Texas real estate

Borrowers considering homes that require mortgages above the Fannie/Freddie maximum of $417,000 should be aware of the many differences that exist in the qualification and underwriting processes. Generally, Jumbo mortgages are harder to qualify for and demand higher base interest rates. Conventional loans are available up to $417,000 in most areas at interest rates currently averaging below 5% for terms of up to and including 40 years. Jumbo mortgages (above $417,000) are offered by a diminishing number of lenders with rates generally at or above 6% with maximum terms of 30 years.

Another obvious disparity is the minimum required credit rating. Borrowers with FICO scores above 660 meet the minimum score qualification for conventional loans originated by most mortgage lenders. Jumbo loan applicants must apply with credit scores equating to 720 minimum. Additionally, conventional underwriting will allow at least one 30 day mortgage or rental payment delinquency in the prior 12 months (some lenders even allow for one in the past 6 months). Jumbo applicants can have no 30 day late notices over the same period.

Other financial factors that reveal notable differences are in the areas of reserves, maximum loan to value, and debt to income ratios. Jumbo loans require that liquid assets equaling 12 months reserves reside in the borrowers financial portfolio. Conventional borrowers are normally required to prove only 2 months of liquid reserves. As to loan to value ratios; Conventional loans can be written for up to 95% of the value of the home whereas Jumbo loans max out at 75%. Finally the maximum housing ratio (debt to income) allowed for a conventional loans is 43% whereas a Jumbo loan applicant must demonstrate a maximum of 40% total combined mortgage, installment and revolving debt.

There also exist distinct demographic differences which make Jumbo loans far harder to obtain. Geography and property designations are the two most notable characteristics illustrating these differences. Conventional loans can finance the purchase of 1-4 unit properties. Whereas Jumbo loans can only be written for properties with no more than 2 units (duplexes) included. Conventional loans are available for investment properties but Jumbo loans are strictly reserved for owner-occupants. Along these same lines, the common “1031 exchange” used as a source of down-payment funds by investors is not available for Jumbo transactions.

In view of the current deterioration in localized real estate markets, Jumbo loans are completely unavailable in many states including Florida, Michigan, and Rhode Island among others. Conventional loans remain available in all 50 states. Also, Jumbo loans are not available to non-permanent resident and resident aliens as are most conventional programs.

Finally, most lending institutions will not allow “cash-out” Jumbo programs which are generally available on a conventional basis. Certain regional and portfolio lenders offer exceptions to this general rule.

A common practice that has evolved from the impact of these factors is the rapid rebirth of the subordinated second lien used in combination with a conforming (conventional) first to create a combo loan program thus avoiding the Jumbo scenario. This works well for total loan amounts of up to $750,000 which employ a $417,000 first at conventional rates with a $300,000+ 2nd . This allows for a lower down-payment outlay, avoids any private mortgage insurance premiums, lengthens terms and requires smaller reserves etc. to qualify.

By: Mike Lesmeister

Corpus Christi is one of the best cities in the state of Texas. If you would spend some thing going over the residents in this beautiful city, you would notice that the greater part of the population are immigrants, and people with their families who have relocated coming from other states and other places within Texas. As a matter of fact, Corpus Christi homes for sale are incessantly being selected and proven to be a hidden gem within the real estate market. Compared to other cities and states within the USA, it would be easy to come up with the idea that the real estate industry is indeed thriving as opposed to the unusual gaps occurring in different parts of America. On the contrary, there are valid factors that make this pleasant city to stand out within this arena. This article will enumerate few of the most important aspects that many homebuyers appreciate from this enticing county seat of the Nueces County in Texas.

• Economy

All home searchers pay attention to the economy of the location they choose for their new home. The community enjoys a low unemployment rate of only 4% based on the 2007 economy figures. There are many businesses and community-established institutions that provide civilian employment for people who are living in Corpus Christi. This is one of the top reasons that make Corpus Christi homes for sale steadily sold to interested home buyers. To name a few, the Corpus Christi Naval Air Station Corpus Christi and Corpus Christi Army Depot are two of the US Military installations that provide employment to residents of the city. As a matter of fact, these two alone make available many job opportunities to non-military people looking for a job in this pleasant community.

