Apple Creating 3,600 New Jobs in Austin!

Texas Governor Rick Perry announced Friday that Apple will create 3,600 new jobs and expand it's operations in Austin. A $304 million investment in a new campus will double the current size of Apple's workforce in Texas over the course of the next decade. The expansion will see most jobs in the customer support, sales, and accounting functions.

In order to entice Apple's commitment to Austin, the State of Texas has offered $21 million over 10 years through the Texas Enterprise Fund. Completion of contracts and local incentive agreements with the City of Austin and Travis County are contingencies of the agreement. Until the incentive deals are approved, both Apple and local business recruiters are being tight-lipped about the totality of expansion plans in the city.

Apple's official statement: "Our operations in Austin have grown dramatically over the past decade, from less than 1,000 employees in 2004 to more than 3500 today. We're looking forward to building a new campus in Austin, which will more than double the size of our workforce there over the next decade."

This is great for Austin's economy and real estate market. With 3,600 new jobs over the next 10 years, that's thousands of homes that will be purchased by employees. This will help preserve home values as inventory is kept in check and desirability of certain areas remains strong through the influx of a steady stream of buyers.

Quick Low-Cost Tips: Granite

Install Granite Tile Instead of a Slab

Everyone is hot for granite kitchen countertops, but that can be a $3,000-5,000+ upgrade depending on the type and square footage coverage. Instead, home owners can put in 12-inch granite tiles for about $300 in materials and get a very high impact for little money. Granite slab is always a higher grade addition, but when home prices in your community are lower and/or you won't see the return on investment, a granite tile alternative can provide a low cost upgrade to your home.

Is Your Tax Appraisal A Fair Assessment?

How to File a Tax Appraisal Protest

1. Your protest must be filed in writing
• The appraisal district has protest forms available but you don't need to use one. A notice of protest is sufficient if it identifies the owner, the property that is the subject of the protest and indicates that you are dissatisfied with a decision of the appraisal district. In some cases, online protests are even accepted such as in Williamson County.
2. Protests must be filed before May 31st
• File your protest before May 31st or no later than 30 days after the notice of appraised value, whichever date is later.
3. Support you protest
• Be prepared to support your protest with documentation, such as your closing statement, a copy of your purchase contract, other appraisals, comparable sales list, and engineer's reports.
4. An Appraisal Review Board decides if your protest is valid
• Appraisal Review Board (ARB): A group of citizens, appointed by the appraisal district's board of directors, authorized to resolve disputes between taxpayers and the appraisal district.

To find out more information about protesting your tax appraisal visit:

Hays County: www.hayscad.com

Travis County: www.traviscad.org

Williamson County: www.wcad.org

Importance of Property Insurance

Last week around 3:30 am, I awoke to see an orange glow emanating from our blinds. I sprung up, looked out the blinds, and saw the home behind us engulfed in flames. A moment of terror shuddered through my body as I felt a panic rush through me. Previously, I had thought about what I would grab in a moment like this where I had but seconds to think of what was most important to me. In this moment, my mind was blank.

I called the police and was informed that the fire had already been reported and I heard the fire trucks park and the commotion begin to extinguish the flames. Fortunately, it had been raining most of the day, so the ground and trees were soaked. The next day, we would find out through a neighbor that the firemen informed her that if it hadn't been raining all day, the trees between our properties would have spread the fire to all the surrounding homes, including our own. The only thought processed was that this was a miracle.

We have this somewhat innate feeling inside that bad things can never happen to us, until they do. I cannot stress enough to not skimp on your property insurance coverage and if you are unaware of the coverage details, pull it out and look. If you have any questions, contact Mike Carroll with Carroll & Delaune Insurance Services at (512) 828-7010 or Mike@Carroll-Delaune.com or your insurance advisor. They can examine your coverage and let you know if you are adequately protected.

