Austin Texas Real Estate

Long Hot Austin Summers

Romeo Manzanilla — Sat, 20 Aug 2011 20:54:00 GMT

As we approach the 65th day of 100 degree temperatures in the Austin area, I am reminded how important it is to choose not only a home that fits your lifestyle, but also, how important the orientation of the home really is. The back of my home faces West, but luckily, my backyard is completely shaded by large oak trees, but some of my neighbors are not so lucky. If your backyard faces West, and you don't have much shade, using your backyard in the afternoon can be nearly hopeless. Of course if...(read more)

Don’t wait until it’s too late on a Short Sale

Romeo Manzanilla — Thu, 23 Jun 2011 20:39:00 GMT

Recently, I’ve had several prospective clients contact me only days before their property is suppose to go to the foreclosure auction on the court steps. If find myself asking “why do these people wait until it is too late to contact me about listing their home for a short sale?” The answer is not a simple one. I think that there is a lot of psychology that goes into the realization that you are about to lose your home. Most people in financial distress usually put keeping their...(read more)

I don't need a Realtor

Romeo Manzanilla — Sun, 15 May 2011 15:19:00 GMT

This is something that I hear at least once a week when speaking to perspective clients. In the greater Austin area, there is quite a bit of new home construction especially in areas such as Round Rock and Cedar Park. Most of the home builders have a sales office in each one of their communities with on-site sales agents that are ready to assist homebuyers with the purchase of one of their homes. Given that a buyer can just walk into the model home, be wowed by the sales agent and sign a purchase...(read more)

Don't let the news media get you down.

Romeo Manzanilla — Fri, 15 Apr 2011 21:01:00 GMT

It seems like every time you read a newspaper, turn on the tv or listen to the radio, there is always some economics expert giving his doom and gloom predictions of another pending mortgage meltdown. Though it is true that we are nowhere near the conclusion of the mortgage fiasco, one thing to keep in mind is that real estate is very much area dependent. What I mean by that is that though parts of the country have become figurative ghost towns due to foreclosures and relocations, Austin is one of...(read more)

Beating the Summer Housing Rush

Romeo Manzanilla — Fri, 25 Mar 2011 14:26:00 GMT

As the weather starts to warm up and the lawn goes from being yellow and dormant to green and vibrant, if your summer plans include either buying or selling a home, then now is the time to begin your research. The last couple of months have seen a rise in interest rates as well as a rise in lending restrictions which can make financing a home more difficult. Throw in the current military operations in Libya and the tsunami and nuclear tragedy in Japan and the economic future seems a bit clouded....(read more)

If you sit too long on the fence, it may fall over.

Romeo Manzanilla — Wed, 16 Feb 2011 18:04:00 GMT

As everyone knows, the housing market has faced some critical times over the last couple of years. Home values in Austin have not been so devastatingly affected as in other areas of the country but what today’s market has created is a unique opportunity for homebuyers to purchase a home at a near rock-bottom price at interest rates that hadn’t been seen in over 50 years. The bad news, is that ship is sailing away quicker than you might think. As the unemployment rate drops and the economy...(read more)

TMI = Too Much Information

Romeo Manzanilla — Wed, 19 Jan 2011 19:31:00 GMT

As an Austin Realtor, I use technology everyday to stay in contact with my clients as well as to provide online home search tools as well as monthly real estate updates. But as our world evolves and technology plays an ever increasing role in our lives, sometimes you have to stop to ask yourself, is technology really helping or hurting me? With the majority of all cell phones now being produced and sold as “smart phones”, we literally have the world at our fingertips. You can literally...(read more)

Another year, another set of goals.