• Transportation

Getting around the entire city is quite a breeze. There are fixed route bus services as a means of public transportation service provided by the Regional Transportation Authority, more locally known as RTA. Taxi and rental cars are also present all over the city. Ease of travel is ensured by the different highways and wide roads that connect the place to other parts of South Texas and other neighboring communities. This also ensures the fast delivery of goods and services, which is the main concern of businesses based in this pleasing neighborhood. The community is also served by Corpus Christi International Airport, which means that relatives and friends who live from faraway places can reach you with not much difficulty when air travel is concerned.

• Affordable Homes

Stunning and pleasing residences are available in the real estate market. If you are looking for available homes for sale, you are sure to find a wide variety of choices depending on the needs and taste of homebuyers. There are waterfront vacation homes that you can find in Padre Island, beautiful residences near the School District and other wonderful choices for residential properties. What makes it even more enticing and impressing are the reasonable prices set for most homes that you can find in many Corpus Christi MLS. Imagine the chance of owning a waterfront property at $289.500, townhomes at $173,500 with the later requiring you to pay estimated $788 for monthly mortgages! Indeed, this is one of the fundamental reasons why many choose to buy their own piece of paradise in this exciting city in Texas.

Of course, the good climate with just a short period of rains is great for those who love the outdoors. Certainly, there are still many reasons why Corpus Christi homes for sale steadily becomes a well-favored choice for most homebuyers. But these three are among the top on the list.

By: Ken Furlow

Ideally located between downtown Austin and Lake Travis, the Lake Pointe neighborhood is made up of several named sections including The Estates, The Setting, and Vista Pointe neighborhoods, many of which are gated. The subdivision is bordered by Lake Austin to the north, Bee Caves Road to the south, Resaca Boulevard to the east, and Bayton/Sonoma on the west.

Lake Pointe was established in 1995, so it offers a relatively new selection of homes that range in price from $200,000 to more than $1 million. You’ll find both one- and two-story homes, many that have spacious floor plans and amenities like gourmet kitchens, outdoor pools, and large patios. Some even boast upscale extras like media rooms, wine rooms, fountains, and outdoor kitchens.

Those who live in the neighborhood will be a part of the Lake Pointe Homeowner’s Association, which requires quarterly dues of $100 each. These fees go toward things like community maintenance and facility upkeep. More information about the association, such as the monthly newsletter, important contact information, and more can be found on their website.

One of the things that attracts individuals to the neighborhood are recreational pursuits like a hike and bike trail, children’s playground, swimming pool, and lake access. For those who love golf, the University of Texas Golf Club is two miles away, nestled between Lake Austin and Lake Travis. Members of this 7,412-yard course till have access to a state-of-the-art practice facility, a fitness facility, and 3,400 square foot pavilion that overlooks the 18th hole. There’s also a spacious clubhouse that has dining areas, a golf shop, and a lavish bar.

For shopping, the area doesn’t disappoint. The Hill Country Galleria is two miles away and is home to nearly everything residents would need nearby. There are specialty retail stores, a salon and spa, several dining venues, and large department stores. There’s even a large Cinemark theater where families can view movies, as well as special events held throughout the year.

Children in the area will attend schools that are part of the Lake Travis Independent School District. These include Lake Pointe Elementary, Lake Travis Middle School, and Lake Travis High School. For those who wish to attend private school, there are several of those nearby as well, including Lake Hills Montessori Bee Caves, St. Gabriel’s Catholic School, Primrose School of Bee Cave, and Lake Hills Montessori.

By: Brian Talley

There is a garden paradise in Texas–Highland Park real estate. This premium property is known for its quiet dignity, and the sense of peace that folds over its residents and shields them from city stress.

Highland Park real estate was first developed by John Armstrong and his son in laws, Hugh Prather Sr., and Edgar Flippen. While they chose to call it Highlands in reference to the land’s elevated position, the name became associated with the superior lifestyle and premium view. With every Highland homes for sale, owners were given a promise of the high life–accessibility, reliable services, and a luxuriously green landscape.

