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Moving to Austin Texas?

Congratulations!  You are moving to one of the best areas of the nation for economy, housing, lifestyle, safety etc.  And that’s not just my opinion.  In the July edition of Kiplinger Personal Finance Magazine they cited the “10 Best Cities for the Next Decade” and guess who made the top of the list?  You got it…Austin, Texas!!!

“Our number-one Best City for the Next Decade is a hotbed for small business — and music.”

Tags: Austin Texas, Round Rock Texas, Top 10 Best Cities

City of Round Rock Events for April

If you’re looking for some fun and educational activities as well as some great service events in The City of Round Rock for you and your family, here are some items on the calendar that might interest you.  Personally I believe one of the best annual events has got to be the Bulk Trash Pick-up during the Spring Cleanup Week.  I just cleaned out my attic and garage and not having to worry about how to haul off all those larger items I couldn’t get a nickel for in a garage sale is a huge deal.  They just pick it all up with the rest of your trash–and that’s 2 days a week!  Now how great is that I ask you?

April 3 thru November 20th – The Round Rock Farmers Market.  Open from 8:00 a.m. to noon on Saturdays in the Round Rock City Hall Parking Garage.

April 17 — The City of Round Rock will kick off the 2010 Spring Cleanup Week by having a Household Hazardous Waste collection from 8:00 to noon located at the Recycling Center.

April 17th — YMCA Healthy Kids Day.  All three branches of the YMCA of Greater Williamson County (Round Rock , Taylor and Cedar Park) will join more than 1,700 YMCA’s nationalwide by participating in the 19th annual YMCA Healthy Kids Day on Saturday, April 17 from 10:00 a.m. to 2:00 p.m.

April 17 — St. William’s Catholic Church presents its Spring Fiesta from noon to 8:00 p.m. The Spring Fiesta features a garage sale form 8:00 a.m. to 2:00 p.m., food, games, raffles, petting zoo, pony rides and more.  It will feature performances by Los Texas Wranglers and Moby Slick, and the roun Rock Ballet Folklorico. Read the rest of this entry »

Tags: Round Rock Calendar, Round Rock Events

10 Steps to Buying a Home in Round Rock Texas

So those tax credits  have come and gone, now what?  Is it still a good time to buy?  With interests rates still at an all time low and housing prices low, now is definitely a good time to buy.  But before you go out and find your dream home and schedule the moving van, there are a few ducks you’ll have to put in a row first and a few questions you’ll need to answer.

Step 1 — Get Your Financial House in Order. Do you have good credit? There are great loans out there but you need good credit.  Make sure your credit cards, rent, car payments etc. are paid in full and on time for at least one year before purchasing a home. Do you have the money? Not only will you need money for the down payment but there will also be closing costs.  Buyers however in this market have some leverage so it is possible to negotiate with the seller to pay some of your closing costs.  Talk with a lender.  They can answer all your financing questions.

Step 2 — Get a Pre-Qualification letter.  Having this in your hand will allow you to move quickly when you’re ready to make an offer.  You will also know how much of a loan you will be able to qualify for.  You don’t want to fall in love with the home of your dreams and then realize you can’t qualify.  When you talk to a lender about pre-qualification, be sure to ask for a “good faith estimate.”  This will give you an idea of how much cash you will need to bring to the closing table.

Step 3 –Know What you Want. Do you know where you want to live?  Are you interested in re-sale or new construction? What kind of community are you looking for?  Are good schools important to you?  Do you have a time frame?  These are questions you’ll need to answer before you get in the car.  Do your research. The more you know about your marketplace the more effective you’ll be able to answer these questions.  A good Realtor who knows the area will be able to help you find what you’re looking for based on your needs.

Step 4–Get Realtor. Obviously that would be me.  Seriously, buyers need representation.  Most sellers, whether they are individuals or builders have representation–an agent looking out for their client’s (the seller) best interest–not you the buyer.    Also an agent will have access to the local Multiple Listing service and can search from a huge database of homes on the market and will show you only those homes that meet your criteria.  They will also be knowledgeable of neighborhoods, schools, shopping, transportation, etc.

Step 5 — Start Looking. This is the fun part. Your Realtor will have several homes for you to see that meet your criteria.  Take notes.  If you see a lot of properties, they’ll all run together after a while and you won’t be able to remember which one had the kitchen you liked the best or which one had the great back yard.  Write down what you like and don’t like or scratch it off the list completely.  If you’re out driving around without your Realtor and stop in to check out a model home at a new construction site, be sure to tell the on-site agent the name of your Realtor so they’ll know you’re being represented.

