Semper Finance

Posted on January 26, 2012 by Brian Foley

As more of our troops start to return home there is a growing discourse on what the general “we” can do to help those who have risked everything to protect our country. The Carvajal Group is looking to lend our expertise on veteran benefits to help military families get the best deals possible on their Austin home search.

The state of Texas has the third largest veteran population with 1.7 million vets accounting for 12% of the population over the age of 18 – not including the 180,000+ reservists, guard and active duty troops. Texas is also one of five states to offer veterans benefits and they are the only one with a land loan program. Veterans are offered below market interest rate loans on home improvements, home and land loans as well as long-term nursing care and dignified burial benefits. A lot of these programs run through the good people over at the Texas Veterans Land Board (VLB,) who are an excellent source of information and assistance. Vets can use each of these programs more than once and can participate in all of them simultaneously provided that all of the properties are wholly located in the state of Texas (and subject to the standard credit approval) – however, VLB loans may not be refinanced.

Typically, the first question that comes to mind for most people when they hear about an advantageous program is “am I eligible?” All honorably discharged veterans (whose service began after 9/16/1940) with 90 cumulative days of active duty service or active duty training in the Army, Navy, Air Force, Marines, Coast Guard, USPH, any recognized reserve component or the Texas National Guard (unless discharged sooner because of service-related disability) are considered eligible. Vets need to be a resident of Texas with intent to remain in Texas – including Texas residents on active military duty outside of TX – and this extends to unmarried, surviving spouses as well. Lenders will require a “Notice of Eligibility” letter from the VLB and a verified DD-214 (discharge form) in order to move forward on these programs.

Whether you are a veteran on an Austin specific home search or open to any Texas-based home search, if you fit the eligibility requirements outlined above then you have a great opportunity waiting for you to take advantage of some outstanding home/improvements/land loan benefits.

Stay tuned for more info on these programs and head over to the Carvajal Group’s Facebook page “CG Supports Our Troops” and give us a ‘like’ to show your encouragement for our men and women in uniform.

If you’d like to learn more about what these programs have to offer or for more information on Austin Real Estate and assistance with your Austin home search, please call me at (512) 516-9110.

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Ventana Condominiums

Posted on January 25, 2012 by Eric Carvajal

Ventana condominiums is a quaint community located in North Central Austin at 2209 Hancock Drive, 78756.  This property consists of 40 units ranging in size:

-1/1 (713 sq ft)

-1/1 (900 sq ft)

-2/2 (1002 sq ft)

The property was originally built in 2000 but was converted into condominiums in 2006.  The units were offered from the developer as-is or upgraded to different levels based on price.  The highest level of upgraded units were completed with wood floors, granite counter tops and stainless appliance packages making for very nice yet affordable condominiums.

Because of market conditions for Austin real estate, there have only been two sales in the last few years in this complex.  The sales were both small one bedrooms and one sold for 155k and the other sold for 150k.  These units are working very well as rentals, with the smallest one bedrooms getting 1200-1250/month and the nicest two bedroom getting $1650/month.

The complex is located on Hancock drive just west of Burnet Rd.  This community is gated with two electric gates, covered parking for each unit, well maintained grounds and a small workout room for residents.  This complex has a metal roof and is constructed of stucco which was recently painted in the last 6 months.  The balconies have also been redone on all units.

My understanding is that the HOA is in very good standing with plenty of cash reserves and no special assessments planned.  If you are looking for a nice condominium in a great central Austin neighborhood, I recommended adding Ventana Condominiums to your Austin Home Search.

For more information about 2209 Hancock Drive or for assistance with your Austin Home Search, contact me today at (512) 786-1515.

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Centennial Condominums

Posted on January 24, 2012 by Eric Carvajal

Have you ever heard of Centennial Condominiums?

For those looking to be in the heart of downtown Austin or West Campus or looking to be near the University of Texas, be sure to include Centennial Condominiums in your Austin Home Search.

Located at 501 W.26th street the nice quaint community of condominium units was built in 1997 and is a 4 story building, offering underground parking and 3 levels of residential property.  These units are all individually owned and come in 4 different floor plan options:

  • 1 bed/1 bath
  • 1 bed/1 bath plus study
  • 2 bed/2 bath
  • 3 bed/2 bath
Many of the 1 bedrooms plus study have been converted into 2 bedroom 1 bath units to increase Austin rental income.  

 

Because of there close proximity to the University of Texas at Austin and their central Austin location, these downtown Austin condos are highly regarded as great pieces of Austin real estate.  These units are primarily investor owned and held as income producing properties which can pose some financing problems.  With low owner occupant ratios many conventional lenders will not lend on a project like this, however their are non-traditional opportunities available for those wishing to finance.