Romeo Manzanilla — Mon, 03 Jan 2011 23:29:00 GMT

As the first days of 2011 begin, I am reminded of the goals that I accomplished over the course of the year. I am also reminded of the goals that I didn't accomplish. Though possibly difficult to believe, all of my goals are not necessarily real estate related. Don't get me wrong, I always have the long-term goal of being the most recognized name in the Austin Real Estate market, but in the short term, I have to be more realistic and more focused about the goals that I set for myself for...(read more)

In the home stretch of completing a short sale home purchase. Part 3 of 3

Romeo Manzanilla — Thu, 18 Nov 2010 22:43:00 GMT

So you've stuck by your guns and patiently waited while the mortgage bank finished all of their internal evaluations, appraisal and broker price opinions and the closing date is in sight. The one thing to keep in mind with a short sale is that the transaction is not a "sure thing" even though the bank has approved the transaction. There are still some final hurdles that have nothing to do with the buyer. In some cases, as part of a short sale approval, the mortgage bank may require...(read more)

What to know as a buyer purchasing a short sale Part 2 of 3

Romeo Manzanilla — Fri, 29 Oct 2010 21:07:00 GMT

So you’ve been hard at work with your Austin Realtor searching for the perfect piece of real estate and then one day, you find the home of your dreams at an unbelievable price! The only problem is that it is a short sale. So what does that mean to the buyer? As I’ve discussed before, a short sale is basically, when a mortgage lien holder agrees to accept less than the full amount owed on a mortgage. The seller has to qualify to put his home on the market as a short sale, but what is required...(read more)

If it is called a short sale, then why does it take so long to close? Part 1

Romeo Manzanilla — Wed, 06 Oct 2010 00:30:00 GMT

This is a commonly asked question that most homebuyers stuck in the roulette wheel of a short sale ask. Five years ago, most people, including Realtors in the Austin area may have never even heard the term “short sale”, but today, it is as common a real estate term as foreclosure or bank-owned. It is difficult to understand all of the inner complexities of why a lender would choose to sell a property for less than what they are owed, but a simple explanation would be that a lender may...(read more)

Being a Realtor on Facebook with sounding like a Realtor

Romeo Manzanilla — Wed, 01 Sep 2010 21:23:00 GMT

This is the challenge that you’re faced with when you’re an Austin Realtor and you’re competing with 9,000 other local Realtors for the same client pool. With the evolution of social media such as Facebook and Twitter, businesses, including Realtors are scrambling to take advantage of these “free” online tools to stay in contact with current clients as well as to try and attract new ones. Social media has quickly become the mainstream method of communication with 20...(read more)

I can put you on the first page of Google......

Romeo Manzanilla — Wed, 11 Aug 2010 22:54:00 GMT

As an Austin Realtor I hear this promise at least 3 times a week from different telemarketers calling me to GUARANTEE that my website will be found on the first page of Google's organic search results for a low monthly fee or a one-time up-front charge. Most often than not, they leave out the fact that it may take years or maybe even never before that goal is realized. What might you ask; does this have to do with Austin real estate? The truth of the matter is that the more importance Google places on a website, the more likely users are bound to find it when searching for key terms such as homes for sale in Austin Texas or who is the best Austin Realtor? In terms of exposure for real estate listings, more potential buyers will view the featured listings on my website and will be more likely to view the pictures and virtual tours if Google likes my site and puts it on the first page of its search results.

The real estate market in Austin is highly competitive. With over 8,000 licensed Realtors in Austin, each with a website and in most cases, multiple websites, trying to dominate Google rankings along with Yahoo and Bing can be a full time job. Knowing that currently 70% of all internet users use Google as their primary search engine makes online search engine optimization (SEO) to be more geared toward making Google happy with your site to appear on the coveted "first page of Google". Most of these companies that offer these guarantees of putting your web site on the first page of Google are either trying to sell you paid advertisement space or pay per click as it is commonly known or they are utilizing "Black Hat" techniques which will only yield short term results and may ultimately get you banned from Google altogether, commonly known as the "kiss of death" in SEO terminology. Even worse, some of these companies are located overseas and are trying to obtain your personal financial information to steal your identity. Definitely, the old adage "if it sounds too good to be true, then it probably is" rings as a truism in this situation.

