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WCAoR Tech Tune-up is an educational convention you don’t want to miss!
Upcoming Events:
We have listened to the feedback from last year’s event and WCAoR’s Tech Tune-Up 2008 will meet all your expectations and requests! An expert panel has been added to this year’s event that will speak on various technology topics and give audience members an opportunity to have a live Q&A with the panel. The Tech Tune-up will offer an increased number of technology related break-out rooms where attendees can learn everything from search engine optimization to tips and tricks on MLXchange. There will also be more technology courses that offer MCE credit as well as we have increased the number and variety of vendor booths. An added bonus — more prizes such as flip cams, a Nintendo Wii gaming system, and a smart phone! More give-a-ways and more opportunities to learn how you can use technology to enhance your business! Registration is now open for Tech Tune-Up at www.wcaor.org.
AUGUST 20 CRS Membership Luncheon Westwood Country Club - 11:30 a.m.
AUGUST 21 ABoR Wine Tasting Cru @ The Domain - 6 to 8 p.m. AUGUST 28 WCR Networking Luncheon ABoR auditorium - 11:30 a.m.
SEPTEMBER 4 Austin Mortgage Bankers Luncheon Austin Country Club - 11:30 a.m. Guest Speaker: Joyce McDonald, executive dir. with Frameworks CDC SEPTEMBER 5 WCAoR 2nd Annual Tech Tune-Up Texas State University’s Round Rock Campus - All day
OCTOBER 22 ABoR’s Realty Roundup Austin Convention Center - 8 a.m. to 6 p.m.
AUGUST 2008 • VOL. 13 • ISSUE 4
Enjoyable. Entertaining. It’s all About You.
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For more business success, turn attention elsewhere To obtain a visual picture of whether your life is in or out of balance, Schmitt advises clients to rate CONTRIBUTING WRITER themselves on a scale of one to 10 in six areas: REALTORS are often guilty of taking business personal and spiritual; relationships, family calls in restaurants while they are supposed to be and friends; career and business; finance and chatting with family and friends. They eat lunch in money; play and recreation; and physical their cars, work on their computers at night and skip environment. Then she tells them to pick one of those areas to improve upon and choose an exercise, all due to business demands. They do all these things because they think it is action step that they can take within the next going to get them ahead. But consider this: devoting two weeks. “I am going to focus on play and recreless time to business and more time to other areas of life, such as personal, spiritual, financial and envi- ation,” says Cheryl Eskridge of Wimberly ronmental issues, may actually be a more effective View Realty. “I didn’t know there was such a thing.” path toward career success. Susanna Boyer of Sellstate Classic Realty “Many people find out that business has taken over their life and time for doing other important says recreation is an area she has neglected things has become almost non-existent,” says Suzan as well but will now make a greater effort Schmitt of Full Life Coaching Group, who recently to spend more time in that area. “It will help me spoke to members of the Women’s Council of REAL- relax and help me to get out more,” she says. Susan Horton of Realty World, John Horton & TORS. “For many of us, our free time is interrupted with cell phone calls, e-mails, computer work, Associates, who has been taking steps recently Blackberries, school activities, carpools and endless toward achieving a more balanced life, says she is a to do lists. There never seems to be enough time to true believer in self examination. “It’s phenomenal,” she says. “I am on my way to a balanced life. It’s a get everything done.” great way to look at time management.” Presorted Standard Dianne Acuna of Land U.S. Postage PAID Mortgage says she agrees Austin, Texas that striving for a greater Paid Permit #715 balance will make her P.O. Box 81366 become more focused. Austin, Texas 78708-1366 Kay Cobb of House Masters adds, “I think it will make me more aware of things that I have pushed to the back that I should push to the front.” Don’t forget: You can visit us online 24/7 at www.realtylineonline.com Prissy Pense of N-2
By Linda McNabb
Balance Inc., a credit repair company, said she is going to commit to organizing her paperwork at home for one hour every day. She hopes to become organized enough so that she can paint her home soon and improve her physical environment. “I am going to make an effort to get home in time,” she says. “This will give me an incentive.” Carrie Weikert of Keller Williams Realty says she is going to turn off the television at night and focus on reading motivational books. “It is very important to me in this changing market to learn how to strategize and incorporate new ideas to improve and adjust my business,” she says. Mary Ann Nations of Keller Williams Realty says she is also looking forward to exploring a more balanced life in hopes of seeing an improvement in time production. “That way, when you get home you can let it go,” she says. Where to begin? Here are some ideas: Have dinner with friends or family twice a week, turn the TV off for one hour, spend 15 minutes in quiet reflection or prayer, start (or finish) a beautification project in your home, resume (or begin) hobbies or creative activities. Before long, you should be feeling more productive and achieving desired goals— at home and work.