Armstrong mandated that 20% of Highland Park real estate would be devoted to parks. So today, despite the number of Highland Parks homes for sale, there are large sections devoted to parks and even lakes. Many of these are centered around Turtle Creek, a fantastic backdrop of trees and waters sparkling like diamonds under Texas’ golden sun.

But a beautiful view is just one of the reasons why Highland Park homes for sale are considered one of the best property investments people can make. Most people aren’t just buying a house–they’re buying a home. In other words, they are looking at the quality of life that this area will provide.

And Highland Park TX real estate doesn’t disappoint. Here are just some of the benefits you will get from Hghland Park homes for sale:

Accessibility. Highland Park real estate is an easy four-mile drive from the north of Dallas, Texas. You can pass though the State Highway 289, and US Route 75 (also called North Central Expressway).

Education. Parents will be happy to discover that Highland Park’s educational system is ranked as one of the best in the United States. There are 6 schools that serve thee area, and one of them–Highland Park High school–has the distinction of having Texas’ best sports programs.

Facilities and services. Highland Park real estate owners won’t have to go far to run errands. There is a shopping center with plenty of stores and recreational facilities.

Exclusive, affluent community. Many people fall in love with the Highland Park homes for sale, then ask (naturally) about what kind of neighbors they will have. There’s no cause for concern: Highland Park is one of the United States’ top 50 wealthiest cities, and attracts an exclusive community of successful professionals. Eight out of 10 residents have a baccalaureate degree or higher. Most are married, while about a third have children. It’s a great place to raise families!

The Park that People Talk About

The picturesque and serene landscape of Highland Park real estate has caught the eye of Hollywood, who see it as the perfect symbol for suburban affluence. No wonder it was used as a location for movies, television show (which will center on Highland Park High School) and books like the 2005 legal thriller, The Color of Law.

But perhaps it is better to see for yourself. Browse through the Highland Park homes for sale and find out why Highland Park TX real estate is the best investment you will ever make.

By: Richard S

Real Estate markets fluctuate from year to year based on many different factors.
Interestingly enough, the Real Estate market is one of the indicators of how our
economy is doing from season to season. You may consider hiring a Real Estate coach to
help you. Currently in 2008, the housing markets are reporting a down year. But, that
result is based on the market as a whole.

The good news is that there are till areas where Real Estate is doing well and have a
good outlook for the 2008 year. You can research each state and will find certain
states and cities which are predicting appreciating markets in the United States.

The number one Real Estate market in the country for 2008 is Yakima Washington which
has a 7.8% forecast. If you like warm tropical weather, Honolulu Hawaii will be 6.8%.
Also coming in at the six percent area is Salem Oregon which will be at 6.5%.

More appreciating Real Estate markets for the year 2008 include Maui HI 5.6%, Bismarck
ND 5.6%, Manhattan NY 5.2%, Sun Valley ID 5.1%, Biloxi MS 5.1%, Kauai HI 4.9%, Austin
TX 4.8%, Grand Junction CO 4.5%, Fargo ND 4.5%, Mobile AL 4.4%, McAllen TX 4.3%, Idaho
Falls ID 4.2%, Spokane WA 4.2%, Glen Falls NY 4.0%, Salt Lake City UT 3.9%, Grand Forks ND 3.9%, San Antonio TX 3.9%, Seattle WA 3.8%, Pascagoula MS 3.8%, Hattiesburg MS 3.8%, Albuquerque NM 3.5%, and Kellogg ID at 3.5%.

If you need more help through the Real Estate process, you may consider obtaining a
Real Estate coach. These coaches can be obtained through companies like Armando
Montelongo Real Estate firm. These coaches will walk you through the process of buying
and selling properties.

It is recommended that you get help if your new to the process.

By: Richard David

Some Austin home sellers choose to have a go at it on their own. Many think real estate agents charge too much and that they can save 6% or more by selling themselves. Commonly known as FSBOs, these for sale by owners are often difficult to get sold.

