NETWORKING IN AUSTIN

May 16 Northwest Business Womens Association is going to host a networking event at Prosperity Bank on 183 between NcNeil and Oak Knoll 5-7. Appetizers and non-alcohol drinks will be served. Bring a friend and business cards. 12730 Reasearch Blvd.

MORE ABOUT REAL ESTATE COMMISSIONS

What would you think, how would you feel if your client or employer asked you to cut your fee or salary?

Why do buyers and sellers think they can ask that of a Realtor? It's because they have no idea how much work a Realtor does that they don't see, what their expenses are and what their commission split is. If I spend 2 hours showing a buyer property, I've spent 2 hours researching, scheduling and mapping as well. If they decide on new construction, I've done all the background work to get them there. Sellers involve many hours of marketing and accountability. After there is a contract the Realtor spends time tracking and in further negotiations up to and beyond closing.

A buyer once asked me how much money I was allowed by my company for gas. A Realtor is an independent contract. We pay for all our own gas, car, car maintenance, advertising, marketing, membership dues, continuing education, computers and other technology, health insurance, retirement and then we split our commission with the broker and possibly a referring agent resource as well.

Buyers and sellers think that Realtors make lots of money but just because they drive a luxury lease car doesn't mean they are bringing in the bucks. Your Realtor is bound by a code of ethics and is acting on your behalf. Respect that.

I NEED A FURNISHED LEASE FOR A CLIENT IN ROUND ROCK AREA

My buyer is looking for a temporary lease in the Round Rock or nearby area while their house is being built. Preferably furnished, 2400 sq.ft or larger, preferably 4 bedrooms by June. It's a physician and family so they will be expecting something nice. Call me if you know of anything. Robin 589-7988.

LEASE/PURCHASE

When I have a listing, I get a lot of inquiries about lease/purchase. I've been told it is against Texas law and our attorney says not to do them. There are reasons it's not beneficial to either the buyer or the seller.

For the seller: The seller gets his house cleaned up, repaired, maybe painted and new flooring and decides to lease/purchase. After time, the freshness is gone. Suppose tenant/buyer changes his mind and decides not to buy or can't get loan approval to make the purchase. Now the seller must spend the money again to get the house ready. It could even be in worse shape if the tenant/buyer wasn't taking care of it. Perhaps the market has gone down and it won't bring as much money as previously. Did the seller trust the tenant/buyer to make the payments to the mortgage company and it didn't happen and now the house is being foreclosed on?

For the buyer: Suppose you give the seller a down payment at an agreed sales price but at the end of the lease term your situation hasn't improved and you still can't get loan approval or afford to buy? What if the market has gone down and you've agreed to a price that's now too high? Have you been trusting the seller to make the mortgage payments but he hasn't and now the house is being foreclosed on and you can't get your deposit back?

Just things to think about. I wouldn't take the risk either way.

Search for homes through Austin MLS
Find your home's value
Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

Like us on facebook!

AUSTIN AREA PROPERTY TAXES

If you're in the Austin area, you've probably received your county tax appraisal for the year. Mine was high. How about yours? I think I'm going to protest but first I need to do the research to see what my market value is. If you have a question about your tax appraisal value, a Realtor can run a comparative market analysis on your property. There will be instructions on how to protest the appraised value included with your statement but evidence supporting your claim that your property has been over appraised is required.

IT'S OFFICIAL

According to information from the Austin Board of Realtors, our market is down. It's a great time to buy. If you'd like information on buying a house, visit my Web site http:www///robinscottrealtor.com. There is a lot of helpful information and a link to property searches.

LOOKING FOR HOME SELLERS

I have many buyers but a shortage of sellers. I have signs and lockboxes with no home. If you are considering selling your home, call me. I can show you what I can do to sell your home and provide you with a free market analysis. I want to be your Realtor. Robin at 589-7988.

Search for homes through Austin MLS
Find your home's value
Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

Like us on facebook!

PROPERTY VALUES GOING UP?

If you live in the Austin area, you will soon receive an estimated value on your home from the county appraisal district. If you recently purchased your home and the county is appraising it for more than you paid, take your settlement statement with you and protest the appraised value. If you have not recently purchase but are concerned the county has over appraised your homes value, I'll be happy to run a comparative market analysis so you will know if you should protest and have the ammunition with which to do so. Just email me at robin@robinscottrealtor.com

BACK ON THE MARKET

I have a great lisitng in south Austin just south of Barton Springs Rd off south Lamar. It's a 3/2/1 built in 1939 at about 1350 sq.ft. for $325,000. It has fresh interior paint, new carpet and a deck. to see a virtual tour and more information visit http://www.robinscottrealtor.com and select "featured lisitngs."

Tax Benefits of Homeownership

Tax Benefits of Homeownership

The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works.
Assume:

$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
______

$12,577 = Total deduction

Then, multiply your total deduction by your tax rate.

For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56

$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)

Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.

Search for homes through Austin MLS
Find your home's value
Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

Like us on facebook!

7 Reasons to Own Your Home

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
 Search for homes through Austin MLS
Find your home's value
Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

Like us on facebook!

How to Interview a REALTOR®

Make sure you choose a REALTOR® who will provide top-notch service and meet your unique needs.

1. How long have you been in residential real estate sales? Is it your full-time job? While experience is no guarantee of skill, real estate — like many other professions — is mostly learned on the job.

2. What designations do you hold? Designations such as ABR and CRS® — which require that agents take additional, specialized real estate training — are held by only about one-quarter of real estate practitioners.

