Austin recognized again - 04/29/10 11:13 AM
Earlier this week I noted that Austin was ranked 3rd in the U.S. as a relocation destination, and I have written about numerous "Top 10" lists where the Austin area appeared over the past year. 
Today, another one appeared on Yahoo! Finance, courtesy of Forbes.com:
The Best Places for Business and Careers
On this list, Austin ranked 10th -- very acceptable!  Overall rankings, though, were based on a number of subcategories, where Austin really excels:
Great location, good climate, wonderful culture, great people (well, mostly!).  I have been here since the early 1970s, and this town has changed a lot.  When … (0 comments)

Travis County tax appraisals down - 04/28/10 10:13 AM
I just posted this article from the Austin American-Statesman at www.AustinMarketInfo.com: Appraisal rarity: Travis home values drop
Notices Of Appraised Value are being mailed this week to property owners throughout Texas. In Travis County, much like the rest of the Austin metropolitan area, the average value of a single family home is down in 2010 compared to 2009 -- by 2.8%. Also like the rest of the metro area, the total value of all properties is supported by new construction and gains in commercial real estate and remains with about 1% of last year's total. That is good news for taxing … (0 comments)

Another sign of growth expected in Texas - 04/27/10 12:36 PM
NOTE:  This is not an endorsement of a specific mortgage lender.  I routinely consult with clients one on one about that subject, but the purpose of this post is simply to highlight another in a long line of decisions made by businesses to invest in the strength of the Texas economy.
This article appeared in yesterday's Austin Business Journal:
Chase Bank hiring 275 mortgage lenders in Texas, 25 in AustinRead more: Chase Bank hiring 275 mortgage lenders in Texas, 25 in Austin - Austin Business Journal:
I suspect that mortgage companies are planning/hoping for growth in many areas of the U.S. … (0 comments)

2010 Central Texas Tax Appraisals - 04/27/10 12:08 PM
I attended a meeting a couple of weeks ago where the Chief Appraiser for Williamson County told us that the average taxable value of homes there declined about 4.5% from 2009 to 2010.  (See New properties stabilize Williamson County tax appraisal.)Of course, that is the average.  There are neighborhoods where values fell farther, and others where values increased.  The good news for Williamson County homeowners is that growth (i.e., new construction) added enough value to the tax rolls to more than offset the declines in existing homes, so there will be less pressure on taxing jurisdictions to increase property rates to … (0 comments)

Austin -- a great place to be! - 04/26/10 01:20 PM
Austin, Texas has appeared in many Top 10 lists over the years, and I have written about several here.  Last week we were honored with another.  (If you're like a lot of Austinites who think the city is already big enough, this may not be good news!)  Here's the quick mention that appeared in the Austin Business Journal:
Austin 3rd best city to relocate to - Austin Business Journal
We were rated 3rd in the U.S. as a relocation destination, following Huntsville, AL and Washington, D.C.  The article also noted that we ranked 2nd among the "Top 10 Places To Live … (0 comments)

New Home Sales in Austin and the U.S. - 04/26/10 01:16 PM
Last week the U.S. Commerce Dept. announced that new home sales were up 27% in March 2010 compared to February.  The surge was described as the strongest (in units) since July 2009, and the largest percentage month-to-month increase in 47 years.  That is good news.  One month does not make a trend, but a record increase coming off of a record low in February is something to celebrate.  Speculation is that much of that increase is fueled by the homebuyer tax credits that expire this month.  Time will tell how much demand that would have driven a strong summer selling season was … (0 comments)

Avoiding foreclosure through HAFA - 04/23/10 02:33 PM
Much has been said over the past couple of years about the rate of mortgage default and residential foreclosure around the country.  As I have pointed out many times -- and it's no surprise to those most affected -- the worst of this entire crisis has focused on five states -- Florida, California, Arizona, and Nevada, plus Michigan, where the housing downturn began long before the national "mortgage meltdown."  Nonetheless, no major market has completely dodged this bullet -- even Austin, Texas, which has been noted as the first to enter recovery and possibly the strongest throughout the downturn.
I have … (0 comments)