 

As rental rates continue to climb to record rates in Austin, Texas, these units continue to be a great investment opportunity for investors or even parents with children attending the University of Texas.  For more information on Centennial Condominiums or for assistance with your Austin Home Search, contact me today at (512) 786-1515

 

 

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Gaston-Sheldon Austin Neighborhood

Posted on January 23, 2012 by Eric Carvajal

Have you stumbled on the Gaston-Sheldon neighborhood in your Austin Home Search?

Gaston-Sheldon is a wonderful neighborhood in Pflugerville just east of IH-35.  This Austin community consists of a number of track built homes, completed in 2002.  The neighborhood feeds into Pflugerville ISD and more specifically Dessau Elementary, Dessau Middle School and John Connally High School.

The Carvajal Group just listed this wonderful lease property located at 1400 Sleepytime Trail.  This wonderful, 3 bed 2.5 bath, two story home offers many wonderful features delivering great value at a very affordable price.  With the master bedroom on the main level and a large open living area situated just of the kitchen, this layout can accomodate  just about anyone.  The downstairs has a 1/2 bath as well as a separate utility room with connections for a full washer and dryer.  The large kitchen comes furnished with all appliances and leads out to the large fenced back yard. perfect for your pets.

Upstairs you will find two additional bedrooms plus a full bath with a shower/tub combo.  There is also a second living area that could be used as an office/study or family room.  This property contains hard tile, wood and carpet flooring throughout.

This property is available for immediate move-in and is being offered at $1200/month on a 12  month lease.  For more information about 1400 Sleepytime Trail or for assistance with your Austin Home Search contact me today at (512) 786-1515

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How to buy a home with 0% down in Austin, Texas!

Posted on January 23, 2012 by Jonas Lord

There were many 0% down programs before the financial crisis.  Many of these programs have been abolished in the wake of financial and mortgage reform.  However,  qualifying borrowers can still purchase a home with little or no money down.  Some specific programs and basic qualifying criteria are outlined below.  The first step in anyone’s Austin home search should be talking to a lender and getting pre-approved for a mortgage.

Capital Area Bond

  • 3.49% rate, 30 year fixed loan
  • 4% Down Payment assistance grant can be used for down payment and/or closing costs
  • Household Income limits $74,900(1-2 people) or $86,135(3 or more people)
  • Must be 1st time home buyer or eligible Veteran
  • close by April 2, 2012
  • Property in Williamson, Bastrop, Caldwelll, or Hay county
  • Minimum Credit Score of 600
TDHCA Bond 77
  • 3.95% rate with 4% down payment assistance
  • 3.35% unassisted
  • Household income limits $74,900(1-2 people) $86,135(3 or more)
  • Purchase Price limit $263,164
  • State of Texas
  • Must be 1st time buyer or eligible veteran
  • FHA, VA, or USDA loans(no conventional
  • with $10,000 down payment assistance, Debt to Income ratio may not exceed 45%
  • Minimum credit score of 620
Standard City of Austin Down Payment assistance

 

  • 80% of house hold  median income ( see table at right)
  • Up to $10,000 10 year deferred forgivable 0% interest loan
  • Loan is forgiven if borrower does not sell or transfer title for 10 years!
  • Need based:  loan “bridges the  financial gap” for borrowers 
  • within Austin city limits
  • first time home buyer
  • purchase price under FHA loan limits
  • single family home, townhome, or condo
Shared Equity City of Austin Dow Payment Assistance
  • Same criteria as standard plus the following
  • Up to $40,000 in deferred, 0% loan for 30 years
  • not forgivable
  • 1997 or newer construction
  • borrower pays back loan amount plus percentage of equity when selling or transferring title
  • when selling, borrower gives AHFC the first right to purchase the property at market rate
  • Program flyer available here.
100% financing options are clearly not as prevalent as they were 5 years ago, but there are still several programs designed to make the dream of home ownership a reality for certain buyers.  These programs are designed primarily for first time buyers in Austin  who intend to live in the house they are purchasing.  To begin your Austin home search or to be referred to a lender who is experienced in the Down Payment Assistance Programs, please contact the Carvajal Group today at (512)496-0215.
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Travis Heights Terrace

Posted on January 22, 2012 by Eric Carvajal

Have you seen this affordable, South Congress area community in your Austin Home Search?

Travis Heights Terrace is a small condo complex  was built in 1972 and features 32 fully renovated condo conversion units completed in 2006.  This wonderful Austin community is fully gated with a nice pool for residents and is located in one of the best locations in Austin.

