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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.

Austin-texas-state-capitol

Texas Star

Texas Capitol Grounds Texas Capitol Austin

 

 

 

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.

austin_trail_of_lights

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.

trio_four_seasons

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

How to Sell a House for the Most Money

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How to Sell a House for the Most Money

When selling your home, you have one goal – to make the most money you can in the least amount of time.  The first 30 days on the market is the most important and there are some tips that will help you sell a house for the most money.

Price it Right – The most important tip to selling your home for the most money is to price it right.  You can place your home on the MLS, spend money fixing it up, market it all over town, but unless it’s priced right, you’ll have a hard time making the sale.  Studies have shown that homes overpriced will sit on the market longer and sell for less money than homes that are priced aggressively right from the start.

Make a Great First Impression – You’ve heard it before, you only get one chance to make a great first impression.  It’s the same for a home showing.  Make sure you start from the outside in.  Curb appeal is very important when potential buyers arrive.  Make sure you landscaping is well-manicured and clutter free.  All exterior doors should be clean and freshly painted, if needed.  Clear walkways and landscaping beds of debris.  You could also add a new welcome mat to invite buyers in.

Depersonlize and Declutter – You don’t need to remove all family photos from your home but try to keep it to a minimum.  Potential buyers don’t need to be distracted by your awards, photos, trophies, and collections.  Help them feel that the home could be theirs.  It’s also important to remove the clutter.  You don’t need to have every appliance ever made on your kitchen counter-tops   Leave out the essentials and remove the rest.  Make sure when you are decluttering that you aren’t just throwing things in drawers and closets.  Buyers will look there too.

Make Your Home Shine – Potential buyers don’t want to walk into a dirty house.  You’ll want to make sure your home is clean before putting it on the market.  Clean everything – in every nook and cranny.  Remove odors with easy plugins or diffusers.  Ask a friend or neighbor to come over and do a walk through.  Does it smell good? Does it look good?  If yes, you are ready for showings.

Help Your Agent Help You -  This is just as important as pricing right.  Hiring a professional real estate agent will help you navigate through the home selling process – from pricing right to staging to negotiating a deal.  When you do use the services of an agent, it’s important to listen to their suggestions and pricing recommendations.  As a seller, you need to also be flexible when it comes to showings.  Homes that don’t show, don’t sell.  Potential buyers do not appreciate sellers that make it difficult to view their homes.  Remember, you may not get that second chance for a showing so try to accommodate all showings to the best of your ability.

Selling your house is not always an easy task, but you can follow these tips to make it easier.  Contact Texas Capital Properties today to find out what your home is worth in today’s market.

Request a FREE Market Analysis of your home today! Please fill out this form and we will get in touch with you shortly.

5 Myths About Buying a Home

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5 Myths About Buying a Home

There are many real estate myths about buying a home.  Whether you are a first time home buyer or seasoned investor, it’s important to distinguish between fact and myth.  Knowing the difference between the two can save you thousands and peace of mind.  Here are 5 myths about the home buying process to help you on your way to home ownership.

Myth #1: You’ll Find the Perfect Home

As a first-time home buyer, you may get caught up in the excitement of buying.  But you need to remember that just because you have a vision of your dream home that doesn’t mean you’ll find it.  Not every home is going to meet your expectations.  Most homes will have a flaw or two, and sometimes many more.  It’s important to look at the big picture and not obsess over finding the dream home.  If you find a house that meets most of your needs and wants, then you’ve done a pretty good job in finding the right house for you.

Myth #2: You Should Buy a Home You Can Grow Into

Many first-time home buyers may have heard this before – look for a home you can grow into.  Not so, especially if you consider that most first-time home buyers spend less than 5 years in their first home.  You need to think about where you plan on being in the next few years, but many things in life are unexpected.  You may need to relocate for a job or school.  You may decide you like another area.  You just never know what circumstances will change in the future.  Do you really want to buy the 5 bedroom home so that you can accommodate all the future kids you plan on having?  Look at your current needs and any short-term goals you have and go from there.  Buy a home that suits you for today and that is affordable.

Myth #3: The Best Deals are Distressed Properties Like Foreclosures

In the past five years, we’ve seen an influx of foreclosures and short sales in the real estate market.  Some are offered below market value and some are not.  Some need very little work and some need a complete overhaul.  If you are only focused on finding the lowest price, you will miss out on some great homes.  Figure out what’s important to you in terms of fixing up and affordability.  There are many motivated sellers willing to negotiate with the right buyer.

