I can certainly wax as lyrically as the next TREC licensed real estate agent about the boons of a large university presence, the burgeoning ecomony and the major employers and the low costs of living here in Austin, TX. But it’s June and my lyrical wax is about to melt, and I thought I’d blow off some steam. Here are some reasons that some don’t move to Austin:

Austin is hot. Not just a little toasty. Resolve-breaking hot. If you look at average temperatures in Austin, the moderate sounding 84 degrees in July and August might not seem too bad. If you look at the average high for August though, it’s 96 degrees, and the sun is pretty fierce – we’re at the same latitude as Cairo. Really.

Good news for sun-lovers, solar-power lovers, and cold blooded animals who like complaining about the weather. Bad news for pale English people like me who scurry between air-conditioned spaces and large bodies of water. Luckily Austin is replete with lakes, pools, rivers and swimming holes, and large shade trees.

Property tax is relatively high. Of course the flip side of their being no state income tax in Texas is that the property tax is a little higher than in other states. For example, my property tax rate in 2009 was around 2.2% of appraised value.

The good thing about homes in Austin are that the prices are lower than in other large US cities. If the median house price in Greater Austin in 2009 was under $190,000 it was still only around $300,000 within the city limits (equating to around $6,600 in annual property taxes before exemptions)

Pollen Sometimes referred to as the self-proclaimed Live Music Capital of the World, there’s another long-winded phrase I sometimes use: The Fall Allergy Capital of the US. While I’m in whining and griping mode, I’ll spit out that I never suffered from allergies until I moved to Austin, and then after about three years I got snookered by them. All it took was a minor change in diet and a bit of education and I don’t even notice them any more.

Too many top ten lists. OK, I’m scraping the bottom of the top of the barrel here, but Austin does get a lot of “greenest city”, “best City to get a job”, “best city for meeting smart, attractive people who will gladly lend you ten dollars” and other accolades. If you don’t believe me, check out the Austin wikipedia page.

The glorious TedXAustin unveiled its 2011 theme last night – “Right Now”, with a mention of Austin’s crowning as City of the Next Decade. Which means that there’s going to be alot going on here, and alot of other people moving here too.

If you think you can handle the pollen, greatness, property tax and heat, then you could consider a move to Austin. Lots of people do – the population doubles every 20 years.

Garreth Wilcock is an ex-patriate Austin Realtor ®. You can search Austin homes for sale at his website, and get in touch to take the heat and pollen test to relocate here. Heck, if you’ve had enough of all the new people, heat and property tax, he can even sell your home so you can leave.

Comments rss

Leave a Reply

Austin loan officer John Schutze runs us through his weekly mortgage rate round up.

Mortgage rates keep inching higher as we end the week!

The same factors that lead to the large increase last week are still keeping the pressure on rates:

  • Rising oil prices and gas prices
  • Optimistic predictions about the end of the recession
  • Concerns over the U.S. total debt load
  • Fears of inflation


Given the factors above, investors desire a higher rate of return on their investment which is driving rates higher.

The Fed has spent around $600 billion of the 1.2 trillion allocated to purchase mortgages. They bought $25 billion last week but it wasn’t enough to push 30 year rates back below 5.0%. So the trend remains higher for now…”

John works at Bank of America and writes a blog about Austin mortgages.Garreth Wilcock is a Realtor ® in Austin, Texas. You can search Austin homes for sale at his website.

Comments rss

Leave a Reply

Here’s Austin loan officer John Schutze with his weekly update on the ups and downs of the mortgage market.

Mortgage rates leaped higher this week!

On Wednesday, mortgage rates rose more than .5% in one day! The cause was the result of a confluence of factors, including:

  • Rising oil prices and gas prices
  • Optimistic predictions about the end of the recession
  • Concerns over the U.S. total debt load
  • Fears of inflation


In addition, momentum trading played a role.

As markets worsened, selling begat more selling, amplifying Wall Street’s total losses.   As mortgage bond prices fell, mortgage rates went up.   By a lot.

