Austin Texas Real Estate Information

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 Real Estate site for more useful tips and information.

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

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?

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.

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 01:04:00 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.

New water park coming to the Austin area

Romeo Manzanilla — Fri, 29 Jan 2010 05:12:00 GMT

Austin American Statesman

Cedar Park could soon be home to a water park resort, the latest attraction in the growing bedroom community that officials say will draw people from across Central Texas.

City leaders are expected to announce plans tonight for a new Schlitterbahn Waterpark, a brand well known to Texans for its original New Braunfels location.

The park would be built on about 95 acres on RM 1431, about halfway between U.S. 183 and Interstate 35, according to a Cedar Park Economic Development Corp. meeting agenda. The project is expected to cost about $360 million to fully develop, city documents said.

The economic impact of the project is expected to be $2.5 billion over 30 years and could create more than 1,000 jobs , according to an independent study cited in city documents.

"It is a resort destination that we're announcing \u2026 not just a water park," Schlitterbahn spokesman Jeffrey Siebert said.

The park would be the company's fifth and its second largest in acreage. Other parks are on South Padre Island and Galveston Island and in Kansas City, Kan.

Siebert said the new water park might include a hotel or other features, but he did not provide details Wednesday.

The City Council will vote tonight on whether to spend up to $6 million in city sales tax revenue for infrastructure, which could include utilities and roads surrounding the project, according to the council's regular agenda.

Council members will also vote on an economic development agreement between the city and AWPH Management LLC, whose registered agent is listed by the Texas secretary of state's office as Schlitterbahn owner Gary Henry . City officials wouldn't elaborate on the agreement Wednesday and declined to comment on the project until the meeting. That meeting is at 5:30 p.m. today at the Cedar Park Public Library, 550 Discovery Blvd .

The project would be complete by 2012 , according to Rick Redmond , who owns Volente Beach Waterpark on Lake Travis and is one of the partners in the project. He said in a news release that he, along with his wife, Jill, and other partners, have been trying to build a water park in Cedar Park for at least four years.

"The Henrys, owners of Schlitterbahn Waterparks and Resorts, and the Redmonds, friends for many years, decided that the Schlitterbahn concept was a perfect fit for this site," Rick Redmond said in the release. "The City of Cedar Park agreed and here we are."

He said

his park will remain open this year and in 2011. But he did not say if it would remain open once Schlitterbahn debuts.

The water park would be the latest effort by city officials to transform Cedar Park, a city of 55,000 just northwest of Austin, into what members of the council regularly refer to as a "destination city."

Last year, the city completed work on the $55 million , 181,640-square-foot Cedar Park Center, at New Hope Drive and the 183-A tollway. The center is home to the American Hockey League's Texas Stars and also hosts other events such as concerts. It is the third-largest indoor mixed-use venue in Central Texas.

Austin Area Homebuilders Ready to Recover

Romeo Manzanilla — Tue, 19 Jan 2010 18:48:00 GMT

AUSTIN (Home Builders Association of Greater Austin) – The Austin area's new home market could be headed toward a recovery, experts said Wednesday at the 2010 Economic Housing Forecast.

“The resiliency of the job market and relatively stable home prices will translate to a more positive consumer confidence level locally,” said Eldon Rude, Austin director of Metrostudy, which tracks the new home market in Austin and 30 other markets across the country. “Consumer confidence is an important driver of home sales.”

Rude said builders in the Austin area cut new home production by approximately 19 percent in the last year, resulting in 6,490 new home starts in 2009.

“Starts have stabilized in recent quarters, builders have closed more homes than they have started for the last three years. This strategy has resulted in far fewer inventory issues in the Austin new home market compared to the more challenged markets across the United States,” he said.

Metrostudy anticipates that new home starts in the five-county Austin region will be maintained at 2009 levels because of the expected lack of job growth through at least the first half of 2010 and the continued capital constraints facing builders.

Experts believe the region is at or near bottom with respect to housing starts and starts will begin to increase toward the end of 2010 and into 2011.