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Realty Line of Austin
August 2008
New WCR officers were announced at the recent WCR monthly meeting. They are Marie Dang-Schwartz, incoming president; Susanna Boyer, president-elect; Cheryl Eskridge, vice president of membership; Linda Knowles-Katz, and secretary; Sandy Battise, treasurer.
A PUBLICATION OF © CAXTON PUBLICATIONS, INC.
Realty Line of Austin is published monthly by ©Caxton Publications, Inc., as a non-subscription publication for the more than 8,000 members of the Austin Board of REALTORS (ABoR), the more than 1,000 members of the Williamson County Association of REALTORS (WCAoR) and the Home Builders Association (HBA) of Greater Austin. ©Caxton Publications, Inc. dba Realty Line of Austin is an active member of the Austin Board of REALTORS, the Williamson County Association of REALTORS and is a honorary member of the Women’s Council of REALTORS. Caxton Publications, Inc. dba Realty Line of Austin is not responsible for opinions or facts expressed by non-staff writers or for errors and any by-products in advertising or editorial copy. REALTOR® is a registered trademark. The word REALTOR® sometimes appears in this publication without the registered trademark symbol (®), for the purpose of saving space. Wherever the word REALTOR appears in this publication, the registered trademark should be assumed.
Doren L. Carver PUBLISHER
Tawanna K. Carver MANAGING EDITOR
Austin Young Real Estate Professionals president Chris Ott, center, joins, from left, Jenny Carroll of Stanberry and Associates, Dave D’Aprile of Realm Real Estate and Ashley Howard and Jason Wright, both of Compass Bank.
Linda McNabb CONTRIBUTING EDITOR/WRITER
COLUMNISTS Socar Chatmon-Thomas Linda Hall • Gary Henley Gary Cocanougher • Steve Klein All photos, press releases or article submissions can be sent to
E-mail: realtyline@austin.rr.com
P. O. Box 81366, Austin, Texas 78708 Office: 821-1900 www.realtylineonline.com
Realty Line of Austin
August 2008
ABoR CHAIRMAN’S COLUMN
Keep Your Service Active! By Socar Chatmon-Thomas • Coldwell Banker United REALTORS 2008 Chairman • Austin Board of REALTORS
Invoices for semi-annual ACTRIS participation fees were distributed in mid-August. Ensure your continued access to the Multiple Listing Service (MLS) system by submitting your payment to ABoR by Monday, Sept. 15. ABoR offers three convenient payment options: online through the “My Account” section of www.abor.com; by mail to Austin Board of REALTORS, Attn. Membership, 10900 Stonelake Blvd., Ste. 100, Austin, Texas, 78759; or in person at the ABoR offices. According to Article VI, Section 2 of the ACTRIS Rules and Regulations, subscribers are required to pay their MLS fees regardless of whether they receive an invoice: “Billing invoices are mailed or e-mailed to currently active participants and subscribers; however, failure to receive such notice does not relieve the Participant from timely payment if service for the succeeding semi-annual period is desired.” If you have questions or concerns regarding your ACTRIS participation fees, please contact the member services department at membership@abor.com or 454-7636.
ABoR Member Meeting Scheduled for September Catch up on the latest local, state and national news affecting your industry at ABoR’s Town Hall and Business Meeting, scheduled for Monday, Sept. 22 at the Omni Austin Hotel at Southpark, located at 4140 Governor’s Row. The event begins at 8:30 a.m. with a continental breakfast, followed by a presentation at 9 a.m. This free meeting is open to all ABoR members, but seating is limited. Reserve your space online at www.abor.com/events/townhallfall.cfm.
