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Fannie Mae Tightens Underwriting Rules for Some Borrowers

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Fannie Mae Tightens Underwriting Rules for Some Borrowers

Fannie Mae is about to tighten some of its underwriting guidelines effective October 20, 2012.  The stricter rules will help reduce Fannie Mae’s risk of default loans as well as force borrowers to shop around for mortgages.

The new Fannie Mae guidelines will effect condo buyers, current home owners wanting to refinance, and borderline borrowers.

Among the changes for Fannie-backed loans:

  1. Condo buyers who have less than a 20 percent down payment will have to complete a two-page condo questionnaire about the homeowner association’s finance goals as well as provide additional documents, such as a reserve study, by-laws, and a copy of the master insurance policy. The documents are readily available from the homeowners association, but borrowers may have a greater chance of loan denial for failing to meet Fannie Mae’s condo loan underwriting criteria.
  2. Fannie Mae will end discretionary approvals or “Expanded Approvals” for all refinances, except for Fannie Mae’s Refi Plus Program loans or HARP loans. EAs were believed to help borderline borrowers qualify for a mortgage when they didn’t have a perfect combo of loan-to-value and debt-to-income ratios, creditworthiness, and financial reserves.  The change means that some borderline borrowers may not qualify for a Fannie Mae loan.
  3. Self-employed borrowers will now be required by Fannie Mae to provide two consecutive years of federal tax returns instead of one.  Self-employed businesses will still have to prove they’ve been in the same line of business for two years, but underwriters will base income on an average drawn from two years of tax returns.  This new change will effect self-employed borrowers who may have had one bad year of business.
  4. Fannie Mae will also reduce the maximum LTV Reduction for Adjustable Rate Mortgages (ARM).  The current LTV will be reduced from 97 percent to 90 percent.  With only about 5 percent of all originated loans, this change shouldn’t have a substantial impact.

Read more at RealtyTimes.com or contact Texas Capital Properties today to find out what you can pre-qualify for.  You can also fill out our contact form to sign up for a FREE Austin Home Buyer Search.

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New Short Sale Guidelines Coming in November

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New Short Sale Guidelines Coming in November

New short sale guidelines will go into effect on November 1, 2012.  These guidelines should make the short sale process easier and faster.

Fannie Mae and Freddie Mac will begin streamlining the process for home owners who are in financial hardship and other distressed situations.  This will help some home owners who find that they owe more on their homes than current market value from foreclosure.

Under the new Standard Short Sale/HAFA II:

  • Qualifying home owners must have an existing Fannie Mae or Freddie Mac mortgage.
  • A Home owner must be experiencing a financial hardship, such as unemployment, divorce, long-term disability, or employment relocation.
  • If the home owner must relocate for a new job, it must be more than 50 miles away.
  • HAFA II Short Sale home owners will not be eligible for a new Fannie Mae or Freddie Mac backed mortgage for at least two years after the short sale.
  • Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders to expedite a short sale.
  • Servicers must respond to a short-sale request within 30 days and give the home owner a final decision within 60 days.

So should you short sell your home?

If you feel like you’ve run out of options and you can no longer afford your home, you may consider short selling the property.  The first step is to make sure you qualify for a short sale.  Ask yourself these questions:

  • Do you have a hardship, such as a job loss, major illness or divorce?
  • Do you owe more on your home than its current market value?
  • Do you have insufficient resources to pay down the loan?

Remember, a short sale is not a guarantee.  The lender must approve your sale for less than what is owed on your home.  These updated short sale guidelines will definitely streamline the process and make it easier and faster for you to find out if you do qualify.  Contact Texas Capital Properties today if you have any additional questions about short selling your home.

Halloween Events in Austin

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It’s almost Halloween!  Here are some Halloween Events in Austin for 2012!  Have a safe and fun time!

Boo at the Zoo 
Austin Zoo and Animal Sanctuary
See the animals at night and ride the haunted train that runs every 20 minutes from 7pm until 9 pm.  Oct 12th,13th, 19th, 20th, 26th, and 27th. Tickets are $12.50 and include your train ticket for a specific time.

18th Annual Halloween Cave Party - October 26, 2012, 9:30pm
The Bat Cave 3800 McNeil Drive Austin, TX 78729
$20 admission at the gate to be donated to the Capital Area Food Bank. Music by SUEDE!

Halls of Horror Haunted House - October 26, 2012, 7pm to 11pm
Green Red Barn, 901 Old Austin Hutto Road in Pflugerville
Enjoy the annual community haunted house.  Admission is canned goods for the food pantry or $2 per person.

Halloween Children’s ConcertOctober 28, 2012, 2pm
The Austin Symphony at Dell Hall
Let your little one enjoy haunting at the Long Center’s Dell Hall as the Austin Symphony presents its annual Halloween Children’s Concert.

Goblins in the GardenOctober 28, 2012, 4pm to 7pm
Lady Bird Johnson Wildflower Center
Families can dress up in their Halloween finest and bring a camera to take memorable snap shots. Go dressed as an insect from the Butterfly Garden to celebrate its 10th anniversary and then join the costume parade through the courtyard at 6:00 p.m.

Fall Fun Fest - October 31, 2012, 9am to 11:30am
Lakeview Pavilion at Old Settlers Park, Round Rock
This year’s theme is Dr. Seuss. They will have carnival games for toddlers and preschoolers, hayrides, cookies and punch and fun entertainment for all to enjoy.

