45 Days Left to Use $8000 Stimulus Money

What??? Say it isn't so, sadly it is...what does the title of this post mean??? I'll tell you...you see

in order to use the $8000 Stimulus Money to buy a home in Austin, TX or in any other real estate market in the nation for that matter, buyers must close on their home on or before Dec 1, 2009. Let's look at the time line:

1) Buyer gets pre-qualified today.it's Sept 2, 2009

2) Buyer looks for homes and finds one by Oct 2, 2009.

3) Home is inspected and repairs are negotiated...it's now Oct 12, 2009.

4) Lender orders appraisal (allow 14 days to receive)...it's now Oct 26, 2009.

5) Lender sends file to underwriter for final approval...it's now Oct 30, 2009

6) Lender receives final underwriting approval...it's now Nov 3, 2009

7) Lender requests final documents from attorney...it's now Nov 6, 2009

8) Lender sends documents to title company...it's Nov 9, 2009.

9) Escrow officer completes final documents for lender approval....it's now Nov 11, 2009.

10) Escrow officer and Realtor schedule closing...it's now Nov 13, 2009.

11) Loan funds and buyer takes possession...it's now Nov 15, 2009.

The above example of a real estate transaction timeline assumes that everything moves smoothly, but we all know that issues do arise in all financial transactions! Since Thanksgiving is the 4th Thursday of November and mortgage companies do not work on Sat or Sun, any buyer looking to take advantage of the $8000 First-time Home Buyer Stimulus money must act quickly.

I know the reason behind most people waiting is because they think that the government might extend the deadline or they're waiting to see if interest rates dip back below 5%. You don't have to believe me, but I understand that logic and at the same time I wonder...what happens if they don't extend the deadline??? If you're thinking of buying a home, YOU MUST ACT NOW!!! Because if you wait, you could miss the best real estate opportunity of a lifetime!!! It's the best deal I've ever seen, and I've been a full-time Realtor for the last 15 years.

Good Luck!!!

Socar Chatmon-Thomas

Austin, Tx Realtor

512-784-7150

What Has Technology Done For Me LATELY???

Well...yesterday my life was put on hold for about an hour when I could not use my gmail account!!! It made me realize how much we take for granted in this new Web 2.0 frontier.

For instance, I have friends/clients JJ and Jenn who just moved to Austin, TX from California about 10 days ago. We talked on the phone (cell phone), they viewed homes via the internet (virtual tours), I previewed homes and sent pictures to them in email (internet) and they chose the home of their dreams. Once they decided on a home, we needed to write a contract, I sent them the contracts via email using a company at http://www.docusign.com/ (internet). They signed the documents using docusign.com and they were returned to me via email (internet), and finally all documents were sent to them for closing signatures via email (internet)...sooooooooo when I ask myself, "What has technology done for me lately???" The true answer is, it has made my life much easier and has allowed me to help lots of people buy and sell real estate using the tools available to me thru great companies like http://www.docusign.com/.

Thanks DOCUSIGN!!!

Socar

Finally, A Stimulating Stimulus Package!!!

Well...well..well, we finally received the details of Obama's "Stimulus Package". I must admit that I really didn't think it would make much of a difference in the real estate market, but I was wrong. If this week's listing activity is any indication of what's to come, then this package should be named the "Stimulating Stimulus Package". Below are a few reasons why the Austin real estate market and probably the national market has begun to shift:

1. It's a buyer's market in most real estate markets around the country, including Austin, Tx.


2. Interest rates are at an all time low, still well below 6%.


3. The Presidential election is over and we finally know who all the players are.


4. Builders are offering incredible incentives upwards of 10% discounts.


5. And finally buyers will receive up to $8000 in tax credits by purchasing homes by 12/31/2009.

The above items when considered alone are okay, but when all of these conditions exist at the same time, it becomes the "perfect buying season". Now is an incredible time to buy homes in Austin, TX. Whether you're buying a home as your primary residence or purchasing an investment property, I'd advise everyone to take advantage of this "perfect buying season"!

