New Homestead Exemption Law in Effect September 7, 2011

A Texas state law that recently took effect that has changes the proof of residency requirements for homeowners applying for the property tax homestead exemption.

The new law requires applicants to provide a copy of their Texas driver’s license or state ID card and vehicle registration receipt. The documents must show the same address as the property for which the exemption is requested.

Applicants who do not own a vehicle must provide a copy of a utility bill with the correct address. They must also provide an affidavit stating he or she does not own a vehicle.

The new requirements also apply to applications for the over-65, disability, disabled, disabled veterans, homeowners surviving spouse and manufactured (mobile) home exemptions. They do not apply to homeowners who already have homestead exemptions.

Get your FREE Dropbox Account- Online File Sharing, Sync and Backup! August 24, 2011

If you don’t have a FREE Dropbox account get one now. I use it everyday in my business to save and share files. Follow this link get your free account and free storage. Always have your stuff when you need it with @Dropbox. 2GB account is free! http://db.tt/mD0Djo9

Just Listed! Updated 3 Bed Home – No Carpet! July 15, 2011

For anyone that says “find me a home with character! Enjoy central living under $200K. This established neighborhood boasts of large shade trees, well maintained homes and easy access to major roadways. It’s the kind of place where you can find your neighbors walking their dogs, playing with their kids and working on their yards. The location is convenient to major roads with several different routes to avoid traffic. The Crestview Station is located only 1.8 miles away.  Near by restaurants and shopping include Genuine Joe Coffee, Enchiladas Y Mas, a Mexican bakery, Trudy’s, Sun Harvest Grocery, Crestview Mini Mart, Super Walmart and Target- soon to include a grocery store! Are you a runner or biker? There are wide lane roads for running and bike lanes along Woodrow and Shoal Creek.

The carefully balanced, 3 bedroom has an open floor plan has no wasted space. With approximately $35K in updates, this home is tastefully remodeled with hand-scraped wood floors throughout and updated bath and kitchen. See a full list of updates below. The rare 2-car garage includes an additional 10×10 storage space! Big yard & patio! The tree-studded yard provides ample shade. Designed with drought-resistant landscaping, added in 2011, bright colored blooms pop in the spring and early summer and the evergreen trees maintain privacy in the fall in winter.

Tour this home now! 8403 Kromer

• New landscaping in back yard, 2011
• New outlets and light switches, 2011
• Paint Kitchen Cabinets, 2010
• New Wood floors, 2009
• New 14-SEER HVAC, 2009
• New Kitchen Hardware, 2009
• Cedar Fence with Steel Posts, 2009
• Stainless Steel Dishwasher, 2008
• Tiled Countertops/Backsplash, 2008
• Pass-thru Bar in Kitchen, 2008
• New Front Door, 2007
• New Gas Range, 2007
• 18” Tile in Laundry and Bath, 2007
• New Sliding Glass Door, 2007
• New Vanity, Toilet, Hardware in Bath, 2007
• New Ceiling Fans in living and beds, 2006
• New Recessed Lighting, 2006
• New Garage Door Opener, 2006
• Updated Gas Line at Furnace, 2006
• Blown-in Attic Insulation, 2006
• New lighting in Laundry, Hall, Bath, Bed, 2006
• New outside lighting (back yard), 2006
• New 2-inch Faux Wood Blinds, 2006
• New Interior Paint, 2006, 2010, 2011
• Upgraded Electrical Panel, 2006

“I do” Want a Home! July 8, 2011

Forget Macy’s and Crate & Barrel. Set up your bridal registry at the bank and use the funds for the FHA down payment on a home. This could be perfect for people getting married who already have their household items and really need help getting into a home.

FHA has had this little known program that allows cash gifts since 1996. Sellers, builders, real estate agents or anyone with a financial interest are restricted from making a gift contribution. It’s not difficult to set up and it’s available with any FHA lender.

1. Inform your mortgage professional early of your intention to obtain all or part of your down payment from gifts to the FHA homeowner bridal registry.
2. Open a savings account at your bank named “bridal registry account”
3. Friends and family are given account deposit information

Gift registries are commonplace and really benefit both the giver and recipient. Etiquette websites like Emily Post state that alternative registries are acceptable. Couples are now suggesting to friends and family that they want help with their honeymoon, education or furnishing a home.