As I mentioned before, competition in the Austin real estate market is extremely fierce. Only a steady stream of relevant information on your website, useful blog posts, timely Twitter tweets and interesting Facebook posts will gain you any favor with Google so that you may one day find yourself on the first page of Google!

For more Austin Real Estate information visit my Austin Realtor site.

Setting realistic expectations when purchasing an older home.

Romeo Manzanilla — Mon, 26 Jul 2010 04:11:00 GMT

I love being an Austin Realtor and working with all types of homebuyers, but I have to say that sometimes it’s hard to work with first time home buyers who have spent too much time watching HGTV and feel like they know everything there is to know about purchasing a home and real estate in general. I just had a listing of mine fall out of contract because the homebuyer expected the 25 year old home with amazing panoramic views to be in near perfect condition based solely on the sales price. If you’ve ever purchased a home before, especially a resale home, you know that it is always a good idea to have the home inspected prior to closing to identify issues and safety and health hazards that may exist. The home inspection is critical in being able to obtain insurance coverage as well as qualifying for a home service contract to further protect your investment. One thing to keep in mind during the inspection and reporting process is that no home is perfect. Even new homes that are inspected by a third party inspector will rarely be 100% issue free. The primary role of the inspector is to find things wrong with the home and report those deficiencies to the homebuyer. The list of deficiencies are then used to either renegotiate the terms of the contract, or if bad enough, to simply walk away from an unsafe or problematic home by exercising the unrestricted right to cancel during the option period. The way the information is presented by the inspector in the inspection report and in person is very similar to the bedside manner of a doctor delivering their diagnosis. It can be truthful and informative, yet shouldn’t make a mountain out of a molehill. An example of this would be that homes built in the 1980’s were not required to have GFI outlets in the kitchen, but under current code standards, new homes are required to have those installed. Inspectors are required to report this “deficiency” on their report, but they should make it a point to express to the homebuyer that this is typical when purchasing a 25 year old home. Though this does present a minor concern, this is a relatively easy fix that can be negotiated into the revised sales price, a repair allowance or the seller can have it updated or repaired prior to closing. To simply walk away from the house because the inspector made it seem that the house is a possible electrical fire death trap because of electrical outlets not being compliant with current codes is neither reasonable nor a wise expectation when searching for an older home. Unfortunately, some property inspectors have gotten a bad reputation and are no longer recommended by Realtors or other real estate professionals not because they are too accurate or honest, but because they feel it necessary to justify their inspection fee by pointing out truly useless deficiencies such as missing door stops and chipped wall paint. Again, I’m all for making sure that the buyer has accurate and complete information in making a decision, but sometimes too much information can cause undue worry and kill an otherwise great deal.

For more real estate information, visit my Austin Real Estate website at www.romeom.com

Fact and rumors about new commercial developments in Austin Tx

Romeo Manzanilla — Tue, 29 Jun 2010 23:48:00 GMT

As an Austin Realtor, I try and stay up to date with all of the news and information regarding economic developments that will affect Austin real estate values. Over the last couple of years, there have been many rumors regarding several large companies relocating to Austin and several large scale commercial developments that would help bring Austin into the nationwide spotlight. Some examples of confirmed projects that started as rumors include the new $360 million Schlitterbahn water park resort that is due to begin construction next year in the Cedar Park area that is expected to be built in four phases and will include a convention and retail center. Another verified planned development includes a $250 million Formula 1 (F1 Racing) facility to be constructed in time for the 2012 race year. Though the location for the facility has not been announced, rumor has it that it will be in the Dripping Springs area. Other rumors about projects that have come and gone or might still be in the works include a Six Flags amusement park in the Liberty Hill area. A good friend of mine that works as an estimator for the largest fencing company in the area had told me that the Six Flags corporation had already purchased the land and was getting bids on various phases of the buildout. This was before Six Flags filed for Chapter 11 bankruptcy which more than likely killed those plans. Another more recent rumor is that Disney has been looking at a tract of several hundred acres in the Bastrop area in consideration of building a Disney amusement park. Again, these are rumors that have not been substantiated by any official information from Disney or government officials. The fact that Austin is only 1.5 hours from San Antonio, and 3 hours from the Houston and Dallas areas makes Austin an ideal location for major commercial developments that residents from the entire state can enjoy. So you might ask yourself why would I as a realtor in Austin make an effort to fuel some of these rumors that are floating around? It's not to try and speculate on the potential increase in local property values or to cause people to want to move into the Austin area, but rather, my intent is to provide a different perspective to those living in Central Texas that may have never considered the possibility or probability that Austin is on the verge of becoming a major influence on the economic growth of not only Texas, but the U.S. as well.

