Support Local Austin

Buying Power – By the Numbers

Doreen Zelma — Fri, 03 Sep 2010 20:21:49 +0000

School is back which adds to a little more traffic, but also tends to re-focus people overall as we move out of vacation mood and settle into the daily grind. What am I seeing out there? Interest rates are in the 4′s, which haven’t been this low in decades.

Low interest rates give people more buying power.

For example, a $200,000, 30 year fixed rate loan at 4% will be $954.83 a month, while the same loan at 6% will be $1,199.10. Not only is your monthly payment lower, but your total debt-to-income ratio is lower too. In other words, you may qualify for a higher loan amount, than you normally would at 6%. People are taking advantage of this in 2 ways, by re-financing their existing loans or selling their existing homes and moving up.

Understand, re-financing costs money, so while you can often add some of your closing costs into the new loan — it still costs something because you are adding to the principle. If you don’t see yourself living in the house for 3 years or more, if may not be worth it. If you are saving $100 a month because you received a lower interest rate, but is costs $3,000 to close — are you really saving any money if you move in 2 years?

I am starting to see slightly longer days to close as a result of the lower interest rates. Although purchases tend to take priority with lenders, re-fi’s still add to the amount of work that needs to be done. I am starting see lenders ask for 40 days, when it normally takes 30 to close.

Pride of Ownership doesn’t have a Price Tag

Doreen Zelma — Wed, 25 Aug 2010 15:27:00 +0000

Pride of ownership does not come at a price point. Homes can be found that are either cared for or neglected, whether you spend $150,000 or 1 million. Just because you are willing spend more money, doesn’t guarantee a home in better condition. People have relationships with their homes (not unlike how they relate to other people). If a problem arises, some choose to ignore it, while others attack it head on. There is often a reality check for the owner, when it comes time to sell, when the problems can’t be ignored anymore.

Sellers often realize that what hasn’t been repaired or replaced, will ultimately cost them in the end. Money makes things go away. Owners think they are simply saving money by ignoring foundation problems, roof repair or whatever else may be deficient. In realty though, they are simply differing the payment to the sale. The home is worth less to a buyer and will take longer to sell when systems are in need of repair or replacement.

Summertime Blues

Doreen Zelma — Thu, 19 Aug 2010 11:59:16 +0000

I have been trying to preview as many properties as possible in the morning, while everyone is still busy at work. Pictures can be deceiving for better or worse, and typically don’t show things like pantries, closets and sometimes even backyards. Previewing properties without clients helps us rule out some things not worth seeing in the heat of the day, which happens to be when you get out of the office. It allows us to focus on true possibilities in less time, which works out well especially with children in tow. Children generally love looking at houses, but when they are getting in and out of their car seats in the heat, they loose interest pretty quickly which makes it a trying time for all.

Someone is watching your pets, but who is watching your house?

I have seen some houses where the owners have been away on vacation. It is important to keep in mind when selling your home that plants need to be watered, garbage should be removed, and pools need to be tended to. I had a reader last week whose pool turned an unappealing shade of dark green while they were away. Just like keeping the house clean, pools need to be kept clean as well. Buyers don’t know that people may be away, they just think there may be a problem or the pool is not being maintained.

Barton Hills Duplex Open House 8/14 12 – 3

Doreen Zelma — Sat, 14 Aug 2010 16:13:24 +0000

Where will I be Saturday?

1304 Robert E Lee Road

From 12 – 3pm

Calling all investors. One side is leased, you can live in the other, or lease it as well!

This is your opportunity to live a short distance from Barton Springs pool, hike & bike trail & Zilker Park.

From Barton Springs turn on to Robert E Lee. The Duplex is located between Spring Creek and Rabb on Robert E Lee

$545,000 2,931 sq ft (tax record) 3/2 and 3/2.5

both units will be open for viewing

See Details

Travis Heights Open House Saturday 12 – 3 Aug. 7

Doreen Zelma — Wed, 04 Aug 2010 20:21:48 +0000

500 E Mary Street in Travis Heights

Travis Heights area classic bungalow styled home originally built in 1935 offers classic details and updated features. Home has 3 bedrooms, 2 baths and is 1,394 square feet (tax record.) The house sits on a large corner lot with live oaks trees and carport with storage.

Local area attractions include Stacey Pool and the SoCo (S. Congress) shopping and retail area of Austin. Travis Heights is located about 2 miles south of downtown, Austin.

Updates include:

kitchen
bathrooms
siding
HV/AC
roof
plumbing
electric

Additional features include:

fenced backyard
hardwood floors
built-in shelves and storage

This is a quintessential Travis Heights updated classic. Rare carport and off street parking! Large backyard with plenty of shade.

Visit Doreen in Travis Heights on Saturday from 12 – 3, August 7th

or call for a private showing

Directions to 500 E Mary: From Congress go east on Annie, then rt on Newning, then left on Mary. On corner of Newning and East Mary -where it deadends in to Eastside Drive @ Stacey Park.

List Price: $543,000

See Details

I support local Austin; after all, I think it’s only neighborly.

