Archive for the ‘Buyer & Seller Tips’ Category
“Greening” the MLS
Saturday, June 18th, 2011
With the booming demand for energy efficient, green, sustainable housing; efforts are underway to comprehensively “green the MLS”. Although most professionals and consumers would agree that the MLS is not adequate for buyers who demand such specific features (especially with single family re-sale property) or sellers who wish to differentiate or realize improvement value, the current MLS does maintain many parameters that can focus your search. The example below illustrates a few MLS database fields with specific green parameters highlighted. The entire list is available here, Austin, TX – MLS Green Inputs.
Posted in Agent Editorial, Buyer & Seller Tips, Sustainable Living | No Comments »
Location Location Location
Tuesday, May 25th, 2010
Next time you’re shopping for a new property, keep the following factors regarding location in mind.
Centrality
What part of a city you choose to live in will drastically affect how much you pay for your home. Land is a
finite commodity, so cities that are highly developed and are bound from large amounts of additional growth tend to have higher prices than cities that have too much room to expand. When sprawling cities experience a population exodus, it’s the outlying areas that tend to suffer the most severe declines in property value.
Neighborhood
Neighborhoods tend to be a matter of personal choice. However, a truly great neighborhood will have a few key factors: accessibility, appearance and amenities. Your neighborhood may also dictate the size of the lot on which your house is built.
Regarding accessibility, you should look for a neighborhood that is situated near your city’s major routes and that has more than one point of entry. Commuting to and from work is a big part of many people’s day, so a house with easy access will be more desirable than one that is tucked away and can only be accessed by one route.
The appearance of the neighborhood is also important. Large trees, landscaping and nearby green or community spaces tend to be desirable. You can also judge the popularity of the neighborhood based on how long homes in that area tend to stay on the market; if turnover is quick, you’re not the only one who thinks this is a desirable place to live.
A great neighborhood should also include important amenities such as grocery stores, shops and restaurants. Most people like to frequent places that are convenient – if you need to drive a great distance to get to anything, this is likely to make your house less attractive. The distance from and quality of local schools also play a huge role.
Development
It’s not just present amenities that matter, but future ones as well. Plans for schools, hospitals, public transportation or other public infrastructure can dramatically improve property values in the area. Commercial development can also improve property value. When you’re shopping for a home, try to find out whether any new public, commercial or residential developments are planned and consider how these additions might affect the desirability of the surrounding areas.
Lot Location
The next thing you need to consider is where the house is actually located. In this instance, there are a few things you should watch out for.
For example, if your home is on a busy road, you will probably get it for a lower price, but it will also be more difficult to sell down the road. The same may hold true for houses that stand next to or back onto commercial property, such as a grocery store or gas station, or houses on streets that get an unusual amount of parking traffic and parked cars, such as those near large churches or community centers. This is why a large number of such homes are rentals.
The House Doesn’t Matter
Suppose that you have narrowed your choices to two homes that stand side by side in a great neighborhood. One needs repairs and updates, but has a huge lot. The other is in tip-top shape but sits on a lot half the size. The prices of the two homes are similar. Which do you choose? This is one aspect of house hunting that surprises a lot of people (except for maybe real estate investors). In most cases, the beat up house is the better investment.
Why? Your house is a depreciating asset. The lot, on the other hand, will maintain its value (or likely appreciate) relative to the house. If you bulldozed both houses, the larger lot would sell for more. So, if you can, choose a bigger, better shaped or better situated lot over a nicer house. A less attractive house can always be updated, added on to or replaced altogether while the lot can’t be changed.
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Top 10 Energy Efficiency Myths
Tuesday, February 23rd, 2010
1 Buying an efficient air conditioner or furnace will automatically reduce my energy bill.
This is true to some extent, but you won’t realize all the possible savings if the equipment is not sized or installed properly. Studies have shown that typical air conditioner and duct systems are improperly installed, wasting 1/3 or more of the energy used by the air conditioner. New and replacement equipment (and ducts) need to be properly designed and installed to realize all the possible savings. The same caveats about proper installation hold true for insulation, windows and many other energy-efficiency upgrades.