The conference was sponsored by the Home Builders Association of Greater Austin and the Austin Board of Realtors.

Experts believe the region is at or near bottom with respect to housing starts and starts will begin to increase toward the end of 2010 and into 2011.

The conference was sponsored by the Home Builders Association of Greater Austin and the Austin Board of Realtors.

For more information about Austin Real Estate, visit my website at http://www.RomeoM.com

7 Ways to Increase Your Home's Appeal to Buyers

Romeo Manzanilla — Tue, 15 Dec 2009 05:02:00 GMT

In this economy, houses aren't selling like they used to. However, there are some ways to improve the chances of selling your house. If you have a house on the market, or are considering it, read on for seven tips that will make it easier to sell your home and make a smooth transition from one owner to the next.

1. Maintain Neutrality

This policy has worked for Switzerland, and it can also work in real estate. Customizing your home is great if you plan to stay there, but extreme colors and themed rooms can scare off potential homebuyers If you have customized every room with extremely bright or dark colored paint, wallpaper or wall fixtures, you may want to consider toning it down a bit. Using neutral colors on the walls can help prospective buyers create their own vision for the house, and will also leave them with less work to undo if they buy the house.

2. Less Is More

Even though you have not moved out yet, removing some of your furniture can help the house move off the market. If you take pictures for your listing, having less furniture can help the home appear more spacious. When potential homebuyers arrive, having less furniture can also provide clear walkways.

3. That New House Smell

Honestly, the new house smell isn't always the most pleasant, but at least it is new. In preparing to show your home, you should avoid strong smells. To avoid odors, make sure to take out the trash and clean the refrigerator regularly. It is also good to be mindful of what you cook in the days leading up to a showing since certain foods have strong scents. If you have pets, keep an eye on the litter box. Any smell that is too strong could send potential homebuyers running out the door.

4. Pay Attention to the Details

It is not a good idea to make major renovations when you are ready to sell your home because you may not recoup your investment. If you never got around to starting or completing that total kitchen or bathroom makeover, then you can make some small, inexpensive changes to spruce things up. Replacing the hardware on cabinets is a quick way to improve the appearance of older looking fixtures. Upgrading small items such as light switch and outlet covers can also add a nice touch.

5. Maximize Your "Curb Appeal"

The front of your home is the first thing prospective home-buyers will see, so keeping it presentable is a must. If there is a yard, keep the grass to a reasonable height and if there are trees, be sure to keep the branches under control. The path to your front door should be a clear and welcoming one, not an obstacle course!

6. Don't Get Too Personal

Upon entering your house, everyone will know it is lived in, but they do not need to see all the evidence. Get rid of excess clutter such as newspapers, magazines, and mail. Be sure to put away your laundry and shoes. It may also be a good idea to put away some other personal belongings like pictures on the refrigerator or mantle. For you, the pictures may make a house a home or display your personal touch. For the new homeowner, it may appear too personal.

7. Take Care of Repairs

Waiting to make repairs until after you find a buyer can be tricky. Depending on the nature of the repairs, you may not be able to find a buyer. Depending on how fast the buyer wants to close on the house, you may not have enough time to make the repairs. Save yourself some time and potential trouble, by making repairs before you list your home. The repairs will have to be made anyway, so it is better to get them out of the way sooner rather than later.

For more Austin Real Estate information, visit http://www.RomeoM.com

Understanding the Multiple Offer Situation

Romeo Manzanilla — Mon, 30 Nov 2009 23:06:00 GMT

The larger the downpayment, the better.

Lately, the home-sale market has picked up in some areas and price ranges. Multiple-offer competitions are more prevalent, particularly in popular neighborhoods where there's little for sale.

It's always difficult to decide what to offer when you're in competition. It helps if you've done your homework and you know local market values well. Working with a good real estate agent who can keep you informed on current market trends is helpful. The Internet has a wealth of information about listings in most areas of the country.

Attending public open houses in the neighborhood where you'd like to live is also a good way to learn about values. However, don't be misled by the list price. Some listings are priced at market value, but many are not.