Myth # 4: You Must Have Perfect Credit to Buy a House

While it’s true that lenders have tightened up lending standards the past few years, you certainly don’t need perfect credit to purchase a home.  The best thing to do is get in touch with a reputable lender to go through your credit report with you.  The sooner you get your credit in order, the better prepared you’ll be when it comes time to start looking for a home.

Myth # 5: You must have at least a 20% down payment.

The traditional down payment of 20% percent is not needed to buy a home.  If you qualify, consider an FHA loan where the down payment is as little as 3.5% down.  A VA loan requires no down payment at all and is available to all eligible veterans.  The important thing to remember is that there are programs out there that can help you purchase a home.

Buying a home is one of the biggest investments you can make.  Our goal at Texas Capital Properties is to help you find the right home, negotiate the best price and navigate the home buying process as smooth as possible.  Our Austin real estate agents represent buyers throughout town looking for new construction, resale homes, distressed properties, and downtown condos.  We are the Austin-area real estate experts to help you find your home today.  Contact Texas Capital Properties at 512-587-3732 or visit our website to get started.

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Mortgage Rates Dropped this Week

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Mortgage Rates Dropped this Week

Mortgage rates dropped this week according to Bankrate.com’s national survey of large lenders.

30 year fixed rate mortgage – 3 month trend

30 year fixed rate mortgage – 3 month trend

The benchmark 30-year fixed-rate mortgage fell to 3.6 percent from 3.67 percent, One year ago, the mortgage index stood at 4.18 percent; four weeks ago, it was 3.62 percent.

The benchmark 15-year fixed-rate mortgage fell to 2.89 percent from 2.92 percent. The benchmark 5/1 adjustable-rate mortgage fell to 2.74 percent from 2.77 percent.

Contact Texas Capital Properties today to get started with your Austin Home Search!

 


Homeowner’s Guide to Tax Breaks

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Homeowner’s Guide to Tax Breaks

If you own your own home, it can pay off at tax time!  For 2012, see if you can take advantage of these home ownership-related tax deductions, credits, and strategies to lower your tax bill with our homeowner’s guide to tax breaks!

One of the most popular deductions itemizing home owners can take advantage of is the Mortgage Interest Deduction.   To get the deduction, your mortgage must be secured by your home.  Interest you pay on a mortgage of up to $1 million — or $500,000 if you’re married filing separately — is deductible when you use the loan to buy, build, or improve your home.

You can also deduct the cost of Private Mortgage Insurance thanks to the government extending it through 2013.   However, you must itemize your return and it only applies to loans taken out in 2007 or later.  Private mortgage insurance, also called PMI, usually occurs when you don’t have a sizable down payment and the lender requires the mortgage to be insured.   The premium on that insurance can be deducted, so long as your income is less than $100,000 (or $50,000 for married filing separately).

If your adjusted gross income is more than $100,000, your deduction is reduced by 10% for each $1,000 ($500 in the case of a married individual filing a separate return) that your adjusted gross income exceeds $100,000 ($50,000 in the case of a married individual filing a separate return).

Prepaid Interest, also called points, is also 100% deductible in the year you paid them along with other mortgage interest.  If you refinance your mortgage and use the money for home improvements, any points you pay are also deductible in the same year.  However, if you refinance to get a better rate or use the money for something other than home improvements, you’ll need to deduct the points over the term of the loan.

The government extended the Energy Tax Credit for 2012 and 2013, although significantly reduced.   If you upgraded one of the specific items listed on the EnergyStar website, you can receive 30% tax credits on projects geared toward environmental-friendly homeowners.

Of course, you can also deduct the Real Estate Property Taxes you pay. If you have a mortgage with an escrow account, the amount of real estate property taxes you paid shows up on your annual escrow statement. If you bought your home in 2012, check your HUD-1 Settlement statement to see if you paid any property taxes when you closed the purchase of your house. Those taxes are also deductible.

Austin Home Buying

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Austin Home Buying

So you were on the fence for buying a home last year but are now ready to find one.  2013 will be your year to find the perfect home and still take advantage of these historically low mortgage interest rates.  Although home prices are expected to rise a modest 1% this year, according to the real estate research firm Fiserv, you can still find a great opportunity in real estate.