What the seller of a FSBO thinks and what is closer to reality:

I can make more on a sale by not paying a real estate commission. The reality is that there are not a lot of unrepresented buyers out there. Many Buyer’s Agents will find an Austin FSBO, contact the owner and ask if he will be paid a commission if he brings a buyer. So what may be cut out is a 3% or so commission that a listing agent might have taken if the seller will pay. If the seller will not pay, the Buyers Agent may just move on.

I can market my home as effectively as a real estate agent can. The reality of this is that a seller can generally not get the exposure for his house that a licensed agent can. An Austin home seller may advertise in a local newspaper, but most people don’t use newspapers any more to look for homes. They use the internet.

When a real estate agent puts a listing in the Austin MLS, it usually populates over to Realtor.com and many other websites and this gives the listing national exposure. That maximizes exposure. Sure, a seller can put the house on Craigslist, but that listing is off page one in a matter of hours in most cases and most buyers will never see it.

Another reality here is that it is usually agents who bring buyers. As stated earlier, not many buyers are without representation these days. As such, the Buyer’s Agents see listings in the MLS and that is when they show the listing to a prospective buyer.

I can get as much for my house as a Listing Agent can. The realty here is that many people seeing a FSBO automatically think they can discount an offer because there will be no real estate commission paid.

Another problem with FSBO sellers is that in Texas they cannot get real market data. Texas is a non-disclosure state. Sellers do not need to tell the county or anyone else how much they sold a house for. That is only available through the MLS and the MLS is only available to licensed agents who are members of their local Board. So how can they expect to price the house correctly?

So Austin home sellers, do yourselves a favor and list your house with a licensed Austin real estate agent.

By: Sam Chapman

If you fall into the category of someone who thinks that you can’t hold a sales meeting, you probably are taking yourself way too seriously. Sales meetings should be used as a time to think together, to form what I call a MEME. A MEME is like-minded people thinking together. You have seen this in church, it is called prayer. The Bible says that two or more people form a church and by getting together to concentrate on one topic, they are able to make thought form.

Sales meetings are the same principle. So, if you were going to use your sales meeting only to “announce” something, you are missing the boat. A sales meeting should be used to think. They should be used to work together in a small group on role-play. They should be an intimate, private event that fosters a feeling of safety.

Everyone gets a vote. Everyone gets a voice. And everyone is safe. Nothing should ever result from a meeting that gets someone fired. Firings should only happen based on results and goals that have not been met.

Not giving you the rules of a sales meeting, you are empowered to think more about what you can do at a sales meeting.

What can you do? Anything you want. You can do a conga line, play music, throw a beach ball around, play cards, play games or just plain play… Playing is the key.

Play, then work. Work out problems, brainstorm ideas and most importantly, know that you are doing it together.

So, here is the structure that I typically use.

Gather everyone around the sales meeting in two lines facing each other. Upbeat music is playing. When you think everyone has gotten there, have people tell a joke or a funny story to the person across from them. Then, fold the two lines into each other with everyone giving the two people on both sides high-fives.

Everyone sits down, if I don’t like the energy, I have everyone move. And make sure to break up the cliques.

I start with the topic that we are going to talk about by having them write down statements that are relevant to them about said topic. For example, “Write down the objections that you are hearing from people of why they are not ready to buy a house”.

Then we break into groups of 3 and each person reads what the objections are to the others. The others are instructed to not give advice.

After 15 minutes or so, we all join back as a group and discuss what they wrote down. I will give a brief overview of the four general objections in sales and then we will talk about the specific objections they’re dealing with. I start by writing down what the objections are as they read them to me.

Then, as a group, we start to discuss how to add proof to what they are saying as a rebuttal to the client and how to handle the objection. I don’t give my input until the group is finished bouncing ideas off of each other. Let them talk about it as a group.

Whether or not anything is ever settled, the group discussed it and they ignited their own thought process and innate neurology around things that were unconscious in them.

We usually have tasks and follow up action items for everyone to do and then we go from there.

So bottom line for my team and me is that we all share. No one speaks to the other person. We all speak with each other. You must get the people involved with their physiology, writing and talking in front of the group, in either small groups or out loud in front of the whole group. No one is allowed to be shy on my team. We leave no team member behind.