Halloween Thriller Dance PartyOctober 31, 2012, 8:30pm to 9:30pm
Ballet Austin Community
One hour of total Thriller! Join the Zombies of Austin on the scariest night of the year and dance it out in this ever popular graveyard dance.

Halloween Pub Crawl – October 31, 2012, 5pm
Coyote Ugly in Austin
Visit Coyote Ugly with your pub crawl wrist band and receive drink specials.

Harvest of Fall Fun - through November 11, 2012
Sweetberry Fams in Marble Falls
Hay rides, kiddie mazes, stuff your own scarecrow, horse rides, eat pumpkin-flavored ice cream, pumpkin painting, and tons of photo ops.

 

Sales Volumes and Prices Continue to Rise in Austin

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Sales Volume and Prices Continue to Rise in Austin

Wonderful news again for real estate in Austin!  According to the Multiple Listing Service (MLS) report released this week by the Austin Board of REALTORS®, the sales volume and home prices of Austin-area properties continue to rise.  September 2012 became the 16th straight month of sales volume increases and eighth straight month of median price increases in the Austin area.

The report also noted that a little more than 1,800 single-family homes were sold in the area – that’s a 10 percent increase from the previous September.  During the same time period, the median price for Austin-area homes increased by five percent to $198,250.

The Austin real estate market also had a 3.7 months of inventory for September 2012 – 1.7 months less than September 2011 and the lowest inventory figure seen in Austin in the last decade.

According to the Chairman of the Austin Board of REALTORS®, the Austin market hadn’t seen that many single-family homes sold since 2006.   Here are some highlights from the latest Austin Housing Market Statistics:

    • 1,806 – Single-family homes sold, 10 percent more than September 2011.
    • $198,250 – Median price for single-family homes, five percent more than September 2011.
    • 65 – Average number of days that single-family homes spent on the market, 16 days fewer than September 2011.
    • 2,130 – New single-family home listings on the market, six percent less than September 2011.
    • 6,812 – Active single-family home listings on the market, 20 percent less than September 2011.
    • 1,867 – Pending sales for single-family homes, 14 percent more than September 2011.
    • 3.7 – Months of inventory* of single-family homes, 1.7 months less than September 2011.

 

Texas Homebuyer Assistance Programs

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You follow the news every day and see that mortgage rates are still at historic lows.  You are thinking about buying a home but simply don’t have the down payment.  That’s an issue that comes up for many potential buyers.  The fact is that you have alternatives, even with less than perfect credit.

A typical down payment for a home purchase can range from 3.5% to 20% but did you know that there are programs out there that allow you to purchase with ZERO DOWN!  One of these programs may work for you and help you become a home owner sooner than later.

Texas Homebuyer Assistance Programs

Austin Down Payment Assistance Program

This program helps qualified, first-time home buyers with deferred, 0% interest loans to assist them in the purchase of a home within the Austin city limits.  The sales price cannot exceed $274,312 and allows for single-family homes, condos or town homes.  The loan needs to be paid back plus a percentage of equity when the borrower sells the home or transfers the title.

Texas Home of Your Own (HOYO) Program

HOYO is a program for first-time homebuyers for persons with disabilities.  The program provides down payment and closing costs assistance for homes located in Blanco, Bastrop, Burnet, Caldwell, Dallas, Fort Bend, Harris, Hays, Johnson, Montgomery, Parker, Tarrant, Travis and Williamson Counties.

To qualify for this program, a borrower must be a person with a disability or have a family member with a disability.  The borrower must also qualify for the loan, have no other interest or ownership in another property, and be considered a first-time home buyer.  A borrower will be considered a first-time home buyer if he or she has not owned a home in the last three years.

Texas State Affordable Housing Corporation

TSAHC is a non-profit organization that serves the housing needs of low-income Texans.  The corporation offers homeownership programs that provide a fixed interest rate on a 30-year FHA, VA or USDA loan to eligible borrowers.  In addition, the program also offers down payment and closing costs assistance, up to 5% of the mortgage loan amount, in the form of a grant.  There are household income limits and the program is only available to first-time home buyers.  Borrowers will also need to work with a TSAHC-approved lender.

The Texas First-Time Homebuyer Program

Effective this month, the state of Texas released $600 million in homebuyer assistance through a new mortgage-backed securities initiative designed to give qualifying borrowers advantages over the previous single-family bond program.  The program offers a more competitive mortgage interest rate while increasing the amount of down payment and closing costs assistance offered.

To find out more about any of these Texas Homebuyer Assistance programs, visit http://www.txhomeprograms.org.

VA Loans in Texas

Active and retired members of the military can buy homes with little or no money down under the VA program.  VA loans also allow qualified borrowers to purchase their homes without PMI (private mortgage insurance) and that can save a borrower thousands over the life of the loan.  The Veterans Administration does not lend the money for these types of loans but it does back them.  The first step is to find out if a borrower is eligible.  VA will issue a Certificate of Eligibility to qualified veterans.

Owner Financing in Texas

There are some homes on the market that may not sell the conventional way.  Out of those sellers, there may be some that will offer owner financing.  That means the seller agrees to finance the loan for the borrower themselves.  It can be an effective way to sell a property when financing is difficult to obtain for the borrower.  Advantages for buyers include easier qualification, little or no loan costs and a quick closing.  One disadvantage for buyers is that sellers typically charge higher than normal interest rates to obtain the financing.