To learn more about Austin real estate visit my Austin Realtor website.

Life as an Austin Realtor

Romeo Manzanilla — Sun, 06 Jun 2010 14:39:00 GMT

As I'm watching the television show "Two and a Half Men", I can't help to laugh how Evelyn Harper, the main characters' mother is portrayed as a blood sucking Realtor. In this particular episode, her son Charlie, played by Charlie Sheen, is trying to connect with her emotionally, but shortly into the conversation, she receives a call from a local cardiologist letting her know that his patient, who lived in Beverly Hills just died. Without delay, Evelyn cuts the conversation short and flies out the door before "the rest of the blood sucking vampires" hear about the potential listing. Though, my life as an Austin Realtor may not be as glamorous or dramatic or even comical as a Realtor in Beverly Hills, I have to ask myself "Do I cut people off or put important conversations on hold or miss important events for the sake of a potential client?" In all honesty, I more than likely have missed some of my son's school events or rescheduled lunch with my wife in hopes of getting a new listing or client. I've even come to accept that Sundays and evenings are part of the "normal" working hours as a Realtor in Austin. I know that many other Realtors will argue or comment that boundaries must be set, and I completely agree with them, but the trouble I have is finding where those boundaries are. Trying to find the definition between "work" time and "personal" time is something that I've always struggled with. Part of my coping mechanism has been to befriend all of my clients so that the time I spend with them either on the phone or in person feels more like recreation than work. Don't get me wrong, there is no replacing spending time with my family or close friends, but I find that by really getting to know my clients, I better understand their needs and wants as well as it helps build a lasting relationship, far beyond the closing of the sale. As my son gets older (he's currently 4) I know that he is going to demand more of my time to make sure that he never feels neglected or ignored. I don't think that he's going to understand when I try to explain to him that Daddy has to go to the sports bar for a "networking" event or that I am constantly on the computer working on a deal or making sure that my website is the best that it can be. Austin is a highly competitive and technologically advanced business center. In the Austin real estate market, it is a constant effort to make sure that you are on the leading edge of technology in reaching prospects, promoting your listings and making yourself "relevant" to not only the general public but to Google, Bing and Yahoo as well. I used to think that being on Facebook, Twitter and YouTube was for solely for social and recreational enjoyment, but I've come to learn and incorporate those sites as a new channel of communication to reach my family, friends, clients and associates to let them know that I do have interests and a life outside of real estate. All in all, I love being an Austin Realtor, I just hate having to call it work.

Sometimes it's better to just hire an expert!

Romeo Manzanilla — Fri, 14 May 2010 03:24:00 GMT

As the summer months approach, I always get the itch to start a new home project. The long hours of daylight provide a perfect excuse to upgrade the landscaping, paint the exterior trim or take on a more adventurous challenge like building a deck. Despite my enthusiasm to learn new things and take on new challenges, sometimes I have to admit to myself that I may not be the handyman that I think that I am. These 10 questions are the ones that I ask myself to bring me down to earth when I’m stuck in the power tool section of Home Depot daydreaming about what I’m going to build next.

1. Do I have the skills needed? Some people are just born with two left hands.

2. Can I learn it as I go? If you can, try it. There’s a lot of how to information on the web, but, don't risk it if it's a major capital improvement project on your home or a potentially dangerous undertaking.

3. Do I have the time? Sometimes, we have the skill to do the work ourselves, but don't have sufficient time to devote to the home improvement project or repair. There’s nothing worse than a weekend project that takes months to complete.

