The Heart of Austin

Slip and Slide into Fall

Has it gotten hotter over the years since we were kids or is it just my imagination?  Yesterday, I was driving to an appointment in yet another 104 degree day. I looked down the street that I was passing to see 4 moms sitting in lawn chairs, sipping drinks out of pastel colored plastic glasses while a flock of children lined up for their turn to race down the "slip and slide"  and a few more jump through a twirling sprinkler. My heart jumped with delight.

That slick, yellow "slip and slide" was my favorite way to cool off on a hot summer scorcher when we were too young to make it to Reed Park pool on our own.  Ellen and I used to invite all of the neighborhood kids over to take their turn speeding down the wet, yellow lane spraying water all over each other.  Daddy would hook the hose up to it and the cold faucet water would flood the surface. Each of us would get a head start by running across the yard to build our momentum and causing our bodies to jet down the runway until we hit the grass at the end. It was a blast! 

I have often wondered what happen to this great summer indulgence. Until yesterday, I hadn't seen one in years.  I'm sure that our slip and slide and the great "water wiggle" got dumped as our childhoods gave way to adolescence. Life was so much simpler then. The things that were the most fun cost nothing. Yes, it was probably as hot then as it is now, but no one noticed. Our parents sat in lawn chairs in our front yard sipping cool drinks out of pastel colored tumblers while we had the time of our lives sliping and sliding and squealing with each pass down the slide. No need to worry about the Austin water police.

Enjoy these last few weeks of summer in Austin with your families. We are so blessed to share these special times together. Simple and fun, and school is just around the corner.

Austin Real Estate Market Snapshot

Tax valuations are up in the Austin area even though homeowners feel that their home values have dropped. Many Austin homeowners have called us over the past few weeks to get market statistics for the purpose of protesting their tax evaluations. We have all of the current market data for every neighborhood in Austin and are happy to assist homeowners by pulling a report of the sold information for any time period. We can also provide detailed information about each sold property so that you are prepared to compare your property with the sold data and identify points of difference in the protest hearing, something you likely will be asked to do.

However, if you want to keep track of the home values in your neighborhood in real time, we have a proprietary tool that we call Market Snapshot that will provide you with information about homes for sale and those that have sold in you neighborhood. To subscribe to the data, go to our website at www.WestAustin.com and click on the Market Snapshot icon. You can set the parameters of the snapshot to include homes in your particular neighborhood and designate how often you would like to receive the report. It comes automatically into your inbox complete with photos of each home.

Staying on top of home values and being prepared is your best defense when valuation time rolls around. The service is free and easy to subscribe and unsubscribe should your interest change.

Posted by Laura Duggan, West Austin Properties, on June 8, 2009. For detailed information about any homes in the Austin area or to learn about our other marketing tools, contact us at [email protected]

 

Longhorn Baseball Team is Late Night Winner

Today, you can catch the best in college baseball as the University of Texas hosts the final day (let's hope!) of the Regional Tournament, the first stop on the "Road to Omaha" where teams vie for national honors in the College World Series. After a 25 inning game that lasted until 1:30 this morning, the Texas Longhorns prevailed over the Eagles of Boston College in a pitching standoff that treated the crowd to one of the best pitching and defensive performances in collegiate ball. Augie Garrido, the head coach for UT,called the pitching of reliever Austin Wood, the best and most courageous he had ever seen in over 40 years of coaching. It was an unbelievable outing for Woods who pitched 13 almost flawless innings in "relief" after Chance Ruffin pitched a great 7 innings. Austin Dicharry finished the game after 7 hours and 3 minutes, the longest game in NCAA history.

There were also some brilliant plays by Kevin Keyes who hit a two run homer and a double, Preston Clark who caught everything that even came close to 1st base and Brandon Belt who served as designated hitter just one day after leaving the first game of the series in an ambulance after getting hit in the head by an Army pitch.  The teamwork and team energy was splendid.

The stands were full of screaming Longhorn fans until the last out and the triumphant "Eyes of Texas" rang out in the night sky. Like a concert performance, each played their part; pitchers, players, coaches and the fans until the lights went out at Disch Faulk field.

You can catch the championship game tonight at 6:00 pm in Austin at the Disch. Come early, wear orange and cheer for a championship team, our Texas Longhorns!

Posted by Laura Duggan, West Austin Properties, May 31st, 2009.

New Austin Energy Ordinance Begins June 1st

   The City of Austin and Austin Energy Utility customers will be required beginning June 1st, 2009 to have a home energy audit performed by a certified energy auditor before they can close on the sale of their homes. This new ordinance, the City of Austin Energy Conservation Audit and Disclosure Ordinance, applies to all homes 10 years old or older at the time of sale. Sellers have to have the audit done prior to closing even if the property was listed prior to June 1st.

Sellers who have had energy audits and made at least three energy efficiency improvements or who have received rebates totaling $500 or more through the current energy efficiency program offered by the City of Austin and Austin Energy in the last 10 years are exempt. Some other exemptions apply relating to estate properties, foreclosures and such.

The audit among other things will examine the insulation, duct work and air conditioning systems in the property. Deficiencies will be noted and recorded for disclosure to the buyer. The seller is not required to make repairs or remediate the property, only to disclose the report regarding the home's energy efficiency. The cost of the audit is approximately $400-500.

For more information about the new ordinance and to watch a licensed auditor explain the process, go to our website and click on the Austin Energy Audit button on the bottom left side. If you are thinking of selling your home, we can arrange the audit with a licensed auditor and supervise the process for you as part of our service.