Interestingly, this program is not limited to people intending to be married. It is available for other situations where gifts are typically received by individuals. Other occasions could include graduation from college or graduate school.

Buy Now or Wait……. May 25, 2011

Uncertainty as to whether prices will continue to fall has to be one of the most common causes of buyer procrastination.  Paying too much wouldn’t be a smart thing but price isn’t the only factor to consider.  Interest rates have as much effect on housing costs as price.

A small increase in mortgage interest rates can offset a significant drop in home prices.  If the price of the home were to come down by 5% but the interest rates were to go up by .5%, the payments might be close to the same.

In the example below, if the price of $175,000 home went down 5% but the interest rate went from 4.75% to 5.25%, the payments would actually be $4.98 more at the cheaper price.  If while the buyer was waiting for the home to decrease 5% and the interest rate increased by 1%, the payments would actually go up by $55.30.

Then, of course, there is always the possibility that the price of the home doesn’t go down but the rate does go up by 1%.  The payments would be $104.58 more per month, each and every month for as long as you have the mortgage on the home.

As a Residential Finance Consultant, I can provide solid information that will help you make better buying decisions.  A home is a place to feel safe and secure, to raise your family, share with your friends and an investment.  It’s an investment in your marriage, your family and your future.  You owe it to yourself to check out the real numbers in your market because every market is different.

Southern Living Model Home Built near Austin May 18, 2011

This just in! The Austin Business Journal published today that Southern Living Magazine will be building a model home in Horseshoe Bay just outside of Austin. The four bedroom home will provide home and garden decorating ideas. Tours are offered between July 4 and Oct. 2 from 11 a.m. to 5 p.m. on Wednesdays through Saturdays, and on Sundays from 1 p.m. to 5 p.m. Admission is $10, with a portion benefiting Scott and White Healthcare.

Read more: Southern Living magazine building model house in Horseshoe Bay near Austin | Austin Business Journal

Million Dollar Homes May 17, 2011

Recently CNBC.com posted a sample of $1M homes across America. Over the years, I have shown homes priced in the million dollar range that I thought looked just like a $300,000 home with a better view and some $300,000 homes with bells and whistles of a million dollar home. So, besides the obvious location difference, what makes a home worth $1M? More bathrooms than bedrooms? Full gym or media room? Multiple fireplaces? A pool overlooking an amazing view?  Click here to view the homes across America.

Curious about what $1,000,000 will buy you in Austin? Check out the million dollar homes currently for sale: $1M Dollar Austin Homes

Happy Earth Day 2011! April 21, 2011

How will you spend Earth Day this year? Bike to work? Plant a tree? Start a garden? Here are a few ideas on how to celebrate!

Visit local eateries and shops – they will donate 5% back to the Texas Land Conservatory and other local environmental nonprofits

Picnic for the Planet 

Earth Day Concert at the Moody Theater

Earth Day Celebration at Austin Hostel

Save some money at home and beef up your energy efficiency with these easy tips by the City of Austin Texas Powerful Smart program.

• The Lone Star State sees sunshine 200 to 300 days a year. That’s why you need sun block for your house. Close your drapes, blinds or shutters on south- and west-facing windows to beat the heat this summer.

• Turn on the exhaust fans when using the bath or laundry. Your AC won’t have to work as hard or run as long to remove the added humidity. For added savings, only run the dryer late at night or early in the morning when outside temperatures are lower.

• Save on your gym fee this spring and summer. Forget the blower; sweep up those grass clippings to burn calories and save energy costs. Have kids? Turn off the TV and take them outside to play. That’s a good energy to burn.

• Are you cooling an empty house? If you’ve invested already in a programmable thermostat,it can’t help you save money unless you set it. Program your thermostat for 78 degrees when you are home and 85 degrees when you are not. Set it, forget it and save.

• The only energy you use to hang clothes out on the line to dry is yours. Use free solar power to line dry heavy items like jeans and towels, then toss them in the dryer for just a few minutes to soften them.

Mark your calendar! The Texas Energy Star Sales Tax Holiday is May 28-30 this year. Upgrade your inefficient appliances such as an old refrigerator (and the city of Austin will pay you an additional $50 to recycle it!), clothes or dish washer and air conditioners. See a full list and more details at the Energy Star website.