The Mortgage Bankers Association predicts that more house hunters will jump into the real estate market in 2013.  If you are a first-time home buyer thinking about taking the plunge, I have some tips that should help you navigate the home buying process.  I’ve worked in the housing industry for almost 20 years and have been helping buyers throughout the Austin area for more than a decade.  I especially enjoy working with first-time home buyers, who are so eager and excited to find the perfect first home.

First, make sure you know your financial situation and credit report.  You need to make sure that you cannot only afford your potential mortgage, but all of the maintenance costs that come along with owning a home.  The worst thing you can do is get in over your head and be house poor.  I’ve seen it time and time again over the years.  Some buyers get so emotional over the home buying experience they don’t put enough weight on their finances and quickly get in over their heads.  A quick call to a lender will also let you know where you stand in terms of credit worthiness.  Today’s lending market is not what it was five years ago.  You don’t have to have perfect credit, but you need to be close, especially if you want the best rates.

If you are thinking about purchasing a short sale or foreclosure, I think it’s best to stay away from the real estate auctions.  There are so many fees associated with auctions that potential home buyers are unaware of.   It can really cost you more money than you expected in the end.  Although foreclosures are up in 26 out of the 50 largest metro areas in the country according to RealtyTrac.com, you won’t always find the best deal.  It’s important to perform your due diligence if you are looking at a foreclosure.  Since these types of properties are sold as is, a home inspection is necessary to make sure you know exactly what you are getting before you purchase the house.

One of the best tips I can give a first-time home buyer is to make sure you check out the area as much as you check out the house.  You’ve heard it time and time again, “location, location, location,” but it’s true in real estate!  Check out the neighborhood, the local schools, proximity to shopping and dining, and traffic routes.  Are there a lot of homes for sale in the area, if so ask yourself “Why?”  You want to find a highly-desired or upcoming area to protect your investment.  This is the time to think about resale, whether you plan on selling in three years or 30.

As a first-time home buyer you also need to be ready to pull the trigger when you find the perfect property.  Our local Austin real estate market did not suffer the way a lot of the national real estate market did the past five years.  It’s a little more competitive here.  If you do find a property that you like, it’s important to not sit on the fence.  My office has had several situations in the past year, where buyers hesitated to make a decision and lost the property to other buyers.   The fact is good houses priced right go quickly.

The last tip I can give any first-time home buyer is to find a Realtor.  You’ll gain access to all home listings on the MLS.  A Realtor will help you the entire home buying process and help you narrow your wants and needs so that you can find the best property for you.  And the best things about using a Realtor is that it’s absolutely FREE to you as a buyer!  Why wait – get started with your Austin Home Search today with Texas Capital Properties!

VIP Buyer Search

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

Housing Market Continues to Advance While Mortgages Remain Stable

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Housing Market Continues to Advance While Mortgages Remain Stable

Home prices increased for the tenth straight month in December which is up from the month before, according to CoreLogic, the data analysis firm.  This includes distressed sales and shows that prices nationwise rose on a year over year basis by 8.3%.  That’s the biggest increase since May of 2006.

More good news for the national housing market – according to the National Association of Home Builders (NAHB) and First American Title Insurance’s Improving Markets Index (IMI) for February, improving markets expanded across the country in February to include all fifty states and the District of Columbia. The IMI now includes a total of 259 metropolitan ares with the addition of 20 cities. The most recent report from the National Association of Realtors (NAR) shows that the fourth quarter of 2012 home price appreciation was the best for any quarter since 2005.

Based on closings during the fourth quarter, the median home price for existing single family homes increased in 133 out of 152 metropolitan areas with price declines in only 19 areas. The median home price for existing single family homes was $178,000 which is an increase of 10.0% from the fourth quarter of 2011.  Confidence in home sales also continues to increase according to Fannie Mae’s January 2013 National Housing Survey.  According to the survey, respondents who feel it is a good time to sell a home continued to increase to 23% last month which is up from 11% for the same time last year.

The Mortgage Bankers Association’s Weekly Mortgage Application Survey also reported an increase of 3.4% on a seasonally adjusted basis for the week ending February 1st.   Current 30-year fixed mortgage rates are as low as 3.125%, 15-year fixed interest rates are as low as 2.375% and 5/1 adjustable rates are as low as 2.375%.