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Get the Picture with Two New Stats Options As part of our continuing efforts to provide members with top-notch products and services, ABoR is pleased to offer two new options for gathering housing statistics in Austin and surrounding areas. Access detailed reports formulated for single family homes and townhouses/condominiums with ABoR Residential Sales Reports. Local Market Updates outline market trends for all 27 regions featured on consumer-facing Web sites such as Austinhomesearch.com and agent IDX sites. Indicator Reports offer a snapshot of current conditions for the entire Austin area. ABoR Residential Sales Reports are available online at www.abor.com/news_media/statistics.cfm on the right side of the screen, and in the “My Sidebar” feature in MLXchange. The Web application MarketMetrics brings you two ways to gather data for clients. The “Market Dynamics” report enables you to pull market statistics using MLS areas, subdivisions, ZIP codes and more, while the “Price Analysis” report allows you to search for available properties by price range. Access the MarketMetrics application at www.terradatum.com/ClarusMarketMetrics/ABoR.
Think Globally with International Real Estate Expand your business reach by earning your Certified International Property Specialist (CIPS) designation. CIPS designation holders understand all aspects of international real estate, including capital flow, currencies, government regulations and cultures, as well as the practical aspects of international brokerage, networking, marketing and selling. Begin earning your CIPS designation by registering for “CIPS 1: International Real Estate for Local Markets.” This two-day prerequisite course will be held on September 15-16 from 8:30 a.m. to 5:30 p.m. at the ABoR offices. The class carries 15 hours of Mandatory Continuing Education (MCE) credit (TREC #15-00-080-7228) and costs $350 for ABoR members and $375 for non-members. Complete your CIPS designation by attending three one-day regional courses and a financial analysis course. To register, visit www.abor.com/courses and select the “designation” tab.
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August 2008
Kelly Loudenslager of Keller Williams Realty, Cameron Breed of SWBC Mortgage and Andrea Lowry of and Lowry Associates participate in the Texans for Tah-Tahs Breast Cancer Fundraiser at the Cork and Co.
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Sam Mehra, center, of Casa Grande Realty joins Mark Bennett, left, and Scott Bradford, both of Keller Williams Realty, at Monte Vista, a condominium project that served as the site for Spotlight Austin, hosted by the Patten Law Firm.
WCR president Linda Hall of Realty Executives Cedar Park and WCR past president Ann Marie Sandlin of Reta Kays REALTORS know there are lots of things to be happy about as they recently attended a monthly NAHREP meeting.
August 2008
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Marty Kaye of RE/MAX Capital City and Sami Dinhoble of Expertise Realty enjoy refreshments at Kellywood Estates, a lake view project in Jonestown.
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Levon Steele and Lori Seymour, both of Realm Real Estate, relax at Cool River CafĂŠ during a happy hour hosted by the Austin Young Estate Real Professionals. REALTORS went on a bus tour of properties in Liberty Hill prior to the social.
Allison Harris Craig of Gracy Title, a Stewart Company, talks with Lisa Billingsley of Crystal Falls Realty about developments in Leander. They were on hand for the ribbon cutting of the title company’s new office in Leander.
Realty Line of Austin
August 2008
WCR PRESIDENT’S COLUMN
New Leaders Elected At Monthly Networking Meeting By Linda Hall • Realty Executives Cedar Park 2008 President • Women’s Council of REALTORS
In its 70-year history, the Women's Council is more relevant to the real estate industry than ever before. Women's Council provides the tools to take top real estate professionals to their next level of success, through education, networking, mentoring, business strategies, referrals and much more. Our members are industry leaders, who earn more, learn more and achieve more. The core of the organization is a strong grassroots base of more than 18,000 national members active in 300 local and state chapters. To maximize your marketing investment, it pays to target the most experienced professionals in real estate. Women's Council members earn twice the commission income of the average REALTOR, meaning that they are better established in the business. And that, in turn, means they are better connected to the communities they serve. Also, 70 percent of our members have 10 or more years' experience in real estate. So, why be a member of Women’s Council of REALTORS? Come see for yourself! It is proven that when you join and become active in participating! Come to the monthly meetings! Wear your name badges and sit with members that are not your pals! Bring a bunch of your business cards and ASK about them and their interests and make notes on the back of the cards. Welcome to the 2009 Leadership Team elected at the July meeting! President – Marie Dang Schwartz of Realty World, John Horton & Associates President Elect – Susanna Boyer of Sellstate Classic Realty
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Vice-President of Membership – Cheryl Eskridge of Wimberly View Realty Treasurer – Sandy Battise of Land Mortgage Secretary- Linda Knowles Katz of Land Mortgage Congratulations! Thank you all for your volunteerism! We know that you will keep us in shipshape! We also appreciate your time and work! Our next meeting is August 28 at the Austin Board of REALTORS. We will have Austin Police Department Officer Mike Dunn speaking on the very important issue of REALTOR Safety. Make your reservations now!