Step 6 — Choose and make an offer. Many people during the “looking” process will walk into a home and just know “this is the one.”  Some are more methodical.  How ever you make your decision, once you do its time to make an offer.  Based on the listing price and the market, your Realtor can help you decide on the amount and with the negotiations with the seller.  This is where a good Realtor really shows her value to a buyer.  You don’t want to leave money on the table, but you don’t want to insult the seller either with a low-ball offer.  She will also negotiate any repairs that need to be done, carpet replacement, closings costs…the list goes on.

Step 7 — Get Financing. Hopefully you’ve worked with a good lender who has provided you with your pre-qualification letter.  He/she should be able to hit the ground running and get your financing approved in short order–usually within 2 to 3 weeks.

Step 8 –Schedule an inspection. Once the offer has been accepted, signed, and Earnest Money and Option Fee receipted, there will be a 7 to 10 day “Option Period ” in which the buyer can opt out of the contract for any reason.  This Option Fee, usually around $100  is paid by the buyer to the seller. During the option period is when you’ll want to have a professional inspection done.  This inspection is to look for any major plumbing, electric or structural problems with the property–not cosmetic flaws.  If there is something in the inspection report that you cannot live with, you can cancel the contract.  The cost of the inspection is incurred by you the buyer and is usually around $300 to $400 or more depending on the size of the home.  Your Realtor can give you 3 or 4 names of inspectors that you can choose from.

Step 9 — Get Home Owner’s Insurance. If you have a mortgage, you’ll be required to carry homeowners insurance.  Get 2 or 3 quotes from different reputable companies.  Check with the company who insures your car.  They may offer discounts for adding a homeowners policy.

Step 10 — Closing. By the time you get to your closing date–usually about 45 days after the offer has been accepted, everything will be in order and a closing date will be scheduled with the title company.  It is fairly painless, unless signing and initialing about 100 times really gets on your nerves.  Prior to the closing, you will have received a HUD statement which itemizes all the charges and credits to the seller and the buyer and will tell you what amount of cash you will need to bring to closing.  You may need to bring that amount in certified funds.  Be sure to bring your drivers license(s).  And be sure to prepare a place in your filing cabinet for a fairly large file.  You will leave closing with  a pile of paperwork and you’ll want to put it in a safe place for future reference.

And you’re done! You’ve now got a shiny new key and the house is yours!  Its time to move all those boxes and furniture in and start hanging pictures!  This may seem like a lot to take one, and truthfully it is.  Buying a home is one of the biggest and most important investments you will ever make.  But if you go into it prepared, it will make the process much smoother and more enjoyable!  If you’re ready to buy, or if you still have questions, give me a call.  I can help!

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7 Reasons to use a Buyer’s Agent

Did you know that the average person spends about one third of their income on their home? Buying a home is a big decision and can have a huge impact on your life and finances.  There are a lot of mistakes that you can make along the way if you don’t know what you’re doing.  That’s why a good Buyer’s Agent is invaluable to a buyer and can be the difference between a smooth transaction and a mine field.

1.  Access to MLS

Only a licensed Realtor has access to the Multiple Listing Service (MLS).  The IDX feeds that are found on many websites can give you a lot of information but they are often out of date and do not provide as much detail as a Realtor can acquire through MLS.

2.  Make Better Use of YOUR Time

You may enjoy driving through neighborhoods to help you decide which ones you’d prefer to live in, but its not a very efficient way to find your new home. A good buyer’s agent will know the neighborhoods in your area, will preview properties and based on your preferences can bring you a list of homes to view that match your criteria, sparing you wasted time and wasted gas! $$$

3.  Representation

When a listing agent enters into an agreement with a client, they are then legally bound to always act in the best interest of their client, the seller–not you the buyer.  A buyer’s agent has the same fiduciary responsibility to their client, the buyer. Going into contract negotiations without representation can be risky.

4. Negotiating Power

Using the information found in the MLS, your agent will run a Competitive Market Analysis (CMA) which will compare similar homes that have recently sold in your area to determine what the Fair Market Value (FMV) is and whether or not the home is priced fairly.  If the home is priced above the FMA, your Buyer’s Agent can present an offer under the asking price with plenty of ammo to back it up and greater chance that the offer will be accepted.

5.  Knowledge and Experience

What may be confusing and complicated to you will be just another day for your Realtor.  They know the process and what to expect and know when to alert you when something out of the ordinary happens.

