May 2017 Central Texas Housing Market Report

Single-family home sales volume experienced strong gains across the Austin-Round Rock Metropolitan Statistical Area (MSA) in May, while home sales dollar volume topped $1.2 billion and set an all-time high for sales dollar volume, according to the May 2017 Central Texas Housing Market Report released today by the Austin Board of REALTORS®

Brandy Guthrie, 2017 President of the Austin Board of REALTORS­®, commented, “Housing is the backbone of our region’s economy and the heart of our communities. Housing demand continues to be at an all-time high in and around Austin, indicated by steady growth in home sales and prices, listing activity and housing inventory. The concurrent gains in listing activity and inventory, in particular, are a positive sign…

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Remove Your Escrow Account After 1 Year

I’ve been in the mortgage or real estate business for 20 years and never knew this was possible. When buying a home if you have a 20% down payment you can pay your taxes and insurance yourself. However the mortgage company will usually charge you a one time upfront fee of .25%. For a $300,000 loan that is $750.

What I’ve recently learned is after making 12 payments you can request to have your escrow account refunded to you and pay your taxes and insurance yourself. So far I have not heard any mortgage companies charging to remove the escrow account but you should check with your own lender to be sure.

Paying your taxes and insurance isn’t for everyone but for people who can save the money instead of spending it there are advantages. Just make…

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Friends Don’t Let Friends Give Bad Real Estate Advice

One of the most difficult parts of my job is dealing with the advice from friends/family/co-workers. Occasionally I think it would be easier if I only worked with unemployed orphans with no friends.

Sometimes friends give advice because they genuinely want to help. Sometimes they give advice to make them feel important. Sometimes it's because they don't want you to do better than them. Like any Armchair Quarterback the advantage friends have is they are unencumbered with the need to be right.

I sold this house last week. 5 years ago I was working with a woman who has a young daughter and she was under contract for a home in the same neighborhood with the same floor plan. A great home within walking distance of a 10 rated elementary school for…

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Selling Your Home? Get Your AC Serviced

When a home is inspected the inspector checks what’s called the differential. This is the difference in the temperature between the return and supply. 

Your AC can feel like it’s working perfectly but the differential can be outside of the inspector’s tolerance possibly indicating a problem. On the inspection report there will be a notation that “AC unit is not functioning properly. Recommend a licensed HVAC company inspect the system.”

If your home is over 5 years old and you’re selling your home to a first time homebuyer that can be enough to cause a panic. Worst case you may be opening yourself up to having an inspection done by a HVAC company that also sells systems and may be more likely to recommend a new HVAC unit.

Perhaps the differential…

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Do You Know the Cost of Waiting? [INFOGRAPHIC]

Some Highlights:

• The “Cost of Waiting to Buy” is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.
• Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, while home prices are predicted to appreciate by 4.9% according to CoreLogic.
• Waiting until next year to buy could cost you thousands of dollars a year for the life of your mortgage!

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How Big Is A House?

Something that surprises many homebuyers is there is nothing in our contracts that states the size of a home you are buying.

Home sizes are usually quoted using a 3rd party measurement. The Realtor listing the home will say the home is 3,000 square feet and then state the source of that measurement, usually the tax appraisal office. The tax office appraisal is not always accurate. Even two experienced appraisers may come up with different measurements.

Your mortgage company will have the home measured by an appraiser. Because the home measurement isn’t part of the contract if the mortgage company appraiser measurement comes in smaller than expected that doesn’t give you the right to terminate your contract.

This is an interesting article talking…

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How A Leaseback Can Make Your Move Easier

Would you like to move up to a larger home but you’re afraid of having to move twice?

Something that may help your situation is called a leaseback. A leaseback allows you to stay in your home for a period of time after closing, making your move to a new home easier.

We have become very experienced in helping our clients negotiate leasebacks. Currently we have 4 seller clients who we helped negotiate a lease back for as part of their sale.

Here’s how a leaseback works…

Along with the standard contract there is a 2 page addendum that allows for the seller to remain in the home after closing as a tenant. The buyer becomes the landlord.

This is a very simple form that spells out how long the seller can remain in the home along with a rental…

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The Importance of Using a Professional to Sell Your Home

When a homeowner decides to sell their house, they obviously want the best possible price for it with the least amount of hassles along the way. However, for the vast majority of sellers, the most important result is actually getting their homes sold.

In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser’s behavior during the home buying process. According to the National Association of Realtors’ 2016 Profile of Home Buyers & Sellers, the percentage of buyers who used the internet in their home search increased to 94%.

However, the report also revealed that 96% of buyers who used the internet when searching for homes purchased their…

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It's a Seller's Market, Should I Downsize?

A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.

In a blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:

1. A smaller home means less space, but it also means less time, stress and money spent on upkeep.
2. Let’s assume you save $500 a month on your mortgage payment. In 30 years, you could have an additional $1–1.6…

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Thinking of Selling? Do it TODAY!!

That headline might be a little aggressive. However, as the data on the 2017 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!

The February numbers are not in yet, but the January numbers were sensational. Lawrence Yun, Chief Economist for the National Association of Realtors, said:

“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home. Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate…”

And CNBC says consumer…

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