HUD Homes and Programs in Texas

The U.S. Department of Housing and Urban Development offers a variety of programs to assist qualified borrowers achieve the dream of home ownership.  A HUD Home is a one-to-four unit residential property that has been acquired by HUD as a result of foreclosure on an FHA-insured mortgage.  Almost anyone can purchase a HUD home but they are initially offered to owner-occupant borrowers.  After the priority period, unsold properties are available to all buyers, including investors.

Borrowers must qualify for financing through a mortgage lender before making an offer on a HUD home.  HUD may also pay up to 3% of closing costs based on the sales price.    If a borrower qualifies for an FHA loan, the down payment is as little as 3.5%. Search for Austin HUD Homes with Texas Capital Properties today!

If you are a law enforcement officer, teacher, firefighter or emergency medical technician, you may also qualify for the HUD Good Neighbor Next Door Program. It offers a substantial discount of 50% from the list price of eligible homes as long as the borrower agrees to live in the property as a sole residence for at least 36 months.  Eligible HUD homes are located in revitalization areas.

As you can see, there are many options to choose from when you don’t have a substantial down payment but want to achieve the American dream of home ownership.  If you would like more information about any of these programs or financing options, please contact Texas Capital Properties today.  We are your source for Austin real estate and homes for sale.

Projects to Help Improve Your Home’s Value

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Projects to Help Improve Your Home’s Value

Whether you want to sell your home this fall, next year, or in five years, there are some great projects to help you improve your home’s value that you can do today!  But choose wisely.  Some projects won’t add to your value while others can substantially help increase it.  Most real estate experts agree on one thing, if you put in your own sweat equity into some weekend projects, your more likely to add value.

Update Your Cabinets

The kitchen is the heart of the home and it’s important to keep it updated.  According to HGTV, you can expect to recoup a large percentage of your investment on a kitchen remodel.  However, you may not have the budget to install new cabinets so why not consider painting them.  A couple of cans of paint and new hardware can make cabinets look brand new.

Touch Up Your Paint

A fresh coat of paint in any room will make your house more appealing.  And the best part about it is that paint is one of the cheapest and easiest things you can do to makeover a room.  Be wary of bright colors or trying to paint too many colors.  Consider the most universally appealing shades and neutrals.

Upgrade Your Lighting

You don’t have to spend a fortune on light fixtures.  You can find economically-friendly options at any home improvement store and install them yourself.  You should also replace your lower wattage light bulbs with higher wattage ones.  The brighter bulbs will cheer up any space and make it appear larger.

Improve Your Curb Appeal

It never hurts to improve your home’s curb appeal.  Spend some weekends replacing your mailbox, cleaning or replacing your front door, and touching up exterior paint.  Don’t forget about your landscaping as well.  Pull any weeds and trim back shrubs.  If you have some bald spots in your lawn, consider adding flowering shrubs or replace with sod.

If you want to do a bigger project, adding a deck can help add value to your home.  HGTV says that homeowners can typically recoup 65% to 90% of their investment by adding a deck.  It’s definitely a project you will want to do yourself to add the most value for your cost.

These are just a few projects you can take on yourself that can help increase the value of your home.  If you are curious about your home’s value, contact Texas Capital Properties today for a FREE comparative market analysis of your property today!

 

 

Mortgage Rates Continue to Remain Low After Superstorm

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Mortgage Rates Continue to Remain Low After Superstorm

According to Bankrate.com’s national survey of large lenders, the benchmark 30-year fixed-rate mortgage fell to 3.57 percent from 3.61 percent.  A year ago, the mortgage index was at 4.23 percent and a month ago it was at 3.52 percent.

The benchmark 15-year fixed-rate mortgage fell to 2.89 percent from 2.9 percent. The benchmark 5/1 adjustable-rate mortgage fell to 2.72 percent from 2.73 percent.

What Does a Low Monthly Mortgage Rate Mean to You?

Look at the results of Bankrate.com’s Oct. 31, 2012, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:

30-year fixed 15-year fixed 5-year ARM
This week’s rate: 3.57% 2.89% 2.72%
Change from last week: -0.04 -0.01 -0.01
Monthly payment: $747.39 $1,130.75 $670.98
Change from last week: -$3.70 -$0.79 -$0.87

The lower the mortgage interest rate, the lower your monthly payment.  If you would like to find out how much you qualify for with today’s historically low interest rates, contact Texas Capital Properties.  No one can know how long these rates will stay low, but eventually rates will rise.  If you are thinking about buying, now is a great time to take advantage of these interest rates!

Looking for a home? Simply fill out the form below with your search criteria and we will get back to you shortly.

New Home Sales Rose Almost 6 Percent in September

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New Home Sales Rose Almost 6 Percent in September

According to the latest report from the U.S. Department of Commerce, new home sales rose almost 6 percent in the month of September from the prior month and 27.1 percent higher than the same time last year.  That’s the highest level since April 2010, when the Home Buyer Tax Credit was winding down.  The median price for new home sales in September was $242,400, up almost 12 percent from a year earlier.

The report is based on estimates from the U.S. Census Bureau and the Department of Housing and Urban Development that reported sales of 389,000 new single-family houses in September 2012.  That’s great news for the national housing market and suggests that there is a steady housing recovery occurring across the nation.  Regionally, the Northeast and South posted double-digit gains.

The National Association of Home Builders First American Improving Market Index also shows that 22 markets have been added to their list.  The list consists of now 125 housing markets that show consistent improvement data in employment growth, housing appreciation and single-family housing permit growth.

