The Heart of Austin

Buying a Home Just Got Easier for First Time Home Buyers

First time home buyers, or those who have not owned a home in the past three years, can now receive a 10% of the purchase price credit up to $8000 toward the purchase of a home at closing as a down payment.  Shaun Donovan, Secretary of the US Housing and Urban Development made the announcement yesterday at the Real Estate Summit: Advancing the US Economy here in Washington, DC in conjunction with the National Association of Realtors May meetings. Several thousand Realtors and I applauded the move to stabilize and energize the housing market while providing an opportunity to homebuyers to realize the American dream of home ownership and all of the benefits it affords.

The Federal Housing Administration is going to permit its lenders to allow home buyers to use this credit as a down payment. Donovan said, "We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment."   The president of the National Association of Realtors, Texan Charles McMillan, championed the role Realtors are playing in promoting stability in the housing market and the U.S. economy. A group of distinguished panelists discussed the housing market, the economy and the role of the federal government in the recovery and as well as its reponsibility to the taxpayer

With interest rates still hovering around 5% and this added incentive to purchase, there has never been a better time to purchase a home. While my daughter saw a 30% drop in her investment account a few months ago, she was able to sell her home this week and net over $12,000 in less than two years of homeownership. Not every market is going to return those kinds of results, but right now prices are low and it is a great time in any market to get into a home, not only for the enjoyability of owning a home, but the opportunity to build wealth through equity. Search for homes in the Austin area at our website, www.westaustin.com  We are happy to help you realize your dreams!

Posted by Laura Duggan, West Austin Properties, May 14th in Washington, D.C.

10 Things I Love About April in Austin

 You are no April fool if you want to spend April in Austin. There are an abundance of festivals, food and wine events, outdoor gardening symposiums and, of course, more music!

1.  The weather is just about perfect and the bluebonnets, our state flower, paint hillsides and roadways blue along with a bouquet of other Texas native wildflowers. Lady Bird Johnson Wildflower Center has their Spring Plant Sale and Gardening Festival along with workshops about growing native plants and conservation, a sculpture event and Earth Day activities. April 11-12

2.  Austinities love their dogs and a challenge of any kind! Dog walking is at its best with the Mighty Texas Dog Walk, a fundraiser where dog owners compete for the Guinness World Record for most dogs walked.  Dogs of all shapes and sizes, along with their owners, compete to raise money for service dogs in the Austin area. Walk til your dogs bark for a good cause!  April 11

3.  Easter in Austin is always special from the sunrise service at St. Luke's on the Lake at Lake Travis to the flowering of the cross at Good Shepherd Episcopal Church in Tarrytown. When we were little girls we took Daddy's finest flowers to the service and stuck them in the appropriate sized holes on the wooden crosses. After service, the crosses were placed on the Church grounds to herald He had risen! Did I mention that my grandparents were founding members of Good Shepherd?  April 12th

4.  Music festivals celebrate Spring all over the area. Take in the Old Settler's Music Festival on any of the four days that you can camp out and enjoy bluegrass, roots and American bands out by the Salt Lick in Driftwood.  If reggae is more your thing, chekc out the Austin Reggae Festival on the shores of Lady Bird Lake and help raise 12 tons of food for the Capital Area Food Bank. The Texas Hill Country Wine and Food Festival features events showcasing 100 restaurants and 60 wineries in their four day festival, a traditional passage to Spring. April 16-19th

5.  The Umlauf Gardens are some of the prettiest in Austin and celebrate the sculpture of Charles Umlauf in a natural setting close to Zilker Park.  Enjoy it all while strolling through the gardens sipping a glass of wine and enjoying tasty noches and music at the annual fundraiser, the Umlauf Garden Party.  April 23 

6.  Poetry is a staple in Austin, from the international poetry slams to private poetry readings;  Austinites are poets.  The Austin International Poetry Festival is the largest nonjuried poetry festival in the world!  For four days, in many venues, you can hear poetry of all kinds from locals and international participants alike. It will amaze you!  April 23-26

7.  Barton Springs Pool comes alive with visitors sunbathing on the hillside and dipping into the spring-fed waters of Austin's most famous swimming hole. Kids chase pigeons and ride the train around Zilker Park and everyone loves to worship the sun as spring melts into summer! Every day in April

8.  One of the funniest events in April is the Dragon Boat Festival and Race. Yes, it is nutty because Austinites build their 40 foot watercraft, decorate them like dragoss and race them on Lady Bird Lake's Festival Beach. Others get into the act too! It is not to be missed!  April 25th

9.  Take in the works of over 200 professional artists selected from applicants from all over the country as they showcase their art at Art City Austin. There is always lots of local music, food and fun. Bring your sunscreen!  April 25th

10.  April is birthday month!  Yes, Willie Nelson, Eeyore and I all share the same birthday on April 30th. This year Willie and I will be celebrating privately, but everyone can attend Eeyore's birthday at the Austin traditional party in Pease Park. Come dressed for the party in costume and celebrate Eeyore's 46th! April 25th

The Austin housing market is heating up and all things real estate seem to be seasonally normal. As always, if you know someone who wants to buy or sell a home, please let me know! Referrals are the heart of our business.

