Cain Realty Group Austin Real Estate BlogRecently posted or modified blog posts in the category - General Real Estate Informationhttps://www.cainrealtygroup.com/blog/Copyright CainRealtyGroup.com2021-09-21T07:55:08-07:00tag:cainrealtygroup.com,2012-09-20:8933Featured Neighborhood: Travis Country 78735<img src="https://assets.site-static.com/userfiles/412/image/Blog/2021_Blogs/Blog_Header_JPG.png" width="900" height="506" /><br />
Travis Country - “It’s not just a neighborhood or community, it’s a way of life”, an established neighborhood in Southwest Austin surrounded by lush greenery parks and greenbelts. It’s the first environmentally planned and most searched area in Austin because of its amenities and proximity to downtown. Homes in the community have brick exterior walls with 1 to 2 story floor plans and have an average build date of 1989. Interiors have an average of 2300 square feet with 3-5 bedrooms and 2-4 bathrooms. The floor plan has an eat-in kitchen, spacious living areas, high ceilings, refreshing swimming pools, covered patios, balconies, and decks for relaxing and entertaining. Homes also provide cozy fireplaces and expansive master suites. It’s prevalent to look for upgraded homes in the community with newer appliances, newly painted, and flooring while other homes are ready for remodeling.
Recreational amenities such as tennis courts, barbecue areas, Gaines Creek Park, Gaines Creek Greenbelt, and Barton Creek Greenbelt are perfect bonding places for families. Sunset Valley Village is less than 4 miles away for dining and shopping and offers residents a Nordstrom Rack Barnes and Noble, and The Home Depot, Barton Creek Square, is less than 5 miles away. Close to MoPac Expressway / TX-1 Loop and Highway 290, residents have quick access to most parts of Austin for work, school, and recreation. The Best quality schools for children, The Austin ISD, Oak Hill Elementary (PK-5), while older students attend O. Henry Middle (6-8) and Stephen F. Austin High School (9-12). The high school is the first public high school in Texas and is proud of its nationally known jazz band. Private school options include a 7-mile drive to St. Gabriel’s Catholic School (PK-8) and St. Michael’s Catholic Academy (9-12).
2021-07-20T07:47:00-07:002021-09-21T07:55:08-07:00Grace Diaztag:cainrealtygroup.com,2012-09-20:3655Texas Still No.1 destination for those moving within U.S<img src="https://assets.site-static.com/userfiles/412/image/uhaul.PNG" width="667" height="356" class="img_box_center" style="border: 1px solid black;" />
As Texas continues to reign as America's No. 1 growth state, 2017 proved to be a big year for those making the move to the Lone Star State.
According to U-Haul, year-over-year arrivals of one-way trucks in Texas rose 1% in the last year while departures grew 3% compared to 2016. Despite a larger year-over-year increase in departures, arriving trucks still accounted for 50.3 percent of all one-way U-Haul traffic in Texas, allowing it to maintain its status as the top net-gain state.
In order to conduct this annual study, U-Haul calculates the net gain of one-way U-Haul truck rentals entering a state versus leaving a state in a calendar year. Data is then compiled from more than 1.7 million one-way annual U-Haul truck rentals. While migration trends do not correlate directly to population or economic growth, U-Haul growth data is an effective gauge of how well states and cities are attracting and maintaining residents.
“We say that everything is bigger in Texas, and you’ve heard the slogan ‘Texas Strong’ during the (Hurricane Harvey) recovery. We’re not waiting for anyone to come with handouts. Everybody is helping everybody. We know that it happened and we know what we went through. But you wouldn’t be able to go through today and see that a hurricane hit. The recovery has been handled well. All throughout Texas growth is occurring, especially in the Houston Metro region. Daikin just relocated all of its corporate offices here. Amazon built a massive distribution center and is in process of building a second one right now. BP just finished a massive construction project, and plenty of other companies are moving here because the cost of living is relatively low compared to other metros. And the growth continues because of our airport – you can fly anywhere in world out of Houston, on any airline.” — Matt Merrill, U-Haul Company of West Houston president
U-Haul Growth State Rankins for 2017
Texas
Florida
Arkansas
South Carolina
Tennessee
Washington
North Carolina
Connecticut
Colorado
Vermont
Click here to view the <a href="http://myuhaulstory.com/2018/01/08/texas-u-haul-no-1-growth-state-2017/">entire list. </a>
2018-01-17T10:37:00-07:002018-01-17T10:59:48-07:00Grace Theriottag:cainrealtygroup.com,2012-09-20:23015 Myths Sellers Believe When Pricing Their Home<img src="https://assets.site-static.com/userfiles/412/image/myths.png" width="695" height="583" />
Many sellers believe myths about home pricing that in reality don't match the housing market. Last week<a href="https://www.realtor.com/advice/sell/home-pricing-myths/?iid=rdc_news_hp_carousel_theLatest"> Realtor.com</a> highlighted several of those common pricing myths, and here they are!
1. You won't always make money on the sale of a home: Home sellers shouldn't always assume they will receive profit from the sale of a home. The National Association of REALTORS reports that sellers return greatly depends on their location and how much they paid for the home when purchased prior.