The most significant information is the sale price of comparable listings that sold within the last three months. In multiple-offer situations, a listing might sell for over the asking price. However, this is not always the case.

A complicating factor is that some sellers intentionally price their home low in order to stimulate multiple offers. This is particularly so with short sales and foreclosures. For example, a listing priced at $325,000 that receives 10 or more offers might really be a $400,000 house.

HOUSE HUNTING TIP: It takes a lot of time and emotional energy to make an offer. Buyers are often devastated when they lose, and some buyers fail over and over. You can minimize the agony if you are realistic about what you can afford and about the accuracy of the list price.

If you know that a listing priced at $325,000 is likely to sell for $400,000 or more, you can tailor your offer accordingly. But, if you can afford to pay only $335,000, your offer probably won't receive serious attention if there are six or more offers. It might be better to pass on this one and save your energy for a listing that you can afford to buy.

When a listing sells for over the asking price, there is always the possibility that the property won't appraise for the purchase price. If your contract includes an appraisal contingency, you can usually withdraw without penalty. If you back out and don't have an appraisal contingency, your deposit money could be at risk.

All-cash buyers or buyers with large cash downpayments who don't care if the property appraises for the purchase price often don't include an appraisal contingency in their offer. It usually won't make a difference with the lender if the buyer is paying more than the appraised value as long as the cash downpayment is large enough. Buyers competing against a high-cash-down buyer may not have a chance, even if they offer a higher price.

For example, a seller might accept an offer for $10,000 lower than the highest offer if the lower offer includes a 20 percent cash downpayment and the buyer with the highest offer can put only 5 or 10 percent down. You have the best shot in a multiple-offer competition if you can put 20 percent or more cash down, and you have a solid preapproval letter from a lender. Offering to close quickly is usually a benefit to the seller.

Today's sellers are looking for certainty, which means a financially solvent buyer with a clean offer that's not loaded with contingencies. An offer made contingent upon the sale of another property probably won't fly in a multiple-offer competition.

THE CLOSING: Buyers bidding in the hot segments of the market need to persevere. It may take a few offers before you succeed. Just don't waste time making offers that don't stand a chance.

For more Austin Real Estate information, visit http://www.RomeoM.com

To list or not to list.....

Romeo Manzanilla — Wed, 11 Nov 2009 22:12:00 GMT

People often ask me whether they should list their home for sale during the holiday season. Here are a few points to consider:

There's no question that showing activity generally slows down between Thanksgiving and the first of the year. Part of this is due to the fact that many agents decide to take vacations during that time. Personally, I had some of my best months for sales in December, especially when I stayed in town rather than taking time off. There are several advantages to having your property on the market in December, especially if you decorate your house for the holidays. A warm fire and the smell of homemade cinnamon rolls (even if they came out of the can) will make your house more appealing. If your neighbors decorate their houses, that's an additional plus, especially if there is any type of neighborhood competition. Most buyers are drawn to communities where the residents take pride in their property. Even though there are fewer buyers looking over the holidays, those who are looking are usually very motivated to buy. Like your family, they often have to move quickly. The last few months of the year often see an uptick in investor activity. An investor may be purchasing because the current interest rates are very favorable or to pick up some additional tax write-offs in this tax year.

So if you're on the fence about listing your home for sale before the end of the year, keep these points in mind.

For more real estate information and news visit me at http://www.RomeoM.com

Both Houses Approve Tax Credit Extension

Romeo Manzanilla — Fri, 06 Nov 2009 01:02:00 GMT

The House today and the Senate yesterday passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they've lived in their home for five of the past eight years. Home prices are capped at $800,000. The legislation in both houses was included in a bill to extend unemployment benefits and is expected to be signed by President Obama shortly. “REALTORS® appreciate the swift action by Congress to extend the home buyer tax credit and expand it to some current homeowners,” says NAR President Charles McMillan. “As the leading advocate of housing and real estate issues, we urge President Obama to sign this legislation into law quickly to keep the momentum going in the fragile recovery of the nation’s housing market.” Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits. Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year. Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.

For more information visit www.RomeoM.com