Submitted by Laura Duggan, West Austin Properties, Austin, Texas on April 9, 2009. Visit our website at www.westaustin.com to find your next home!

 

Austinites Can Avoid Foreclosure

There are a number of reasons that a property and its homeowner can fall into a distress situation with foreclosure looming on the horizon. The inability for a homeowner to make their payment once it has "adjusted" to a higher interest rate is certainly at the top or the list.

Subprime mortgage loans and less than ethical loan officers lured unsuspecting and sometimes marginally qualified buyers into the housing market with introductory mortgage rates considerably below the prevailing interest rates. Now, thousands of homeowners can't make their mortgage payments and many are facing imminent foreclosure.

These loans came in all varieties with adjustments in interest rates tied to a volatile index. A once "affordable" property climbed out of reach as the mortgage rate "reset". Complicated and complex, it is not unusual to find mortgage payments that have increased dramatically leaving these homeowners with little capacity to keep making them. Some homeowners have seen their mortgage payments more than double and in some cases triple the original amount. Once a mortgage payment is missed, the lender begins the process of foreclosing on the property. In Texas, foreclosure can happen very quickly unless a homeowner acts fast to stop the process.

One remedy for this situation is to refinance the subprime loan. However, many homeowners with these types of loans find that they cannot refinance them for typically two reasons. They are not qualified now under the lending guidelines for the mortgage amount of their current loan or their property value has decreased since they purchased the property, and they now owe more than their property is worth. In either case, they are "short" whether they try to refinance or sell the property.

The Distressed Property Institute is teaching real estate professionals across the country to counsel these homeowners to avoid foreclosure. Through negotiations with the homeowner's lender, these real estate professionals who have been designated as Certified Distressed Property Experts are helping lenders and homeowners avoid foreclosure, a costly proposition for both parties. Through a negotiated "short sale" the CDPE agent is able to find a buyer for the property and work with the bank to accept an offer. In a short sale, the lender accepts less than the distressed homeowner owes and many times does so without recourse. While a foreclosure becomes a permanent record for the homeowner and damages their credit for years to come, a short sale allows the homeowner to resolve the debt and get on with their lives. For homeowners that have a security clearance necessary for their employment, foreclosure can jeopardize their security clearance resulting in difficult finding or keeping a job.

As a designated Certified Distressed Property Expert, I am uniquely qualified and committed to helping Austin homeowners who find they can't make their payments because of mortgage payment increase, loss of job, divorce or any other hardship to avoid foreclosure. Please call me if you know someone who could benefit from my expertise. All consultations will be kept stricltly confidential.  I can be reached by email at Laura@WestAustin.com or by phone at 512-750-2425.

Posted by Laura Duggan, CDPE, West Austin Properties, Austin, Texas, on February 23, 2009.

 

Home Buyers Benefit from New Restrictions

The federal government recently passed some major reforms to the settlement, or "closing" rules for home purchases which will make it much easier for consumers to compare costs between the Good Faith Estimate that a buyer receives from their lender at loan application and the Hud-1, Settlement Statement that itemizes their expenses at closing. Aimed at making the yield spread premiums that are paid to a mortgage broker and the actual closing costs more transparent, there is now less likelihood that there will be large discrepencies between what was provided in the Good Faith Estimate and what is actually being charged on the Settlement Statement at closing. 

By January 1, 2010, a new three page Good Faith Estimate will replace the current two pager and requires lenders to calculate and disclose yield-spread premiums, extra money that the lender can pocket if the interest rate changes, as part of their origination fee. Known as "playing the market" these premiums benefitted lenders when the rate dropped and the mortgage broker pocketed the difference, sometimes thousands of dollars. While not all lenders compensated themselves with this undisclosed bonus, many did requiring a change in the guidelines to protect the consumer. A lender with the buyer's best interest at heart should pass the "savings" along to the buyer.

While the current changes in the law are important and will help consumers, choosing an honest lender is fundamental.  If you have wisely employed a buyer's representative, a real estate broker that represents you in the purchase of a home, he or she has a fiduciary duty to help you, the client, select a lender that will treat you with honesty and integrity and provide financing that is in your best interest rather than that of the lender. The loan program that the lender recommends should be determined by your best interest and not by how much the lender is going to make off of your loan. Ask your broker to provide you the name of an honest and reputable lender that puts your interests first not theirs when you are making a home purchase. The lender we recommend to our clients at West Austin Properties has a proven track record with our clients and has been saving our clients thousands of dollars for years because he puts their needs first.