The above is a video of the house behind me burning down that I filmed after I knew we were reasonably safe from immediate danger. Listening to my wife, it may seem that we are going to die of carbon monoxide, but I assure you we were safe. She can be an extreme worrier.

2012 Austin Housing Market Forecast: Positive Trend to Continue

According to the Fourth Annual Housing Forecast held by the Austin Board of Realtors and Home Builders Association, the housing market in Austin will continue to see improvement in 2012. Austin’s housing market saw growth in 2011 and that trend is expected to continue in 2012. 

Austin’s job growth, increasing population and tightening rental market should result in higher demand for housing in Austin and surrounding areas, according to Eldon Rude with Metrostudy.  

Texas experienced a 2.2% increase in job growth when comparing November 2010 to November 2011. One out of seven jobs created in the US have been in Texas. As a result, Texas consumer confidence is much higher than the overall south central region of the nation. The Austin/Round Rock/San Marcos MSA saw a 1.2% increase in job growth year over year which meant 9,600 new jobs. 

Texas had over 63,000 housing permits pulled for new construction in 2011. This is double the amount of the next highest state, California with over 33,000 new housing permits.  For 2012, Eldon Rude expects new home production in the Austin region to increase for the second straight year. There were 6,115 new home “starts” in the Austin region in 2011 which represents a nearly five percent increase in starts from 2010. The starts barely exceeded closings so inventory is declining....which is a good sign. Demand must be met by supply so builders must start building to meet that demand.  

Home starts in 2011 were up over 2010 levels in every price range except under $150,000, with the strongest increases in the move-up price points between $200,000 and $300,000.  

A factor that might limit new home starts in 2012, especially in more high demand areas, is a lack of developed lots to accommodate new home construction. Weather and water resources are also major concerns for homebuilders. 

According to 2010 and 2011 migration patterns, Texas nets more people moving into the state versus moving out. The IRS information census shows a strong population growth trend in the Austin MSA over the past 10 years.   

In 2011 the Austin MSA population was approximately 1.763 million. By 2020, Eldon Rude with Metrostudy predicts a population of approximately 2.304 million. This growth of 540,000 in population is equivalent to 31% total growth which is 3.4% per year. At 60% home ownership the result is 13,333 new homes per year in Austin. 

The upcoming Presidential election should generate confidence that the economy will improve, reflecting in many home buyer's decision to purchase. Due to continued job growth, a strong rental market and strong inward migration, we should experience a housing market that continues to improve in 2012.

Obama Sets a Plan to Help Home Owners Refinance

President Obama urged Congress in his State of the Union speech on January 24th to pass a plan to help millions of underwater home owners refinance into loans with historically low interest rates by charging banks a fee to help expedite the transactions.

"I'm sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage by refinancing at historically low rates," Obama announced. "No more red tape. No more runaround from the banks. A small fee on the largest financial institutions will ensure that it won't add to the deficit and will give those banks that were rescued by taxpayers a chance to repay a deficit of trust."

This isn't the first time Congress considered a proposal to charge banks a fee to help homeowners who remain underwater, but it's not clear from the details Obama provided how similar this plan is to the one Congress has previously looked at.

If you're looking for help refinancing your current loan with your existing lender and have questions, I'd be happy to help!

Austin Home Sales Up, Median Price Down in July

There was an increase in the number of homes purchased in Austin this July than a year ago, although they tended towards less expensive ones. There was a 32% increase over July 2010 numbers meaning more than 1,970 single-family homes were sold in Austin in July 2011. The median sales price, however, declined to $196,750, an 11% drop. Those homes also were on the marked 5% longer than July 2010.

The drop in median price reflects a demand for lower-priced homes in the city. Austinites are searching for bargains right now. With interest rates at historic lows, the number of investors looking to take advantage of the savings could be driving the increase in number of homes sold. With the Federal Reserve announcing rates staying low until 2013 coupled with the busy summer sales season, August numbers could reflect a similar increase.

