Don’t procrastinate with your credit score

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The procrastinators for home buyer credit are starting to appear and for some, it is a rude awakening on how the world works now.  In order to qualify for an FHA loan, you need a minimum credit score of 620.  Sometimes, raising your credit score can be a simple fix – and sometimes it can’t.  Believe it or not, most of my clients don’t even know their credit score until they are ready to shop for a house.  If there is a problem with your credit – you really need to know before, shopping for a house.

I had one client last week who found her dream home and now can’t buy it because she won’t qualify for a loan.  Fortunately, she can raise her score by paying down some debt.  Her changes though, won’t be reflected for 30 days.  So, we really need to wait.  The house that she wanted is now under contract, because like I’ve said before, her dream house appeared in someone else’s dream.  I told her what I tell everyone.  When it’s meant to be – it will be.

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

Real Estate purchases from friends and family

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I had a call last week from a former client considering purchasing a house from a good friend. He just wanted me to advise him on the pros and cons of buying a house from someone you know. The best advice I could give him, was to pretend like he didn’t really know him.

When you are buying from or selling to someone you know, its best to keep the emotion out of it. I don’t care if it’s grandma’s house or your Dad’s. At the end of the day, a house is the biggest investment you are probably going to make. Even when I know someone’s in love with the house, I try to remind them that someday, we are going to have to sell it.

If we take the emotion out and look at the facts, including price and condition; it will be easier to assess if it’s a good investment and lifestyle choice for you. Try to remember, when you go to sell it. Nobody is really going to care that this was your dad’s house, or the best man’s at your wedding. They are going to be looking at it from the same eyes, as I described above, so it is prudent that you do the same.

Selling between Thanksgiving and Christmas, Disaster Movies and Central Park

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Sellers who have their homes on the market between Thanksgiving and Christmas typically need to move, which makes this a triple threat season to buy. Interest rates are low, for one.  In addition, sellers who need to move have their homes priced well.  Lastly, not only is there a first time home buyer credit, but now a second time buyer credit as well.

Hey, have you heard the world is supposed to end in 2012?  That gives us 2 years to go!  Here’s a list Austin is not on…of the worst places to live if you are in a disaster movie, click here.

Last week I went on a tour of a new subdivision being built in South Austin, called Central Park. Located off of Stassney Lane, this 42 unit subdivision offers 6 floor plans, of which one plan is a 1-story.  Base prices start at $188,999 and go to $236,999.  Here’s a peak

Tis the Season to Sell

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When I teach my Selling a Home class, I ask my students to explain to the difference between a ‘house’ and a ‘home’.  Most of them don’t consider the difference in those terms before I ask the question, but once posed, I start seeing light bulbs going on, and the tone becomes set to teach the class.

Sometimes, its easier for people to list a home during the holiday season.  People tend to shy away from it because they don’t want to move, but forget they are only marketing the house for sale.  Nobody said anything about moving.  There are lots of ways I can keep someone home for the holidays – not to mention, most buyers need a loan, which takes time.

People often find it easier is keeping their house cleaner in the holiday season.   This is a social time of year and with friends and family visiting, so you tend to keep up with the household choirs.  The house also tends to be naturally staged, from holiday decorations, to baking treats. Even the yard becomes low maintenance.

Those four walls generate the feeling of home this time of year, more than any other.  So, its not a bad time to market your property, after all it’s a home people are looking for, not a house.

Markets are Local

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I had 5 people come to my open house on Sunday, which is 5 more than most of my colleagues.  Most were surprised since the house I was holding open listed for $649,000,  in comparison, their properties were priced much less.  As I have noted in the past, markets are local.  

Within the ‘market’ I was in, my home was the exception – not the rule.  

In another area of Austin, that same house may be perceived as expensive, but in Rollingwood and Westlake Hills combined, I was in the 4th lowest priced house out of a total of 16 available for purchase.  In fact, my house, was one of only 8 homes listed for under a million dollars.  

So, for my market, this house was a bit of a head turner because of the price, which led to my open house traffic on a rainy, cold afternoon.

Little Things Mean A Lot

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How are you? Maybe a little tired? Tis the season isn’t it? For most, the holiday season adds an extra page to our to-do list. It’s amazing how much we can get done this time of year. It makes me wonder how much I could do all year, with that little extra effort.

I went on a listing appointment this week, where all I needed to do was point out the little things that needed to be done. Replacing burnt light bulbs, lampshades, throw rugs, drawer pulls and handles can give a house a mini face lift.  That little extra effort can help to make a great first impression to a buyer. When you do have some free time, here are a few things you light want to add to your list of things to do:

Zilker Tree Holiday Festival

Ballet Austin: The Nutcracker at the Long Center

Ice Skating at Whole Foods

Safety First – for Buyers

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As the year comes to a close, I thought I would take a minute to point out some safety tips for Buyers:

#1 – When you are going to an open house, act as you would if you were going to a store – lock your car door, even if you plan to be in the house for a minute

#2 – If you are looking at a house do not go into a backyard without your agent present.  Without you agent – this is called trespassing.  Additional concerns are letting an animal out that may be confined to a backyard, or getting bit by one.

#3 – If you are at a house and you find the front door to be unlocked.  Do not enter – wait for your agent.  Again, this is trespassing, not to mention, there may be safety concerns your agent is away of, which you may not be.

#4- If you are looking at homes that may need remodeling, where the condition is questionable – leave your high heels home.  Many times, there is nothing more than sub-flooring in these houses, and getting your $400 pumps caught in the floorboards is no fun.We all like to think the world is a safe place.  The truth is it can be a safer place if we all just take some precautions.