2. A high home price will net you more in the end: When selling it may be tempting to set a higher price to see if you can actually get it, in the end, you may be costing yourself the best marketing time in exchange for the remote possibility that someone will overpay for your home. In the long run, bringing the price down when it doesn't sell for the listed price, will hurt when buyers assume something is wrong with the house since the dramatic price decrease.
3. Setting a low price initially means you won't make as much money: Pricing a home on the low can actually pay off. Low-priced homes tend to prompt greater interest among buyers, potentially resulting in a bidding war within a multiple offer situation. This could increase the home's price way past the original listing price.
4. Sellers can add renovation costs to the price: Just because you completed a renovation to enhance the home, does not mean you can recoup every dime put into the project. Sellers, on average, see a 64% return on every dollar they spend on home improvements, according to Realtor.com.
5. A past appraisal will help you pinpoint the right price: An appraisal assigns your home a value based on market conditions at a specific date, so it becomes inadequate very quickly. Most lenders won't accept appraisals that are more than 60 days old.
<a href="https://www.realtor.com/advice/sell/home-pricing-myths/?iid=rdc_news_hp_carousel_theLatest">Source</a>2017-09-11T07:13:00-07:002017-09-11T07:50:33-07:00Grace Theriottag:cainrealtygroup.com,2012-09-20:2244Amazon’s 'Alexa' Adds More Real Estate Skills<img src="https://assets.site-static.com/userfiles/412/image/Alexa.png" width="560" height="315" />
Integrating voice assistance to everyday technology is on the rise, and Amazon's 'Alexa' is no exception. Voice assistance has become increasingly popular in the real estate industry as it gives agents the ability access information with ease.
A recent consumer survey found that 72 percent of Americans with smart home products want voice control. <a href="http://voicelabs.co/2017/01/15/the-2017-voice-report/">Voice Labs estimates</a> there will be 24.5 million voice-activated devices shipped in 2017, which amounts to 33 million in circulation by the end of this year.
Coldwell Banker, the leader so far in digital voice assistance devices, released new information on the second skill for Alexa. In addition to utilizing Alexa to look at the brand's most exclusive listings via an audio recording, users can now command Alexa to open Gen Blue News to hear the latest Coldwell Banker news and access additional resources.
"Agents have a unique opportunity to embrace the new technologies and changes happening in the real estate industry. Coldwell Banker is taking advantage of and leveraging these new technologies to broadcast relevant industry insights that will give real estate professionals an edge in today's competitive market."
- Brad Inman, founder, and owner of Inman News
<a href="http://www.prnewswire.com/news-releases/coldwell-banker-releases-skill-for-amazon-alexa-to-share-weekly-news-with-real-estate-community-300497174.html">Source</a>
2017-08-04T07:25:00-07:002017-08-04T07:52:56-07:00Grace Theriottag:cainrealtygroup.com,2012-09-20:2211 The ‘Flintstone House’ has finally found a Buyer after Two Years on the MarketThe ‘Flintstone House’ was first put on the market in September 2015 for $4.2 million. The house was listed by San Francisco Realtor Just Meuschke of Alain Pinel Realtors. Located in Hillsborough California, an upscale suburb in the area, the home has been updated to a “sale pending” status. The property is in one of the wealthiest communities in America, right off of Highway 280. According to Trulia, the median sales price for homes in Hillsborough is about $4.37 million.
With a kitchen designed by architect Eugene Tsui, the house is enriched with lighted niches and appliance enclosures, glass countertops encased with diagonal metal spines, swinging wood cut out doors, drawers, and cabinets. The door was created by famed Burning Man artist, Dan Das Mann, and the living room was built with a sunk-in conversation pit with circular seating. The home overlooks the Crystal Springs Reservoir.
Check out some photos of the unique home courtesy of Alain Pinel Realtors:
<img src="https://assets.site-static.com/userfiles/412/file/MW-DT730_45_Ber_20150903161519_NS.jpg" width="550" height="413" style="border-width: 1px; border-style: solid; border-color: black; display: block; margin-left: auto; margin-right: auto;" />
<img src="https://assets.site-static.com/userfiles/412/file/MW-DT723_45_Ber_20150903161502_NS.jpg" width="550" height="367" style="border: 1px solid black; display: block; margin-left: auto; margin-right: auto;" />
<img src="https://assets.site-static.com/userfiles/412/image/MW-DT724_45_Ber_20150903161504_NS.jpg" width="550" height="367" style="border: 1px solid black; display: block; margin-left: auto; margin-right: auto;" />
<img src="https://assets.site-static.com/userfiles/412/image/MW-DT728_45_Ber_20150903161514_NS.jpg" width="550" height="367" style="border: 1px solid black;" />
<a href="http://www.marketwatch.com/story/flintstones-house-on-sale-for-42-million-2015-09-03?dist=realestate">Click Here</a> to read more about the Flintstone House from the article in which this blog post was based.2017-07-19T07:17:00-07:002017-07-19T07:34:47-07:00Grace Theriottag:cainrealtygroup.com,2012-09-20:2072Even Ivanka Trump Gets into Parking Feuds: Learn to Win this All-Too-Common Word Battle HereEven the daughter of the nation's president encounters problems with neighborhood parking! A recent <a href="http://www.realtor.com/news/trends/ivanka-trump-neighbors-public-street-parking/?link=TD_realtor_articles.82338&utm_source=realtor_articles.82338&utm_campaign=circular&utm_medium=MOVE" target="_blank">article</a> published by Realtor.com narrates how Ivanka Trump has caused tensions among neighbors in the high-end suburb of Kalorama which she shares with fellow VIPs former President Barack Obama and Secretary of State Rex Tillerson. Reports indicate the neighbors' dissatisfaction about how security detail for the presidential daughter has cordoned off sections of the sidewalk (forcing pedestrians to dangerously walk on the street) and how "No Parking" signs appeared in front of neighbors homes adjacen to the Trump-Kushner residence.