Emma Polk, right, of Coldwell Banker, S.G. Billings REALTORS is served a hotdog at Crystal Falls to celebrate the grand opening of the Quarry Oaks amenity center.
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August 2008
Rose Costas, second from left, of Prudential Ultima Real Estate joins Independence Title’s Bonnie Barrera, Gracie Ruiz and Dina Mata-Scott at the National Association of Hispanic Real Estate Professionals meeting at the Holiday Inn on Lady Bird Lake.
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Lisa Matthews of C e n i z a Condominiums shows Murray Crowder of ZIP Realty the maple and cherry cabinetry that are featured in the kitchens and baths at this property. Granite countertops and new designer flooring also are found in these units. Karen Schodde of Highland Lakes Real Estate welcomes Richard Skipper of Texas Ranches and Resorts to the Kellywood Estates property tour in Jonestown.
August 2008
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Karen Hookstra of RE/MAX Austin Associates accepts the award for being No. 10 in Austin for the first and second quarter at the RE/MAX of Texas mid-year awards at Dell Diamond.
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Sunshine Kids get ready to go parasailing and tubing at the Teen Lake Escape at Lake Travis.
Dee Shultz of Keller Williams Realty and Kay DaSilva of Avalar Real Estate enjoy sharing information about their condominium listings at Spotlight Austin, a Patten Law Firm event.
August 2008
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Sheri Brummett, ABoR chair Socar Chatmon-Thomas and Sytha Minton give Congressman Michael McCaul a TREPAC contribution. He is shown here with his triplets, Avery, Lauren and Michael. Sheri is McCaul’s NAR Federal Policy Coordinator and Sytha is a TREPAC trustee.
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Josie San Miguel of Patten Law Firm welcomes Victor Montalvo of Exit Realty to Spotlight Austin, which was held at Monte Vista and featured other condo projects on the market.
Dennis Ciani, right, of Pacesetter Homes tells Carrie Weikert of Keller Williams Realty about the new home building company where he is working now. They were at the Women’s Council of REALTORS meeting.
Discover why no one can do what Countrywide can. We are the experts at finding solutions. JENNIFER LINSCOTT
Home Loan Manager/Production
Direct: 231-3423 Cell: 563-2727 Jennifer_Linscott@Countrywide.com home.countrywide.com/jenniferlinscott
MARK SUMRALL
Hm. Loan Consultant Direct: 231-3436 Cell: 585-1481
“JP” PALMERI
Hm. Loan Consultant Direct: 231-3418 Cell: 791-2476
RANDALL ROBINSON
Hm. Loan Consultant Direct: 231-3420 Cell: 432-528-3218
BILL BLACK
Hm. Loan Consultant Direct: 231-3431 Cell: 627-5466
CHRIS KEEFER, Sales Manager
Direct: 231-3426 • Cell: 261-5002
MATT MORROW, Hm. Loan Consultant Direct: 231-3427 • Cell: 779-1132
JOHN ROACH, Hm. Loan Consultant
Direct: 231-3433 • Cell: 694-9504
KIM GHANEM Sales Manager
Direct: 231-3424 Cell: 743-8609
FRANK HUNT Sales Manager Cell: 633-6922
KENT KILLOUGH Sales Manager Direct: 231-3435 Cell: 736-9310
CINDY MIMS Sales Manager
Direct: 231-3411 Cell: 529-9288
JOEL BOMIA Hm. Loan Consultant Direct: 231-3414 • Cell: 805-501-5027
BRANDI OLIN, Hm. Loan Consultant Direct: 231-3417
NORTH AUSTIN OFFICE 9828 Great Hills Trail, Suite 550 Austin,Texas 78759 Office Main: 346-0339
Realty Line of Austin
August 2008
HBA PRESIDENT’S COLUMN
The Cure For Your Client’s Cold Feet: A Red-hot Buyer’s Market By Gary Henley • Henley Homes, Inc. 2008 President • Home Builders Association of Greater Austin You know it’s a great time to buy, but what about your clients? While the facts show that 2008 is a very opportune time for today’s renters in the greater Austin area to become tomorrow’s homebuyers, media reports of doom and gloom elsewhere could have cautious clients feeling finicky. Buying a home—especially a first home, is both a logical and emotional decision. Emotionally, their minds are probably made up: your clients came to you in search of their dream home. So, it may be that all you need to seal the deal are cold, hard facts about today’s hot buyer’s market.