There are a number of units that come available for lease from time to time and small one bedrooms units can be purchased in high 90k’s.  Most units have stained concrete floors, granite counter tops, stack washer and dryers inside and come with reserved parking.

If you are looking for affordable austin condiminiums in downtown Austin, Travis Heights Terrace could be a perfect match.  Be sure to include this property in your Austin Home Search.

For more information on Austin real estate or for assistance with your Austin home search, contact me today at (512) 786-1515

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Short term rental review halted

Posted on January 18, 2012 by Eric Carvajal

As you may have heard, there is an ongoing debate about short term rentals, a.k.a vacation rentals in Austin, Texas.  On January 12, city council voted 5-2 to halt a decision on new ordinances surrounding short term rentals in Austin until further data is collected.

The new ordinance would impose registration fees and licensing requirements on Austin homeowners wishing to lease out their homes for less than 30 days at a time.  The new ordinance would also limit the number of licenses granted.  The council is requesting more data as to where the short term rentals are taking place as well as whether or not more 311 and 911 calls are being generated by these short term rentals in Austin.

Could this new proposed ordinance affect your Austin home search?  It should!

In our opinion, limiting the rights of homeownership is bad for overall values and could create additional issues down the road.  In our experience there are some properties that are generating quite a bit more rental income per month through short term rentals giving property owners a viable stream of revenue, sometimes even justifying or increasing investment value.  Increased values means increased tax base and revenue to the city.  Also, when you take away the rights that people have with their own property you take away reasons why one should own Austin real estate.

Take for example the condo development at 1212 Castle Hill, Castle Hill Terrace.  This property is comprised of mostly efficiency style condos that typically trade around 150k to 220k.  A typical unit can lease from 900-1100/month on a standard 12 month rental term.  Currently we lease and manage a unit there and are generating over 1500 and sometimes over 2000/month in rental income for our owner.  This increased revenue stream has allowed our owner to keep the property and enjoy it a few times per month even after she relocated to Waco.  Based on the purchase price and the typical amount of rental income that can be generated the numbers just do not make sense from an investment standpoint.  Allowing vacation rentals, however, greatly increases the value and draw to the Castle Hill Terrace community.

The city loves to generate revenue through the many events and attractions this city has to offer, so why not let the homeowners capitalize on this as well.  If residents are concerned with issues such as noise or safety I believe there are other ways to mitigate this risk without limiting homeownership rights.

 

For more information on vacation rentals in Austin or for assistance with your Austin Home Search, contact us today at (512) 419-7770

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Great Taste Tastes Great

Posted on January 5, 2012 by Brian Foley

Newton claimed every action has an equal and opposite reaction and while that holds true in laws of motion, in the real world every action seems to have an unequally unpredictable reaction. Within the epicenter of that notion lives the ever-elusive concept of taste.  Personal perception of what is tasteful and likable and what is not has always fascinated me – even more so now from a business standpoint because it is the decisive factor in almost everything that is being marketed and sold.

It’s not even so much that there is a difference in opinion that exists, that much is obvious given human nature, but it is the extent to which these differences vary. Don’t understand why places sell doily couch covers? Well your grandmother loved (and purchased) them and so did hundreds of thousands of other granny’s. Aunt Judy’s leopard stretch pants seem an incomprehensibly tacky purchase? Well she thinks your Patagonia fleece is boring and square. For every Sprite there’s a Cherry Vanilla Coke and for every carnivore a vegan – it is what keeps companies in business and what makes universal trends even more impressive (I’m looking at you Apple and Facebook.) So, with such a vast variance in taste how can a home seller (with arguably the biggest predilection-based commodity) ever come out on top? The answer is fairly simple – go bland or go home.

Most homebuyers want to walk into their potential future homes and be able to let their imaginations run wild. The hiccups come when the current owner’s choices become insurmountable buyer obstacles in the form of specific tastes in stylings/furniture and general color palette discrepancies. Polarizing tastes are hard for most people to see themselves (see: Aunt Judy’s pants) but addressing these issues in a professional manner will save your clients time and money.

Color is the first thing to focus on. Neutrals provide the blank canvas that most buyers are looking for and having a fresh coat of off-white or beige can go a long way in speeding up the process and is a marketable technique (especially w/ zero VOC paint) that will 100% net it’s return in the sale. The next step would be to accentuate the positive qualities that already exist in the house. Get the windows professionally cleaned before you show the home, move the old couch out from in front of a nice bay window, OPEN all of the blinds to show the views and natural light to the buyers and clean up any unsightly yard work. A fresh coat of paint on the front door is also a nice touch that gives off a solid first impression. Lastly, remove specific style choices. This one can sometimes be a tricky conversation to have with your clients because no matter how you phrase it you are walking a fine line of saying they have bad taste. Be polite but be honest and refer to past experiences. Most people can get over the fact that you have an opinion on their style when they understand it’s for the greater good and for the benefit of the deal.