On January 16, 2009, the RESPA reform law also required builders to quit steering buyers to loan companies and title companies that the builder owned in exchange for " builder concessions" or rebates. This is good news also for the consumer who can now get the same builder benefits and choose the service providers, lender and title company that provides the best rates and services rather than being locked in to one that had an affiliated business relationship with the builder.  

This article by Laura Duggan,
West Austin Properties, January 25, 2009.

Happy Birthday to daughter, Kerry, who is celebrating her 25th birthday today!

File Homestead Exemptions for Free

Don't fall for the "official' looking form and request to send money, usually $35, to have your homestead exemption filed with the county appraisal district if you live in Texas. Filing is free.  All you have to do is download the Homestead Exemption form from the appraisal district website in the Texas county where you live, fill in the requested information and return it to the appraisal district. (see the sample form for Travis County). The form must be filed by May 1st, and you only have to file it one time unless the ownership of the property or your status changes.

In order to claim a property as your homestead, you must own and be living in the property as your primary residence on January 1st of the year you are claiming it. You cannot have claimed a Homestead Exemption on any other property. Any change in status, must be reported on this form. Other exemptions include an Over 65 exemption, Over 65 Surviving Spouse exemption and a Disabled Person exemption.

The form asks for the address of the property, the legal description and the parcel identification number. All of these can be found in the tax record for the property. You are required to give an identification such as a driver's license number or a social security number. You are NOT legally required to put down the purchase price of the property. This year's form in Travis County also asks for a birthdate to determine whether or not you qualify for the Over 65 Exemption. If you are 65 or older, you may want to check to see if they have your exemption noted. Exemptions appear on the tax record for the proeprty. It is important to file these exemptions because the taxing districts that make up your total tax bill give tax breaks for certain exemptions.

In April, the county will send a valuation of each property to the property owner. These statements of value should be reviewed and, if necessary, must be disputed prior to May 31st. Instructions for disputing the value arrive with the statement. As always, we at West Austin Properties, are happy to review your appraised value statements with you and do our own analysis of the market value of your property. We have saved our clients thousands of dollars in taxes over the years!

There has never been a better time to buy real estate in Austin, Texas. Contact us for a current market analysis of the homes in your neighborhood, or a list of homes that meet your investment criteria. Loans for residential property are still available at all time low rates below 5%. Call Patrick Birdsong, 512-585-1571, or Laura Duggan, 512-750-2425, and let us show you the town!

Posted by Laura Duggan, West Austin Properties, January 5, 2009.  Happy Birthday, Katy!

New Year's Day Good Luck Tradition

Eating black eyed peas on New Year's Day is essential for anyone in the South. No one in my family would even consider skipping this southern tradition for fear of having the promise of luck and prosperity that comes with this almost religious experience elude them. The black eyed pea, really a legume and not a pea, symbolizes good luck and prosperity for those that eat them on the first day of the new year. Dating back to Civil War days, legend has it that the fields were planted with black eyed peas to feed livestock and nourish the slaves. When Sherman's troops marched through the South burning fields and confiscating crops, they left the fields of black eyed peas untouched giving the surviving Confederates a source of food to survive.  Often eaten with turnip greens or collard greens, symbolic of green cash or dollars, the black eyed pea represents the coin. Legend also has it that eating cornbread, another tasty companion dish, fortells the the arrival of gold in the new year. Add stewed tomatoes to the black eyed peas and you get a promise of health with the impending prosperity. 

Black eyed peas are also nutritious because they are low in fat (if you don't cook them with pork, bacon or ham bone found in so many recipes).  They have no cholesterol and they are low in sodium and high in potassium, iron and fiber.

I have cooked black eyed peas every way you can cook them. I have added a ham bone and cubed ham to the lot; cooked them with bacon and chicken broth; added chopped onion, garlic and tomatoes then served them over rice.  But, several years ago, I figured out the perfect recipe, and it has become a family favorite both for flavor and because there is no fat added.

Laura's New Year's Day Black Eyed Peas

Take two packages of fresh or one package of dried black eyed peas and wash them thoroughly. Add water according to the directions on the package. Add one jar of Rose's Just Right Red Salsa and cook until peas are soft and ready to serve. 

If you don't have access to Rose's Just Right Red Salsa, the award winning Austin salsa that is made fresh from scratch every day and found in the cold section of the grocery usually by the milk and eggs, you can create your own. Mix two large fresh tomatoes chopped, tomato puree and salt. Add a handfull of chopped fresh cilantro, chopped green onions, several cloves of minced fresh garlic, fresh serrano pepper, fresh lime juice, extra virgin olive oil and sea salt.  Mix together.  The real secret ingredient to this salsa?  Gobs of fresh, chopped cilantro!  Eat and prosper!