While FHA 30-year fixed interest rates remain unchanged and as low as 3.250%, FHA 15-year fixed rates increased .250% and are now as low as 3.125% and FHA 5/1 adjustable mortgage rates increased by .250% and are now as low as 2.500%. Although FHA is undergoing many changes and tightening their belts, the FHA mortgage is still easier to obtain than a conventional mortgage. When compared to other types of loans that require credit scores above 700, the minimum credit score for FHA financing through automated underwriting is 620; scores below that require manual underwriting. FHA loans also continue to permit borrowers to use housing grants and loans, as well as, approved gifts for a more affordable mortgage transaction.

If you are looking to buy or sell in the Austin area, now is a great time!  Contact Texas Capital Properties today to get started!

January 2013 Austin Real Estate Market Statistics

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January 2013 Austin Real Estate Market Statistics

AUSTIN, Texas – February 20, 2013 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), the volume of Austin-area home sales continues to rise as January became the 20th straight month of sales volume increases—the most home sales in January since 2007.

According to the report, 1,402 single-family homes were sold in the Austin area in January 2013, which is 33 percent more than January 2012, and the total dollar volume of single-family properties sold was $368,289,978, or 55 percent higher than the same month last year.

In January 2013, the median price for Austin-area homes also increased to $197,900, which is 10 percent more than the same month in 2012. Additionally, the market featured 2.5 months of inventory in January 2013, which is 1.6 months less than January 2012 and the lowest inventory figure seen in the Austin area in the last decade.

The market also featured one percent fewer new listings, 25 percent fewer active listings and 25 percent more pending sales in January 2013 compared to the prior year. On average, homes spent 71 days on the market, which is a decrease of 14 days from one year prior.

January 2013 Statistics

    • 1,402 – Single-family homes sold, 33 percent more than January 2012.
    • $197,900 – Median price for single-family homes, 10 percent more than January 2012.
    • 71 – Average number of days single-family homes spent on the market, 14 days fewer than January 2012.
    • 2,252 – New single-family home listings on the market, one percent fewer than January 2012.
    • 4,947 – Active single-family home listings on the market, 25 percent fewer than January 2012.
    • 2,045 – Pending sales for single-family homes, 25 percent more than January 2012.
    • 2.5 – Months of inventory* of single-family homes, 1.6 months less than January 2012.
  • $368,289,978 – Total dollar volume of single-family properties sold, 55 percent more than January 2012.

graph

The following sections describe trends in other sectors of the Austin real estate market.

Townhouses & Condominiums

The volume of townhouses and condominiums (condos) purchased in the Austin area in January 2013 was 177, which is 39 percent more than January 2012. In the same time period, the median price for condos was $190,000, which is 23 percent more than the same month of the prior year. When compared to January 2012, these properties spent 42 percent less time on the market, or an average of 64 days.

Leasing

In January 2013, a total of 1,150 properties were leased in the Austin area, which is two percent more than January 2012. The median price for Austin-area leases was $1,300, which is four percent more than the same month of the prior year.

The Austin Board of REALTORS® (ABoR) is a non-profit, voluntary organization dedicated to educating and supporting Central Texas REALTORS®.  ABoR proudly serves nearly 9,000 members, promotes private property rights, and provides accurate, comprehensive property listing information for the Greater Austin area. Home sales statistics are released by ABoR on a monthly basis. 

* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

SXSW 2013 Survival Guide

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SXSW 2013 Survival Guide

It’s almost time for South by Southwest (SXSW) Conferences & Festivals in downtown Austin, Texas.  SXSW 2013 will be held from March 8 through 17 this year and is expected to draw thousands to the capital city for 10 days of concerts, movie premieres, panel discussions, trade shows, networking events and more. Here’s the SXSW 2013 Survival Guide.

It’s Best to Plan Ahead
Whether you’ve done it before or you are a first timer, it’s best to plan ahead because it can be overwhelming.  The best way to tackle the 10-day festival is to make an itinerary of the concerts, panels, parties and screenings you want to attend. Whether you actually adhere to it is another story, but at least you’ll have an idea of what you want to do. And go social. You can find updated info on SXSW on Facebook, Twitter, SXsocial (a tool created to allow participants to message other attendees) and tons of other social media sites, so use them. And you can also get details about Austin, too.

Make sure to Register Online. 
Registration badges are required for access to all of the conferences, festivals and trade shows. You can select single events (music, film or interactive) or a combination of events (platinum badges include access to music, film and interactive). If you can’t snag a badge, don’t worry—there are plenty of “unofficial” events around Austin that don’t require them. But be proactive and register for as many events as possible so you can easily hop from one to the other.