After a ton of complaints and emails sent to city officials, the Secret Service has since backed off, but the issue as old as the invention of the automobile remains: how do you solve parking disputes with neighbors?
The eternal street parking dispute: What do homeowners actually own?
It led us to wonder: What kind of legal rights do homeowners have to the parking spots near, or even directly in front of, their own homes?
In an urban or suburban setting where the street outside the street is public property, the short answer is: not many. So the Trump security detail did indeed overstep its bounds.
"You cannot own parking spaces adjacent to your home that are located on a public street," explains Robert Pellegrini, an attorney and president of Pellegrini Keogh Law in Boston. "Sometimes, when talking about a condominium, a parking space may be included with the deed, but those spaces must be located on the condo's property, not on the public street."
Perhaps you've encountered a quandary like this in your own life. A neighbor—who's lived there for decades—claims the spots across from his house are exclusively for him and his guests.
"This is not based on anything legal; it's just tradition," he says. But in a purely legal sense, as long as the street is public, the parking spots on it are actually open on a first-come, first-serve basis.
What should you do if a dispute arises?
All of which means that if your neighbors give you grief about how the spot in front of their house is theirs and theirs alone, this "claim" won't stand up in court.
If your dispute becomes a problem, there are a number of steps you can take to resolve it. First, establish who actually owns the area outside their house by asking for paperwork as proof.
"Nicely request to see the document that is the basis for their ownership," says Jo Benson Fogel, an attorney in Maryland. "You can also call the public safety administration that is responsible for maintenance of the roadway and find out if they have any legal designations of the spaces outside your neighbor's house."
Pellegrini recommends involving city officials early on. "If your neighbor insists they own public property, the city might be willing to straighten the neighbor out, as far as the law is concerned," he says.
And just in case things get ornery, document all of your communication with your neighbor over the dispute, including written notices, emails, or text messages. Hopefully things can be settled amicably. But let's face it: Sometimes good parking spots make people do bad things.2017-04-19T09:00:00-07:002017-10-04T10:03:55-07:00Grace Theriottag:cainrealtygroup.com,2012-09-20:2063Real Estate Council of Austin Hires McCombs School of Business Exec as its New CEOThe Real Estate Council of Austin has hired an executive with the McCombs School of Business at the University of Texas to lead the professional membership organization into the future. In hiring its first CEO from outside real estate circles, RECA said it wanted a fresh vision to lead the organization.
Who is she?
Their new CEO, <a href="https://www.linkedin.com/in/dianne-bangle-2272044/" target="_blank">Dianne Bangle</a>, is the former executive director of development of the McCombs School of Business at The University of Texas at Austin. She holds degrees in law and sociology, and has served in several middle and upper-management positions in various companies and organizations.
About RECA
According to their official <a href="https://www.linkedin.com/company-beta/952764/" target="_blank">LinkedIn</a> account, The Real Estate Council of Austin, Inc. (RECA) is a member-oriented organization committed to economic development and real estate-related issues in one of the fastest growing cities in the United States. It is a non-profit corporation (501 (c) 6) created January 15, 1991.
This news first appeared in a <a href="http://www.bizjournals.com/austin/news/2017/04/17/real-estate-council-reaches-into-longhorn-country.html" target="_blank">post</a> at the Austin Business Journal.2017-04-17T09:00:00-07:002017-10-04T10:04:39-07:00Grace Theriottag:cainrealtygroup.com,2012-09-20:1820A New Year's Guide to Travis County Property Taxes: What First Time Buyers Should KnowWith the arrival of the New Year comes the need to pay for taxes. If you're a new home buyer or first-time homeowner of a Travis County home, it might be good to take note of the following dates to avoid paying extra for your dues. The following information and downloadable files have been taken from the <a href="https://tax-office.traviscountytx.gov/properties/property-tax-basics" target="_blank">Official Travis County Tax Office</a>. More details below:
<a href="https://tax-office.traviscountytx.gov/properties/property-tax-basics" tabindex="-1">January 1st</a>
Date that taxable values and qualification for certain exemptions are determined for the tax year (except for inventories appraised Sept. 1) (Secs. <a href="http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.11.htm#11.42" target="_blank">11.42</a>, <a href="http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.23.htm#23.01" target="_blank">23.01</a>, <a href="http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.23.htm#23.12" target="_blank">23.12</a>).