Combined with historically low mortgage interest rates, many potential home buyers are finding great deals on new construction homes.  If you are in the market for a new home around the Austin area, contact Texas Capital Properties today!

Austin Home Builders

There are so many Austin-area home builders to choose from in and around the Central Texas area.  Search for your new construction home with Texas Capital Properties.  Our team of knowledgeable and experienced new home real estate agents can find your new home in Austin, Round Rock, Cedar Park, Leander, Georgetown, Hutto, Manor, Buda, Kyle and the surrounding areas.

Popular Austin home builders include: Meritage Homes, Streetman Homes, KB Home, David Weekley Homes, Coventry Homes, Highland Homes, Village Builders, Wilshire Homes, Centex Homes, Drees Custom Homes, Grand Haven Homes, Standard Pacific Homes and Gehan Homes.  Depending on your price range and desired area, you can find a HOT deal on a NEW HOME today!

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Formula 1 Events in Austin this Weekend

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Formula 1 Events in Austin this Weekend

It’s finally here – Formula 1 racing begins this weekend in Austin, Texas!  We will join the ranks of 19 other cities around the world that host this phenomenal international auto racing sport.  So much is going on around town to celebrate this momentous event.    What would else would the “Live Music Capital of the World” do except kick things off with The Austin Fan Fest.

The 3-day festival will celebrate the inaugural 2012 Formula 1 United States Grand Prix.  Numerous activities will take place in the heart of beautiful downtown Austin, from the shores of Lady Bird Lake to the Capitol.  Friday features headliners Aerosmith with Cheap Trick at the Frank Irwin Center.  Flo Rida will take the stage at the Austin Convention Center on Saturday and Enrique Iglesias on Sunday.  The festival will also include performances from various musical acts on multiple stages, F1 simulators, F1 show cars, bars, parties, a family fun zone, and plus much more!

Formula One coming back to America really is a big deal.  The Circuit of the Americas track is expected to generate an annual economic impact of $400 million to $500 million for the area and attract as many as 300,000 people.  For the ultra upscale European experience, My Yacht™ Group will host a three-day VIP nightclub event during F1 weekend.  The celebrity-studded My Yacht™ F1 Club party will be at the Ballet Austin complex in the heart of downtown Austin.

Of course, race events will also take place all weekend at the Circuit of Americas track.  Practice sessions will begin Friday, November 16 at 9am.  Sunday will feature the Grand Prix race at 1pm.  You can visit the official Circuit of the Americas website for a complete schedule of races and events.

With excitement also comes headaches for some.  Although we are used to major events around town like the widely popular South by Southwest® festival every spring, the world renowned Austin City Limits Musical festival, and of course, record breaking attendance at The University of Texas Longhorn football home games, no one knows what this inaugural weekend will bring in terms of traffic.  Be prepared, especially if you live or plan to travel downtown this weekend.  Here are the downtown road closures that may cause delays getting around.

Closed from 6 a.m. Wednesday to 11:59 p.m. Monday:

  • West 3rd Street and West 4th Street between Congress and Colorado

Closed from 6 a.m. Thursday to 6 p.m. Monday:

  • West 3rd Street and West 4th Street between Colorado and Lavaca
  • East 3rd Street and East 4th Street between Congress and Brazos
  • Colorado Street between West 2nd Street and West 5th Street

Closed from 7 p.m. Thursday to 6 a.m. Monday:

  • Southbound lanes of Congress Avenue between 5th Street and 2nd Street

Closed from 6 p.m. Friday to 6 a.m. Monday:

  • Northbound lanes of Congress Avenue between 5th Street and 2nd Street
  • Southbound lanes of Congress Avenue between 2nd Street and Cesar Chavez (2nd Street will be open)

Closed from 6 a.m. Friday to 11:59 p.m. Sunday:

  • One lane of Trinity Street between East 12th Street and East 15th Street
  • One westbound lane of East 12th Street between Red River and Trinity Streets

The good news is that Capital Metro is expanding their service during Formula 1 weekend.  They are offering a free downtown bus route that will run every 15 minutes from 7am to 2:30am.  Capital Metro will also offer a $1 bus ride to and from downtown Austin and the Austin-Bergstrom International Airport.

Formula 1 Teams are Excited About All Things Texas and Austin Video

Thanksgiving Dinners Around Austin

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Thanksgiving Dinners Around Austin

Sometimes you can’t make it home for the holidays.  Don’t worry, we’ve got you covered for Thanksgiving dinners around Austin this year.  At Texas Capital Properties, we wish the best to you this Thanksgiving and coming holiday season!  May your holiday be filled with joy and good things in life!

Thanksgiving Meals at Austin Hotels

The Driskill Hotel Multiple seatings are available between 10am and 2:30pm, but be sure to reserve early as this popular event fills up fast.  The 1886 Cafe & Bakery downstairs will also offer a seasonal menu for lunch and dinner from 11am-10pm.   The Driskell Grill serves a five-course meal between 3pm and 8pm and reservations are a must.  604 Brazos, 512-391-7039 for reservations.

TRIO at the Four Seasons Enjoy a Thanksgiving meal between 11am – 6pm in the Four Seasons ballroom foyer, or 11am-8pm in the TRIO restaurant. 98 San Jacinto, 512-685-8300.

Omni Hotel Downtown Enjoy a traditional Thanks­giving brunch in Ancho’s between 11am – 4pm.   700 San Jacinto, 512-476-3700.