Even with a decrease in the median sales price, the total value of Austin-area homes sold in July was nearly $525 million, up 23% from last July. All of these homes getting snatched up has created a 20% drop in inventory to 9,393 single-family homes currently on the market.

If you are a condo or townhome owner, it's good news all around! 205 townhouses and condominiums were sold in July, a 45% increase over July 2010. In addition, the median price for condos and townhomes grew 5% to $164,250.

Federal Reserve to Keep Interest Rates Low Until 2013!

With all that has been going on with our economy, a little bit of good news never hurts! The Federal Reserve last Tuesday announced that they would maintain rates at it's exceptionally low level (near zero) though 2013 to promote on going economic recovery and control inflation. This decision was based on the labor markets nationwide showing little improvement since their last meeting along with slow signs of growth, inflation in the energy markets, and only a slow decline in the unemployment rate.

Applications for U.S. home mortgages rose last week as interest rates fell to their lowest level this year. The turmoil in the stock market has caused a dive in interest rates; we are currently seeing conventional loans at 3.99% and FHA as low as 3.5%.  

What does this mean to you? An interest rate change of 1% equals about a 12% change in buying power, so if you could afford $200,000 loan at 5%, at a 4% interest rate you can now afford a $224,000 loan for the same monthly payment. Even refinancing into a lower rate can save you hundreds in your mortgage payment!

Interest rates are at their lowest point in history and it appears as though we will see them stay at about this level for a little longer. If you are looking to take advantage of this fantastic opportunity to capitalize on the tremendous investment that we have in property ownership, now is the time! Whether you or a friend, family member, or business colleague is looking to purchase or sell to up-size or down-size I can help with that! Even if you just want to refinance to take advantage of these interest rates, I know of several great lender's who can assist that have low closing costs to maximize your savings! Let me know how I can help!

FHA Loan Limits Being Reduced for Travis & Williamson County

The maximum FHA loan amount in Travis, Williamson, Hays, Caldwell and Bastrop Counties is projected to decline from $288,750 to $271,050 - a $17,700 decline. The decline, set to occur in October 2011, is meant to reduce the government footprint in housing, but the real estate and mortgage industry fears it could lead to lower prices on an already injured housing market. 

By comparison, the maximum loan amount in Monroe County, Florida will decline by $200,750 to $529,000 and $184,000 in San Joaquin, California, going from $488,750 to $304,750. So the decline is significantly less that experienced by other areas nationwide.

The article does not disclose the maximum Freddie and Fannie loan amount for Austin but Houston and Dallas will remain unchanged at 417,000 - more than likely Austin's conforming limit for non-FHA loans will likewise remain at $417,000. 

See the Wall Street Journal article, Sellers Brace for New Mortgage Caps, here:

http://online.wsj.com/article/SB10001424052702303763404576420101788878440.html?mod=WSJ_hp_LEFTWhatsNewsCollection

STELLAR NEW AUSTIN LISTING! Ready to Go Spotless Clean!

Priced at $147,500! (MLS# 7741109) MOVE IN READY! Four Monster-sized rooms! POPULAR floorplan! Check out that curb appeal! Few in the neighborhood look like this! Lots of trees, open kitchen to living room, Breakfast bar, PLENTY of space upstairs and down! Large backyard! Faces a greenbelt with over a MILE of hike and bike trails! Beautiful fireplace! Community ammenities only a 2 minute walk away and include pool,  wading children's pool, playground, picnic tables and more! Just MINUTES from Walter Long Metro Park with a large lake, BBQ Pits, Volleyball, Trails, Fishing, Canoeing, Kayaking, and more!! A gorgeous blank canvas for you to sculpt into your dream home!

SEE TOUR HERE: Video Tour

MORE INFO:  9013 Quick Stream Dr. Property Info

As usual you can see more on this property 
and EVERY property for sale at: www.I-Am-Real-Estate.com!