Date a tax lien attaches to property to secure payments of taxes, penalties and interest that will be imposed for the year (Sec. <a href="http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.32.htm#32.01" target="_blank">32.01</a>).
Date that members of county appraisal district (CAD) boards of directors begin two-year terms; half the members begin two-year terms if the CAD has staggered terms (Secs. <a href="http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.6.htm#6.03" target="_blank">6.03</a>, <a href="http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.6.htm#6.034" target="_blank">6.034</a>).
Date that half of appraisal review board (ARB) members begin two-year terms (Sec. <a href="http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.6.htm#6.41" target="_blank">6.41</a>).
Deadline for chief appraisers to notify the Comptroller’s office of eligibility to serve as chief appraisers (Sec. <a href="http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.6.htm#6.05" target="_blank">6.05</a>).
Date rendition period begins; continues through April 15 for those property owners not requesting a filing extension (Sec. <a href="http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.22.htm#22.23" target="_blank">22.23</a>).
<a href="https://tax-office.traviscountytx.gov/properties/property-tax-basics" tabindex="-1">January 10th</a>
If a tax bill from a previous year mailed after this date, the delinquency date is postponed (Tax Code Sec. <a href="http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.31.htm#31.02" target="_blank">31.02</a>).
<a href="https://tax-office.traviscountytx.gov/properties/property-tax-basics" tabindex="-1">January 31st</a>
Deadline for the Texas Comptroller to publish the preliminary Property Value Study (PVS) findings, certify findings to the Texas Education Commissioner, and deliver findings to each school district (Government Code Sec. 403.302). NOTE: A qualified school district or property owner may protest preliminary findings by filing a petition with the Comptroller not later than the 40th day after the date (whether Jan. 31 or an earlier date) on which the Comptroller’s findings are certified to the Texas Commissioner of Education (Government Code Sec.403.303).
Last day for chief appraiser to deliver applications for agricultural designation and exemptions requiring annual applications (Secs. <a href="http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.11.htm#11.44" target="_blank">11.44</a>, <a href="http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.23.htm#23.43" target="_blank">23.43</a>).
Last day for disabled or age 65 or older homeowners or disabled veterans, their surviving spouses or children qualifying for Sec. <a href="http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.11.htm#11.22" target="_blank">11.22</a> exemptions to provide notice of intent to pay by installment and pay the first installment of homestead property taxes. This deadline also applies to partially disabled veterans and their surviving spouses with homesteads donated from charitable organizations (Sec. <a href="http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.31.htm#31.031" target="_blank">31.031</a>).
Last day for homeowners or qualified businesses whose properties were damaged in a disaster within a designated disaster area to pay one quarter of taxes if using installment payment option (Sec. <a href="http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.31.htm#31.032" target="_blank">31.032</a>).
Last day for a CAD to give public notice of the capitalization rate to be used in that year to appraise property with low and moderate-income housing exemption (Sec. <a href="http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.11.htm#11.1825" target="_blank">11.1825</a>).
Information source: <a href="https://tax-office.traviscountytx.gov/" target="_blank">Travis County Tax Office</a>
2016-12-29T13:00:00-07:002017-10-04T10:22:31-07:00Grace Theriottag:cainrealtygroup.com,2012-09-20:1822Homestead Exemption FAQs: What You Need to KnowHere comes another year and another round of paying our taxes! But did you know that there is a legal workaround to reducing the taxes you are required to pay, especially in real estate? Homestead exemptions exist, and you can make use of them to help you potentially save thousands of dollars annually.
Homestead exemptions work by removing a certain value of your home from taxation, leading you to pay lesser taxes as compared to paying your dues without one. However, homestead exemptions require you to meet certain qualifications before you can actually become eligible for the said deductions. Here are some quick facts you need to know about Homestead Exemption:
What are Homestead Exemptions?
A homestead is an individual structure, condominium, or manufactured home situated on owned or leased land which is currently occupied by the owner. Homestead properties can be as large as 20 acres, so long as the land is legally owned by the current occupant and is being used as a yard or related residential purpose of the homestead.
What kind of homes qualify for Homestead Exemptions?
Homestead exemptions only apply to homes occupied by the homeowner. Called principal residences, these are owned by individuals (not corporations or business entities), and are used as the owner's principal residence on January 1 of the tax year when the application is filed. However, applicants aged 65 or older no longer need to satisfy the ownership and residency requirements by January 1, as these are no longer required for the age 65 Homestead Exemption.
Are homeowners entitled to tax breaks from property taxes?
Approved homestead exemption applications on principal residences entitles owners to have a portion of their home value removed from taxation so taxes, consequently, can be lowered. Example: For homes appraised at $100,000 and with a $25,000 qualified exemption (the amount mandated for school districts), the school taxes due on the home will be calculated based on the home being valued at $75,000. Taxing units can also allow a separate exemption.
What are the other options for Homestead Exemptions?
Aside from school taxes, you can also receive any of these types of exemptions:
County taxes
Exemptions for disabled veterans
Exemptions for taxpayers aged 65 or older, and;
Optional percentage exemptions, as decided on by a taxing unit
When can I apply for Homestead Exemption?
Your home must qualify as a residence homestead on January 1 of the year in which you are applying. Strictly speaking, you can apply for a Homestead Exemption from January 1 to April 30.