Omni Hotel Southpark The Onion Creek Grille serves a full brunch buffet with carving stations and the traditional Thanksgiving spread between 11am – 2pm.  Reservations are recommended.  4140 Governor’s Row, 512-448-2222.

Renaissance Austin Hotel Enjoy a Thanksgiving brunch at Banderas between 10:30am and 12:30pm or an evening dinner between 5pm and 9:30pm.    Reservations are suggested.  9721 Arboretum Blvd., 512-795-6100 for reservations.

Hyatt Regency Austin Southwest Bistro is serving a Thanksgiving buffet with free-flowing Champagne from 11am – 4:30pm.  208 Barton Springs Rd., 512-480-2035 for reservations.

The W Hotel The Trace offers a three-course Thanksgiving menu from 11:30am – 9pm.   200 Lavaca, 512-542-3660. 

Austin Restaurants Open for Thanksgiving Dinner

Cannoli Joe’s will have buffets featuring turkey cacciatore, roasted acorn squash, and sausage gravy. Reser­vations recommended. 11am-7pm. 4715 Hwy. 290 W., 512-892-4444.

Carmelo’s The popular restaurant will be open from 11am-10pm, offering both its standard fare and a $19 turkey special. 504 E. Fifth, 512-477-7497.

The Carillon The Thanksgiving day buffet includes a cold seafood station, charcuterie and cheese boards, carving stations, and fresh entrees, sides and desserts.  The buffet is available from 10am to 3pm.  1900 University Ave., 512-404-3655. 

Corazon at Castle Hill Enjoy a three-course menu from noon – 4pm.   1101 W. Fifth, 512-476-0728.

Crú-A Wine Bar Offering a three-course dinner from noon – 9pm.  238 W. Second, 512-472-9463.

Hudson’s on the Bend Featuring a special à la carte menu including signature dishes from its fall menu, plus special holiday options and a childen’s menu from 11am – 3pm and 6pm – 9pm. Seating is limited, so be sure to make reservations.  3509 RR 620 N., 512-266-1369.

Hyde Park Bar & Grill One of our favorites is offering an oven-roasted turkey dinner and all the sides from 11am to 7pm.  4206 Duval St., 512-458-3168; 4521 West Gate Blvd., 512-899-2700. 

Green Pastures This annual event usually sells out.  Enjoy the holiday buffet from 11am – 2pm.  811 W. Live Oak, 512-444-4747.

Kerby Lane Cafe All Kerby Lane locations will be open this year for Thanksgiving.  Check the website for addresses to the 5 area locations and contact phone numbers.

Threadgill’s This Austin landmark is open 365 days a year and offers down-home cooking on a select menu for Thanksgiving.   Full family or individual meals and dishes are also available for takeout. Open from 10:30am-10pm. 6416 N. Lamar, 512-451-5440; 301 W. Riverside, 512-472-9304.

III Forks Enjoy a four-course Thanksgiving feast of  slow-roasted turkey, tenderloin, or salmon. Open from 11am-8pm. 111 Lavaca, 512-474-1776.

24 Diner Your choice of a Thanksgiving dinner or items from the full service menu from 10:30am until closing.  600 N. Lamar, 512-472-5400.

 

Austin-area Home Sales Up 37 Percent

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Austin-area Home Sales Up 37 Percent

According to the National Association of Realtors® latest figures, existing homes nationally increased in October.  Even better news for Austin – the Central Texas housing market posted the highest year-over-year percentage gain in three years.  Austin-area home sales increased an impressive  37 percent, according to the Austin Board of Realtors.  Almost 2,000 homes were sold in October compared to 1,427 the year before.  The median home price was also up 5 percent from the October 2011.

 

272 home sales graphic photo

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Mortgage Rates Remain Low After Holiday

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Mortgage Rates Remain Low After Holiday

Mortgage rates remain low after the Thanksgiving holiday according to Bankrate.com’s national survey of large lenders.  The benchmark 30-year fixed-rate mortgage fell to 3.52 percent from 3.53 percent.   One year ago, the mortgage index stood at 4.25 percent; four weeks ago, it was 3.57 percent.

The benchmark 15-year fixed-rate mortgage was 2.86 percent, the same as last week. The benchmark 5/1 adjustable-rate mortgage rose to 2.74 percent from 2.7 percent.

Freddie Mac’s results of its Primary Mortgage Market Survey® also found mortgage rates virtually unchanged and remaining near record lows.  Their survey found the 30-year fixed-rate mortgage has averaged below 4.00 percent all but one week in 2012, while the 15-year fixed-rate mortgage has averaged below 3.00 percent since the last week in May.

Weekly National Mortgage Survey

Results of Bankrate.com’s Nov. 28, 2012, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:

30-year fixed 15-year fixed 5-year ARM
This week’s rate: 3.52% 2.86% 2.74%
Change from last week: -0.01 N/C +0.04
Monthly payment: $742.77 $1,128.38 $672.72
Change from last week: -$0.92 N/C +$3.48

 Start your home search today with Texas Capital Properties.  Search by price, features, subdivision or area.  It’s still a great time to buy a home in the Austin and surrounding areas.