Happy New Year to All!

 Prosperity, Health and Peace in 2009

As always, thanks for thinking of me when you need real estate services in the Austin area. There has never been a better time to purchase real estate. Prices are great and interest rates are at an all time low below 5%. There are also some excellent preforeclosure and foreclosure opportunities. Please call me today if I can be of service.  My direct line is 512-750-2425. Austin remains a great place to live and to invest!

 

Posted by Laura Duggan, West Austin Properties, January 1, 2009. Laura@WestAustin.com

We Need a Little Christmas Right This Very Minute

Are those the Rockettes??  You really have to love Austin!  You never know what kind of people your going to run into in and around this place. Brad and I went for a walk yesterday morning on the Hike and Bike Trail along Lady Bird Lake. This is really one of our favorite things to do to relax and unwind or solve a pressing problem. We were talking about the horrific financial mess that the country is in and batting around both the causes and solutions. I told Brad half way around the lake that what the country really needed was a little bit of Christmas, not just a Santa, but the compassion and love of the season without the greed and meanness that seems to permeate this debacle. (Thank goodness we were able to keep the bankers out of the real estate business when they wanted it all---lending, insurance and real estate under one umbrella. Yes, Virginia, this mess could be worse!) 

We were looking at the beauty that the city has to offer in the early morning hour---a rare crane, two turtles sitting on a log, a breathtaking rainbow in the fountain--and we were wondering what it was like to live any place else but this paradise we call Austin. As soon as we passed the statue of Jimmie Ray Vaughn, I looked up and saw these four beauties prancing our way!  Was it the power of attraction? Or just a sign that hope is around the corner? I guess all of us could use a little bit of Christmas right this very minute! Do you think my legs could look like that if I dutifully did the circuit every morning???

It seems that the Radio City Rockettes were in town yesterday to promote their December performance at the Erwin Center. If you have not seen this magical extravaganza, grab the nearest kid or kid at heart and reserve your tickets now! Show times in Austin are available on December 30 and 31st.  This show is one of our family's favorite Christmas memories.

Waiting for Hurricane Ike and Remembering Dean

All of my family lives on the Gulf Coast of Texas. Most of the time going to the beach meant relaxation and joy. We've spent many happy times there with our families. But now, my sister, Ellen, and her family have boarded up their house in Jamaica Beach, loaded all of their important "stuff" in the car along with their dogs, Kwila and Bosco, and made the seemingly endless trek up Hwy. 45 off of Galveston Island hoping for the best. Ellen's daughter and our precious niece, April, told her mom that what they were leaving behind was really not important. It was only "stuff" and only life really matters. Bless her and bless them. I can't imagine leaving everything behind knowing that there is a good chance that they will sustain heavy damage and potentially lose everything that they have worked their entire lives to provide for their family.

Only a year ago, we feared the approach of Hurricane Dean in mid-August. Mother lived with our beloved step dad, Svad, in the farming community of Portland, Texas just north of Corpus Christi. Svad had spent the previous couple of years nursing my increasingly ill mother through emphysema even though she continued to swear that it was only asthma. She had been been referred to hospice a few weeks before and was gasping for air and really miserable. Her doctor mandated oxygen, but it dried her throat and she resisted it. Mother was confined to a hospital bed in their Portland home and had 24 hour nursing care and the love and devotion of the hospice nurses there as she weakened. News of Hurricane Dean coming into the Gulf sent us scurrying for transportation arrangements to Austin. Brad found an ambulance service in Georgetown that arranged to travel to Portland, pick her up and deliver her to her home in Austin. Knowing that she might want to return here someday, we had left it as she left it, fully furnished and ready for visits.

Two days before Hurricane Dean hit the coastline, the ambulance backed into the driveway at her Austin address. Her sweet smiling face and a happy, childlike wave greeted us through the back window. What a blessing to see her back here at her home.  They wheeled her in and delivered her to the hospital bed we had waiting thanks to Vista Hospice who had arranged everything with a day's notice. The first day, Ellen and I sat on the end of her bed talking to her, sorting through old pictures and her college scrapbook and laughing with her as we remembered special times together. She was able to talk and share our love and laughter. The next day, a few friends arrived to see their dear friend, talk and reminisce. Mother was a good bit weaker, but her eyes were bright and her smile indicated the joy she felt in seeing these precious chums. That day, the hurricane came and went and mom's energy waned. It was time to say good bye. Our family encircled her, reassured her of our love and the love that she was about to experience, and we prayed for her peace. She closed her eyes, drew her last breath, and then she was gone. As much as we had feared Hurricane Dean and dreaded the destruction he would cause, we will always be grateful for the blessing that had brought our mother home.

God Bless all of our friends and family that are facing the perils of Hurricane Ike. Their will no doubt be great loss, but let there also be peace, hope and love in these challenges.