Blue Skies Here | Central Texas

Nadya Suleman...or is it?

The public is in outrage. 

A Whittier, California woman worked with a trusted professional to enable her to make "her dreams come true."  He's agreed to put her in a position to potentially have 8 times (or more) the amount of debt and responsibility that she now has.  And she already could not afford the situation she was in -- and the children she already had and the payments she was already making.  She has no job, no immediate form of income.  To any reasonable person, it's obvious that her dream was risky -- but she wanted to make it come true.  And by working with this professional her "investment" has now ballooned to unmanageable proportions.  She is now in a position that she cannot afford -- or manage on her own.  So now the public is getting involved, the government may get involved, a family's quality of life will be affected, the children's lives will be affected, and tax payers will likely foot the bill in one way or another...

I ask you this: am I talking about Nadya Suleman or the millions of homeowners who agreed to risky loans and are now being foreclosed on/have been foreclosed on? 

I find it very interesting that we are all up in arms about this woman but while neighbors, colleagues, acquaintances and friends were taking on responsibilities, loans and homes they could not afford, many looked the other way.  Until it all blew up and there was no way to continue to capitalize on the frenzy.

Before someone flames me: I know that the analogy is not quite parallel -- dollars lost and children's lives and quality of life are not weighted the same.  But I do find it worth pondering.

Wouldn't it have been interesting if 3 years ago we had put a face on some homeowners who had put no money down on a $500,000 home, agreed to gamble on a balloon loan that would lead to unmanageable payments if the property didn't appreciate, all while having little to no income and not being able to afford the home in the first place?  Would folks have listened?  Or were they too busy cashing checks and living the "big life."

What do you think?  I'd be curious to hear.

Thankfully here in Central Texas it appears that we're only having quadruplets, but I know many other parts of the country are experiencing dectuplets or more.  Interesting times, indeed.

 

Central Texas Crime Data and Statistics

Download CrimeStatistics

I just received the attached PDF that provides resources for folks curious about crime in their area -- or in an area they're considering purchasing a home.  Thought you would appreciate having access -- pretty nifty tools.. 

American Recovery and Reinvestment Act

For those who have been living under a rock, thought I'd pass this along.  ; )

From the most recent Texas Realtors e-newsletter: The American Recovery and Reinvestment Act contains important housing provisions, which were lobbied for by the leadership of the Texas Association of REALTORS® during a recent visit to Washington, D.C. Some of these provisions include:

• Homebuyer tax credit: The bill provides for an $8,000 tax credit for first-time homebuyers who purchase a principal residence between Jan. 1, 2009, and Dec. 1, 2009. The credit does not require repayment.
• FHA, Fannie Mae, and Freddie Mac loan limits: The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans.
• Neighborhood stabilization: The bill provides $2 billion in additional funding for the Neighborhood Stabilization Program, which provides grants to states and localities to address problems that can be created when whole neighborhoods are decimated by foreclosures.
• Commercial real estate: Commercial real estate is affected primarily through provisions of the bill focused on green building and energy efficiency as well as business tax incentives. HR 1 provides significant funds for state energy programs, which could be used to support commercial property owners' investment in energy-efficiency upgrades.

If you'd like more information about the bill, click here.

Online curb appeal

As we all know, curb appeal can make or break the sale of your home.  But with today's technology, it's more important than ever!  Why?  According to the National Association of Realtors, 84% of buyers will use the internet to find their next home - and the pictures they see will determine whether or not they will visit your home offline.  Not sure where to start?  Click the following link to read an article from this month's Realtor Magazine.

Download Staging for street 

Shady Hollow Beauty: 4/2; Gorgeous Kitchen; Corner Lot

If you are looking for a home in SWE and more specifically in Shady Hollow -- look no further.

This home has it all -- great use of space, beadboarded walls, designer paint.  And wait until you see this kitchen, STUNNING: glass tiles, Silestone counters, upgraded appliances - dual ovens, refurbished cabinets; The rest of the property is equally lovely: open plan with vaulted ceilings; fresh paint; plantation shutters throughout; Wood, berber and tile flooring. Extended brick patio for outdoor entertaining.  Garage has sealed and coated floors, PLUS built-in storage.  Mature trees, corner lot, this one is a gem.

Sellers are asking $237,568 -- a great price for this neighborhood and with the upgrades this home has.

If you would like more information or a showing, please contact Kiersty at klombar@kw.com or 512.930.8722.

 

USDA Eligibility; What you need to know

The loans available through the USDA have certainly received a lot of attention -- being that they provide a vehicle for buyers to still participate in a zero/little down program.  That being said, they are restrictive -- in that you can only purchase a home in a rural area as specified by the USDA.

If you are curious about a property's eligibility -- you can search at  http://eligibility.sc.egov.usda.gov. From the home page, click “Single Family Housing” under “Property Eligibility.” Enter the property address to get an instant determination or to view a map.

In Central Texas, there are quite a few areas that qualify -- particularly in Williamson County.  For instance, there are hundreds of properties that qualify in Leander and Hutto.  If you're interested in finding out if you can take advantage of this program or to qualify -- please feel free to contact me at klombar@kw.com or 512.439.3696.

Proposed $15,000 Tax Credit for Homebuyers

New stimulus package proposes tax credit for home buyers

Last week, the Senate verbally approved the Fix Housing First Act, an important amendment to their version of the Economic Stimulus Bill. The piece of legislation and the Stimulus Bill are still awaiting Senate and House negotiations, but could provide all home buyers of primary residences over the next year with a tax credit of $15,000 or 10 percent of the cost of the home, whichever is less. The credit will not need to be repaid unless the home is sold within two years of purchase. This Senate's version of the tax credit, if implemented, will replace, or “sunset” the current $7,500 credit.

Should the legislation become a law, it will act as a major incentive for home buyers and, coupled with several years of pricing corrections could boost the number of home sales around the country. Until then, get free information on the current $7,500 tax credit for first-time home buyers.

Fix Credit Report Errors

With the lending industry increasing underwriting requirements and the ability to qualify, it's more important than ever to have your credit report in tip-top shape.  Errors can be made on your report and those errors may hurt your chances of buying your dream home.  But there are many ways you can identify those errors and get them corrected before applying for your loan.  Patrick Ritchie, author of The Credit Road Map has some great tips in the attached article.   

Download Fix credit report errors

Choosing colors is elementary!

Do you walk into the paint department at your local hardware store and think "How can I choose the right color out of 500+ samples"?  I've found a great article in Realtor@ magazine that can serves as a helpful guide in choosing what colors to mix and match in your home.  Happy painting! 

Download Mix and match with color wheel

Austin Area Neighborhoods: Sales Stats

Every two weeks we provide sales data for Austin Area Neighborhoods.  This week, we are featuring the following neighborhoods: Springwoods, Pioneer Crossing, West Park Estates, Riverview, Jester Farms, Behren's Ranch.  This is data compiled over the last 60 days -- if you need more specific information about a property or within the neighborhood please drop me a line and we'll make it happen.