Rates generally take a breather after a big movement like this week. So far that’s been the case as we end the week. The damage is done. It’s probably a good time for those “fence sitters” to get up and make a move!   “

Austin Mortgage RatesJohn works at Bank of America and writes an Austin mortgage blog.

Garreth Wilcock is a Realtor ® in Austin, Texas. You can search Austin homes for sale at his website.

Comments rss

Leave a Reply

Home loans in Austin Texas: here’s local lender John Schutze with his weekly update:

Mortgage rates edged slightly higher this week.

The Fed announced they were selling $162 billion worth of Treasury Bonds next week. This is drawing some investor attention away from Mortgage Bonds and caused rates to increase yesterday.

In other news, the Fed has purchased a total of $482 billion in mortgages out of the 1.25 Trillion they have allocated to spend this year. So they have $700 billion remaining to spend throughout the rest of the year. This should keep rates near current levels for the remainder of 2009! “

John is a loan officer with Bank of America and has an Austin mortgage blog which has plenty of interesting articles on factors impacting lending rates.

Garreth Wilcock is a Realtor ® in Austin, Texas. You can search Austin homes for sale at his website.

Comments rss

Leave a Reply

Mortgage rates: here’s John Schutze™s weekly update:

Mortgage rates edged lower this week!

The impetus for the rate rally this week may be a long-awaited stock market correction. After touching multi-year lows in mid-March, the Dow Jones added 30 percent going into last Friday. It has since lost close to 300 points and as those dollars leave the stock market, they’re finding their way toward bonds. The demand is pushing bond prices up which, in turn, causes rates to fall.

The rally in rates picked up steam on the heels of April’s Retail Sales report. With figures off a half-percent from March and roughly 7 percent from 2008, investors are concerned that consumer spending may not be as strong into the summer months as previously expected.

Consumer spending is important because it comprises two-thirds of the economy and is believed to be the way out of the current recession. If expectations of a recovery caused mortgage rates to rise recently, it makes sense that a revision of those expectations would cause rates to fall.

Markets are fickle, however, and the slightest bit of “good news” could pump cash back into stocks at the expense of bonds.

Until then, however, enjoy the low rates!”

John is a loan officer with Bank of America and has an Austin mortgage blog with more news on local lending rates.

Garreth Wilcock is a real estate agent in Austin, Tx. You can search Austin homes for sale at his website.

Comments rss

Leave a Reply

Zero down AustinThe Stimulus Package gave us the $8,000 tax credit for first-time homebuyers in February. It looks like now that buyers in Austin can use this tax credit for their downpayment. Is this the return of the zero-down home purchase in Austin?

Since February, home buyers have been able to claim a true tax credit of up to $8,000 when they purchase their first home (over $80,000 with income qualifications on the buyer). This credit could be applied for at the next tax filing.

For an FHA buyer looking at a $200,000 home, the minimum downpayment would be 3.5% or $7,000. Other out of pocket expenses for the buyer known as buyers’ closing costs can add another few percent to this.

So what’s changed with the tax credit? Department of Housing and Urban Development Secretary Shaun Donovan recently revealed that the FHA is going to permit its lenders to allow borrowers to use the $8,000 tax credit as the downpayment. Rather than wait for the $8,000 tax credit, buyers will get a short term loan which they can use as the downpayment.

So how would a buyer in Austin get a home for zero-down? On a home up to $228,500 in value, a buyer eligible for an $8,000 tax credit would be able to use the credit as the entire downpayment for the home.

A seller can also contribution up to 6% of the sales price towards the buyers’ closing costs, which can mean a first time homebuyer would have to bring zero cash to the closing table.

This is pretty significant for the first time homebuyers market in Austin which is already strong in areas like Mueller and Northwest Austin. The measures bring more ready willing and able buyers into the market, stimulating it even further.

Garreth Wilcock is a real estate agent in Austin, Tx. You can search Austin homes for sale at his website. Call or email for more information about buying a home with no downpayment and no closing costs.

Comments rss

Leave a Reply

Here’s John Schutze™s weekly mortgage rate update:

“Mortgage rates continued to increase this week.