2 Duct tape is good for sealing ducts.
Unfortunately, laboratory research has concluded that duct tape has very low durability when used to seal ducts. On new installations, tape may fall off due to poor surface preparation, because ducts are installed in dirty and dusty locations and conditions. On older systems, the tape falls off as it ages and the adhesive dries out and tends to wrinkle.
3 When my appliance is turned off, it is off.
In fact, we’ve found that most devices continue to consume power when they’re switched off, sometimes as much power as when they’re on!
4 Cleaning refrigerator coils saves energy.
While this seems intuitively logical, and very small savings may indeed arise, the few efforts to actually measure this effect have typically come up empty-handed. This is a classic example of a widely held belief based on assumptions rather than measurements.
5 Dimming my incandescent lights by 50% will cut my lighting bill in half.
Actually, the relationship is not linear and savings will be less than expected. As the voltage drops, the filament cools, the wavelength spectrum of the light output shifts further in to the infra-red, and efficacy thus suffers. Interestingly, fluorescent dimming is more linear and the savings for dimming are proportionately higher.
6 Turning up (down) the thermostat will make your home get warm (cool) faster.
It’s tempting to think of a thermostat like a water tap, i.e. the wider you open it the more water (heat/cool) will come out. In reality, it works more like a light switch in that if it’s “on” the same amount of light (heat/cool) will come out.
7 Installing foam gaskets in electrical outlets will significantly reduce air leakage.
Measurements have shown that less than 1% of a home’s air leakage is due to outlets.
8 Leaving lights, computers, and other appliances on uses less energy than turning them off and makes them last longer.
The small surge of power created when some devices are turned on is vastly smaller than the energy used by running the device when it’s not needed. While it used to be the case that cycling appliances and lighting on and off drastically reduced their useful lifetimes, these problems have been largely overcome through better design.
9 Fluorescent lighting is unhealthy.
Fluorescent lighting has changed dramatically in the last few years. Today’s fluorescents have greatly improved color quality. And the annoying flicker and hum have been eliminated from fluorescents that use electronic ballasts. Because they require less electricity, fluorescents generate less power plant pollution, emissions which have many known health effects. Fluorescent lights also contain small amounts of mercury and should be disposed of properly. However, additional mercury releases are avoided thanks to reduced use of mercury-containing fossil fuels used to generate electricity. If it’s been a while since you tried fluorescent lights, you might give them another chance.
10 Electric heating is more efficient than fuel-based heating.
It’s true that all, or almost all, of the electricity that goes into an electric heater is transformed to useful heat in your home. However, making electricity is an inefficient process, with as much as two-thirds of the input energy (coal, natural gas, etc.) being lost in the process. This is why electricity is so much more expensive for the consumer than direct fuels.
Tags: efficiency, Energy
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27 Units In Sabine Condo Project Set For Auction
Tuesday, February 16th, 2010
February 28th, a Beverly Hills, Calif.-based firm will auction 27 units in the Sabine on Fifth, a downtown condominium project whose future until recently had been clouded by a lawsuit and a foreclosure action. The auction is one of several that have taken place in Austin to allow some developers to quickly sell their remaining units in a slower real estate market.
Formerly an office building, the Sabine is a 10-story tower at East Fifth and Sabine streets that CWS Capital Partners converted into condominiums in 2007.
CONTACT OUR OFFICE FOR COMPLETE INFORMATION ON THIS AND OTHER CONDOMINIUM AUCTIONS
Tags: auction, condo, Downtown
Posted in Buyer & Seller Tips, In The News, Uncategorized | No Comments »
3 Beds, 2 Baths and a Walk Score of 70+?
Thursday, February 4th, 2010
Have you ever driven past a for sale sign and spent too much time trying to circle around the prospective property to locate what grocery stores, dry cleaners, coffee shops and restaurants might be within walking distance or at least very close proximity? Worse yet, you fall in love on the internet with photos of the home’s exterior, counter tops and huge windows only to arrive and realize you are buried in an area with no access to the places you like to frequent?
