South Austin Texas Real Estate blog: February 2008

The Onion Creek City of Austin- FEMA buyout is coming to an end.  $6 million dollars had been funded to buyout homes in the Yarrabee Bend area of South Austin.  Home owners were offered fair market appraisal cost and given a specific time to accept or decline the offer.  Most of the homeowners did accept the offer and have relocated to other parts of Austin.

The second phase of the Onion Creek - Yarrabee Bend area buyout will be taken over by the US ARMY CORP OF ENGINEERS in June 2008 and will begin in October 2008 and expect to end June 2013.  As of today I don't have further information for homeowners but I think it will follow the City of Austin - FEMA guidelines.  As soon as I have definite information I will post a blog to let folks know details.

Some informational letters have gone out this month to announce the upcoming project.  Please stay tuned for more information.

Feel free to call me with any questions, cares or concerns and for help in relocation to your new home, I have experience in the project of the buyout and will be glad to help you.  Remember the buyer does not pay my fee, I will act honestly, fairly and confidentially with you.   Gail Tassey, Realtor, Keller Williams Realty  South Austin Texas,  512-217-9482, email  gailnttexas@gmail.com

Today I got to breathe a huge sigh of relief..  My buyers loan passed the underwriter.  Last friday afternoon the loan officer called me to say.. "The underwriter has denied your buyers appraisal".  I said SAY WHAT?  the appraiser was picked by your bank.. the loan officer said, well he used comparables that were older than 90 days.  I said..  HUH?  Whats wrong with the Industry Standard comparable time frame of 6 months.   The mortgage officer said.. well , times are different now and the underwriters are requesting more recent comps.

Now I'm just thunderstruck, I stewed over this all weekend, what to do, what to do?  I wanted to bail on this lender, the buyer was willing to ride it out and see what happened next.  Monday another conversation with the mortgage officer, if the underwriter doesn't approve the loan by tomorrow the bank will try to shop the loan elsewhere.  Wait, Wait, wait.. Tuesday afternoon late, the underwriter approves the loan because the seller sent in copies of his contractor bills of all the renovations he had done.  (which the appraiser had written in his report).

Today, Wednesday I had occasion to ask another lender in conversation about this new 90 day comparables "rule", not only did he think it was unheard of he said its nearly impossible in this time of year in a small neighborhood.  Then I asked a seasoned mega agent who does over $20million a year in production, what say you about this? She had never heard of 90 day comps, especially with those months being JAN, DEC and NOV. 

My question AR'ers is..  are you being asked for comparables within a 90 day time frame?  Oh, the house had appraised over the negotiated sales contract price.

Market Activity Report in South Austin Texas for the month of Jan 2007 and Jan 2008

We have some cool areas in South Austin that are heavy residential areas, 10N, 10S, and SWW being the most popular in what keeps Austin weird.  The areas are family oriented from all types and walks of life.  Artist community is heavy in area 10N and multi cultural influences 10S while SWW is has a heavy influence of tech and professional families.  Lots of parks and local flavor in all these areas.

Here are a few stats for those folks who like to compare data .. This data reflects on the areas of 10n, 10s, and SWW, and only the months of January.. for 2007 and January 2008, its a micro slice of our real estate market.

AREA   # New Listings    # Pend Sales       Avg LP        #sold                Avg Sold Price    Avg DOM     YEAR

10N       41                        28                     $$unk$$                      21                   $177,384          60               2007

10N       47                        37                     $222,055                     22                    $243,967         42               2008

10S       81                        58                      $167,840                    46                    $156,575         34               2007

10S       61                        71                     $181,707                     37                    $170,684          37              2008

SWW     57                       56                     $280,513                     41                    $288,721          45              2007

SWW     52                       56                     $318,629                     40                    $312,629           54              2008

Data from the Austin Board of Realtors records. report generated 2/27/2008  3:25PM

So while we see the DOM (days on Market) look greater in 2008 than 2007 the prices are not falling, the market is not oversaturated with number of new listings and the pending sales are holding strong.

It is a goodtime to buy in Austin Texas, if you would like an excellent buyers agent, call me.. Gail Tassey 512-217-9482 or email    gailnttexas@gmail.com  I work with Keller Williams Realty in South Austin Texas.

When do you consider TIME IS OF THE ESSENCE?  in a real estate transaction I think its when the buyer gets into my car.  This morning I read a blog that said it loud and clearly.   I feel sorry for the sellers!!!   

When a buyer gets in my car, they are prequalified, have a time line and have signed a buyers rep with me, so they are ready to buy a house.  Some times its not today, or tomorrow, I know they are going to buy..  I have learned that if I dont fulfill that dream, want, need of theirs they will either ...  lose the dream, change their mind, focus on something else in their life, or find another agent.  So I work as if Time is of the essence for me to find them their dream, want, need new home.  I work diligently and communicate often with them.

When we find the new home, I call the listing agent and expect certain things, a response to my call would be the number 1 on my list, because Time is of the Essence, my buyers want, need, expect a response from me, I need you Mr/Mrs/Ms Listing Agent to respond, with the information, the sellers disclosure, the questions I left on your voicemail or sent in your email. 

