Myths About Buying a Home

5 MYTHS ABOUT BUYING A HOME

There are many real estate myths about buying a home.  Whether you are a first time home buyer or seasoned investor, it’s important to distinguish between fact and myth.  Knowing the difference between the two can save you thousands and peace of mind.  Here are 5 myths about the home buying process to help you on your way to home ownership.

Myth #1: You’ll Find the Perfect Home

As a first-time home buyer, you may get caught up in the excitement of buying.  But you need to remember that just because you have a vision of your dream home that doesn’t mean you’ll find it.  Not every home is going to meet your expectations.  Most homes will have a flaw or two, and sometimes many more.  It’s important to look at the big picture and not obsess over finding the dream home.  If you find a house that meets most of your needs and wants, then you’ve done a pretty good job in finding the right house for you.

Myth #2: You Should Buy a Home You Can Grow Into

Many first-time home buyers may have heard this before – look for a home you can grow into.  Not so, especially if you consider that most first-time home buyers spend less than 5 years in their first home.  You need to think about where you plan on being in the next few years, but many things in life are unexpected.  You may need to relocate for a job or school.  You may decide you like another area.  You just never know what circumstances will change in the future.  Do you really want to buy the 5 bedroom home so that you can accommodate all the future kids you plan on having?  Look at your current needs and any short-term goals you have and go from there.  Buy a home that suits you for today and that is affordable.

Myth #3: The Best Deals are Distressed Properties Like Foreclosures

In the past five years, we’ve seen an influx of foreclosures and short sales in the real estate market.  Some are offered below market value and some are not.  Some need very little work and some need a complete overhaul.  If you are only focused on finding the lowest price, you will miss out on some great homes.  Figure out what’s important to you in terms of fixing up and affordability.  There are many motivated sellers willing to negotiate with the right buyer.

Myth # 4: You Must Have Perfect Credit to Buy a House

While it’s true that lenders have tightened up lending standards the past few years, you certainly don’t need perfect credit to purchase a home.  The best thing to do is get in touch with a reputable lender to go through your credit report with you.  The sooner you get your credit in order, the better prepared you’ll be when it comes time to start looking for a home.

Myth # 5: You must have at least a 20% down payment.

The traditional down payment of 20% percent is not needed to buy a home.  If you qualify, consider an FHA loan where the down payment is as little as 3.5% down.  A VA loan requires no down payment at all and is available to all eligible veterans.  The important thing to remember is that there are programs out there that can help you purchase a home.

Buying a home is one of the biggest investments you can make.  Our goal at Texas Capital Properties is to help you find the right home, negotiate the best price and navigate the home buying process as smooth as possible.  Our Austin real estate agents represent buyers throughout town looking for new construction, resale homes, distressed properties, and downtown condos.  We are the Austin-area real estate experts to help you find your home today.  Contact 512-587-3732 or visit our website to get started.

Austin Trail of Lights

Austin Trail of Lights 

If you haven't realized, the Trail of Lights has made a return to Austin this year!  And it's a wonderful sight to see.  The Trail will be open through Sunday, December 23rd, between 6:30pm and 10pm, at Zilker Park.  Admission is free, thanks to the generous support of corporate sponsors and individual donors.

Check out the great array of vendors this year at the Trail:

Marketplace #1

Food Vendors:

• Cazamance – Soups, Hot Chocolate, Hot Cider
• Pizza Hut - Personal pan pizza’s, stuffed pizza rollers
• DU Developments – Turkey Legs, Sausage

Merchandise Vendors:

• Inca Wasi – Arts & Crafts – ceramics, nativities, stone/wood sculptures, jewelery, handbags, clothes etc.
• Performance Marketing Co. – Light up toys
• Google+ Local – Product Demonstrations, Google branded merchandise giveaways
• Fashion Extensions – Hats and scarves
• Isis Mobile Wallet – Product Demonstrations
• Seton Health Plan – CHIP & STAR (medicaid) low to no coast insurance information
• Texas Stars Hockey - Team merchandise, ticket information
• The First Tee of Greater Austin – Discount golf booklets, light up yo-yos
• Trail of Lights – Official Merchandise and Programs
• Samaritan Center – Key chain flashlights
• Liberty Mutual Insurance – Insurance information
• Cheyanna Foundation for Children – Popcorn, cookies, jewelery
• Kris Keyz Productions- “Austin Christmas” CD – featuring all local musicians
• My Healing Place – Tote bags, stuffed ears, Santa hats
• Cap City Kids – T-shirts, filled backpacks for homeless youth
• Active Life – Decorate-your-own ornament, elf hat, coffee mug
• RunTex Foundation - Trail of Lights Merchandise

Marketplace #2

Food Vendors:

• Chi’Lantro BBQ – Tacos, Kimichi Fries, Spicy Fries, Korean Burger, Rice Bowl, Burrito, Quesadilla
  