Enjoy the Food.
You will not be disappointed with the food at SXSW this year!  Between the food trucks, sit down areas and Austin’s dining venues, there’s plenty to go around!  And this year, Top Chef and James Beard Award winner Paul Qui of Uchi fame has partnered with the festival to ensure there’s a fleet of gourmet food trucks for attendees.

Fun Things to Do at the SXSW Festivals
This 10-day extravaganza is really three festivals in one, each with its own draw and activities. The music portion began in 1987 with just 700 registrants and has grown into what is often referred to as “the world’s largest music festival of its kind” with more than 2,000 acts performing at 100 different venues around Austin. The film and multimedia (now known as interactive) aspect was originally added in 1994, but then split into two events in 1995—both of which continue to grow enormously, attracting between 15,000 and 20,000 registrants each year.

SXSW Music, March 12-17
More than 100 venues around Austin, including bars, clubs, parks and churches, serve as stages for musical acts during the festival. You’ll find everyone from agents to label execs to bloggers trolling the grounds, listening to the sounds of bands representing more than 49 different countries. Musician Dave Grohl—of Nirvana and Foo Fighters—will serve as the keynote speaker for the festival, and The Flaming Lips and Yeah Yeah Yeahs will be just a few of the headliners of the music portion, now in its 27th year. If it’s any indication of keynotes from past years, you can expect Grohl to show up and perform in a showcase at some point during the event. Bands who have taken the stage in previous years include Alabama Shakes, The Shins, Counting Crows and The Strokes. And parties are also a huge part of the music festival. The FADER Fort party’s lineup has been stellar year after year, so keep your eye out for when tickets go on sale because it will sell out fast.

SXSW Interactive, March 8-12
During the five-day interactive event, you’ll find a slew of activities geared toward showcasing new and innovative technology in the marketplace. The festival’s Startup Village—now part of both the film and music festivals—draws everyone from investors to entrepreneurs to share and discuss new digital products, and the Accelerator competition is popular with startups in the technology fields of entertainment, mobile, health, news and more. The Gaming Expo is a must-see, and features a variety of hands-on demos and professional gaming tournaments. You can also expect an interesting presentation from Al Gore, who will return to SXSW this year to talk about his new book, The Future: Six Drivers of Global Change.

SXSW Film, March 8-16
The film festival, now in its 20th year at SXSW, is filled with premieres and screenings, draws all types of people in the entertainment business, from Hollywood actors and directors to film critics. Premieres at the historic Paramount Theatre and big celebrity panels are always popular, and this year actor Matthew McConaughey and director Danny Boyle are on the schedule for discussions. One new element to the film portion is the Come & Capture Film Factory, which allows attendees to try out new filmmaking products. The opening night film for the festival is the world premiere of The Incredible Burt Wonderstone starring Steve Carell and Steve Buscemi, and the flick Spring Breakers will make its U.S. premiere.

SXSW-2013

Austin Home Search with Texas Capital Properties, your online source for Austin homes!

Mortgage Rates Continue To Remain Stable

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Mortgage Rates Continue To Remain Stable

Mortgage rates continued to remain stable this week, even as the stock market rallied on signs of a strengthening economy in the United States.

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The benchmark 30-year fixed-rate mortgage remained at 3.73 percent, according to Bankrate.com’s national survey of large lenders. The mortgages in this week’s survey had an average total of 0.36 discount and origination points. A year ago, the mortgage index stood at 4.11 percent; four weeks ago, it was 3.76 percent.

The benchmark 15-year fixed-rate mortgage was 2.96 percent, the same as last week. The benchmark 5/1 adjustable-rate mortgage stayed at 2.68 percent.

So will the Fed keep mortgage rates low? Mortgage rates may fluctuate in the near term, but they are expected to remain low as long as the Fed continues to purchase $85 billion worth of U.S. Treasury bonds and mortgage-backed securities.

National data also indicates that the housing recovery continues to gain momentum.  The Commerce Department reported this week that new home sales surged in January to the highest level in 4.5 years.  Sales of new single family homes were up 15.6% to a seasonally adjusted 437,000 annual rate which is the highest since July 2008 and was the largest gain since April 1993 and up 28.9% from January 2012. The S&P/Case Shiller composite index of 20 metropolitan areas showed that home prices increased 6.8% last year from 2011 numbers which was the largest gain in more than six years. The index increased 0.9% in December on a seasonally adjusted basis.