By: Rhonda Duffy

I think he goes without saying that anyone who buys a house once to get the absolute best value for the price they pay. Most people in today’s market scour the Internet looking for the best price home if they can find before ever actually stepping foot in a home that they would consider purchasing. The purpose in doing this is to weed out numerous properties that you may feel are overpriced. So hopefully you’re only looking at homes that you feel are already offered at a respectable price.

In the last several years many sellers have taken huge discounts from their original listing price in order to sell their homes, but in today’s environment can sellers afford to do this. While there is not a all-encompassing clear answer for this question, as a home buyer you should consider that many of the homes listed today have already been discounted a tremendous amount from what they were just a few short years ago.

In order for these homes to be attractive to potential buyers, most sellers have already dropped their price to very close to what the bottom line actually is. Now obviously this is not the case across the board. However consider that after scouring the Internet for numerous hours looking for the best price home you can find it’s only logical that the home she’ll actually be going to see our sellers that have done just this. Notice will vary from area to area, but I can assure you that in my market most new construction homebuilders have already adjusted their prices to about as low as they can go. In the event that they have not, in most cases their homes are receiving very little if any traffic.

I write this article not to discourage you from negotiating as it never hurts to ask, but to encourage you to take a long look at the deal you are considering once you’ve hit the sellers bottom line as you may be getting one heck of a deal even though you may not be getting a huge discount from their asking price. In today’s environment you do not necessarily have to win to be a winner. In fact, many homes that are being sold whether it be a short sale, foreclosure, or new home are being sold very close to the actual listing price. Again, always ask for more, but if you don’t get it doesn’t necessarily mean that you should walk away.

I see this especially first-time homebuyers hearing all the news through the Associated Press of how bad things are and how great of a deal that people are getting, they assume that they must negotiate extremely hard to get the best deal possible. In effect what you do in many cases is wear yourself out and up settling for something less than what you should have or are disappointed because he said such a high expectation. If you find somebody who will negotiate tremendously off the price there is a very good chance that their original asking price is off the mark. Simply put, put your feelings aside and be objective in determining which home is best for you.

By: J R Malone

Heated to a constant 68 degrees, Austin’s Barton Springs Pool is a popular swimming hole that can be enjoyed year round. Located in Zilker Park, the pool is fed by water from the Main Barton Spring. Swimming during any season is allowed at the Barton Springs Pool, but costs a small fee in the summer months. With grassy picnic areas nearby and plenty of places to play and relax, Barton Springs is a must-see for every Austin visitor.

Once considered holy by the local Native American tribe, the Tonkawa, the springs were used for bathing and purification ceremonies. When the Spaniards discovered the large springs in the early 1700s, they built a mission near the site. Once settlers moved into the area, the springs became popular tourist attractions, and eventually it evolved into the swimming hot spot it is today. In its current management by the city of Austin, the Barton Springs Pool provides an invigorating and refreshing way to cool off, exercise, hang out and relax. It has quickly evolved into a hangout place for young adults, but bathers of all ages will enjoy themselves at the Barton Springs Pool.

At more than 900 feet long, Barton Springs Pool has a natural gravel bottom and is full of fresh, naturally warmed spring water. With diving boards, stairs and ladders, swimmers can easily enter and exit at several different points around the pool. Summer weekends might find the pool quite crowded, but the spaciousness of the place allows everyone a good refreshing swim no matter what.

Occasionally the pool is closed for safety concerns, such as when there have been heavy rains or the creek that feeds the pool is running high. In these instances, swimmers can call ahead to the Barton Springs Pool to determine if the pool will be opening. The hotline is operating 24 hours per day for the convenience of its guests.

The cost to get into the pool is minimal-just $3 for adults and $2 for young adults 12 to 17 and $1 for children under 12 and senior citizens. The doors open at 5 a.m. and usually close at around 10 p.m. Although the pool is billed as a family-friendly area, topless sunbathing is allowed at the pool and many patrons take advantage of that.

Barton Springs Pool is a wonderful way to combine history and recreation when checking out all the things to see and do in the Austin area. It’s especially easy to see this Austin landmark when it’s a hot Texas afternoon.

By: Eric Bramlett