What are the requirements for Homestead Exemption application?
1. By January 1 of the year of your application, you must be the legal owner of the property being applied for Homestead Exemption
2. By January 1 of the year of your application, the property being applied for Homestead Exemption should be your principal/primary residence (meaning you live in it and NOT leasing it out to others, or for any other purpose).
3. Submit a complete set of required documentation showing THE SAME HOMESTEAD ADDRESS. Homestead exemption applications can be denied with a simple error such as mismatched addresses in the papers submitted.
4. Fill out the application form for your area's County Appraisal District. Travis Country residents can download the application form <a href="https://assets.site-static.com/userfiles/412/file/homestead-exemption-application-travis-county-appraisal-district-form-50-114.pdf" mce_href="https://assets.site-static.com/userfiles/412/file/homestead-exemption-application-travis-county-appraisal-district-form-50-114.pdf">here</a>.
5. Attach a copy of your Driver's License issued by the Texas Department of Public Safety (TX DPS) or a valid Identification Card having a listed address that matches the homestead address you are applying for.
6. Mail all of the documents to <a href="http://www.window.state.tx.us/propertytax/references/directory/cad/" target="_blank">your County's Appraisal District</a>.
2016-12-27T09:00:00-07:002017-10-04T11:03:51-07:00Grace Theriottag:cainrealtygroup.com,2012-09-20:1744Will You Buy Real Estate on Mars?A <a href="http://www.realtor.com/news/trends/housing-on-mars/" target="_blank">recent article</a> featured at Realtor.com features the possibility of humans inhabiting the planet Mars. Nope, we are not featuring a science documentary for a TV show, people. This article is actually about a fact that is about to take place in our lifetimes. At least, that's how Tesla's Elon Musk wants to describe it as he pieces together a team who will pioneer human settlement in Mars.
While the main article (see link above) discusses technicalities such as the first settlements being underground, with the pioneers having been trained to farm, build, and basically do tasks taken care of by 20 different professions here on earth, this article focuses on one interesting aspect discussed in the post. Are you willing to invest on your plot of land in Mars?
After all, looking back, the people who hold much of valuable real estate now are the descendants of individuals who have been awarded homesteads, or who have claimed plots of raw land that they have tediously cultivated and developed in the past several hundred years. Isn't it just sensible for you to stake a claim on this entirely raw-uninhabited planet for the future of your descendants?
"Buying" land on Mars is actually a sci-fi concept; in fact, the very first human settlers for Mars as sponsored by Tesla are still scheduled to set foot on the red planet in 2022. And with NASA planning to send their own people in 2030, it's safe to say that regular human settlers won't be able to visit and stake their claim on their purchased lots until early 2050.
For now, we have to be content with Tesla's updates on how their pioneer project is faring, and hope for the best that the first humans to set foot on Mars will arrive safely and prep up the red planet for our eventual coming.
To read more about this interesting news, you can access the original article <a href="http://www.realtor.com/news/trends/housing-on-mars/" target="_blank">here</a>.2016-11-14T09:01:00-07:002017-10-04T11:12:10-07:00Grace Theriottag:cainrealtygroup.com,2012-09-20:1631Americans are Getting Richer; More Invest in Real Estate
A recent Census Burea <a href="http://www.wsj.com/articles/u-s-household-incomes-surged-5-2-in-2015-ending-slide-1473776295" target="_blank" style="font-size: 12px;">report</a> indicates that incomes of Americans rose by 5.2% percen
t in 2015-- the first hike in earnings since the last one that took place in 2007. After seven years of declining or stagnant earnings, the median household income grew by $2,798 or $56,516 annually (adjusted for inflation). However, the income of the average American has yet to recover to its pre-recession times, as incomes are still 1.6% less than in 2007.
Regardless, if the income growth sustains its pace, the median American household income could surpass the 2007 rates by next year, as forecasted by research firm IHS Global. As a result, more and more Americans are taking advantage of their income rise via investment in real estate.
“It has been a long slog from the depths of the Great Recession, but things are finally starting to improve for many American households.”
--Chris Christopher Jr., economist IHS Global Insight
Income growth is directly correlated to the rise of employent opportunities in the U.S. In 2015, 2.4 million full-time jobs have changed the lives of many working-class Americans. And thanks to the trend of longer working hours, higher wages, and lower inflation rates, income levels were boosted to the point that average Americans can afford to invest in real estate again, thereby boosting the U.S. real estate market anew.
With poverty in the U.S. dropping to 13.5% from last year's 14.8%, the Census Bureau is positive that the typical American family is well on their way to financial recovery following the 2007 financial crisis. In retrospect, the growth of the real estate market has been sustained (and is projected to continuously thrive as income opportunities rise), as more Americans are able to afford proper housing for their families and secondary properties that they can use for rentals or investment for eventual selling.
Would you like to know more about how American's are getting richer? You can access the original Wall Street Journal article <a href="http://www.wsj.com/articles/u-s-household-incomes-surged-5-2-in-2015-ending-slide-1473776295" target="_blank">here</a>.