We can all help each other tremendously by treating each call, email, fax as though it were the one that is bringing us our next contract.. where TiME IS OF THE ESSENSE.

If your seeking professional real estate help in Austin Texas please call me and I will return your call !! Gail Tassey 512-217-9482   gailnttexas@gmail.com  Keller Williams Realty SWMC

I have a sale pending. on the buyers side, its a lovely home that has been COMPLETELY renovated, first class upgrades throughout.  Granite counters, stainless appliances, wood floors, new bathroom fixtures, new air conditioners, new 30yr roof, this is an outstanding redo.

Just under 2500 sq ft, on .48 acre, double decks, massive oak trees, sprinkler systems all around, side entry garage in a very very desirable South Austin neighborhood.  Originally built in 1974.  The appraisal came back at $2,000 over the negotiated sales price.  Yes, by an independent appraiser the bank choose.

So, its all good.. .right?  ALMOST... the underwriter in another city has decided we don't have enough current comparables.  We have the normal 3 within 6 months, 1.5miles radius.  Within 10yrs of building, 100 Sqft of build... etc..etc.   The underwriter in another city has deemed we NEED comparables within 90 days.. 90 days in the worse selling months of any year? 

Oh, I forgot to mention the buyers are A++ credit score, with 35% down payment.

I mention the underwriter in another city because as many of you have heard over and over from those of us here in Austin Texas, our market is not falling, it is not crashing or collapsing, according to many news sources, ie: the Wall Street Journal, Forbes Magazine, MSNBC News and Austin Business Journal our market is among one of the strongest in the nation.

The mortgage officer has offered us options, perhaps we can put more money down? Perhaps we can get a second independent appraisal, oh yes the buyers would pay for that one too. 

Now, tomorrow I will know more, this bombshell was dropped on us after 4:00PM last Friday.  Monday, we are speaking to the bank manager.  So you all in mortgages, please explain to me what and why this has happened to us? I know the market is a scarey place for some .. and I do NOT want my buyers to be over paying for anything, but this is a good deal... I hate to see my buyers lose this house because of market conditions in other places.

So, I think any suggestions would be appreciated.  Any keywords I should use tomorrow? and pertinent  facts I need to have onhand?

Are they kidding?  Some times I wonder where an agent has placed his or her common sense.   Recently while searching for a particular type of home in a local neighborhood I saw this remark in the instruction area..  WHITE DOG INSIDE HOUSE MAY BITE, BE CAREFUL   ..  I didn't know whether to laugh at the ridiculousness of it all or send a note to the agent cautioning him about liability.   I mean is this for REAL? 

 Unfortunately it was... why oh why would an agent open himself to that liabilitiy .. much less a homeowner? .. or a prospective buyer to the danger of it all.  This has to be a case of ARE YOU KIDDING ME or WHAT as my 12 year old grandson would say.

I hereby promise to all my buyers and prospective buyers that I will NEVER NEVER take you into a home that says.. DOG INSIDE MAY BITE.  

So, if you want to view safe homes do call me .. I would love to help you with all of your real estate needs here in AUSTIN Texas.   Gail Tassey, 512-217-9482... A safe and sane Realtor at Keller Williams Realty, Austin Texas.  gailnttexas@gmail.com

fIRST OFF.. this IS a true story... I know, I'm at a loss for words here.. or maybe I'm behind the learning curve on pricing?

In our MLS system we use MLXChange, and with that program we can send a client automated emails of whats new on the market or price changed since their last visit.  So we select a criteria, such as area, sq ft, price, bedrooms, baths and a multitude of other stuff right down to type of fencing.  The narrower your search is the less results one gets. 

So here is the interesting thing that I have seen lately, In order to keep a house coming up on the search criteria daily an agent is reducing the listing price.. DAILY.    I have watched this listing be renewed on a search criteria for the past 20 day .. at $5. a day.. a whopping $100 reduction.

I'm of two minds about this stragety .. its annoying!   or is it smart  marketing?  If my potential client didn't see the home the first time it came thru this constant price changing would allow the client to see the home on the list tomorrow.,.. and the next day and the next day and the next day... ANNOYING.

So now the question is.. how much lower is the seller prepared to go?   Just an interesting happening at this time but what if every agent who had a listing took up this new pricing stragety? 

Shady Hollow is a little tucked away part of South Austin Texas, its known for  large lots and an abundance of huge spreading oak trees..  If you haven't ever visited Shady Hollow you owe it to yourself to take a short drive out there and see a really splendid neighborhood.   It's often considered a treasure of quiet countrylike living right near the heart of Austin Texas.

11410 Saddle Mountain Trail is a prime example of the large oaks, on .62 of an acre, the home is 2,027sq ft, with 3 bedrooms, 2 full bath, new paint and carpet, an open kitchen lots of windows, vaulted ceilings and a big fireplace, with a screened in porch. 

Stop by this Saturday  Feb 09, from 1-4 and take in this great find,  or call me for details,  Gail Tassey 512-217-9482  email  gailnttexas@gmail.com      Gail Tassey  Keller Williams Realty   Austin Texas

listing provided by  David Raez Team , Keller Williams Realty,  Austin Texas