4. Do I have the money? Even if you do it yourself, you'll need money upfront to buy supplies, building material, and tools. Sometimes this isn't worth the investment if these items will only be used once.

5. Do I have the tools for the job? If you don't, think carefully about investing in tools that only serve a limited purpose. It's one thing to buy drop cloths, brushes and other paint supplies. Chances are, you'll put these to good use over time. It's quite another thing to invest in specialized equipment or tools that serve a limited purpose. You can always rent tools, but that can get expensive and usually if you break it, you bought it.

6. Is it worth my time and money? Your time and money is valuable. If you can use someone else's time and access to professional tools, supplies and equipment, it might be worth it.

7. Is it safe or healthy to do the work? There's no reason to put yourself or your family at risk. Summertime outdoor temperatures can reach over a 100 degrees. Heatstroke and dehydration can be silent killers unlike falling off a roof which can be a bit noisy.

8. Are there potential hazards if I do the work? Getting up on a ladder or climbing a roof may look easy, but if it’s not something that you normally do, you may be risking more than your project.

9. Are there reasonable alternatives in my area? For example, if it makes sense to have an appliance store remove a refrigerator after installing a new one, do it. Especially if it saves you time, money or injury. Getting injured while trying to impress your spouse doesn’t benefit anyone.

10. Can I get a good recommendation on a painter, plumber, electrician, or other skilled tradesman? If your neighbors or friends can recommend someone who does quality work at a reasonable price, you may want to consider this.

After asking myself these 10 questions, I usually opt to hire someone else to do the work unless it’s a project I know that I can complete on time, within budget, look professional and most importantly, won’t maim or injure myself or those around me. Visit my Austin Realtor site for more useful tips and information.

New Sun City Texas Cowan Creek Amenity Center set to open

Romeo Manzanilla — Tue, 11 May 2010 03:22:00 GMT

The much anticipated Cowan Creek Amenity Center will open this Saturday May 15, 2010 and will kick off festivities with an opening ceremony from10am to 2pm. The new amenity center features:

21,000 Sq.Ft. Fitness Center: 2-Story Facility with cardio & strength machines on the first floor, and aerobics studio & walking/running track on second floor
o   Indoor Walking Track
o   Indoor Lap Pool
o   6 Large, Multi-Purpose Rooms with Dedicated Storage
o   Fitness Center w/ Locker Rooms
o   Aerobics Studio
o   Golf Pro Shop
o   Limited Use Kitchen
o   Sunroom Gathering Area
o   Two Levels of Outdoor Patio with Great Views
•         ¼ mile Outdoor Walking Track
•         Outdoor Resort Pool & Spa
•         Covered Lap Pool
•         6,000 Sq.Ft. Covered Pavilion
•         200+ Seat Amphitheater

Along with the newest of the three golf courses located in Sun City Texas in Georgetown, the new Cowan Creek Amenity Center is sure to provide active adults over the age of 50 with the unique opportunity of owning more than a home, but a lifestyle to go with it. For more information contact Romeo directly at (512) 743-7820.

Doesn't ANYONE want to buy my house?

Romeo Manzanilla — Wed, 28 Apr 2010 04:55:00 GMT

That might be a question that you may find asking yourself when you’ve seen many of your neighbors sell their homes in under a month and yours has been sitting on the market for over 5 months with no activity.

You should consider asking yourself the following questions. If you find yourself agreeing with any one of them, you may have to re-consider your home selling efforts.

1. Would you pay what you’re asking for your home? This might sound like a silly question, but I’ve had sellers say to me that they think that the market value of their house is $500,000, yet when I ask if they would pay that amount for their home, they answer no. Sellers will sometimes base their price expectations on what blood, sweat and tears they have vested in the home. A home buyer is not going to appreciate many of the personalized and customized enhancements that you love about your home. The key here is to understand that not everyone places the same values on specific improvements that you may. Separate emotions from the business of buying and selling homes.