If you are thinking about buying or selling in Austin or the surrounding area, now is a great time! Contact Texas Capital Properties today to get started.  Our team of professional Austin real estate agents can assist you with any of your real estate needs.

February 2013 Austin Real Estate Market

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February 2013 Austin Real Estate Market

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According to the latest reports from the Austin Board of REALTORS® released on March 20, 2013, Austin-area home sales continued to gain steam in February.   The volume of home sales in Austin outpaced last year significantly and the price for Austin-area homes continued to rise.  According to the report, 1,626 single-family homes were sold in the Austin area in February 2013, which is 26 percent more than February 2012, and the total dollar volume of single-family properties sold was $430,324,152, or 32 percent higher than the same month last year.

In February 2013, the median price for Austin-area homes increased to $208,500, which is seven percent more than the same month in 2012. Additionally, the market featured 2.6 months of inventory in February 2013, which is 1.6 months less than February 2012.

The market also featured one percent more new listings, 25 percent fewer active listings and 15 percent more pending sales in February 2013 compared to the prior year. On average, homes spent 71 days on the market, which is a decrease of 15 days from one year prior.

February 2013 Real Estate MLS Statistics

  • 1,626 – Single-family homes sold, 26 percent more than February 2012.
  • $208,500 – Median price for single-family homes, seven percent more than February 2012.
  • 71 – Average number of days single-family homes spent on the market, 15 days fewer than February 2012.
  • 2,574 – New single-family home listings on the market, one percent more than February 2012.
  • 5,121 – Active single-family home listings on the market, 25 percent fewer than February 2012.
  • 2,223 – Pending sales for single-family homes, 15 percent more than February 2012.
  • 2.6 – Months of inventory* of single-family homes, 1.6 months less than February 2012.
  • $430,324,152 – Total dollar volume of single-family properties sold, 32 percent more than February 2012.

* The inventory of homes for a market is measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

It is a great time to buy and sell real estate in and around the Austin area.  Contact Texas Capital Properties today to get started with your Austin Home Search or to find out your Austin Home Value!


Mortgage Rates Remain Low

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Mortgage Rates Remain Low

Mortgage rates remain low this week among the eurozone crisis.  That translates to good news for home buyers who are trying to beat rising home prices across the country.

30 year fixed rate mortgage – 3 month trend

30 year fixed rate mortgage – 3 month trend

The benchmark 30-year fixed-rate mortgage fell to 3.75 percent from 3.78 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week’s survey had an average total of 0.34 discount and origination points. One year ago, the mortgage index stood at 4.23 percent; four weeks ago, it was 3.73 percent.

The benchmark 15-year fixed-rate mortgage was 2.97 percent, the same as last week. The benchmark 5/1 adjustable-rate mortgage stayed at 2.71 percent.

Weekly national mortgage survey

Results of Bankrate.com’s March 27, 2013, 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: 3.75% 2.97% 2.71%
Change from last week: -0.03 N/C N/C
Monthly payment: $764.14 $1,137.08 $670.11
Change from last week: -$2.81 N/C N/C

 In the Austin-area, home sales continued to gain steam in February.   The volume of home sales in Austin outpaced last year significantly and the price for Austin-area homes continued to rise.  According to the report, 1,626 single-family homes were sold in the Austin area in February 2013, which is 26 percent more than February 2012, and the total dollar volume of single-family properties sold was $430,324,152, or 32 percent higher than the same month last year.

Start your Austin home search with Texas Capital Properties today! Our team of experienced Austin real estate agents can help you with any of your real estate needs whether buying, selling or leasing.

 

Things to Do in Austin in April

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Things to Do in Austin in April 2013

Saturday, April 6, 2013 – Texas VegFest

Austin’s first vegan festival featuring great food, craft beer, speakers, cooking demos, kids’ activities, sampling, and live music, returns for its second year. The festival is back this year on April 6 from 11 AM to 6 PM at the beautiful Fiesta Gardens, 2101 Jesse E. Segovia St. Conveniently located in central Austin, Fiesta Gardens is accessible by bicycle and public transportation. The inaugural festival in 2012 attracted over 3,500 people interested in learning about and celebrating plant-based diets, cruelty-free lifestyles, or just grabbing a bite to eat and grooving to some good jams.