Taste is tricky but there is one color that always looks good to everyone. Green.

For more information on Austin Real Estate or assistance with your Austin home search, please call me at (512) 516-9110.

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Decoded

Posted on December 19, 2011 by Brian Foley

Marketing is the lifeblood of an agent’s success and new advancements in technology have provided an easy measuring stick to see which agents are keeping up and which ones are falling behind. This is especially important in a major city like Austin, where Austin Realtors attempt to leverage their understanding of “cutting-edge” technology in order to set them apart from their competition. But what happens when a tech trend is over-hyped and may not be worth the paper it’s printed on? That’s how I see the every mysterious Quick Response (QR) code fad.

Austin Realtors have embraced the QR movement in everything from lawn signs to business cards to a quick linked Austin home search and countless blogs hyping QR ability. I will even admit to being initially intrigued by it’s potential, but it was a quick realization that these symbols are inefficient and, more often than not, confusing to the masses. Unlike URL’s or even SMS text codes, QR codes aren’t mainstream and have started to teeter on the verge of becoming a gimmick. If the problem at hand is getting the user from the marketing material to the content (be in a website or otherwise) as quickly as possible then the QR code an imperfect solution. The marginal difference in the time it takes to open up your phones designated QR reader application, hold it steady and align it to scan versus just typing the URL into the browser is an example of one of it’s larger issue – efficiency. The point of technology is to make life easier and unfortunately QR codes take you from point A to point B at the same speed but along a different path.

Arguably the biggest issue is that QR codes are designed to skew towards the tech savvy users and that demographic usually doesn’t align with the real estate buyer/seller demographic that Realtors should be focused on. Austin is a tech based city, it’s true we are home to Google, Apple, Facebook and hundreds of other companies that are riding the fiber optic wave, but according to a study by the National Association of Realtors, the average age of a home buyer in 2011 was 39 years-old. Well, maybe this is for the younger generation – maybe they get it and have totally bought in? Wrong. CNN recently published a report done by Archrival, a research group that focuses on youth marketing. They surveyed 500 college students at various universities across the United States and the feedback speaks volumes. They found that although 80% of students owned a smartphone and have seen a QR code; only about 20% were able to successfully scan an example code they were given. Furthermore, only 75% said they were likely to scan one in the future and a staggering 8 out of 10 student had no idea what to even do with it.

Don’t believe the hype.

For more information on Austin Real Estate or assistance with your Austin home search, please call me at (512) 516-9110.

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5 things to remember for your Austin Home Search

Posted on December 18, 2011 by Eric Carvajal

When buying a home in Austin, here are five important things to remember when performing your Austin Home Search online:

1) Most real estate websites use IDX feeds that pull from the MLS.  Most properties listed in MLS will show up in those online home searches.  Properties that do not show up in a particular Austin Home Search are usually withheld by the Realtor that is listing the property.

2) Photos can be deceiving.  As a Austin Realtor, I use the best techniques to make my Austin home listings appear very appealing in online home searches.  Through the use of professional photography I can make rooms appear large, grass appear green, etc because my goal when listing an Austin home is to get buyers to find it in their Austin Home Search and want to come view it.

3) The Austin real estate market us very hot and there are enough people searching for Austin homes that good properties move very quickly.  If you see a property online that you are interested in, call your Austin Realtor and go take a look immediately.  You do not want to miss out!

4) Austin home listings are typically updated online at least once a day.  Some websites will update instantly, some will update daily, and others will update weekly.  How soon a website is updated is based entirely on the IDX provider that each webmaster chooses to work with.  If you a property pending on one site and active on another it typically will mean that one of the websites is not updating as quickly as the other.  Call your Austin Realtor and have them check the Austin MLS to get you the right answer.

5) Austin Realtors have more information than is available online.  As a consumer it is very difficult to have access to the best deals and opportunities without using an Austin Realtor.  As an Austin Realtor, I have access to off market, pocket listings, and even properties that may be active and not showing up in Austin Home Searches online.  Make sure you work with a Austin Realtor to find the right property.

For more information on Austin real estate or for Assistance with your Austin home search, contact us today at (512) 786-1515.

Your Address.  Our Passion!

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