 

 

Austin Ranks Number 5 for Cities with Youngest Housing Communities

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Ranks Number 5 for Cities with Youngest Housing Communities

According to a recent U.S. Census Bureau’s American Community Survey, Austin ranks number 5 in the nation for cities with the youngest housing inventory.  Nearly a third of the 720,000+ residential houses, apartments and condominiums in the area have been built since 2000.  That translates to almost 33% of Austin’s housing units, well above the average of 15.8% for all 109 major markets across the country.  With mortgage interest rates still near historic lows, it’s still a great time to buy a new construction home.  In some cases, buying a home is more affordable than renting.  Plus you can enjoy the long-term investment in owning a property while building equity. So if you are in the market to buy a home, you need to consider if you want a new construction or resale home.

There are many benefits to buying a new construction home to consider such as an extended home warranty, the ability to customize, and enjoying a space that no one else has lived in before.  Here are some of the top benefits to buying a new construction home.

Low Maintenance – Everything is new in a new construction home – the appliances, HVAC system, carpet, fixtures, etc.  The likelihood of having to make expensive home repairs in your first few years is low and the fact that you receive a home warranty with new construction helps cover any repairs that may come up.

Customize Your Home – You get to choose the colors, fixtures, flooring, appliances, cabinetry, and everything else that helps your home reflect you.

New Community Lifestyle – Many new home communities offer a master-planned lifestyle with neighborhood amenities and events.  It’s a great chance to grow with a community in a friendly environment.

If you are thinking about buying a new construction home in Austin, contact Texas Capital Properties today to get started with your FREE Buyer Search.  You’ll receive email updates daily with new listings and important information on your home search.  We are your real estate source for your Austin Home Search.

 

Visiting the State Capitol in Austin

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Visiting the State Capitol in Austin

Whether you live in Austin or are just visiting, everyone should try to visit the State Capitol Building.  We love the Texas State Capitol in the Lone Star State and once you visit the building and grounds, you will see why.  Located on 11th Street between Lavaca and San Jacinto, the State Capitol is taller than the U.S. Capitol and has the largest gross square footage than all the state capitols.

According to the official website, “The Texas Capitol is an extraordinary example of late 19th century public architecture and is widely recognized as one of the nation’s most distinguished state capitols. It was placed on the National Register of Historic Places in 1970 and designated a National Historic Landmark in 1986 for its ‘significant contribution to American history.’”

Situated on one of Austin’s highest points, the Capitol has panoramic views towards the Colorado River from the south.  The structure’s exterior is made from “sunset red” granite and its foundation is composed of limestone.  Built in 1888, an extensive interior and exterior restoration was completed in the 1990s.

The Texas State Capitol serves as the offices for the Governor, Secretary of State, and legislators.  It also houses a library, bookstore and cafeteria.  When you enter the Capitol rotunda you can view portraits of every person who has served as President of the Republic of Texas or Governor of the State of Texas.

Free 45-minutes tours are offered at the Capitol.  The tour features the Capitol, Texas history and the Texas legislature.  The Texas State Capitol building and grounds are absolutely beautiful to visit year round – and we aren’t just saying that because we are from Texas!  It’s a great place to visit in Austin to learn more about the Lone Star State’s rich history.  This should definitely be a stop for all tourists and Texans alike.

If you are curious about other things to do in Austin, visit Texas Capital Properties.  We are your online source for Austin real estate and homes for sale.

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Texas Star

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Holiday Events in Austin 2012

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Holiday Events in Austin 2012

‘Tis the Season to enjoy some Austin Holiday favorites!

Ballet Austin – The Nutcracker

This December, revel in pure fantasy and tradition as Ballet Austin commemorates the Golden Anniversary production of Austin’s holiday tradition. As the longest-running production of The Nutcracker in the state of Texas, Austin’s holiday tradition delights and enthralls fans of all ages.

Check the Ballet Austin website for dates and times.

Ballet_Austin_Nutcracker

Ice Skating Whole Foods

From November 24, 2012 to January 6, 2013, enjoy ice skating at the temporary holiday Ice Skating Rink at Whole Foods Market in downtown Austin. From 11am to 8pm daily, you can ice skate for $10/hr including skate rental.

Visit Whole Food’s website for more information.

whole_foods_ice_skating

Armadillo Christmas Bazaar

Live music and art have made the original Armadillo Christmas Bazaar an iconic Austin event. Art fair and music festival rolled into one, it has long been the city’s favorite scene for holiday shopping, Austin style.  Now through December 24th at the  Palmer Events Center.

armadillo_christmas_bazaar

Trail of Lights 

The Austin Trail of Lights is making the season bright with a celebration for the whole family to enjoy. The festivities begin with the Trail of Lights 5K on Dec. 15.  The trail will be open from Sunday, December 16th through Sunday, December 23rd in Zilker Park.  This year’s events include numerous performers with designated themes each night. Austin Trail of Lights is brought to the city by a partnership between RunTex Carrozza Foundation and Forefront Austin with H-E-B as the lead sponsor.  Gates will open at 6:30pm each night and close at 10pm.

Check the Austin Trail of Lights website for parking information.

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Four Seasons Christmas Day Buffet 

Enjoy their annual Christmas Day Buffet at TRIO.  The buffet will features traditional favorites and specialty holiday items.  Visit Four Season’s TRIO website to view the Buffet Menu and prices.