Sunday, April 7, 2013 – Statesman Capitol 10k

The Statesman Capitol 10,000 is the largest 10K in Texas and the fifth largest in the nation. Save the date April 7, 2013. In its 36th year, the Capitol 10,000 attracts the silly to the serious and has become an annual rite of spring in Austin, Texas. Bring the whole family to this fun, festive event. Walk it, jog it or run it, just don’t miss it! Get Your Feet on the Street! Race Starts: 8:00 a.m. Wheelchair Athletes Start: 7:30 a.m.

April 11 – 14, 2013 - Children’s Consignment Sale 

Austin residents are invited to buy and sell gently used children’s items for the Here We Grow Again Kids consignment sale 9am – 8pm April 11 through 13, and noon – 5pm on April 14.  Located at Gateway Shopping Center.  Visit their website for more information.

Friday, April 14, 2013 – Central Texas SPCA Anniversary Gala

The Central Texas SPCA is hosting an Anniversary Gala on Friday, April 12.   The 25th anniversary will include an 80’s Themed Dinner/Dance, Silent Auction, the ever fun Heads or Tails, a fashion show and Animal Advocate of the Year all at the Shoal Crossing Event Center. Come in cocktail attire or your favorite 80’s outfit!  The event begins at 6:30 pm.

April 26- 28, 2013 – Austin Food and Wine Festival 

Pamper your palate in one of the hippest cities in the country at the Austin FOOD & WINE Festival, presented by FOOD & WINE Magazine. Join top chef talent, sommeliers and winemakers from across the nation and Austin’s own acclaimed gourmet scene for an indulgent, two-day epicurean adventure unlike any other, topped off with live musical performances.  Located at Auditorium Shores at 800 W. Riverside Drive.

Saturday, April 27, 2013 – Eeyore’s Birthday Party

Eeyore’s 50th birthday celebration includes activities such as face painting, live music, a maypole, costume contests, and games.  Proceeds from the event benefit various nonprofits in Austin.  11am – 6pm.  The event is free in Pease Park located at 100 Kingsbury Street.

How to Buy a Short Sale Property

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How to Buy a Short Sale Property

If you are thinking about making an offer on a SHORT SALE, here is what you need to know.

short sale occurs when a homeowner sells a property for less than what he or she owes to the lender, and does not have the funds to make up the difference at closing. It is also frequently referred to as a pre-foreclosure.  Home owners may find themselves in this situation due to number of factors, including job loss, aggressive borrowing against their home in the days of easy credit, and declining home values.  Homeowners often try to accomplish a short sale in order to avoid foreclosure.

As a potential home buyer, you can take advantage of a great buying opportunity by finding a deal on a short sale property.  But before you do, you need to look at the checklist below and see if you are a good candidate to be a short sale buyer.

1) You Are Willing to be Patient
Even after you and the seller come to agreement to purchase the short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. That can take up to 60 days, and even longer in some cases.

2) You Have Your Financing in Order
Lenders like cash offers. But even if you can’t pay all cash for a short-sale property, it’s important to show you are well qualified. Offers with large down payments and that can close at any time are viewed more favorably than that of a buyer whose financing is less secure.

3) You Don’t Have Any Contingencies
If you have a home to sell before you can close on the purchase of the short-sale property or if you are on a specific time line, a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms.

If you are a good candidate for a short sale, it can be a win-win for you and the seller. Usually a short sale will be in better condition than a foreclosure and you may purchase the property under market value.

Tips for a Successful Short Sale Search

  • Consider using a professional real estate agent who has experience with short sales.  Our agents at Texas Capital Properties are knowledgeable and experienced with both all sides of the short selling process and call help navigate you through the entire process.
  • Have a licensed home inspector evaluate the condition of the property.  Most short sale homes are sold as-is, and the costs of repairs typically become the buyer’s responsibility.
  • Have your real estate professional compare the selling prices of other houses in the neighborhood of similar size and quality to the one you’re considering.   You’ll want to see if the property is listed under market value.

Search for Austin Short Sales and Foreclosures with Texas Capital Properties online today!

Tips for Home Buying and Selling

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Tips for Home Buying and Selling

Our experienced real estate team of agents have helped countless buyers and sellers throughout the Austin area and want to share their knowledge and tips of what works for home buying and selling with you.

