Homebuying Tips – Top 3 Things to Know about a Neighborhood

Before you set out on the long-awaited and highly anticipated search for a new home , it will be important for you to review the neighborhoods you’re interested in.  As you’re scouring the internet, it’s amazing how nice the homes look, right?….the spaces are large, the interior pristine and the neighborhood…wait, there’s no information about the location?!  Ta-dah, here is your next move!  Take some time to review an Austin neighborhood guide and our top 3 tips:

1.  In relation to my ”work, the store, schools, park, places to eat, the gym” (whichever ones are important to you), how long is the commute and can I deal with that number?  As most of you know, the traffic congestion in this city is horrible which, of course, is a tradeoff for the wonderful lifestyle you can pursue.  Whichever area you are considering, drive it during rush hour and see how you feel.

2.  Everyone has the desire to live in an area that appreciates their lifestyle – so, if you desire downtown condo living or a master planned community for famillies, what does that entail?  Do your research.  If you’re wanting to be within walking distance of many common conveniences, keep in mind how that affects your housing options…you’ll probably be looking at condos versus 3,000 sq/ft homes.  The expertise of a realtor can be extremely valuable throughout this part of the process.

3.  Go by the area at different times of the day/week to see how the neighborhoods changes.  A sunny afternoon on Sunday could look and feel totally different from a dark evening on a Thursday.  Is there lots of traffic?  Do the neighbors have any privacy or is everyone congregating in the street?  Is it loud or extremely quiet?

Keep in mind this is a great way to get started and our team is more than happy to provide you with a more comprehensive list – just email info@oldhamrealestate.com.  Happy House Hunting!

A Condo for any lifestyle!

Homebuyer’s New Year Resolutions

1. Save for a down payment. 

Although 20% down  would be ideal so you can forgo the pressures of having to have insurance for your mortgage - it’s not required.  In fact, an FHA mortgage only requires 3.5% and you can gain some good equity with this minimal amount.

2. Ensure my credit score is as good as possible before applying for a mortgage. 

It won’t matter where you go, your credit will be checked.  To get started, order a free credit report to get an idea of where your credit stands.  Whatever your score, a mortgage lender will be able to give you the best advice and guidance on obtaining the lowest interest rates. 

3. Find a reputable professional to help me throughout the process.

Many homebuyers try to navigate this process alone which can be extremely stressful and lead to many unforeseen problems.  By finding the right agent, you’ll have someone who will represent your best interests in every way.  Moreover, the buyer representation service is at NO CHARGE to the buyer and is customarily a fee paid for by the seller.

4. Take a homeowner’s course that will prepare me for the responsibilities that come with a mortgage and a new home.

There are many courses conducted by the state; however, The Oldham Group offers a free homebuyers’ session for all its clients every 3rd Thursday of each month.  You can easily email our team for more information by contacting info@oldhamrealestate.com.

Homebuyer's New Year Resolutions

1. Save for a down payment. 

Although 20% down  would be ideal so you can forgo the pressures of having to have insurance for your mortgage - it’s not required.  In fact, an FHA mortgage only requires 3.5% and you can gain some good equity with this minimal amount.

2. Ensure my credit score is as good as possible before applying for a mortgage. 

It won’t matter where you go, your credit will be checked.  To get started, order a free credit report to get an idea of where your credit stands.  Whatever your score, a mortgage lender will be able to give you the best advice and guidance on obtaining the lowest interest rates. 

3. Find a reputable professional to help me throughout the process.

Many homebuyers try to navigate this process alone which can be extremely stressful and lead to many unforeseen problems.  By finding the right agent, you’ll have someone who will represent your best interests in every way.  Moreover, the buyer representation service is at NO CHARGE to the buyer and is customarily a fee paid for by the seller.

4. Take a homeowner’s course that will prepare me for the responsibilities that come with a mortgage and a new home.

There are many courses conducted by the state; however, The Oldham Group offers a free homebuyers’ session for all its clients every 3rd Thursday of each month.  You can easily email our team for more information by contacting info@oldhamrealestate.com.