2016-09-16T08:00:00-07:002017-10-04T11:28:17-07:00Grace Theriottag:cainrealtygroup.com,2012-09-20:1613The Truth About Second MortgagesA second mortgage is a loan option that home owners can look into if they find themselves suddenly in need of a large amount of cash. Second mortgages allow home owners to access the equity of their home (which is usually the difference between the balance of the original mortgage and the current value of the home). Mortgage lenders commonly allow home owners interested to take a second mortgage to borrow up to 80% of the home's equity.
Thanks to the strong housing market in the U.S., more and more buyers are confident with taking a second mortgage. And with median home prices rising steadily by nearly 5% annually, can you actually blame the home owners for considering this "free cash" option? If you would like to use a second mortgage to give your wallet and bank account a boost, here are some second mortgage facts you should know:
1. Flexibility on usage of cash- the money received from a second mortgage can be used by the home owner in any way they please. Mortgage lenders are more concerned about your ability to pay off your debt on time than on where you plan to spend the money.
Tip: Instead of using the money to splurge on a shopping spree or a list of must-haves, it might be a good idea to use the cash to improve your home and work on that renovation plan you had in mind.
2. Two types of second mortgages- The two types of second mortgages are the home equity loan and HELOC (Home Equity Line of Credit). A home equity loan provides you with cash upfront and you pay monthly installments to settle your second loan. Home equity loans have fixed interest rates. HELOC, on the other hand, have flexible interest rates (which oculd increase when market indices rise). HELOC does not give you cash upfront, but you have full access to the full loan amount through a credit line. You only pay interest on the cash that you borrowed. It's basically a giant credit card in the form of your home.
3. Higher fees and interest rates- Applying for a second mortgage is similar to applying for a regular loan; lenders will check to see if you meet certain credit and income requirements. Take note, however, that second mortgage interest rates and fees are highe because second mortgages are deemed to present the lender with more risk.
Want to know more about second mortgages? Please feel free to <a href="https://www.cainrealtygroup.com/contact/" target="_blank">get in touch with us </a>or call us at (512) 522-4659. You can also access the original article from which this post was based <a href="http://www.realtor.com/advice/finance/how-to-get-a-second-mortgage/?is_wp_site=1" target="_blank">here</a>.
2016-09-07T15:00:00-07:002017-10-04T11:31:14-07:00Grace Theriottag:cainrealtygroup.com,2012-09-20:1402QUIRKY WEEKEND READ: Neighbors Complain About Frontyard Zombie<img src="https://assets.site-static.com/userfiles/412/image/Blog/Karens_Blog/Frontyard_Zombie.jpg" width="350" height="196" alt="HOAs vs Property Owners" title="HOAs vs Property Owners" class="img_box_right" />It’s understandable to believe that you can do anything you want with your property; after all, it’s YOURS. However, neighbors can still get in the way of you enjoying creative freedom in your home, especially if you are doing something that they believe MAY affect the value of their home. Don’t believe me? Here’s the story of a Nashville, TN family whose quirky frontyard décor riled up the neighbors and caused a stir in the local HOA:
The Bayview Homeowners Association wrote a letter to the Grinstead family, asking them to remove their zombie sculpture named “Clawed” which was positioned like, um, a zombie clawing his way out of the ground. While the sculpture has been in the family’s property for the last five years, it only drew criticism when it was relocated beside the driveway after landscaping work displaced it from its original position by the front door. The Grinsteads insist that it’s purely fun and humor for them, but their HOA says otherwise.
The HOA believes that leaving the disturbing art piece on the front yard can devalue homes in the vicinity—much like painting your house Barney Purple, or parking trailer homes in your driveway for relatives to live in. The solution? Send a letter to the owners of the property demanding for Clawed to be removed immediately.
While the Grinsteads weren’t pleased with how they were approached by the HOA, they also dropped the idea of taking the matter to court, acknowledging that HOAs are not a force to be reckoned with. All the couple could say was things would have been better if they (HOA) had “some way of approaching people in a more neighborly fashion.”
Evan McKenzie, author of “Privatopia: Homeowner Associations and the Rise of Residential Private Government”, explains that homeowners can’t do much when it comes to having legal battles with their HOA. Because most homeowners sign an agreement to adhere to the rules and regulations set forth by the HOA when they first buy a home, their hands are tied.
HOAs exist to keep homeowners from doing things to their property that can affect the values of the surrounding homes in the area. If the homeowners insist on filing a case against the HOA, they have to be ready to shoulder the HOA’s legal fees as well. If you are hell-bent on bringing your HOA to court for a certain issue, you have to make sure you are right.
For the Grinsteads, adherence to their HOA’s request is a sure thing, but that doesn’t mean Clawed will no longer have a place in their home. Stay tuned for updates on Clawed’s new residence by checking out our <a href="https://www.cainrealtygroup.com/blog/">blog</a>.
For the complete article where this post was based, please click <a href="http://www.realtor.com/news/trends/hoa-wants-zombie-removed/?iid=rdc_news_hp_carousel_theLatest">here</a>.2016-05-06T15:30:00-07:002016-08-19T04:50:23-07:00Karen Phantag:cainrealtygroup.com,2012-09-20:1350Signs of a Bad Moving CompanyMoving companies are a thriving business in the United States, where it is estimated that 16.5 million households (approximately 38.7 million Americans) move homes every year. So, it is not a surprise that many enterprising individuals are putting up moving companies to keep up with the ever-increasing demand. However, because of a lack of control on the standard of service moving companies provide, many horror stories about moving companies can be found online.