Always remember, real estate is local and time is of the essence! We have NO IDEA how long this market will remain so favorable. Happy house hunting!!!

Socar Chatmon-Thomas (512) 784-7150

Foreclosures Are Low...Deep in the Heart of Texas

The stars at night are big and bright...Deep in the Heart of Texas! That's not to only thing great about Texas...more Texans are keeping their homes and that's great news.

According to Gerald Klassen from Texas A & M Real Estate Research Center..."Foreclosures in Texas are down 28%". This is incredible news, especially in the wake of all the "negative media". As a native Texan and proud Austinite, I am very pleased to hear some good news for a change.

Mr. Klassen also reported that the best city in Texas for job growth is....drum role please...Austin, Texas of course!!! We're the greatest thing since sliced bread...and for those of you who've never heard that saying, it's a "Texas-ism", better know as Texas slang. We have lots of them...


TEXAS SLANG (my favorites)

1) "Eat what you kill': if you don't sell anything you don't eat.
2) "If the good Lord's willing and the creek don't rise": If God's willing or if everything works out for the best.
3) "The greatest thing since sliced bread": It's great!
4) "More tired than a one armed man in a shooting contest": very tired...(this statement is totally not "PC", so I apologize if it offends anyone, that's not the intent!)
5) "Not he sharpest knife in the drawer!": kinda dense, dumb, slow, not very smart!


Well...I digress...It's wonderful to have such great news about the market in these troubled economic times! Have a Happy Holiday Season!!!

Socar

Ten Reasons Why I Live in Austin, Texas!

After I completed my last post, I received a comment from someone (my husband), who challenged me to enumerate why I love living the Austin, Texas. So in response to his request, below are the top 10 reasons why I love loving in Austin, TX.

1. It's a very progressive city (art, music and film scenes are above most others in Texas).
2. It's very clean and green! Having moved here from Houston, Tx, the difference is quite noticeable.
3. There are lots of activities in the community. Visit www.austin360.com for the latest mainstream Austin info and www.auschron.com for alternative Austin info.
4. It's a very compact city, very easy to navigate.
5. Lady Bird Lake (Town Lake) is located in Downtown Austin.
6. Lots of outdoor activities, hike and bike trails for running and cycling, dog parks, and rowing.
7. Festivals for all people...SXSW, ACL Fest, Urban Music Festival, Austin Film Festival, Pecan Street Festival, etc...etc...etc.
8. The Pennybacher/360 Bridge, it's beautiful. I truly enjoy driving to the lake or just around town near Cap Tx Hwy/360, the views are spectacular!
9. People are very friendly and helpful. It's a truly "laid back" town.
10. It's a great place to raise kids! My girls love living the the state capitol.

Austin is a great city! I'd invite anyone to visit our great city! It's unlike any other city in Texas!

Socar

An Austin Market Update...the Good..the Bad...the Ugly

The National Media has had a field day with the latest "Economic Downturn" and are spewing tons of toxic waste into the media about the state of affairs in our country. Well...that's fine if you're Phoenix, Detroit, Las Vegas or Miami...but not Austin, TX. As I sit here today, I'm happy to report that the real estate market in Austin, TX is alive and well. According to the Chief Economist at Texas A & M, Mark Dotzour, “If you need to sell, sell,” he said. “This market is good. This market is healthy. It’s not going down in price.”

The following facts helped Mark Dotzour conclude that Austin's Real Estate Market is just fine:

• Median prices have steadily increased since 2004, $192,520
• Homes are still affordable in comparison to most US cities
• Job Growth projected to be 17,000 for 2008 alone
• Homes on the market for less than 90 days
• Less than 6 months inventory

There are so many other reasons Austin is such a great place to live, but I don't have the time or inclination to enumerate!

Have an awesome day!!!

Socar