Clint West's Blog
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July 2010 Austin Housing Market: volume down 19%, prices up 18%
July 2010 preliminary housing numbers for the Austin market show volume down 19% and average prices up 18% (from $255k to $299k). 1 While this may seem contradictory, a closer examination reveals two factors working simultaneously: the Tax Credit and Jumbo Loans (see my blog Did Austin housing prices really set a record in June [...]
Did Austin housing prices really set a record in June 2010?
Local housing median sales prices set a record at $202,800 in June 2010 according to numbers compiled by the Austin Board of Realtors. How is this possible given the current economy? The Austin market has been relatively stable over the past two years: housing prices have only dropped between one and two percent. The June 2010 [...]
How to maximize your credit score
Three credit bureaus each assign a score to your credit history. Lenders view all three scores and use the middle one to qualify applicants for mortgages. Currently a 620 mid score is the minimum threshold for a loan. However, some loans (and lenders) require even higher scores. Below are a few important guidelines to improve credit scores. 1) Continue paying all [...]
Protect your foundation from cracking
Anyone who has lived in Austin for more than a few years is aware that July and August are the hottest (and driest) months. As the jet stream retreats north, a dome of high pressure sits over central Texas causing temperatures and water usage to rise. Homeowners should be aware that this is the time of [...]
Credit Reports are important for Renters too
Due to economic uncertainty in 2010, more families are choosing to rent instead of purchase. The Austin Housing Market is seeing a 20% drop in buyers this summer compared to 2009, along with a corresponding rise in renters. Most landlords qualify applicants on their credit and rental history. When mistakes cause you to be denied [...]
Is it a buyer?s market?
Realtors define a buyer’s market as one where there are more than 6 months of inventory for every home sold. In May 2010 for the 9 county Austin housing market, there were 12786 listings, and 2300 sales which is considered to be a “neutral market”. Preliminary numbers for June indicate there should be about 13400 listings, [...]
Zero down loans for first time home buyers
100% financing USDA Rural Home Loans are available to any buyer who meets the income and credit requirements. It is a great program for First Time Home Buyers, but not limited to First Time Buyers. Also on a USDA loan there is no PMI or monthly mortgage insurance. The income limits are determined by the number [...]
Creating the illusion of space in a small home
Although the average square footage of a new house is still double what it was in 1960, in the last year, it decreased slightly to 2,215 square feet from a high of 2,277 square feet in 2008, according to data from the U.S. Census Bureau. In a small home, space needs to be maximized for [...]
US and Austin December Home Sales
US and Austin December Home Sales December nationwide home sales dropped 17% compared to a year ago, the National Association of Realtors said January 25th. This followed an increase of 44 percent for November. Much of the change was due to the first time home buyers tax rebate originally set to expire on November 30th. Many who [...]
How good does credit need to be to get a mortgage?
Four years ago, it seemed that all mortgage lenders cared about was a good work history. How times have changed. Today, an applicant’s credit is as important as their income and work history. Every few months, the bar for qualifying credit scores is raised again. While most buyers know they need “good” credit, they [...]