2. Are you trying to avoid being low-balled? The true value of a home is dictated by what the market will bear. Ask anyone in California, Florida or Arizona, a home that was worth $1 million six years ago is probably only worth about half of that today. The real estate market swings up and down, more so in some markets than in others. Locally, in the Austin real estate market, we have not seen the huge swings in property values that many other parts of the country have due to our modest appreciation rates and stable economy. The key here is to have a realistic conversation with your Realtor so as to set your expectations to meet the market and to try and turn an offer that you consider to be unreasonable into an offer that you can live with.

3. Are you sabotaging your own efforts? This may sound like another silly question, but sometimes sellers may be hurting their chances of selling their home by being too restrictive with showings, not taking the advice to de-clutter and stage their homes or by not making their home feel inviting to others. You may ask yourself, “how can I make my home more inviting to prospective buyers?” Some examples would be to de-personalize your home. Everyone is proud of their family photos, but you want the buyers to imagine themselves making your home theirs rather than making them feel that they are imposing on your personal space. Foul odors caused by pets, smoking or lack of general housekeeping are sure to kill your chances to entice a buyer to make an offer your home. The key here is to be as flexible as possible with accommodating showings and to follow your Realtor’s advice as to the presentation of your home.

4. You may have picked the wrong Realtor? Contrary to popular beliefs, not all Realtors are the same. Most possess common abilities in filling out paperwork and following the rules and procedures regulated by the Austin Board of Realtors and Texas Real Estate Commission, but that’s where the commonalities end. In today’s highly competitive market, the key to getting your home sold quickly and at the maximum sales price is EXPOSURE. Just because a Realtor has been selling homes for 20+ years doesn’t necessarily mean that he or she is going to do the best job. Times have changed as has the real estate market. Marketing efforts that may have worked 10, 5 or even 2 years ago may not be as effective or in some cases may even hinder the efforts to get your home sold. It’s much like a mechanic that may have decades of automotive repair experience that suddenly finds himself without the computer diagnostic equipment necessary to repair today’s cars. In choosing a Realtor, you want to make sure that the Realtor is utilizing all of the latest technologies, including professional pictures and virtual tours, full color printed materials and interactive marketing and communication systems to keep you involved and informed. Though some may not want to admit it, channels of communication have evolved to include Facebook, Twitter, Linked In, YouTube, Google and many other online media channels to effectively market your home to online buyers. An important statistic to keep in mind is that according to the National Association of Realtors, over 90% of all homebuyers begin their home search on the internet. If your Realtor’s web presence is virtually unknown or if the online presentation of your home looks amateurish, then your listing will fail to make the necessary impression on perspective buyers. The key here is to work with a Realtor that is current with not only with the real estate market, but with the marketing technologies that will give your home the opportunity to be seen and impress buyers.

Selling a home can sometimes feel like an emotional roller coaster. By asking yourself these simple questions and being truthful with your answers, you’ll be able to make the necessary adjustments to go from selling to SOLD!

For more guides on effective selling your home or what questions to ask your next Realtor, visit my Austin Real Estate site at www.romeom.com .

Another Tax Deadline for Austin area homeowners

Romeo Manzanilla — Fri, 16 Apr 2010 03:18:00 GMT

As Tax Day expires, many Austin Texas homeowners may not want to hear the word "taxes" anytime soon, but the truth is that there is another tax deadline approaching. The deadline to protest your Texas property taxes is May 31st. If the county assessed value of your home is nowhere near what the actual market value is, time is running out to make sure that you don't overpay your property taxes. Here are 8 things that you may or may not know about property taxes here in the Austin area.