Of course bedrooms, bathrooms and square feet will remain core to property search but the value driving factor that is gaining ground like no other is “walkability”. Walking proximity to a nice mix of local businesses is just what buyers are looking for these days to reduce time wasted and stress on the road ways not to mention achieve improved quality of life, a lower carbon footprint and increased relative property values.
On the national level, a new report, “Walking the Walk: How Walkability Raises Housing Values in U.S. Cities” by Joseph Cortright, John looked at just under 100,000 transactions within major markets and found that in 13 of the 15 markets, higher levels of walkability, as measured by Walk Score, were directly linked to higher home values.
“Walking the Walk’ shows definitively what we have always believed – that homes in walkable neighborhoods continue to be a good investment, and are one of the simplest and most effective solutions to fight climate change, improve our health, and strengthen our communities,” said Walk Score founder Mike Mathieu. “Our vision is for every property listing to include a Walk Score: Beds: 3 Baths: 2 Walk Score: 84.”
Walk Score (www.walkscore.com) is the leader in this space. The site works by calculating the closest amenities – restaurants, coffee shops, schools, parks, stores, libraries, etc. – to any U.S. address. The algorithm then assigns a “Walk Score” from 0-100, with 100 being the most walkable and 0 being totally car-dependent. Walk Scores of 70+ indicate neighborhoods where it’s possible to get by without a car. I’ve placed a Walk Score tile on every page on our site other than the home page. Try it out but I warn you. . it’s addicting and you’ll never look at a house purchase the same again!
Tags: Walk Score, walkability
Posted in Agent Editorial, Buyer & Seller Tips, Lifestyle, Sustainable Living, Uncategorized | No Comments »
Senate Approves Extension Of Homebuyer Credit . . . Through April
Friday, November 6th, 2009
WASHINGTON — The Senate approved a $45 billion plan Wednesday to expand a tax credit for first-time homebuyers, extend jobless benefits and provide tax refunds to money-losing companies.
Under the bill, the $8,000 homebuyers’ tax credit, slated to expire this month, would continue until April 30 and be expanded to include people with higher incomes and some who already own homes. The measure also includes $2.4 billion to extend unemployment benefits for as many as 20 weeks, enough to aid the jobless through the holiday season, and would loosen tax rules for businesses, allowing them to claim refunds by deducting losses sustained in the past two years from the past five years’ worth of profits.
Tags: Buyer, Home, tax credit
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New Solar Program Could Front Costs For Homeowners
Tuesday, October 20th, 2009
The City of Austin is working on a new plan to make going green much easier on your wallet.
Solar power is a hot item in Central Texas.
This is a 4 kilowatt system. . . . .The total cost to the homeowner to install this system is right around $20,000. With all the rebates that are in place, the price tag works out to be less than half. Still, city leaders say that’s too much for many people. So Tuesday, they announced a new program where the homeowner wouldn’t have any upfront costs.
Tags: Green Home, solar, subsidization
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Elements Of A Sustainable Living Space
Friday, August 7th, 2009
The majority of homes in Austin are currently not certified green or sustainable, however the demand for these features is increasing at a blistering pace. Given the finite supply of land in the center of our community, most of the core urban market will have to identify potential in non certified or non rated structures of all decades and design. Home Buyers will look for hidden value and Sellers will look to unlock value by adding sustainable elements to aged structures. Remember, refurbishment might be the most sustainable choice we can make.
Location
Overall “walkability” is key which includes close access to parks, schools and stores. Access to a variety of transportation other than your car is also healthier for you, your wallet, and the environment.
Size
Choose a size that optimally suits you and your loved ones lifestyle needs. Larger homes require more heating, cooling and lighting.
Design
These homes are generally oriented on the site to bring natural daylight and ideally take advantage of any prevailing breezes. The exterior has shading devices particularly on the southern and western facades and over windows and doors.