This entry was posted on Tuesday, May 19th, by Laura Duggan, Broker/Owner of West Austin Properties. For more information about this topic or any real estate related topic, call us at 512.750.2425 or email [email protected]

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!

 

10 Things I Love About March in Austin

Does anyone else have Spring fever?  The weather in Austin is already warm and the intoxicating scent of Mountain Laurel fills the air luring us to enjoy all that Austin has to offer while much of the rest of the country digs out of the snow.

Austinites celebrate spring here with a variety of festivals, and March madness takes on a life of its own Austin style. Here are 10 things I love about March in Austin!

1.  The Crawfish Festival and Fresh Oysters at Pappadeaux. Last night we ate two dozen oysters and a pound of crawfish for $15. Get there early because there is always a big crowd!

2.  Rodeo Austin. From mutton busting (the most hysterical event ever!), bull riding and rodeo clowns to some of the country's best countrty singers, the rodeo is always a blast. In addition to the rodeo, there is also a carnival and local students raise and auction their animals to get scholarship money for college. Great fun for the whole family!

3. The Zilker Kite Flying Contest.  Always held the first Sunday of March, this festival is over 80 years old. Zillions of kites of all shapes and sizes fill the air and prizes are given in a number of categories. This year the day was cold and windy, but kite lovers from mile around  sent their creations soaring.

4.  South by Southwest Music and Film Festival.  Thousands of people descend on Austin for a week of the best music, film, food and fun in the country. Hundreds of bands come from near and far, some from overseas, to entertain the crowds in hopes of discovery. Every music venue in town is booked all day and into the wee hours of the night, some of it free, to showcase these artists.

5. Wildflower Days at Lady Bird Johnson Wildflower Center.  March and April are the most beautiful months to visit this jewel located in Southwest Austin.  Visitors can take tours, learn to plant xeriscape gardens, check out the artist's shows or purchase plants. This is another great place to visit with children.

6. The Capitol 10K.  I have already started warming up for this fabulous Austin tradition where young and old (an 80+ year old man last year finished the race last year!) start at the Congress Avenue Bridge and run, jog or power walk their way downtown and through some of Austin's most beautiful views of Lady Bird Lake, the flowering peach trees and the hills to the finish along the Lake. Participants dress in crazy costumes and bands from all over serenade runners along the course. Don't miss it!

7.  University of Texas Baseball.  Nothing is more fun on a mild March day than heading out to Disch Faulk Field to watch Longhorn baseball. We have had season tickets on the first base side for almost 30 years. We almost always have a ranked team. This year we started the season at #2. Of course the ultimate goal is to get a place among the best at the College World Series in Omaha. We never miss it!  Let me know if you would like to see a Longhorn game.

8.  St. Patrick's Day.  Everyone is Irish in Austin on St. Patrick's Day!  Irish music and and everything else Irish can be found at many of the restaurants all over town, but for authentic fun go to Fado's Irish Pub on W. 4th, B. D. Riley's Pub on E. 6th, Mother Egan's Irish Pub on W. 6th or Maggie Mae's on 6th, most recently famous for the casting call of the next Real World series.

9.  Austin Music Awards. The kick off event of SXSW, this is the biggest night in Austin Music and is sponsored by the Austin Chronicle, Austin's alternative newspaper and KSGR Radio. Chronicle readers vote on their favorite musicians and they are honored at this popular event at the newly renovated Austin Music Hall. This annual event benefits the SIMS Foundation.

10. Daylight Savings Time.  Yes, March is the month that we spring forward and gain another hour of daylight. I love it because I don't have to fight afternoon traffic while I show property. I figure that it adds at least two hours to my work day!

Posted by Laura Duggan, West Austin Properties, on March 8, 2009. For more information about any of these events, please give me a call. I can share my first-hand experiences with you from a native Austinite's perspective!  As always, if you know someone who needs the services of a good Realtor, please refer them to us. We are passionate about Austin and our service! 

 

FHA Raises Loan Limits for Austin Home Buyers

The Federal Housing Administration recently raised the loan limit to $288,750 for FHA insured home loans in the Austin metropolitan area. FHA loans are popular with first time home buyers and those that want a lower downpayment, lower closing costs and easier credit qualification. 

Home buyers can put down as little as 3.5% of the purchase price for a downpayment.  This money can come from the buyer's funds or a relative who wants to gift the money. The seller is also allowed to contribute up to 6% of the purchase price toward the buyer's customary closing costs and prepaid items like tax and insurance reserves. The buyer must be employed and intend to live in the property for at least one year as a primary residence. 

With the new loan limit of $288,750, buyers can purchase a property for just below $300,000. The mortgage is insured by the federal government so loan qualifying is easier and the rates are better because the lender is taking fewer risks.  When it is time to sell, these mortgages are fully assumable at the seller's fixed interest rate at his time of purchase. All the buyer has to do is qualify to assume the loan. With interest rates predicted to double and maybe even triple over the next few years, this is an additional benefit of buying a home with an FHA fixed rate loan.

To search for homes in the Austin area that currently qualify for FHA mortgages, visit our website at www.WestAustin.com  We can review these properties with you and refer you to a reputable lender that specializes in FHA financing so that you can get pre-approved for an FHA loan, the first step in the homebuying process.

 

Posted by Laura Duggan, West Austin Properties, Austin, Texas on February 26, 2009.

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 [email protected] 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!