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Some of this is common sense but the slideshow is a good reminder nonetheless. Check out this short list of items that are worth the purchase as they pay for themselves over time. Which have you used and with what degrees of success? MSN Slideshow: 13 Home Improvements
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Let's say you're a first-time homebuyer in the Austin area who's looking for that $150,000 gem as close to downtown as possible. (By the way, that's probably the most common search request I've gotten this year - - - in large part spurred on by the $8000 First Time Homebuyer Tax Credit.) You'll probably end up in one of a handful of neighborhoods, like Windsor Park by the old Mueller Airport, or maybe somewhere off William Cannon between I-35 and MOPAC. (I'm proud to call the latter my home turf.) Either way, you're probably going to end up with a smaller 1960's or early 1970's one-story brick home, and there's about an 80% chance that somewhere in the house you'll encounter the era's decorating hallmark: wood paneling. So what's a cash-poor property virgin to do? Paint, paint, paint! Check out the before and after photos of a crazy-good example of working with what you've got: 
Follow the link below to the blogging couple who have accomplished my favorite painted paneling transformation ever! It's really astounding what they've been able to do with the place. How To Paint Wood Paneling
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Starting my career as an apartment locator has created for me a special fondness for the Austin apartment industry. Working through three cycles of under- and over-supply in the last 10 years has shown me that the mega-complex rental industry is a game of ups, downs and very nervous accountants.Job Growth to Fuel Austin Apartment Demand(RECON, 2/5/10)
The Capital City's robust employment growth is expected to resume in the coming months, attracting job seekers from areas hit hard by the recession, according to the 2010 National Apartment Report by Marcus & Millichap.
A recovery in the global economy will be particularly beneficial for Austin firms, as technology sales in emerging markets will revive the local manufacturing sector, which has declined by 15 percent since peaking in 2007.
Following are some of the most significant aspects of the Austin Apartment Research Report: - Job growth is expected to gain steam this year. Companies are forecast to expand local payrolls at a 2.5 percent clip with the addition of 19,000 positions.
- A sharp reduction in multifamily development activity is expected in 2010 as 2,500 units come online. Last year, 7,900 apartments were delivered.
- Population gains and job growth will fuel a 2.1 percent increase in apartment demand this year, resulting in a 40 basis point improvement in vacancy to 10.6 percent.
- Asking rents are forecast to rise 0.6 percent in 2010 to $849 per month while effective rents retreat 0.7 percent to $752 per month.
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FHA Flips Anti-Flipping Rule (RECON, 2/2/10)
The Federal Housing Administration (FHA) yesterday relaxed what is known as the “anti-flipping rule.”
FHA now provides mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days.
The change was made to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes, said FHA Commissioner David H.Stevens.
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(Nick Buitink is a mortgage expert/sales manager at Platinum Home Mortgage Corporation.) Nick, It's commonly understood that FHA loans are not supposed to emphasize credit scores (FICO scores) as much as the currently more difficult to obtain conventional loan market does. 580 is supposed to be the "magic number" that will get a borrower into an FHA-insured mortgage without triggering a much higher down payment. Why are most lenders telling my clients that they now require a 620 FICO to obtain an FHA loan? Thanks, Bradley 
Brad, I get this one a lot! Currently, Platinum Home Mortgage is the only lender I know of that will accept FHA Borrowers below 620 - - - 580 or higher is our requirement. While the government insures FHA loans, their involvement stops there. The funds are provided from private lenders and the government can't force them to lend to borrowers in the 580-619 range. Tell your borrowers not to be discouraged - - - home ownership is still well within their reach! Nick Contact Nick Buitink: Main Number: 512-501-9353 or 1-866-640-3445 ext 1554 Fax Number: 512-410-2353 Email: nbuitink@ephmc.com
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Living in Austin, you sort of get accustomed to the yearly hailstorm that seems to destroy most of the roofing shingles and automobile windshields in a particular neighborhood - - - while leaving the rest of the area largely untouched? Last year the Milwood area (think Parmer/McNeil) was the unlucky recipient of this annual mess. So with the frequency of this type of event (plus the wildly expensive roof replacements that follow,) it's a no-brainer that hail is clearly the top reason for insurance claims in the Lone Star State, right? Not so fast - - according the the Texas branches of Allstate Insurance, the #1 offender is good ole' H20. Not the flooding variety, but water damage from non-flood events. Interesting. Check the story out at the link below. P.S. Who thought dog bites would be so high on the list??? Go figure! PR Newswire story
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In Texas, the Homestead Exemption is a beautiful thing - - - besides a general discount to the bottom line of what you owe the county at year's end, it also caps the rate at which your tax-appraisal district can increase your home's taxable value. It's a one-page form, and you don't need a third party firm to help you file. Just fill it out and mail to the Travis County tax assessor (if your home lies within Travis County boundaries. See me for help if you live in another county.) Download it here: http://www.traviscountytax.org/pdfs/070716ExForm.pdf