Doreen Zelma
REALTOR, GRI
Sky Realty Austin
E: doreen@SupportLocalAustin.com
W: www.SupportLocalAustin.com
T: 512-761-0567

Neighborhood Spotlights

Doreen Zelma — Tue, 27 Jul 2010 15:48:09 +0000

Austin Neighborhood Market Spotlights

I have selected some random neighborhoods in Austin below and listed some current real estate market data.

Understand this data is specific to single family houses. The selected neighborhoods all show healthy days on market timelines. Please note higher and moderately priced neighborhoods are showing similar days on market. Low interest rates are certainly influencing homes sales.

If there is an area you want me to spotlight -please let me know.

Barton Hills

Number of Active Homes on the Market: 14

Average Days on Market: 40

Median Home Price: $ 442,000

Tanglewood Forest

Number of Active Homes on the Market: 14

Average Days on Market: 91

Median Home Price: $ 178,900

Cat Mountain

Number of Active Homes on the Market: 27

Average Days on Market: 93

Median Home Price: $ 534,450

Wells Branch

Number of Active Houses on the Market: 46

Average Days on Market: 78

Median Home Price: $ 174,700

Great Hills

Number of Active Houses on the Market: 45

Average Days on Market: 87

Median Home Price: $ 444,500

Senna Hills

Number of Active Houses on the Market: 11

Average Days on Market: 71

Median Home Price: $ 645,000

Upgrades on New Construction

Doreen Zelma — Wed, 14 Jul 2010 20:20:36 +0000

Upgrades are often priced for a moment in time, and aren’t going to hold any value 10 years from now, so choose them for you. I went on a listing appointment where the owner was pointing out all of the upgrades he paid for 10 years ago. Though certain features add value like crown molding, other things just don’t. You may have paid $500 more for an upgraded bathtub 10 years ago, but understand it is now 10 years old. When I work with buyers on new construction, I ask this question. Are you doing this for you or the next owner? In all likelihood, the next owner isn’t going to be impressed with your upgraded light switch plate. Spend money on the things that will bring you joy, instead of trying to anticipate how someone might value in the future.

Useful Utility Rooms

Doreen Zelma — Fri, 09 Jul 2010 17:17:22 +0000

As an Austin Realtor, I see many houses. Do you ever walk into a house and wonder what they were thinking? Well, I do it all of the time, often when it comes to the placement of utility rooms or closets. The truth of the matter is that ‘they’, were not thinking. I experienced this during my own custom build. You get so caught up in designing the kitchen and master bedroom, that the utility room becomes an after thought. The placement of the washer and dryer often become a matter of where you can fit it, in relation to the plumbing. People with children open their washing machine, almost as often as they open the refrigerator. If the secondary bedrooms are on the upper level, you are not going to walk the laundry downstairs, across the kitchen to a hallway, which holds the washing machine, but the back door to the house as well. Families need room to do laundry.

78704 Property Tour

Doreen Zelma — Sat, 26 Jun 2010 20:56:35 +0000

Last week I went on a tour of homes in zip code 78704. The tour covered Travis Heights to Barton Hills. I saw some pretty interesting properties including a 1904 farmhouse which was moved here from Trall, Texas. If you like older homes, it was absolutely amazing from the beaded trim on the doors, to the soaring ceilings. It is truly something special. Here is the link, along with some of the other properties I viewed. 78704 homes The pictures do not do the farmhouse justice.

On Sunday, June 27th, I will be holding one of the homes open on the tour, from 1 – 4pm. 500 E Mary street is located in the Travis Heights area of Austin, and has 3 bedrooms, 2 baths and is 1,394 square feet (tax record.) The house sits on a large corner lot with live oaks trees and carport. Click the tour link above for more details.

Movin’ On Out

Doreen Zelma — Fri, 18 Jun 2010 03:42:44 +0000

Last weekend, I went to Brenham, Texas for the first time to attend the wedding of a former client and now friend. She will be sharing her first home with her wonderful new husband. I have a few clients having babies right now, and it is an honor to watch their families grow and homes be filled with joy.

No, I don’t sell houses in Brenham. The furthest I’ll go east is Elgin, but I did find myself in Jonestown, Buckingham Estates, Sunset Valley, and Rob Roy last week. Where’s that plane? Maybe I’ll just settle for helicopter, then I could do roof inspections at the same time.

I also, helped someone move last week. Let’s talk about moving. I promise you have 3 times more than you think. When you pack, it’s like adding water to a sponge. It grows. Take vases for example. In your cabinet, they take up 4 cubic feet. When you wrap them in newspaper and pack them, they now take up 8 cubic feet. They only things you own, that really don’t expand when packing are linens.

So here’s my advice. Purge first. If you haven’t finished that project in 3 years, you probably won’t. If you haven’t worn it in a year, you probably won’t, unless it’s a special occasion outfit. Oh – and if you still haven’t opened it, just bring it to Good Will. Think about it, just because you are moving to a new house – doesn’t mean you are going to wear it, use it or even open it.

Also, it will take you 3 times longer to move, and 12 more car loads that you think. I always recommend you hire a mover. They really do take the stress off at the end of the day when you are out of steam from packing. You’ve spent thousands of dollars on your new home, spend the extra $500 on movers. Get grandma’s desk delivered in tact, instead of loading it in the back of Uncle Harry’s pick-up truck praying it will get there in one piece, and hating on him when it doesn’t.