Home Buyers Should be Prepared to Modify Their Lists – Right now, many home buyers in Austin are facing a challenge finding suitable properties.  Homes are receiving multiple offers and buyers are feeling frustrated at the lack of homes available.  Consider making adjustments to your wants and needs list.

Home Sellers Should Beware of Being Greedy – Often the first offer is the best offer but sellers tend to get greedy and think they should hold out for another buyer to come along.  After the first wave of excitement, buyers tend to lose interest and move on to the next property.  If your property doesn’t receive an offer in the first few weeks or month on the market, think about readjusting price or showing condition.

Home Buyers Need to Be Ready to Purchase – Sellers like offers from home buyers with their financing ready to go.  Be sure that you have your lender’s pre-qualification and pre-approval letter attached with all offers.  And the fewer conditions you have, the more attractive you will be to the seller.  Which leads us to the next tip….

Sell Your Home First if You Can – If you are a move-up buyer who needs to sell their current home to purchase a new one, then you’ll need to make a decision on whether or not to sell your home first.  Many times,  your home buying purchase will be contingent on selling your home.  If so, then you will want to make your home buying offer as attractive as possible.  If something does go south with your home sale it could jeopardize your home purchase.   Another option is to close on your current home and ask if you can lease back the property until you close on your new home purchase.

Experience Counts When It Comes to Your Real Estate Agent – Pick a real estate agent and brokerage that has experience and knowledge with the local market.  Ask friends, family and coworkers for referrals.   It’s also important that you feel comfortable with the agent you choose since you will need to trust them with one of the most important transactions of your life.

Whether you are looking for your first home or moving up to your dream home, our team of professional Austin real estate agents can assist you with your Austin home search and any of your realty needs.  Our team of professional agents are dedicated professionals who help buyers and investors locate properties that best suit their needs and price.

Our team helps sellers navigate through the home selling process through careful market analysis and staging of their homes.  No matter if you are buying or selling a residential single-family home, condo or town home, or acreage property, our experienced and knowledgeable Austin real estate agents will exceed your expectations.

Austin-Area Homes Sales are Up Again

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Austin-Area Home Sales are Up Again

The Austin Board of REALTORS® released real estate statistics for March 2013 this week and according to Multiple Listing Service (MLS) statistics, the volume of Austin-area home sales continued to rise in March.  That’s the 22nd straight month of sales volume increase and the most home sales in March since 2007.

According to the report, 2,166 single-family homes were sold in the Austin area in March 2013, which is 16 percent more than March 2012. On average, homes spent 64 days on the market, which is a decrease of 20 days from one year prior.

In March 2013, the median price for Austin-area homes increased to $220,000, which is 10 percent more than the same month in 2012. Additionally, the market featured 2.6 months of inventory in March 2013, which is 1.8 months less than March 2012.

The total dollar volume of single-family properties sold was $616,354,794, or 28 percent higher than the same month last year. The market also featured two percent fewer new listings, 28 percent fewer active listings and 18 percent more pending sales in March 2013 compared to the prior year.

March 2013 Statistics

  • 2,166 – Single-family homes sold, 16 percent more than March 2012.
  • $220,000 – Median price for single-family homes, 10 percent more than March 2012.
  • 64 – Average number of days single-family homes spent on the market, 20 days fewer than March 2012.
  • 3,283 – New single-family home listings on the market, two percent fewer than March 2012.
  • 5,218 – Active single-family home listings on the market, 28 percent fewer than March 2012.
  • 2,754 – Pending sales for single-family homes, 18 percent more than March 2012.
  • 2.6 – Months of inventory* of single-family homes, 1.8 months less than March 2012.
  • $616,354,794 – Total dollar volume of single-family properties sold, 28 percent more than March 2012.

The report all listed other sections and trends of the Austin real estate market:

Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in March 2013 was 275, which is 27 percent more than March 2012. In the same time period, the median price for condos was $181,750, which is three percent less than the same month of the prior year. When compared to March 2012, these properties spent one percent less time on the market, or an average of 87 days.

Leasing
In March 2013, a total of 1,205 properties were leased in Austin, which is nine percent more than March 2012. The median price for Austin-area leases was $1,380, which is six percent more than the same month of the prior year.

 

** Home sales statistics are released by ABoR on a monthly basis.  The inventory of homes for a market is measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

If you are looking to buy, sell or lease Austin properties, contact Texas Capital Properties today to get started.  Our team of professional real estate agents can help you with any of your Austin real estate needs!

 

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