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Buying or Selling Austin Real Estate

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Buying or Selling Austin Real Estate

512-587-3732 - http://www.TexasCapitalProperties.com - Austin Real Estate Agents – Buying or Selling Austin Real Estate
If you are considering making a move to Austin or the surrounding areas, you will probably start your home search online.  According to recent studies of home buyer and home seller profiles, almost 90% of home buyers begin their search with the internet.
At Texas Capital Properties, we utilize technology so that you can access valuable real estate information and MLS listings 24/7.  We want to make your home purchase or home sale in Austin easy and smooth.
  • Sign up for our FREE VIP Buyer Search of Austin Homes that will alert you of all new listings in the area. .
  • Find detailed neighborhood information and local resources to help you determine the best area for you.
  • Sign up for a FREE CMA of your property to determine your Austin Home Value.
  • Our Austin Real Estate Agents have the experience and knowledge to help you navigate through home buying or home selling in Austin, Texas.
If you are looking to move to the Austin area, are curious about your Austin home value, or simply want to browse Austin Real Estate, contact Texas Capital Properties today at 512-587-3732.
Austin Real Estate

New Home Sales Rose Almost 6 Percent in September

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New Home Sales Rose Almost 6 Percent in September

According to the latest report from the U.S. Department of Commerce, new home sales rose almost 6 percent in the month of September from the prior month and 27.1 percent higher than the same time last year.  That’s the highest level since April 2010, when the Home Buyer Tax Credit was winding down.  The median price for new home sales in September was $242,400, up almost 12 percent from a year earlier.

The report is based on estimates from the U.S. Census Bureau and the Department of Housing and Urban Development that reported sales of 389,000 new single-family houses in September 2012.  That’s great news for the national housing market and suggests that there is a steady housing recovery occurring across the nation.  Regionally, the Northeast and South posted double-digit gains.

The National Association of Home Builders First American Improving Market Index also shows that 22 markets have been added to their list.  The list consists of now 125 housing markets that show consistent improvement data in employment growth, housing appreciation and single-family housing permit growth.

Combined with historically low mortgage interest rates, many potential home buyers are finding great deals on new construction homes.  If you are in the market for a new home around the Austin area, contact Texas Capital Properties today!

Austin Home Builders

There are so many Austin-area home builders to choose from in and around the Central Texas area.  Search for your new construction home with Texas Capital Properties.  Our team of knowledgeable and experienced new home real estate agents can find your new home in Austin, Round Rock, Cedar Park, Leander, Georgetown, Hutto, Manor, Buda, Kyle and the surrounding areas.

Popular Austin home builders include: Meritage Homes, Streetman Homes, KB Home, David Weekley Homes, Coventry Homes, Highland Homes, Village Builders, Wilshire Homes, Centex Homes, Drees Custom Homes, Grand Haven Homes, Standard Pacific Homes and Gehan Homes.  Depending on your price range and desired area, you can find a HOT deal on a NEW HOME today!

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Formula 1 Events in Austin this Weekend

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Formula 1 Events in Austin this Weekend

It’s finally here – Formula 1 racing begins this weekend in Austin, Texas!  We will join the ranks of 19 other cities around the world that host this phenomenal international auto racing sport.  So much is going on around town to celebrate this momentous event.    What would else would the “Live Music Capital of the World” do except kick things off with The Austin Fan Fest.

The 3-day festival will celebrate the inaugural 2012 Formula 1 United States Grand Prix.  Numerous activities will take place in the heart of beautiful downtown Austin, from the shores of Lady Bird Lake to the Capitol.  Friday features headliners Aerosmith with Cheap Trick at the Frank Irwin Center.  Flo Rida will take the stage at the Austin Convention Center on Saturday and Enrique Iglesias on Sunday.  The festival will also include performances from various musical acts on multiple stages, F1 simulators, F1 show cars, bars, parties, a family fun zone, and plus much more!

Formula One coming back to America really is a big deal.  The Circuit of the Americas track is expected to generate an annual economic impact of $400 million to $500 million for the area and attract as many as 300,000 people.  For the ultra upscale European experience, My Yacht™ Group will host a three-day VIP nightclub event during F1 weekend.  The celebrity-studded My Yacht™ F1 Club party will be at the Ballet Austin complex in the heart of downtown Austin.

Of course, race events will also take place all weekend at the Circuit of Americas track.  Practice sessions will begin Friday, November 16 at 9am.  Sunday will feature the Grand Prix race at 1pm.  You can visit the official Circuit of the Americas website for a complete schedule of races and events.

With excitement also comes headaches for some.  Although we are used to major events around town like the widely popular South by Southwest® festival every spring, the world renowned Austin City Limits Musical festival, and of course, record breaking attendance at The University of Texas Longhorn football home games, no one knows what this inaugural weekend will bring in terms of traffic.  Be prepared, especially if you live or plan to travel downtown this weekend.  Here are the downtown road closures that may cause delays getting around.

Closed from 6 a.m. Wednesday to 11:59 p.m. Monday:

  • West 3rd Street and West 4th Street between Congress and Colorado

Closed from 6 a.m. Thursday to 6 p.m. Monday:

  • West 3rd Street and West 4th Street between Colorado and Lavaca
  • East 3rd Street and East 4th Street between Congress and Brazos
  • Colorado Street between West 2nd Street and West 5th Street

Closed from 7 p.m. Thursday to 6 a.m. Monday:

  • Southbound lanes of Congress Avenue between 5th Street and 2nd Street

Closed from 6 p.m. Friday to 6 a.m. Monday:

  • Northbound lanes of Congress Avenue between 5th Street and 2nd Street
  • Southbound lanes of Congress Avenue between 2nd Street and Cesar Chavez (2nd Street will be open)

Closed from 6 a.m. Friday to 11:59 p.m. Sunday:

  • One lane of Trinity Street between East 12th Street and East 15th Street
  • One westbound lane of East 12th Street between Red River and Trinity Streets

The good news is that Capital Metro is expanding their service during Formula 1 weekend.  They are offering a free downtown bus route that will run every 15 minutes from 7am to 2:30am.  Capital Metro will also offer a $1 bus ride to and from downtown Austin and the Austin-Bergstrom International Airport.

