Tag Archives: Buying a home

Looking to purchase a home in Austin? Doreen Zelma is a real estate professional ready to help, whether you are a first time home buyer or seasoned second time or move up buyer.

Holiday Wish List

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holiday pic As we say goodbye to November, the holiday season is officially upon us, though honestly it feels like it started right after Halloween this year. ‘Tis the season to make lists and there are lots of them. A list to tell you what needs to be done after work, on the weekend and even at lunch. On top of that, we manage a calendar this time of year probably more than any other, which could contain a list was well reminding us where we need to be and when.

Wish list when searching for homes

Some items on our list are mandatory, while others are considered luxury items. Certainly they would be nice to have, but you will certainly find a way to survive without them. When buying a home, your wish list is no different. Like any list, your must-have features need to be at the top. Add too many items and you are either custom building or not buying anything. In the beginning, I suggest my clients start with items like location, price, size range and number of bedrooms. From there, we look at the inventory and modify. Maybe excluding an item like a pool, for example, if that is a deal breaker. It is better to just add a few items and see how many homes meet the existing criteria before adding more.

Homes for Sale in Austin

The Austin Real Estate Market inventory is very low. The goal is to find enough properties to have choices. After consulting with a client, if I can find 15 or more properties that meet the must-have list, then I know we are in the realm of matching expectations and goals. If the search is only pulling 5 houses, it may be because the search location is small or it is not a common floor plan in that area and price point. Like any list, the smaller your must-have criteria list is – the greater your chance of getting through it will be.

Changes in Closing Timeline

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DollarsFall is here. Leaves and wardrobes are starting to change and closings are too. New rules from the Consumer Financial Protection Bureau, going into effect October 3rd, will change your closing timeline. These changes are happening on the federal level, not just in Texas.

Know Before You Owe

Two forms, the Truth in Lending Disclosure and the Good Faith Estimate, that every current home owner is familiar with will be replaced. The Loan Estimate will replace the Good Faith Estimate and initial Truth in Lending disclosure and must be given within 3 days after receipt of the loan application.

The Closing Disclosure replaces the HUD-1 and final Truth in Lending Disclosure and must be given to home buyers 3 business days before the closing. For example, if the closing is on a Friday, the borrower will need to have the Closing disclosure by Tuesday.

A business day is considered every calendar day except Sundays and 10 specific public holidays. With a few exceptions, changes can be made to the Closing Disclosure without triggering another 3-day mandatory timeline prior to closing.

New rules do not apply if a loan application is submitted prior to October 3rd.

Closing Timeline now 45 days

Lenders and title companies cannot implement the new forms into their business practices until they are mandatory on October 3rd. Like any change, the beginning may be a little bumpy when the new deadlines take affect. In order to keep closings on track and avoid delays, it has been encouraged that buyers and sellers allow for a 45 day closing timeline. Contracts will be written with closing dates 45 days out instead of the standard 30 days we are accustomed to in Texas. Remember, closings are set to happen on or before to date in the contract, so if everyone is in compliance with the mandatory timelines we may be able to move the date up and close sooner. For now though, after October 3rd, closing timelines will be 45 days with few exceptions.  The changes are directed toward the lender and mortgage timeline.  Cash buyers would be an exception along with a few other specific loan programs.

Navigating Austin

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traffic jamI used to commute 42 miles in 40 minutes to the office and back everyday. On a snow day, I could easily add an hour, maybe even two, in a really severe storm. While Austin weather is a little more stable then the North East the population here is not. I still hear we have a net gain of 100+ people moving here a month. In addition, it’s always Sunday fun day in Austin with regular events bringing in visitors from all over the world for festivals, Circuit of the Americas (COTA), concerts and marathons. It is never a dull moment here. Construction projects are around every corner as well, lending to road closures, delays and detours.

Moving to Austin

Whether a buyer is moving to Austin, or simply moving to another area of Austin, I always encourage taking the time to do a ‘test drive’ during the week.

Weekday Traffic

Looking at homes on weekends is great, everyone is relaxed and we can see more homes in a short amount of time, because there are less cars on the road. Weekend tours can easily give a false impression of what a weekday commute with Austin traffic might look like. After all, drive times on Mopac and I-35 at 5pm on a Saturday when you are rolling, will be far different then when you are idling during the week.

Commuting in Austin

Now if it’s just impractical to take a day off of work to ‘test drive’ the morning and evening commute, at least leave work one day and head to your future living destination. If you don’t live in Austin, plan on spending a weekday here and do a mock commute. Taking the time to do your homework upfront, will amount to hours spent where you want them; not waiting to get where you’re going.

Virtual Driving

For tech-savvy consumers, many smart phones have apps like Google Maps and on-board GPS devices can also be helpful. No matter what technology you use, current traffic conditions are taken into account when the program is calculating the estimated travel time. You can often see where traffic is on the device and sometimes even why. Plugging the address into these devices when you would normally be doing the drive will help you estimate commuting times as well.

The Reality of Remodeling

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remodel HGTV is powerful. I cannot even begin to tell you how many homeowners I speak to who got an idea to attempt a do-it-yourself project as a result of watching a home makeover show. If you are chuckling on the inside, it may be because you are one of them. I use the word ‘attempt’, because while these shows inspire and educate, they also tend to make projects seem simpler than they are.

Reality TV Shows vs. Remodeling in the Real World

Remember, it’s an 10 hour project shown in 30 minutes. TV shows have the power to edit and often have a team completing the handiwork behind the scenes. It’s a reality show, just like any other.  I laugh on the inside and try not to show my angst on the outside when I go on a listing appointment with those who lost their drive on a remodel. The results range from unfinished faux painted walls, tile put in place that was never grouted and crown molding that doesn’t completely go around the ceiling. All of these unfinished projects are going to affect the sales price of your home.