Materials
Materials and finishings are healthy or non-toxic like low or zero-VOC paints and sealants. Wood-based features come from rapidly renewable sources such as bamboo (note: weigh the renewable aspects of the material with less renewable options that might also be local). Many of these homes use significant reclaimed and recycled materials. The roof should be a light-colored, heat-reflecting, or a landscaped roof, to reduce heat absorption. A non-toxic insulation, derived from materials like soybean or cotton, with a high R (heat resistance) factor in a home’s walls and roof will help prevent cool air leakage in the summer and warm air leakage in the winter.
Energy Efficiency
Windows and exterior doors should have ENERGY STAR® ratings, and they should seal their openings tightly to avoid heat gain in summer and heat loss in winter. Select energy-efficient lighting, heating, cooling and water-heating systems. Appliances should have ENERGY STAR® ratings.
Renewable Energy
Technologies like photovoltaic systems (Solar Panels) can be used to generate energy.
Water Efficiency
Incorporate water-conserving irrigation systems and water-efficient kitchen and bathroom fixtures.
Indoor Air Quality
Natural daylight should reach the majority of the home’s interior. Natural ventilation brings fresh air inside the house. The HVAC system should filter all incoming air and vent stale air outside. The garage should not have any air handling equipment or return ducts, and it should have an exhaust fan.
Landscaping
Large canopy trees and other landscaping should shade exterior walls, the driveway and patios to minimize heat islands. Yards should be landscaped with native drought-tolerant plants rather than water-guzzling plants and grass.
Tags: Sustainable Living
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Home Energy Audits Now Mandatory
Monday, July 20th, 2009
Homeowners looking to sell their home now face an additional step and cost due to energy audits required by the City of Austin, but it could save homebuyers on utility costs in the long run.
The Energy Conservation Audit and Disclosure Ordinance was approved by Austin City Council in November 2008 and was enacted June 1. Austin is the first city in the U.S. to require an energy audit during the selling process.
Of the first 400 audits performed, nearly 90 percent of homes needed both additional attic insulation and duct repair to be considered “acceptable” by the city’s standards.
Tags: audits, Energy, Mandatory
Posted in Buyer & Seller Tips, In The News | No Comments »
10 reasons buying makes sense. . .NOW!
Wednesday, July 1st, 2009
1. Supply
- Plenty of new and resale Austin home inventory exists in every area and at all price ranges. This of course allows buyers to select the qualities they want in a home. Not long ago buyers were jumping on new listings as soon as they came onto the market; that’s no longer the case.
2. Buyer’s Market
- As scary as a “bad market” might seem, the best time to buy is when most people want to sell. If you buy now you can get a lot more house for your money, and you have a lot more negotiating power.
3. Affordability
- Even Austin had a housing bubble but the good news is that prices have returned to earth. That’s especially good news for first-time home buyers who were priced out of the market several years ago.
4. Low Mortgage Rates
- Mortgage interest rates are at their lowest point in a lifetime. It is smart to take advantage of the low mortgage rates while they are still available. Many economists are predicting inflation and higher interest rates
5. Government Tax Savings and Credits
- A home is one of the best ways to save money on taxes. Your mortgage interest real estate taxes and in many cases mortgage insurance is all tax deductible. Furthermore, the federal government is offering a one-time $8,000 credit, payable within weeks of closing, to those qualifying buyers who purchase in 2009.
6. Appreciation
- Although this might seem to be a strange reason to mention buying now with prices that are flat or even dropping in some areas, but in the long run, home prices have always recovered and properties have appreciated. Even the most pessimistic real estate market experts are bullish in the long run.
7. Equity
- Paying principal in your mortgage builds equity in your home over time which is ultimately a form of diverted savings.
8. Strengthening Rents
- With rents increasing as many stay out of the housing market, you can cap your monthly payment in the coming years with a fixed mortgage.
9. Sellers Willing To Make Homes Turnkey
- In this market, sellers will make system and aesthetic upgrades requested by the buyer to differentiate themselves. As a buyer, life is much easier to move into a home with no outstanding projects.
10. Additional Motivation, Non Real Estate Assets
- In this market you may successfully ask the seller to convey items such as their washing machine, refrigerator, pool table, etc. with the home.
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