So, how will you know if you should NOT work with a moving company? Here are 3 tell-tale signs that you need to run the opposite direction FAST:
Significantly Low Price= Significantly Poor Service
It’s a bad idea to choose a provider just because they gave you the cheapest quote. Everyone wants a good deal, but a price lower by 20-30% compared to quotes given by other providers is a flashing sign that something is wrong. “While finding an affordable mover doesn’t mean you’re about to get scammed, if you feel like you’ve landed an unbelievable deal, it probably is unbelievable,” <a href="http://money.usnews.com/money/personal-finance/articles/2016-02-26/3-signs-of-a-bad-moving-company?int=a5a109" target="_blank">U.S. News & World Report</a> notes. There have been instances where quotes mysteriously double or triple up on moving day, items turn out missing, or there’s damage to belongings that the company will refuse to pay for.
The Deposit is Unbelievably High
T.J. Peterson, social media coordinator for a New York-based moving company, shares that it is normal for moving companies to require a deposit fee. However, such deposits shouldn’t be above 10% of the total job cost. Some moving companies charge a flat, non-refundable deposit fee. This is to ensure that the company will not incur losses when a client changes his mind and cancels the job. However, a deposit worth 20-25% of the total job cost is a sign that there’s trouble ahead. Don’t pay it—find another moving company with a more reasonable deposit requirement.
The Company is an Internet “John Doe”
It’s absolutely normal to search for a company and its customer reviews on the web. What’s not normal? A company with little-to-no details published online. If you are only seeing paid ads and no third-party reviews, then you have to do some more digging before making a commitment.
Another way to verify the reputation of a company is by asking for its Department of Transportation numbers. If they can easily provide you this information, then you can tell that they are a registered and legitimate business. If they gave you any other answer than what you asked for, head the other way fast. Wise customers also have to check the company’s Better Business Bureau profile. They don’t have any? Then look for a company that has one.
Cain Realty Group takes pride in giving its customers the best in real estate service. And because we want our clients to enjoy a seamless home-buying experience, we provide a list of trusted service providers that can cater to their needs. <a href="https://www.cainrealtygroup.com/meet-our-team/home-services-concierge/lightning-movers/" target="_blank">Lightning Movers</a> is an Austin-based moving company that has been in the business since 2013. We have referred family, friends, and clients to them for years, and we’ve received only good words about them ever since. What’s more cool about it is any Cain Team client is automatically given a 10% discount. To know more about Lightning Movers, you can give us a call at (512) 522-4659 or <a href="https://www.cainrealtygroup.com/contact/">send us a message now</a>.
2016-03-10T10:00:00-07:002017-10-03T11:14:01-07:00Grace Theriottag:cainrealtygroup.com,2012-09-20:13302 Top Colors for 2016 -PantoneThe Pantone Color Institute has chosen two shades as the “Top Colors of 2016”. This is the first time that two shades were simultaneously chosen as Color of the Year. Say hello to Rose Quartz and Serenity:
While the muted pastel shades seem to look like the kind used for baby nurseries, the institute explains that the two colors were chosen because they are "a harmonious pairing of inviting shades that embody a mind-set of tranquility and inner peace."
“With the whole greater than its individual parts, joined together Serenity and Rose Quartz demonstrate an inherent balance between a warmer embracing rose tone and the cooler tranquil blue, reflecting connection and wellness as well as a soothing sense of order and peace.”
-Leatrice Eiseman, Executiv Dirrector Pantone Color Institute.
The annual Color of the Year forecast by the color institute is heavily anticipated by the interior design, housewares, graphic design, and fashion industries. The selected shades are often used in new product lines and home designs. Since this is the first time that two shades were simultaneously chosen, Ms. Eiseman says that businesses have an opportunity to make extra combinations.
The Pantone Color Institute says that Rose Quartz and Serenity will give a living space a feeling of calm and relaxation. The shades can be used in paint, rugs, upholstery, bedding, and decorative accents at home. Matching tableware and home accessories will also be available in the market very soon.
Please click on the links to read more about <a href="https://www.pantone.com/press-release-color-of-the-year-2016" target="_blank">Pantone</a> and the <a href="http://www.wsj.com/articles/its-a-pink-and-a-blue-1449083326" target="_blank">Colors of the Year</a> (an original article lifted from The Wall Street Journal).2015-12-03T16:30:00-07:002017-10-03T12:08:12-07:00Grace Theriottag:cainrealtygroup.com,2012-09-20:1200Homes Sales Up in the Second Quarter of 2015, Thanks to First-Time Buyers<img src="https://assets.site-static.com/userfiles/412/image/buyingvsrenting.png" width="350" height="175" alt="The market favors buying over renting a home. " title="The market favors buying over renting a home. " class="img_box_right" style="float: right; margin: 3px;" />Real estate is hitting its strongest pace this year, with homes sales up 3.2 percent in June to a seasonally adjusted annual rate of 5.49 million. According to a recent blog post by the real estate titan <a href="http://blog.kw.com/2015/07/31/market-aha-q2-2015-home-sales-get-ready-for-millennial-buyers/">Keller Williams Realty</a>, the market performance in the second quarter of 2015 shows the promise of a healthy market that is recovering at a comfortable steady pace. One major contributor to the strong real estate numbers is the rise of first-time home buyers, who were relatively inactive in the years following the Great Recession.