It is easier to sell a dated home that is fully functioning and completed, than a home that seems to stop mid sentence. To a buyer, the project needs to be finished. I often have to change the perception of the seller, to see these things with buyers’ eyes, because after a while the seller doesn’t see the projects anymore. They have been living with them for so long; they just tend to blend into the background.

Do-it-yourself Projects

Many home supply stores offer classes on do-it-yourself projects. I often recommend someone take one before making a decision to start a project. We are all good at something, but certainly not good at everything. Have a reality check with yourself when you are watching those reality shows. Get a real education on what’s involved with a do-it-yourself project, before you begin one.

Real Estate in the Rain

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My client’s foundation was poured just before May’s rain days began

I think Mother Nature got a bit confused last month.  April showers are supposed to bring May flowers – not the other way around.  May, after all, is prom season, graduation season, wedding season and to many, the start of home buying season.  For many, May is simply the busy season which often requires a lot of planning and with all of this rain – re-planning. Lake Travis is now almost 70% full, which is good news, but as we well know it came at a cost to many with so much rain in so little time.

Home Shopping in the Rain

Looking for a house to buy in the rain creates opportunity for some buyers and disadvantage for others.  My advice varies based on the mindset of my client, the property description and what the must-have feature is.

Safety First

If I know that even in the rain, my buyer will right an offer – I advise that to go see it.  I am talking about light rain days like we experienced in early May, not the Memorial weekend storms.  In addition, if you are not familiar with an area, it is best to wait for a sunny day.  The threat of flooding in some areas is common even with very little rain, so if you don’t know an area well – it’s best to stay home.

Austin Real Estate Rain or Shine

On a typical rainy day, if my buyer is all about the kitchen and the yard is simply a place to let the dog out – we should go look at houses.  If we looking at an Austin condo – we should go see it as well. There are not very many outside features in a condominium you cannot see from a window, especially if it is located in downtown Austin.  If my buyer needs to see the condition of the exterior of the house or needs to walk the yard prior to making a decision – we should not go look.  The Austin market does not cater to looky-loos.  With so little inventory – the market is not waiting for good weather either.

Austin Weather

The weather can be very different when driving from North Austin to South Austin or vice versa.  Austin weather can also change very quickly.  There are weather apps you can download to watch the local radar on your phone.  Whether you look at houses in rain or shine, it is best to look when you are a ready, willing and able buyer.  If you are not willing to write an offer in the rain then wait.  The sun will be out tomorrow and if it is meant to be – the house will be waiting for you.

Stay safe, stay dry and donate to those in need.

It’s Always Spring In Austin

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photo by S. Nascimento

photo by
S. Nascimento

The notion that spring is the prime real estate season to buy and sell a home in Austin has not proven itself to be true in the last few years. There is so little inventory in the greater Austin area that fall buyers are becoming winter buyers, winter buyers are being pushed into the spring season and so-on. New buyers are entering the market all of the time and because existing buyers have not purchased a house yet, they don’t leave the market. In a balanced market buyers and sellers are flowing in and out of the market as inventory constantly turns over. The inventory of buyers right now, largely outweighs the inventory of homes.

Multiple Offers in Austin

When a house for sale receives multiple offers, there can only be one buyer. That buyer is not only relieved that the search is over, but truly feels like a winner. The rest of the buyers go back into the market pool and wait for the next home to try again. The lack of inventory has created an influx of buyers that stay in the market while new buyers are entering it. I get emailed lists of buyer needs daily from agents looking for homes for active buyers. They have seen everything available and are waiting for new choices.

Moving to Austin

There are some areas of Austin that will get an even bigger boost of buyers this spring and summer along with a little more inventory, because some buyers and sellers are driven to move based on the school year calendar.  Additional inventory would have to radically outweigh the number of buyers, which most likely will not happen. The seller’s market in Austin will continue to be a year round event until a change in economic conditions forces a shift.

Austin is a Global Market for Buyers

In real estate, we talk about the perfect marriage of price, condition and location to sell a home. When all 3 factors are in line with one another, buyers will come and a home will sell. Buyers are coming from all over the world to Austin because it offers the perfect marriage of price, condition and location for those who wish to call it home. When it comes to real estate, it is always spring in Austin.

Austin Garden Homes

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Cottages at Northwoods

Cottages at Northwoods at Avery Ranch

A client is in the process of building a garden home in Northwest Austin in the Cottages at Northwoods. Garden home communities in Austin are a very popular alternative to traditional condominium and suburban living. Whether referred to as a village, enclave or garden home in Austin, the look and expectation are the same. The community consists of +/- 40 single family detached homes that ooze with the charm of traditional architectural styles including bungalows, cottages, and even French quarter. These are master planned communities all the way down to the landscaping and fencing choices.

Single family houses in a condominium regime

Garden home communities typically have one main entrance and are often designed with a circular drive with lot sizes typically much smaller than average (about an 1/8 of an acre). These communities are typically developed as a condominium regime and therefore have a mandatory Home Owners Association (HOA). A condominium regime is not platted out with individual lots that have metes and bounds with individual surveys. Like with a traditional condo, you have a percentage of ownership interest in the land and may even have shared utility lines like water.

Austin Garden Home Communities

Not all garden homes are in a condominium regime, but managed by an HOA like the Village at Kinney Court in South Central Austin. Depending on how the community is designed will determine what elements are ‘common’ and therefore managed by the HOA, who will ultimately set the fees.

At the end of the day, the structure and operation of these communities does not detract from their  appeal. The attraction lies in the location, which is often not far from an urban setting, little or no lawn maintenance, a cozy community feeling and the grace of yesteryear.