6.  Industry Contacts

Closing a real estate transaction takes a lot of people.  A good agent will have a trusted team of resources available to you including loan officers, title companies, inspectors, insurance contacts, general contractors, painters and more.  You can feel confident you’ll have the support of trusted and proven professionals throughout the transaction all the way to close.

7.  Peace of Mind

Purchasing a home will probably be the largest purchase you ever make.  Its a BIG decision so you don’t want to go it alone.  Using a trusted Buyer’s Agent you will feel confident that your interests were protected throughout the transaction.

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Tags: Buyer's Agent

Why Do I Need a Buyer’s Agent?

A lot of people think that “going it alone” will save paying commissions by forgoing the use of  a Buyer’s Agent.  Buyers–especially first time home buyers ask “why should I pay a Realtor if I found the house myself?”

There is a widely held belief that Realtors  “make the big bucks” just for searching the local MLS for properties and unlocking doors.  Of course that is part of the deal but finding the right home is just the beginning.

The real value of a Buyers Agent comes at the point you want to make an offer all the way up to closing when you sign on the dotted line. Seller’s will have an experienced agent working for the seller’s interests–not yours. Doesn’t it make sense to have equal representation on your side looking out for your interests as well?

Its the same if you are looking at new construction.  Most on site  representatives will ask you if you’re working with a Realtor but some won’t and will very convincingly tell you that you’ll be getting a “better deal” if you don’t have buyer’s representation.   But remember, all on site builder’s representatives REPRESENT THE BUILDER.

As with any seller’s agent, it is the buyer’s agent’s fiduciary responsibility and obligation to do what benefits the client.  Unless you have a buyer’s representative in the negotiating process, you will be unrepresented and may not get the best price. A buyer’s representative can evaluate the market for that home using the tools only available to a licensed Realtor in that area to help you make an informed decision.  Making and negotiating an offer price alone can be risky and could cost you more…a lot more in the long run.

Of course you could pay for just a  Competitive Market Analysis or for your own appraisal to be sure what the home is worth, but that’s really just the beginning of the transaction and why chance it when you can get the help of a professional who will provide needed negotiation skills and knowledge as well as overseeing the myriad of other details that are part of the buying process?

Once the price has been negotiated and agreed upon there is the inspection, appraisal, the handling of earnest money, making sure the appropriate contract forms are used, monitoring the option period, and walk throughs etc. etc. etc.  These and any number of unforeseen obstacles can pop up and will need to be coordinated and handled by someone who knows how before you ever sign on the dotted line.  Do you really want to do all that? The seller’s agent isn’t going to.

Buying a home is a huge decision and one of the biggest if not the biggest investment you will ever make.  Shouldn’t you have a professional working with you and for you in such an important transaction?

I recently had a client who in the beginning I could tell was somewhat skeptical of using a Buyer’s Agent but once we’d finally closed on their home she told me “I don’t how I could have kept up with all of that on my own.  I don’t know why I ever thought I could do this without a Realtor.”  I know there are a lot of “do-it-yourself-ers” out there but there are times when you’ve just got to rely on a professional.

Tags: Buyer's Agent, Buyer's representation

4 Questions for Short Sale Buyers: If You Can’t Answer Yes…Say NO!

No doubt if you’ve been searching for new homes in Round Rock, you’ve seen that we have our  share of short sales and foreclosures.  You  may be thinking that buying a short sale may be the way to get more house for you money, especially if you’re a first time home buyer.

Actually the term Short Sale is kind of an oxymoron because there is absolutely nothing ”short” about it and even though you may (and I mean may) get a good… deal eventually, at what cost to your sanity?

Let me illustrate: Last May I put an offer on a short sale for a client and waited and waited…and waited driving the listing agent nuts with my weekly calls just to find out if the offer had even been accepted.   We continued to shop for a “back up.”  Finally in August my client withdrew their offer on the short sale  and placed another offer on a brand new home which they did close on and are now living in it happily ever after.   I believe to this day, that short sale is still on the market.

Have I frightened you sufficiently?

If you’re still determined, here are some questions for you.  If you can’t answer “yes” to these, buying a short sale may just turn out to be an exercise in frustration.

• Are you in a position where you can wait…and wait…and wait for the lender’s approval?
• Are you able to purchase a home without selling your current home?
• Are you patient and have the time to wait … and wait … and wait out the months of delay?
• Do you have the resources to repair and rehab the property if needed?

If it turns out you are not able to answer “yes” to any one of these questions, and you’re shopping for homes in Round Rock, give me a call.  I’d love to help you find one that you will love and that you can close on and move into within 45 to 60 days.

Tags: buying a short sale, homes in Round Rock, short sale