Before the Great Recession changed the real estate game, first-time home buyers made up roughly 40 percent of home buyers. In May, they made up 32 percent of home buyers, which is up from 27 percent at the same time last year. According to the KW post, “First-time home buyers are important in the housing market because they fuel additional demand allowing existing home owners to ‘trade-up.’” Also, with the rental market becoming more challenging, many first-time home buyers are jumping on the opportunity to save money on high rent by paying lower mortgage rates.
As loan rates remain low and low rental inventory contributes to skyrocketing rents, many see buying a home right now to be a more financially sound investment than renting. The preference shift from renting to buying is further proven by new <a href="https://mediaroom.tdbank.com/index.php?s=30403&item=34301">research by TD Bank</a> which indicated that nearly one-in-five potential first-time home buyers are actively looking to buy their first home. The study by TD Bank also found that first time home buyers are interested in home with amenities including a backyard or pool and an attractive design as well as energy efficient / <a href="http://blog.kw.com/2015/07/13/the-smart-home/">smart homes technologies.</a>
Although amenities such as a backyard or pool and attractive design have historically been popular choices for home buyers, the advent of smart homes technologies has become popular with millennial buyers. According to the KW post, “The average age of first-time home buyers is 31. This puts them in the millennial category. Millennials are notoriously connected to technology.”2015-10-30T05:49:00-07:002016-01-10T17:36:05-07:00Ricky Caintag:cainrealtygroup.com,2012-09-20:1190Majority of Americans Consider Real Estate a Good Investment<img src="https://assets.site-static.com/userfiles/412/image/sound_investment.png" width="350" height="175" alt="Austin real estate is a sound investment. " title="Austin real estate is a sound investment." class="img_box_right" style="float: right; margin: 3px;" />According to a new Bankrate survey, a majority of Americans say they would put their hard-earned income in real estate. Conducted by Bankrate, the Web's leading aggregator of financial rate information and other information to help consumers make informed financial decisions, the survey asks Americans what kind of investments made the most sense. The results showed that 27 percent of Americans said they'd invest in property if they had a pool of spare cash.
In years past, CDs and other cash investments were preferred over all else. In the new survey, those investments came in second at 23 percent. The remainder of respondents were divided as follows: 17 percent of survey respondents said they’d purchase stocks; 14 percent said gold and other precious metals; and 5 percent said bonds.
"We're not seeing the bunker mentality from individual investors to the same extent of the past few years," says Greg McBride, CFA, Bankrate's chief financial analyst. "But the preference for real estate over, say, the stock market, does beg the question of whether or not Americans are again viewing residential housing as a golden ticket."
With the strength of the Austin economy and research projections that predict a steady increase in Austin real estate values for the next few years, it appears that Austin real estate will not only continue to attract home buyers who want to live in a great city, but also investors who are intent on making a sound financial investment. Considering the impending increase in finance rates at the end of the year, home buyers would be wise to choose to buy now to take advantage of such a popular investment.
2015-09-08T12:31:00-07:002015-09-09T08:10:48-07:00Lorie Imkentag:cainrealtygroup.com,2012-09-20:1194Rents Rise as Single Family Home Prices Slip<img src="https://assets.site-static.com/userfiles/412/image/rising_rents.png" width="350" height="175" alt="Rents continue to rise as home prices slip." title="Rents continue to rise as home prices slip." class="img_box_right" style="float: right; margin: 3px;" />RealtorMag.com, the online news site provided by the National board of Realtors, published a post detailing the increasing cost of renting a home in the United States. Landlords have been taking advantage of the hot rental market, causing rents to continue to rise another 3.6% in the second quarter of 2015 compared to a year earlier, the report read. “Rent growth has bloomed at a fast pace since 2012, hovering around a 4 percent annual growth since then.” This news contrasts with recent data from the Austin Board of Realtors that revealed the average listing price for single family homes slipped over $14,000 from May to June.
A continued inadequate supply of rentals is the main cause of the increasing cost to rent. Ryan Severino, senior economist at REIS - the nation's most trusted source for property and market intelligence - says that inadequate supplies are pushing up rental costs. "We're waiting for the supply to come on the market but it just hasn’t hit yet," Severino says.
REIS projects that 230,000 units will be completed nationally this year -- that's nearly double above normal levels. For the Austin rental market, that may not come soon enough as record numbers of people relocate to the city and college attendees and graduates continue to flood the market.
In the second quarter, the apartment vacancy rate was just 4.2 percent. Stephanie McCleskey, vice president of research for Axiometrics, says that as new supplies hit the market, "we'll probably see rent growth begin to decelerate.”
2015-08-06T05:17:00-07:002015-09-09T18:30:05-07:00Lorie Imken