• 57 Scotsman/Snowie  – Funnel Cakes, Soups, Stuffed Waffles, shaved ice
  
• As Good As It Gets Concessions - Kettle Corn
• Hill & Hill Catering – Turkey Legs, Sausage, Funnel Cakes, Cotton candy
• Taylor Seafood & Concession – Calamari, fried fish, shrimp, chicken strips, brats & sausage, fries, onion rings, nachos
  
• Ministry of Challenge – BBQ…brisket, chicken, turkey, hamburgers
• Heros Gyros
• Pamela Jane’s Lobster Rolls

Merchandise Vendors:

• Trail of Lights  - Official Merchandise: T-shirts, Travel Mugs, Ornaments, Fleece Blankets, Event Programs, Giving Fund Gift Cards
• WMI, Inc – Light up toys and novelties

Marketplace #3

Food Vendors:

• Austin’s Pizza – Pizza
• Crepe Crazy – Variety of sweet and savory crepes
• Funtastic Funnel Cakes – Funnel Cakes with various toppings, foot long corn dogs
  
• La Fantabulous Taqueria – Tamales, Mexican hot chocolate
• Mellizoz Tacos – Tamales, tacos, soups & quesadillas
• Hill Country Kettle Korn - Kettle Korn, Iced Tea, Strawberry Lemonade
  
• Be More Pacific – Longanisa Pork Slider, Adobo Chicken Slider, Pancit Noodles, Bacon Fried Rice
  
• Colibri Cuisine – Mexican Food
  
• Kebabalicious - Beef/Lamb, Chicken, Falafel kebabs, humus and pita

For more information, visit the official site - http://austintrailoflights.org/

Visiting the State Capitol Building in Austin

VISITING THE STATE CAPITOL BUILDING IN AUSTIN

Whether you live in Austin or are just visiting, everyone should try to visit the State Capitol Building.  We love the Texas State Capitol in the Lone Star State and once you visit the building and grounds, you will see why.  Located on 11^th Street between Lavaca and San Jacinto, the State Capitol is taller than the U.S. Capitol and has the largest gross square footage than all the state capitols.

According to the official website, “The Texas Capitol is an extraordinary example of late 19th century public architecture and is widely recognized as one of the nation’s most distinguished state capitols. It was placed on the National Register of Historic Places in 1970 and designated a National Historic Landmark in 1986 for its ‘significant contribution to American history.’”

Situated on one of Austin’s highest points, the Capitol has panoramic views towards the Colorado River from the south.  The structure’s exterior is made from “sunset red” granite and its foundation is composed of limestone.  Built in 1888, an extensive interior and exterior restoration was completed in the 1990s.

The Texas State Capitol serves as the offices for the Governor, Secretary of State, and legislators.  It also houses a library, bookstore and cafeteria.  When you enter the Capitol rotunda you can view portraits of every person who has served as President of the Republic of Texas or Governor of the State of Texas.

Free 45-minutes tours are offered at the Capitol.  The tour features the Capitol, Texas history and the Texas legislature.  The Texas State Capitol building and grounds are absolutely beautiful to visit year round – and we aren’t just saying that because we are from Texas!  It’s a great place to visit in Austin to learn more about the Lone Star State’s rich history.  This should definitely be a stop for all tourists and Texans alike.

If you are curious about other things to do in Austin, visit Texas Capital Properties.  We are your online source for Austin real estate and homes for sale.

Mortgage Rates Remain Near Record Lows

MORTGAGE RATES REMAIN LOW AFTER HOLIDAY

Mortgage rates remain low after the Thanksgiving holiday according to Bankrate.com’s national survey of large lenders.  The benchmark 30-year fixed-rate mortgage fell to 3.52 percent from 3.53 percent.   One year ago, the mortgage index stood at 4.25 percent; four weeks ago, it was 3.57 percent.

The benchmark 15-year fixed-rate mortgage was 2.86 percent, the same as last week. The benchmark 5/1 adjustable-rate mortgage rose to 2.74 percent from 2.7 percent.

Freddie Mac’s results of its Primary Mortgage Market Survey® also found mortgage rates virtually unchanged and remaining near record lows.  Their survey found the 30-year fixed-rate mortgage has averaged below 4.00 percent all but one week in 2012, while the 15-year fixed-rate mortgage has averaged below 3.00 percent since the last week in May.

Weekly National Mortgage Survey

Results of Bankrate.com’s Nov. 28, 2012, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:

	30-year fixed	15-year fixed	5-year ARM
This week’s rate:	3.52%	2.86%	2.74%
Change from last week:	-0.01	N/C	+0.04
Monthly payment:	$742.77	$1,128.38	$672.72
Change from last week:	-$0.92	N/C	+$3.48

Formula 1 Events in Austin

FORMULA 1 EVENTS IN AUSTIN 

It’s finally here – Formula 1 racing begins this weekend in Austin, Texas!  We will join the ranks of 19 other cities around the world that host this phenomenal international auto racing sport.  So much is going on around town to celebrate this momentous event.    What would else would the “Live Music Capital of the World” do except kick things off with The Austin Fan Fest.