Despite Public Speculation, DT Condos Selling Fast

Although resales have declined through September, the condo market is moving fast and furious.  According to Travis County data, there were at least 30 closings on downtown condos for October and at least 21 of them were at the 3 latest downtown condo buildings:  Four Seasons Residences, Spring Condominium and The Austonian.

These numbers come out better than most local economists had projected.  In fact, ”real estate experts have been waiting to see more transparent data on the newer condo buildings to see whether higher-priced condos could sell at a time when people are facing challenges obtaining financing or are holding back on buying,” as reported by the ABJ.

“Courtney Oldham of The Oldham Group-Keller Williams Realty has marketed and shown condos at Barton Place near Zilker Park.  She said the limited supply is a selling point because the market wasn’t overbuilt,” according to the ABJ’s latest article on condo sales. 

“I don’t think that anyone has a crystal ball on when the market will start to increase again, but we are poised to come out a lot faster because there’s just not a lot of supply,” Oldham said. 

To read the full article, go to http://bizjournals.com/austin/print-edition/2010/11/12/verdicts-in-those-condos-did-work.html.  Story written by:  Francisco Vara-Orta.

We are especially proud to post this latest article featuring a quote from our fearless leader, Courtney Oldham. 

140 Characters to Success

The Statesman recently featured an Austin couple that submitted an offer and consequently, owned a home without ever taking a single step into it!  It all started with one  Tweet.  After looking for over a year and losing several homes due to multiple offers, the Bowmans had nearly given up.  Then one day, Chad Bowman received a message (less than 140 characters) that would change everything. 

More and more agents are utilizing outlets such as Facebook, Twitter, WordPress and Linkedin to push business into the hands of consumers.  Buyers are finding a variety options more quickly and with greater efficiency than ever before. 

There has been a transformation in the use and overall effectiveness of social media over the past 2 years.  Originally starting out as a way blast your friends and family with a personal agenda, it has now become the face of businesses around the world.  The Oldham Group strongly advocates the use of social media for promoting market updates, pocket listings, events, and other pertinent information.  

“Keep In The Know” by going to our website at www.oldhamrealestate.com to follow us on Twitter @ATXHomesForSale or join our Facebook group:  http://groups.to/oldhamrealestate/.

Consider This – Add Value to Your Money

This year, more than ever, a greater number of people are having to make the difficult decision of whether to buy or rent as reported by MSN.com.  So, what should you consider?  Which one makes the most financial sense for the short-term? Long-term?  Can I even swing the costs of a down payment? If so, how long does it take to save? Is renting costing me money or saving me money right now?

We can answer a few of these questions by listing some pros & cons for each option.

Advantages of Buying:

• Property builds equity
• Sense of stability, community and security
• Not dependent on landlord

Considerations of Buying:

• Responsible for property taxes
• Responsible for maintenance
• Less mobility

Advantages of Renting:

• Little or no maintenance
• Easier to move

Considerations for Renting:

• No tax benefits
• No equity built up
• No control over rent increases (Please look at our blog about Apartment Rents in Austin)
• possibility of eviction

More than likely, you’ll find article after article outlining reasoning for each argument and that can be very frustrating and time consuming.  Let us help – we’re here to give you all the facts and then help you make the decision that works for you!  

Join us for our “Maximize Your Wealth” Home Buying Session on October 21st at 6:30pm at the Keller Williams office.  Admission is FREE and includes dinner - just email, info@oldhamrealestate.com with your name.

Mortgage Rates Fall to Record Low – 9/30

Yes, this is NEW news!  Over the past year, we have seen interest rates really drop, but as of last Thursday, we’ve seen the absolute lowest on record!  According to Freddie Mac’s weekly rate report, ”a 30-year fixed-rate mortgage fell to 4.32 percent in the week ending Sept. 30, down from 4.37 percent last week.”

““Confidence in the state of the economy fell among consumers and businesses, which led to a decline in long-term bond yields and brought many mortgage rates to record lows this week,” said Freddie Mac chief economist Frank Nothaft.”

In short, downward pressure on pricing coupled by low interest rates have created a more affordable market for the average consumer than ever before.  You can read more about this article by visiting the Austin Business Journal online.