Your property tax appraisal is required by law to be at 100% of market value and be equitable in comparison to the tax appraisals of similar properties.
The “Homestead Exemption” will reduce the property tax on a homesteaded property, sometimes dramatically. You can apply for a “Homestead Exemption” up to one year in arrears, so it is possible to go back and get a refund for a missed 2008 “Homestead Exemption” until January 31, 2010.
Homeowners 65 years of age qualify for special exemption amounts and a “school tax freeze” that makes certain their school taxes, and some county or city taxes, can never go up. Disabled homeowners now qualify for the same “school tax freeze” as over-65 homeowners.
Homesteads owned by Veterans classified as 100% disabled due to service related causes are not 100% exempt from property taxes.
Look for the “Appraised Value (Possible Homestead Limitation)” on the Notice of Appraised Value. Compare the Last Year 2009 Value to the Proposed 2010 Value. It should not increase more than 10% unless you have added square footage to your home. If it does increase more than 10%, call the Appraisal District at 512.834.9138 and find out why.
Property Tax Appraisals are made as of January 1st of each year. If a home burns to the ground on January 2nd, property taxes are still levied on the structure for the entire year. To delay taxes, build your pool or add on or to a major remodel after January 1st. It isn’t taxable until the following January 1st and you will not have to pay the tax increase until the following January.
The statutory deadline for filing written protest is May 31st of each year. It is no longer necessary to file a protest with multiple Appraisal Districts. If your property is in Travis County the appeal is filed with Travis CAD. If your property is in Williamson County the appeal is filed with Williamson CAD.
If you miss the May 31st filing deadline, all is not necessarily lost. If you can prove the Proposed Tax Appraisal is at least 25% too high you can file a “Substantial Error” motion until January 31st of the following year and still get the value reduced. Also, if you can prove that the Appraisal District failed to send you a required notice you can file a “Failure to Receive” motion by January 31st of the following year and be entitled to an Appeal hearing. Lastly, under Section 25.25(h) of the Property Tax Code, you can beg the Chief Appraiser to review almost any issue. He has the authority to review and modify anything with a signature.

If you have any questions, free to visit our Austin real estate site to learn more about Austin home values and homes for sale.

Should you still buy a home even after the tax credit ends?

Romeo Manzanilla — Wed, 31 Mar 2010 20:51:00 GMT

I'm often asked this question by different people who are considering purchasing a home, but for whatever reason can't do so until later in the year past the April 30th, 2010 deadline. Some people may be changing employers, may not have the necessary down payment available or may have a home to sell before they can purchase their next home. Whatever the situation, my answer is typically YES. I'm not saying yes because I want to sell them a home, I am saying yes because when you consider other factors such as the historically low interest rates, the affordability of homes and the overall Austin real estate market and economic conditions, why wouldn't you purchase a home? This may sound a bit rehearsed, like something you would hear in a National Association of Realtors ad, but the truth is that the current interest rates that we've seen lately are some of the lowest ever. Also, when you look at not only the national but local Affordable Housing Index (AHI), homes are more affordable than ever. As most of you know, real estate is very localized and conditions differ from market to market, but luckily in the Austin area, we haven't seen the sharp decline in real estate values and overall economic conditions that many other cities across the U. S. have.In fact, if you read any of my frequent facebook or twitter posts, I am constantly posting articles from media sources such as Time Magazine, Forbes, Money and CNN about how Austin is in the top 10 cities across the U.S. in economic conditions, job growth, technology, quality of life and so on. In fact, Retirement Magazine recently named Austin the #2 city in the U.S. to retire because of the affordability of house, cost of living and overall quality of life. Don't get me wrong, I'm not trying to say that purchasing a home makes sense for absolutely everyone (as we've witnessed by the mortgage meltdown), but those that have the desire and the means to purchase a home shouldn't hesitate even after the tax credit expires. If you would like any additional information about the Austin Texas real estate market or links to any of the media sources that I referenced, feel free to contact me directly at (512) 743-7820 or you can visit my website at www.romeom.com to learn more about me or to search for Austin home listings. austinrealtor714.gooruze.com

Mortgage Lender Horror Story

Romeo Manzanilla — Sat, 20 Mar 2010 22:43:00 GMT

Does working with my existing bank make the loan process smoother?