The Fed’s “Stress Test” on the country’s largest banks showed that overall the banks are in good health. Some of the banks may need to raise some cash during the next couple of years assuming the economy continues to deteriorate significantly. But most of the banks have said they could raise the money if needed. The financial market’s took the news as positive in the end.

Mortgage rates are directly related to the price that mortgage bonds are selling for on Wall Street. What we’ve noticed this week is that mortgage bond prices have decreased which leads to higher rates.”
John is an Austin loan officer with Bank of America and has an Austin mortgage blog with more news on local lending rates.

Garreth Wilcock is a real estate agent in Austin, Tx. You can search Austin homes for sale at his website.

Comments rss

Leave a Reply

Looking for mortgage news in Austin? Here’s John Schutze™s mortgage rate update:

“Mortgage rates increased about .125% across the board this week.

The Fed left the Fed Funds target rate at 0-.25%, but commented that while the economy has still contracted over the past month, “the pace of contraction appears to be somewhat slower.” Another interpretation could be “the ship is still sinking but it appears to be sinking slower than before.”

These comments were enough to cause the stock market to close higher on Wednesday. In this market, any news that’s perceived to be good for the economy will likely cause the stock market to rise. When stocks are higher mortgage rates tend to trend higher as well which is what happened this week.

Some good news for rates was the Core Personal Consumption Expenditures Index which showed a year-over-year increase of 1.8% in March. The Fed likes to see this number remain under 2.0%. The PCE measures the price changes of consumer goods and services and readings under 2.0% indicates that inflation isn’t a primary concern at least in the short term.

Many economists are concerned about inflation ticking up during the next few years. Inflation concerns tend to cause rates to increase so it’s important to keep a watch on the PCE report.”
Check out John™s Austin mortgage blog for more news on local lending rates.

Garreth Wilcock is an EcoBroker in Austin, Texas. You can search Austin homes for sale at his website.

Comments rss

Leave a Reply

Here™s the scoop on mortgage rates for Austin. This is John Schutze™s mortgage rate update:

œMortgage rates didn’t change much this week.

The financial news from Wall Street was viewed as “more of the same” this week. But next week we have several events that might affect rates. The Fed meets on Wednesday to discuss policy and determine the future Fed Funds rate. The press release from this meeting is closely watched by the financial markets. Plus the Personal Consumption Expenditures index is released on Thursday. This measures the price changes of consumer goods and services and is the Fed’s favorite measure of inflation.

An interesting fact, the average gain for the S&P 500 Index during the first year after the lowest point of a bear market is 36.5%. The lowest point during the current bear market was on 3/9/09 at 677 points. In the following 6 weeks to date the S&P has gained 28.5%! 

John™s Austin mortgage blog has news on factors that impact lending rates.

Garreth Wilcock is an EcoBroker in Austin, Texas. You can search Austin homes for sale at his website.

Comments rss

Leave a Reply

Travis County has just released it’s updated property appraisal values, and the complaints are already being heard in the streets. In an attempt to avert an Austin Tea Party, here’s how to protest your property tax bill.

  1. Austin TaxKnow your appraised value. This is as simple as going to the Travis County Appraisal District website and searching for your home address. Or your neighbors address if you’re curious about their appraisal value.
  2. Find your actual value. The appraised value and market value are two totally separate numbers. Getting an estimate of your home’s value by asking an appraiser or Austin Realtor ® to provide comparable sales data will give you some reference data points.
  3. Register a protest against your tax appraisal value. You typically have until the end of May to file a protest (unless you haven’t received your appraisal by that point, in which case the deadline extends). You protest to the appraisal review board who will review your case based on the evidence you bring along to the hearing.

What many people who haven’t bought or sold a home in the last 4 months might not appreciate is that house values in their neighborhood may have gone up or down since they last assessed their own home’s value.

The tax assessment may be wildly different from the fair market value of your home (the price at which a buyer and seller would agree if neither were under duress), and you can save on your property tax bill if you quantify that and protest it.

Garreth Wilcock is a Realtor ® in Austin, Texas and regularly assesses the value of homes in Travis County.

Comments rss

Leave a Reply

1 | 2 | 3 | 4 | 5 | 6 | Next >