcards and photographs of old Texas scenes. This is not a small museum and you need to set aside at least an hour or more to take in everything. In addition to the historical exhibits, the IMAX Theatre is a big draw and they offer three IMAX films. "Texas: The Big Picture" is their signature film and offers a panoramic overview of our state that meshes nicely with the historical exhibits. "Magnificent Desolation: Walking On the Moon in 3D" chronicles the moonwalks of America's astronauts with astounding imagery. The latest arrival at the IMAX is "Roving Mars," which tells the story of the Mars rovers that are still exploring the Red Planet as you read this article. The Museum is open Monday through Saturday 9am - 6pm and on Sunday from Noon to 6pm. Admission is $3 for children (5-18), $5.50 for adults and $4.50 for seniors (65 and up). IMAX tickets are extra. There is also a Cafe located with the Museum that serves salads, soups and sandwiches from 10am - 3pm Monday through Saturday and Noon - 5pm on Sunday.
The parking garage is located on the south side of the Museum off of 18th Street. For more information, you can go to www.thestoryoftexas.com From Austin.com
Posted by: gardnergroup in Tax Credit, Home Buying on
Jan 20, 2010
HUD is now allowing "monetization" of the tax credit. What does that mean?
It means that HUD allows buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 or 2010 income taxes to receive a refund. These funds may be used for certain downpayment and closing cost expenses.
Under HUD's guidelines, non-profits and FHA-approved lenders are allowed to give home buyers short-term loans of up to $8,000. The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.
Housing finance agencies and other government entities may also issue tax credit loans, which home buyers may use to satisfy the FHA 3.5 percent downpayment requirement. In addition, approved FHA lenders can purchase a home buyer's anticipated tax credit to pay closing costs and downpayment costs above the 3.5 percent downpayment that is required for FHA-insured homes.
More information about the guidelines is available on the NAHB web site. Read the HUD mortgagee letter (pdf) and an explanation of the FHA Mortgagee Letter on Tax Credit Monetization (pdf). An FAQ about monetization (pdf) is available at the NAHB web site. You can find more information on the Federal Housing Tax Credit here.
According to a January article from Realty Times, investors are once again gaining confidence in real estate as a solid investment. Low interest rates, low home prices, and a wealth of properties on the market are all contributors to this trend. To read the entire article, click here.
Austin-area home resales jumped 58 percent last month from November 2008 as buyers scrambled to take advantage of low mortgage interest rates and a tax credit for first-time buyers. But local experts don't expect those big percentage gains to continue. Sales could slow next year, they said, anticipating rising mortgage interest rates and the end of the tax credit, which Congress recently extended through April and expanded to additional buyers. November's percentage increase was the biggest in more than a decade and followed a 38 percent jump in October, according to the Austin Board of Realtors. However, the 997 sales in November 2008 were unusually low, reflecting the worsening economic downturn at the time. Last month, 1,576 homes were sold, the board said. The median price was $179,900, down 2 percent from a year ago. "The numbers are certainly welcome news," said David Reed, a senior loan officer with Austin-based Land Mortgage. "Fifty-eight percent is huge, even if you factor in the extra selling days in November compared to last year." With the median price holding relatively steady, "it's even better news still," Reed said. But the market isn't in the clear yet. More challenges are ahead because of "minimal prospects for short term improvement in the local economy and our job market," said Eldon Rude, local director for Metrostudy, a housing research firm. He said he doesn't expect the market to show strong growth "until the employment picture brightens and consumer confidence strengthens." Rude said the sharp increase in November resales "was definitely tied to the availability of the tax credit but was also related to the significant slowdown in sales activity late last year as the U.S. recession took hold." With the extension, first-time buyers may still qualify for up to $8,000, but other buyers can get up to $6,500. Buyers must have a house under contract by the end of April and close on the sale by the end of June. Year-over-year sales were up 31 percent in the Dallas area, also one of the biggest increases on record; 32.8 percent in Houston; and 52 percent in San Antonio. Reed said he thinks the tax credit alone wasn't enough to spur the Austin area's November surge. He said that interest rates of less than 5 percent also were a factor, as was the specter of rising rates. Reed predicted that interest rates will move into the mid- to high 5 percent range by the end of next year's first quarter. Some real estate agents voiced optimism about 2010. "It just seems like the numbers are going steadily up, along with the economy," said Nell Hurtado, an agent with JB Goodwin Realtors. "People have a different attitude. They're more upbeat about the economy." Reed said he still foresees "a positive year for sales growth in 2010 - just nothing like a robust November we just had." From statesman.com snovak@statesman.com; 445-3856
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