Update -- Austin market trends - 04/23/10 02:10 PM
Some of you follow this information on my website. Others may just come to know about it today. Either way, I have updated www.AustinMarketDashboard.com with final data from March 2010.  We saw a significant jump in residential sales from February to March -- 57%!  (Also up 32% compared to March 2009.)
Listing inventory also increased some, but typically for this time of year.
It's surprising that we don't see more strength in property values.  Average sale prices in March were down (1.2%) from February.  They are still up about 2% compared to March of last year, but with the exception of … (2 comments)

RE/MAX on top among power brokers - 04/22/10 12:51 PM
I just received the news below via email from RE/MAX of Texas.  I have shared similar information one-on-one with clients for years, but it’s always great to see it widely publicized:
RE/MAX topped competitors in the 2010 RISMedia Power Broker Report that ranks top real estate offices in the U.S. RE/MAX had 69 brokerages on the list, compared with Keller Williams (47), Coldwell Banker (36), Prudential (30) and Century 21 (23). And RE/MAX agents averaged 15.1 transactions, a third more than our closest competitor - Keller Williams and Prudential agents averaged 5.9 transactions per agent. Bottom line, RE/MAX agents are truly … (1 comments)

Short Sale Process Issues - 04/22/10 11:14 AM
I just found this post on RISMedia that describes a still disappointing and frustrating process:
Short Sale Talk between Lenders, Agents and Consumers is ‘Abysmal at Best'
Of course, lender communication has always been a key difficulty in handling short sales, exacerbated by agents on both sides of too many transactions who have no idea how to work a short sale.  Lenders -- notably major banks -- have spent a lot of time working to improve their processes to accomodate the huge number of borrowers in default and to comply with recently announced HAFA guidelines.  This new article confirms the reality … (1 comments)

Beautiful Lake Travis Condo! - 04/14/10 12:04 PM
You love the Lake Travis area .... You want a home that gives you the freedom to enjoy it ....
You must see this beautiful condo!
Very well-designed space -- large living area with fireplace, large bedrooms, walk-in closet in master. Low condo fees cover ext. maint. and common insurance. Low tax rate. Easy walk to private tennis courts. Just minutes to lake access, recreation, and entertainment. Easy access to shopping and conveniences in Lakeway and Bee Cave or in Cedar Park and Northwest Austin.

This is the one you've been looking for! For more information and virtual tour, … (0 comments)

Perspective on mortgage interest rates - 04/08/10 11:03 AM
I have been writing for many months about the coming increase in interest rates.  At the end of March 2010, the Fed ended its program of artificially supporting demand for mortgage-backed securities, keeping interest rates lower than the market would have dictated otherwise.  The time has come, and rates are beginning to rise:
Mortgage Rates Jump
The article notes:  "Many analysts forecast that rates will rise as high as 6 percent by early next year."  
I suspect that's true.  Rates may even go a little higher, but (a) there is plenty of time left to make your move if you're … (2 comments)

New Lead-based Paint Rules - 04/01/10 12:38 PM
The EPA has issued new workplace rules relating to renovation of homes built before 1978.  Here is a quick summary from BuilderOnline.com:
EPA Issues New Lead Paint Rules
These rules are taking effect this month, and while more details will certainly be available later, it looks like compliance and enforcement could substantially increase the cost and liability in remodeling older homes.
For years we have all disclosed the possible presence of lead-based paint in older houses.  These rules affecting signage, access restrictions, containment of dust and debris, and disposal of materials look significant.  If you're involved in a renovation project now, … (1 comments)

 
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Bill Morris, ABR, CRS, CDPE, ePRO, MBA

Austin, TX

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RE/MAX Capital City

Address: 13018 Research Blvd, Austin, TX, 78750

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