I've often had clients ask that same question over and over and my answer is always the same, No. Having worked with just about every single bank, I can tell you that if you think that you are going to get preferential treatment from your bank because you have an existing account or have had 1,2, 3 or more mortgages with them in the past, then you haven't read the news lately. With all of the recent bank mergers, acquisitions and transfers, we are really left with only a handful of large banks. Wells Fargo recently acquired Wachovia, Chase recently acquired Washington Mutual, and BofA recently absorbed Countrywide Home Loans, who at one point was the largest mortgage lender in the country. With all of the issues that come with merging the books and operations of two major banks, the customer is usually left out in the cold when it comes to getting the best interest rate on their home and timely service. Case in point, I recently had a client that had been a BofA customer for 35 years. He had paid off 2 mortgages during that time, without ever having been late a single time. When he decided to move from Idaho to Austin, he thought it only natural to get pre-approved by BofA before moving forward with his plans. He sold his home in Idaho, packed up his family in the travel trailer and expected to close on his new home the day after he arrived. Things didn't happen as planned. While making the drive to Austin, BofA notified him that he actually would not qualify for a loan because his "new" position with a new company in Austin differed from the one he had in Idaho. In reality the only thing different, was that instead of being the customer service manager, he was now the customer service director. What resulted of this whole situation? He and his family (6 people in total) ended up living in the travel trailer for 20 days, while BofA sorted everything out. Everyday, we were told that we would be able to close the next day, then the next and so on. In the end, BofA did make restitution to my clients in the form of paying for their temporary living expenses, waiving the loan origination fee and firing the loan officer that made the mistake during the pre-approval process. You may ask, why am I telling you this "horror" story? In order to let you know that when it comes to putting your life and the life of your family into somebody's hands, make sure that it is with somebody you can trust. I do have several mortgage lenders that I work with that cringe at hearing this story, that I would recommend any day over the large banks. Unfortunately, in the long term, your mortgage will probably end up in the hands of one of the large banks anyways, but that's a different story.

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Does working with your bank make the loan process smoother?

Romeo Manzanilla — Sat, 20 Mar 2010 22:41:00 GMT

Does working with my existing bank make the loan process smoother?

Visit my main Austin real estate website to view more blog discussions.

Pearson Place at Avery Ranch to include new schools

Romeo Manzanilla — Mon, 15 Feb 2010 01:09:00 GMT

To promote the expected growth from the upcoming Pearson Place at Avery Ranch subdivision, Round Rock ISD recently purchased a tract of land adjacent to the new development by Waterstone Development. RRISD plans to open three new schools in the Avery Ranch area over the next ten years.

Elementary School First

The RRISD plans include a new elementary to be opened sometime between 2012 and 2014. Much of the timing is dependent on the growth and development in the Avery Ranch and Lakeline/Neenah area. The students on eastern side of Avery Ranch will continue to attend Patsy Sommer Elementary along with students living in the Ranch of Brushy Creek subdivision.

Bond Election Required for Middle School and High School

The plans for a new middle and high school serving the Avery Ranch, Ranch at Brushy Creek and surrounding areas are planned, but not finalized. RRISD has not set a definitive schedule for the opening of the schools because much of the funds required to build the new schools will rely on a new bond election in coming years. The Avery Ranch area continues to experience a tremendous amount of growth, with many new restaurants including Z Tejas, Waterloo Icehouse, Brooklyn Pie Company and many more. The Avery Ranch Golf Course has been voted in the past, one of the best daily golf courses in Austin as well as Patsy Sommer Elementary has recently been rated exemplary as part of the RRISD. The area will only continue to increase its appeal to homebuyers as the Pearson Place at Avery Ranch development kicks off.

For more Austin area real estate information visit http://www.RomeoM.com or http://www.pearsonplaceataveryranch.com.

Pearson Place at Avery Ranch to include new schools

Romeo Manzanilla — Mon, 15 Feb 2010 01:04:00 GMT

Elementary School First

Bond Election Required for Middle School and High School

For more Austin area real estate information visit http://www.RomeoM.com or http://www.pearsonplaceataveryranch.com.