Formula 1 Teams are Excited About All Things Texas and Austin Video

Thanksgiving Dinners Around Austin

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Thanksgiving Dinners Around Austin

Sometimes you can’t make it home for the holidays.  Don’t worry, we’ve got you covered for Thanksgiving dinners around Austin this year.  At Texas Capital Properties, we wish the best to you this Thanksgiving and coming holiday season!  May your holiday be filled with joy and good things in life!

Thanksgiving Meals at Austin Hotels

The Driskill Hotel Multiple seatings are available between 10am and 2:30pm, but be sure to reserve early as this popular event fills up fast.  The 1886 Cafe & Bakery downstairs will also offer a seasonal menu for lunch and dinner from 11am-10pm.   The Driskell Grill serves a five-course meal between 3pm and 8pm and reservations are a must.  604 Brazos, 512-391-7039 for reservations.

TRIO at the Four Seasons Enjoy a Thanksgiving meal between 11am – 6pm in the Four Seasons ballroom foyer, or 11am-8pm in the TRIO restaurant. 98 San Jacinto, 512-685-8300.

Omni Hotel Downtown Enjoy a traditional Thanks­giving brunch in Ancho’s between 11am – 4pm.   700 San Jacinto, 512-476-3700.

Omni Hotel Southpark The Onion Creek Grille serves a full brunch buffet with carving stations and the traditional Thanksgiving spread between 11am – 2pm.  Reservations are recommended.  4140 Governor’s Row, 512-448-2222.

Renaissance Austin Hotel Enjoy a Thanksgiving brunch at Banderas between 10:30am and 12:30pm or an evening dinner between 5pm and 9:30pm.    Reservations are suggested.  9721 Arboretum Blvd., 512-795-6100 for reservations.

Hyatt Regency Austin Southwest Bistro is serving a Thanksgiving buffet with free-flowing Champagne from 11am – 4:30pm.  208 Barton Springs Rd., 512-480-2035 for reservations.

The W Hotel The Trace offers a three-course Thanksgiving menu from 11:30am – 9pm.   200 Lavaca, 512-542-3660. 

Austin Restaurants Open for Thanksgiving Dinner

Cannoli Joe’s will have buffets featuring turkey cacciatore, roasted acorn squash, and sausage gravy. Reser­vations recommended. 11am-7pm. 4715 Hwy. 290 W., 512-892-4444.

Carmelo’s The popular restaurant will be open from 11am-10pm, offering both its standard fare and a $19 turkey special. 504 E. Fifth, 512-477-7497.

The Carillon The Thanksgiving day buffet includes a cold seafood station, charcuterie and cheese boards, carving stations, and fresh entrees, sides and desserts.  The buffet is available from 10am to 3pm.  1900 University Ave., 512-404-3655. 

Corazon at Castle Hill Enjoy a three-course menu from noon – 4pm.   1101 W. Fifth, 512-476-0728.

Crú-A Wine Bar Offering a three-course dinner from noon – 9pm.  238 W. Second, 512-472-9463.

Hudson’s on the Bend Featuring a special à la carte menu including signature dishes from its fall menu, plus special holiday options and a childen’s menu from 11am – 3pm and 6pm – 9pm. Seating is limited, so be sure to make reservations.  3509 RR 620 N., 512-266-1369.

Hyde Park Bar & Grill One of our favorites is offering an oven-roasted turkey dinner and all the sides from 11am to 7pm.  4206 Duval St., 512-458-3168; 4521 West Gate Blvd., 512-899-2700. 

Green Pastures This annual event usually sells out.  Enjoy the holiday buffet from 11am – 2pm.  811 W. Live Oak, 512-444-4747.

Kerby Lane Cafe All Kerby Lane locations will be open this year for Thanksgiving.  Check the website for addresses to the 5 area locations and contact phone numbers.

Threadgill’s This Austin landmark is open 365 days a year and offers down-home cooking on a select menu for Thanksgiving.   Full family or individual meals and dishes are also available for takeout. Open from 10:30am-10pm. 6416 N. Lamar, 512-451-5440; 301 W. Riverside, 512-472-9304.

III Forks Enjoy a four-course Thanksgiving feast of  slow-roasted turkey, tenderloin, or salmon. Open from 11am-8pm. 111 Lavaca, 512-474-1776.

24 Diner Your choice of a Thanksgiving dinner or items from the full service menu from 10:30am until closing.  600 N. Lamar, 512-472-5400.

 

Austin-area Home Sales Up 37 Percent

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Austin-area Home Sales Up 37 Percent

According to the National Association of Realtors® latest figures, existing homes nationally increased in October.  Even better news for Austin – the Central Texas housing market posted the highest year-over-year percentage gain in three years.  Austin-area home sales increased an impressive  37 percent, according to the Austin Board of Realtors.  Almost 2,000 homes were sold in October compared to 1,427 the year before.  The median home price was also up 5 percent from the October 2011.

 

272 home sales graphic photo

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