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Has your condominium unit been described as non-warrantable? That sounds bad, right? So what does it mean? Basically a non-warrantable condo is a unit in a condominium project that is currently unable to be financed with a conventional or government-backed loan that could eventually be sold up to Freddie Mac or Fannie Mae. That excludes the vast majority of capital out there for mortgage lending. In the Austin area, there are two main reasons that a condo project would be considered non-warrantable: percent sold and owner occupancy. The percent sold issue is just that: if there is an apartment or other type property that is legally converted to individually deeded condo units, then the non-warrantable standard requires that a certain percentage (over half) be sold or under contract and legally obligated to close. Owner occupancy is the other standard that affects the most condo units in the Austin area. If the percentage of owner-occupied units in the project falls below half, the unit can't be leveraged with funds eventually intended for sale on the secondary market. So what does this mean for property owner who wants to sell this year? OR the buyer who wants to purchase the unit? Well, it's tough out there. But the key to unlocking this conundrum lies in private, mostly local lenders who will lend on such a property. There are some caveats - - - a 720 FICO score is usually necessary and we're talking more like 10-11% down vs. FHA's relatively cheap 3.5%, but it can be done. Do you have questions about condo buying in the Austin market? Call me, let's talk! 736-3353
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The number of available homes for sale in the Austin area dropped by 20 percent, year over year, says a report cited by the Austin Business Journal today. The study only took into consideration single-family units, and also noted that the number of available homes dropped 3% from October to November, which could indicate that the trend is accelerating. Check out this cool article below! Austin Business Journal
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38% more single-family homes were sold in October 2009 versus a year ago in the Austin market! The $8000 first-time homebuyer tax credit is clearly a driving force of the recovery, as many of the homes were at the price points most frequently purchased by first-timers. Are you curious what your home is worth? Or maybe you're looking to capitalize on the new tax credit expiring April 30, 2010? Call me today at 736-3353 and let's talk!
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I've received some inquiries from clients looking to take advantage of the $8000 first-time homebuyer tax credit, as well as the $6500 credit for existing homeowners looking to make a move. While I always (and I do mean ALWAYS) advise you to consult your tax professional for guidance on your particular situation, there are some handy resources out there for quick "ballpark" answers to the most common of questions. The most useful and straight forward Q&A I've found is from the New York Times. It's divided into four parts. I'll post the link to Part I here - - - check out the bottom of the article for links to the following sections. Call me if you'd like to take advantage of the tax credit ending April 30. In the meantime, here is the link to the NY Times piece. NY TIMES
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The stories of predatory lending practices from the earlier part of this decade are enough to make you wonder why any sensible person would fill out a mortgage loan application without a police escort. But some tough legislation that has taken effect over the course of the last year has improved transparency in lending across the country. But as with any sweeping regulatory changes, there have to be some casualties, right? Sure enough. As part of the Mortgage Disclosure Improvement Act of 2008, any increase of the APR over .125% will require a new Truth in Lending disclosure and a subsequent (mandatory) waiting period of three days before the loan can close. P.S. Sunday doesn't count. Now keep in mind that the actual interest rate on the loan is likely not to have changed at all to trigger the waiting period, rather the APR. The APR is a little more complex and is comprised of two factors: it includes your actual interest rate and any additional costs. Additional costs might include things like prepaid interest, private mortgage insurance or closing fees. I've had two transactions in as many weeks affected by the new law. You can read a more detailed description of this part of the act on Robert Rauf's Blog.
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I'm surprised by how many folks I've spoken with who are still undecided about whether to buy their first home before the tax credit expires on November 30. As a homeowner, I know that no one wants to feel rushed into making such a big decision. But there's a storm coming in the last two weeks of November and if your ducks aren't in a row, you might be towed under. Thousands of prospective homeowners out there are going to jam the schedules at mortgage lenders and title companies all over Texas, overwhelming underwriters and selling out closing appointments like they were Springsteen tickets. Throw in the new HVCC (Home Value Code of Conduct) guidelines that require appraisals on conventional loans to be subject to appraisal review committees, and an appraisal report can now take a week to come back versus a few hours. Oh, and the last full week of November is basically a goner. You can thank your Congress for scheduling the tax credit expiration just after the Thanksgiving five-day weekend. Shoot for a closing by November 12 - - - or you might as well stuff $8000 into the turkey.
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If you own a condo in the Austin metro, you had better listen up. The guildelines are changing wildly when it comes to whether your condo will be eligible for an FHA loan in the coming years. Since FHA loans are by and large supporting the housing recovery around Austin and the rest of the nation, whether or not your buyers are able to obtain an FHA loan for your property is huge. See this article from bankrate.com that outlines the new FHA spot approval rules. http://www.bankrate.com/finance/mortgages/new-fha-condo-rules-may-hinder-mortgages.aspx
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