Real Estate Scam on Craigslist (and probably other sites) April 16, 2011

I had originally written this warning for other Realtors but feel it is important for all home owners, renters and buyers to understand the risk of working people on the internet that are “out of the country”, “unable to meet you in person”, etc. Not all postings are Craigslist and other similar sites are fraudulent, just make sure you know who you working with. If you feel that you have been scammed please report it immediately.

I had heard that the following scam was occurring and it just happened to one of the properties that I have listed.The basics:  A person posts a property on Craigslist (and possibly other sites) offering it much lower than the actual price.

Normally they will offer it for lease. The goal, as I understand it, is to collect first months rent and a security deposit from the renters. Obviously, the poster has no authority to lease the house they are offering so the renter just lost their money and still don’t have a place to live.

I emailed the address on the posting as if I was a renter looking for a house. The following email was returned to me:

Thanks for the interest in my House,my house is still available for rent and is located at (######, Austin TX 78750)  quite and safe I only need someone that can take good care of the house at my absence because right now am not around i  was transferred to United Kingdom in continuation to my missionary work. I got a divine call to

serve God and humanity here in United Kingdom,I work with St Mary’s Catholic Church. And am here with the house keys, i tried to look for a management before i left but i couldn’t get any in time, Am asking for first month rent ($800) and security deposit ($600) because money is not the problem but absolute perfect care of the house. If you know

that you have a good references you can email me back to secure the house so that i can forward you the Application Form.

General house description:

This home also has comes with a washer and dryer.

Listing Details

Status For Rent

Bedrooms 3

Baths 2

Rent $800

ZIP code 78750

Public Records

Street # #####

Street ####

City Austin

ZIP code ####

Beds 3

Baths 2

sqft 1,540

I can’t wait to hear from you

God Bless you

(I removed the address) Besides the bad spelling and grammar, they have created an email address using the owner’s name and used the pictures/description of the house I had on the real listing. I notified Craigslist and the Internet Fraud Crime Center immediately.

My suggestion: When I heard of this scam a few months ago I created a Google Alert for each of the properties I have listed. If anything out of the ordinary pops up online I know about it immediately. If I hadn’t had caught this someone could be living in my client’s home and being scammed out of money. When I heard of the scam the story I heard was about people believing they are in a lease, moving into a home and technically becoming squatters. The owner would then have to go thru an eviction process (at least in Texas) if they did not move out.

You can set up a Google Alert for anything -  your name, a topic you are interested in, etc. http://www.google.com/alerts

The internet has become such a fast, easy, inexpensive way to advertise our properties and reach as many buyers, renters, etc. possible. As Realtors, we need to be aware of how our listings are being advertised and notify the proper channels (Internet site of the posting, Internet Fraud Crime Center, your local Board, state real estate commission, etc.) if the listing is being advertised unlawfully and/or incorrectly.

Lower Assessment = Lower Taxes! April 6, 2011

Many homeowners are overlooking an opportunity to lower their property taxes by not challenging their tax assessment.  Property values have decreased in the past two to three years in many areas and the assessment may not reflect the current market value.

Deadlines are critical and if the challenge isn’t made in a timely fashion, the opportunity to lower the assessment can be lost for the year.  You’ll need to verify the deadlines for your area.

The process for the challenge is relatively simple and can be done by a homeowner or by professional representation.  In some cases, if there is an obvious mistake, the state employee may be able to correct it without a hearing.

Check the property assessment record for common mistakes that can include the number of bedrooms, baths, lot size and square footage of the improvements.  Documentation is required to verify the errors.  If you have an appraisal, such as when you purchased the home, it can serve as proof of the discrepancy.

In other cases, a hearing is required before a panel of citizens who will listen to testimony from the taxpayer and a representative of the assessor’s office.  Based on the documentation presented, the panel will make a ruling to lower the value, make no change or in some cases, raise the valuation.

Recently closed comparable houses are the most common proof presented in a hearing.  These houses should be similar in size, condition and location.  A knowledgeable real estate professional can filter the results generated in a MLS search to identify the most appropriate.

I’m prepared to supply you with comparable home data, filing deadlines and other pertinent information you need to make a challenge.  Lowering your assessment will result in lower property taxes and more money in your pocket!