Austin Real Estate Daily

“incentive (in⋅cen⋅tive) any factor (financial or non-financial) that enables or motivates a particular course of action, or counts as a reason for preferring one choice to the alternatives”

Our world is founded and based upon incentives either to do something or not to do something.  Today’s real estate market is driven by incentives, organic and non-organic—financial and social.  In fact, incentives play a pivotal role in our lives and either drive demand or result in a lack of demand in the world of real estate.

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The Pending home sales index was released this week and the decline was far below the consensus….pending homes sales dropped 16% from the previous month…that is a big number.

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Dead Cat Story

Now, ask yourself these questions:  How did real estate agents look up properties in the MLS?  How did they know a house was for sale?  How did they know which house was for sale or a bank foreclosure?  How did they know if the house had 3 or 4 bedrooms?  The answer to all these questions could be found in an invaluable source real estate agents called “the book.”  Yes, the Austin MLS published a book once each month that contained all the listings.  So, if real estate agents wanted a virtual tour, they had to drive to the property to take an actual, visual tour themselves, take notes with pen and paper, and then run to the nearest payphone to call their clients to let them know they had found a house for them to preview.  Talk about putting some miles on your car!

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30 Year Fixed Rate mortgage

30 Year Fixed Rates

The last 12 months have not only been interesting but they have been expensive for the American Taxpayer.  Over the last 12 months the Fed has spent over one trillion dollars (yes I said trillion) on Mortgage Backed Securities (MBS) and will continue to do so until the end of the first quarter 2010. By creating demand for these securities they have effectively driven their yields down and with that comes VERY low interest rates. Thats the good news …now for the not so good news.

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How to make money not lose money when flipping real estate

I want to get into real estate and flip houses! That statement or the question that follows (How do I do that) is said over and over again to me on a weekly basis.  There are a few Flippers out there who do very well flipping homes, the truth be told most are floppers.  I am going to talk about some of the basic real estate principles that should help guide you when making discions in buying real estate. Remember a small mistake is a BIG mistake when real estate is involved; real estate typically deals with 100’s of thousands of dollars.

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We are proud to announce that “The Real Estate Zone” has moved to 590 KLBJ am and FM at 99.7 590’s simulcast…Sunday’s from 11- noon

As always your hosts John McClellan and Kevin Bown will give their insight to Central Texas Real Estate….

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***UPDATE*** Thursday 3pm****The House has passed the bill ***Now it goes to the president***

The Senate unanimously passed a bill extending the $8,000 first-time homebuyer tax credit by a vote of 98-0, making it applicable to contracts entered into by April 30, 2010, and closing by June 30, 2010. In addition, the bill includes a new $6,500 tax credit applicable to homebuyers who have previously owned a home, subject to income limits and purchase price limits.

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A Mortgage Wrap is an alternative Seller financing tool which allows a Buyer/Borrower to purchase a property without the existing mortgage being paid off. Rates, terms and down payment are agreed upon by the Buyer and Seller through negotiations. A real estate attorney drafts the promissory note, deed of trust, warranty deed and associated documents.

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Below is a graph outlining the month to month change in existing home sales locally.  Looks like we are rebounding – however this may be a false reading due to the first time home buyer incentives being offered.   [...]