3. How many homes did you and your real estate brokerage sell last year? By asking this question, you’ll get a good idea of how much experience the practitioner has.

4. How many days did it take you to sell the average home? How did that compare to the overall market? The REALTOR® you interview should have these facts on hand, and be able to present market statistics from the local MLS to provide a comparison.

5. How close to the initial asking prices of the homes you sold were the final sale prices? This is one indication of how skilled the REALTOR® is at pricing homes and marketing to suitable buyers. Of course, other factors also may be at play, including an exceptionally hot or cool real estate market.

6. What types of specific marketing systems and approaches will you use to sell my home? You don’t want someone who’s going to put a For Sale sign in the yard and hope for the best. Look for someone who has aggressive and innovative approaches, and knows how to market your property competitively on the Internet. Buyers today want information fast, so it’s important that your REALTOR® is responsive.

7. Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? While it’s usually legal to represent both parties in a transaction, it’s important to understand where the practitioner’s obligations lie. Your REALTOR® should explain his or her agency relationship to you and describe the rights of each party.

8. Can you recommend service providers who can help me obtain a mortgage, make home repairs, and help with other things I need done? Because REALTORS® are immersed in the industry, they’re wonderful resources as you seek lenders, home improvement companies, and other home service providers. Practitioners should generally recommend more than one provider and let you know if they have any special relationship with or receive compensation from any of the providers.

9. What type of support and supervision does your brokerage office provide to you? Having resources such as in-house support staff, access to a real estate attorney, and assistance with technology can help an agent sell your home.

10. What’s your business philosophy? While there’s no right answer to this question, the response will help you assess what’s important to the agent and determine how closely the agent’s goals and business meet yours.

Search for homes through Austin MLS
Find your home's value
Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

Like us on facebook!

PHOTOS AVAILABLE FOR 1028 ANTIQUE HERITAGE

FOR SALE - 1029 Antique Heritage in Pflugervile. 4/2.5/2 with 2 living, 2 dining and a covered patio. Security system and sprinklers front and back. Asking $168,000. to see more photos or the virtual tour visit http://www.robinscottrealtor.com and selected "Featured Listings." To see call Robin at 589-7988.

Why You Should Work With a REALTOR®

Not all real estate practitioners are REALTORS®. The term REALTOR® is a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics. Here are five reasons why it pays to work with a REALTOR®.

1. You’ll have an expert to guide you through the process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.

2. Get objective information and opinions. REALTORS® can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: Will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

3. Find the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your REALTOR® to find all available properties.

4. Benefit from their negotiating experience. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Property marketing power. Real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

6. Real estate has its own language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.

7. REALTORS® have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change. REALTORS®, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.

8. Buying and selling is emotional. A home often symbolizes family, rest, and security — it’s not just four walls and a roof. Because of this, home buying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.

9. Ethical treatment. Every member of the NATIONAL ASSOCIATION of REALTORS® makes a commitment to adhere to a strict Code of Ethics, which is based on professionalism and protection of the public. As a customer of a REALTOR®, you can expect honest and ethical treatment in all transaction-related matters. It is mandatory for REALTORS® to take the Code of Ethics orientation and they are also required to complete a refresher course every four years.

Search for homes through Austin MLS
Find your home's value
Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

Like us on facebook!

5 Common First-Time Home Buyer Mistakes

1. They don’t ask enough questions of their lender and end up missing out on the best deal.

2. They don’t act quickly enough to make a decision and someone else buys the house.

3. They don’t find the right agent who’s willing to help them through the homebuying process.

4. They don’t do enough to make their offer look appealing to a seller.

5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.

Source: Real Estate Checklists and Systems.

Search for homes through Austin MLS
Find your home's value
Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.

Like us on facebook!

MORTGAGE UPDATE

Hi!

Just wanted to let you know about a significant change in mortgage lending. At the beginning of the year Freddie Mac and Fannie Mae started charging higher rates for loans with less than 20% down and for credit scores below 680.

They have just revised this again. As of now, credit scores of 719 or less will be charged higher rates. The increases are progressive – each 20 point increment in credit scores results in a higher rate. Additionally, this now effects loans with as much as 40% down!

I would recommend that any prospective buyers you are working with get their credit checked immediately to make sure that their credit scores are as high as possible. We have had several instances recently where mistakes were made on our clients’ credit reports – including items that did not belong to our clients, identity theft, and collection accounts that had been satisfied but never cleared with the bureaus. Since it can take several months to clear up problems, it is best to start well in advance of the buying process. One single collection account can lower credit scores as much as 80 points.

I would like to strongly urge you to check your own credit to make sure that all the information reported for you is accurate. 719 used to be a great credit score, but now it can result in paying thousands of extra dollars over the life of a loan because of one simple error.

If you, or your clients, need any additional information on this, please don’t hesitate to contact me.

Regards,

Michael S. Llewellyn
Westwind Mortgage, L.L.C.
8400 Alvin High Lane
Austin, TX 78729-3786
TX Mortgage Broker License #1405
512-250-0901 Fax 512-918-2403
Cell 512-663-6453 (O-N-E-M-I-K-E)
michael@westwindmortgage.net

FOR SALE - 4/2.5/2 IN PFLUGERVILLE

Photos to come. 1029 Antique Heritage in Pflugerville. 4/2.5/2 with 2 living, formal dining, eat-in island kitchen, familyroom with fireplace and covered patio on a cul-de-sac. Asking $168,000. For more information visit http://www.robinscottrealtor.com or call Robin at 512.589.7988