The 3-day festival will celebrate the inaugural 2012 Formula 1 United States Grand Prix.  Numerous activities will take place in the heart of beautiful downtown Austin, from the shores of Lady Bird Lake to the Capitol.  Friday features headliners Aerosmith with Cheap Trick at the Frank Irwin Center.  Flo Rida will take the stage at the Austin Convention Center on Saturday and Enrique Iglesias on Sunday.  The festival will also include performances from various musical acts on multiple stages, F1 simulators, F1 show cars, bars, parties, a family fun zone, and plus much more!

Formula One coming back to America really is a big deal.  The Circuit of the Americas track is expected to generate an annual economic impact of $400 million to $500 million for the area and attract as many as 300,000 people.  For the ultra upscale European experience, My Yacht™ Group will host a three-day VIP nightclub event during F1 weekend.  The celebrity-studded My Yacht™ F1 Club party will be at the Ballet Austin complex in the heart of downtown Austin.

Of course, race events will also take place all weekend at the Circuit of Americas track.  Practice sessions will begin Friday, November 16 at 9am.  Sunday will feature the Grand Prix race at 1pm.  You can visit the official Circuit of the Americas website for a complete schedule of races and events.

With excitement also comes headaches for some.  Although we are used to major events around town like the widely popular South by Southwest® festival every spring, the world renowned Austin City Limits Musical festival, and of course, record breaking attendance at The University of Texas Longhorn football home games, no one knows what this inaugural weekend will bring in terms of traffic.  Be prepared, especially if you live or plan to travel downtown this weekend.  Here are the downtown road closures that may cause delays getting around.

Closed from 6 a.m. Wednesday to 11:59 p.m. Monday:

• West 3rd Street and West 4th Street between Congress and Colorado

Closed from 6 a.m. Thursday to 6 p.m. Monday:

• West 3rd Street and West 4th Street between Colorado and Lavaca
• East 3rd Street and East 4th Street between Congress and Brazos
• Colorado Street between West 2nd Street and West 5th Street

Closed from 7 p.m. Thursday to 6 a.m. Monday:

• Southbound lanes of Congress Avenue between 5th Street and 2nd Street

Closed from 6 p.m. Friday to 6 a.m. Monday:

• Northbound lanes of Congress Avenue between 5th Street and 2nd Street
• Southbound lanes of Congress Avenue between 2nd Street and Cesar Chavez (2nd Street will be open)

Closed from 6 a.m. Friday to 11:59 p.m. Sunday:

• One lane of Trinity Street between East 12th Street and East 15th Street
• One westbound lane of East 12th Street between Red River and Trinity Streets

The good news is that Capital Metro is expanding their service during Formula 1 weekend.  They are offering a free downtown bus route that will run every 15 minutes from 7am to 2:30am.  Capital Metro will also offer a $1 bus ride to and from downtown Austin and the Austin-Bergstrom International Airport.

FORMULA 1 TEAMS ARE EXCITED ABOUT ALL THINGS TEXAS AND AUSTIN VIDEO

Vote in Texas 2012

VOTE in Texas 2012

It will be interesting to see who wins the most expensive presidential race in history.  No matter who you vote for in tomorrow's Presidential Election 2012, the most important thing you can do is VOTE!

Travis County Voters

Find out if you are registered to vote in Travis County.  Polling locations are open from 7am to 7pm.  You will need to vote on Election Day at your precinct.  Visit the Travis County website for your precinct number and polling location.

Williamson County Voters

You must vote in your assigned precinct on Election Day.  Polling locations are open from 7am to 7pm.  Visit the Williamson County website for your precinct number and polling location.

Austin Housing Market 2012

Find out what is happening in the local Austin Housing Market and Real Estate News in 2012.

Austin home values continue to rise.  According to the Austin Board of REALTORS®, the volume of homes sales rose and home prices of Austin homes continued to rise to the 15th straight month of increases.

August 2012 Statistics

• 2,397 – Single-family homes sold, 21 percent more than August 2011.
• $212,000 – Median price for single-family homes, six percent more than August 2011.
• 61 – Average number of days that single-family homes spent on the market, 18 days less than August 2011.
• 2,740 – New single-family home listings on the market, 15 percent more than August 2011.
• 7,262 – Active single-family home listings on the market, 17 percent less than August 2011.
• 2,207 – Pending sales for single-family homes, 23 percent more than August 2011.
• 4.0 – Months of inventory* of single-family homes, 1.7 months less than August 2011.
• $663,700,536 – Total dollar volume of single-family properties sold, 30 percent more than August 2011.