Tell your clients that the economic fundamentals are strong in Austin Last month, the financial and business website Bloomberg.com named Austin as one of the country’s select few, attractive low-risk housing markets. How can this be in light of the “national economic downturn” the media continually reports? Treasury Secretary Paulson correctly stated in a March address to the U.S. Chamber of Commerce that we do not have a national housing market. He added that housing markets are unique and those experiencing the biggest price corrections are in areas that had the greatest overbuilding. It makes sense that the most inflated markets of the housing bubble are now experiencing the most serious market corrections. In Austin, however, where the job market and population are still growing at a very healthy rate, price adjustments have been relatively modest— in fact, prices are expected to appreciate significantly shortly after 2008. Let them know that loans are still being offered “Credit crunch” is another buzzword your clients might be hearing recently. That’s because speculation in the market and lax lending practices over the past few years have caused a cascade of foreclosures corresponding with the housing bubble burst—again, concentrated in the once super-heated markets in four states: California, Florida, Arizona and Nevada. But what the media may not be reporting is this: there is no credit crunch for qualified buyers taking out conventional loans for under $417,000. And this is where the bulk of all home loans are made. While underwriting standards may have tightened for all loans, credit-worthy home buyers should have no problems finding conventional, conforming mortgages at very attractive rates. In fact, mortgage interest rates remain near historic lows (6% range) on all but
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jumbo loans.
Educate them on the boons of a buyer’s market Economically, we’re lucky in Austin. There isn’t an over-supply of homes as in other parts of the country. But, there is still plenty to choose from, and today’s buyers with good credit can afford to be picky. Mention to your client that builders are offering many attractive incentives to sell new homes (check out your local HBA at www.AustinHomeBuilders.com for a list of area builders), and sellers and agents are motivated and flexible as well. Even if your client can’t afford his or her ultimate dream home this time around, they can use the equity they gain as their home appreciates to buy a bigger home in a few years or when the next buyer’s market comes around. It’s a low risk way to build wealth, and it’s how people who purchased their home in the last downturn during the early 1990’s came out big winners. With so many homes on the market to choose from, the best strategy for price-conscious customers may be to scale back in anticipation of “movin’ on up”: instead of buying a 2,000+ square foot home, spring for the 1,500 square feet in a good area and save money. With the rising prices of construction material putting upward pressure on home prices, it’s a pretty safe bet that prices will continue to appreciate and you will come out on top in a few years when you’re ready for a larger home.
Remind them of the advantages of homeownership Finally, remind your clients that homeownership is the single most stable and possibly the smartest way to invest in your family’s wealth and happiness. For example, say your client invests their $10,000 to purchase a $250,000 home, and the house appreciates a modest 3 percent during the first year. That means after one year, the house would be worth $257,500— a gain of $7,500. Their annual return on the $10,000 investment would be 75 percent. By contrast, putting the same $10,000 in the stock market and posting a similar 5 percent gain would only net a $500 return on investment. Home appreciation has historically risen 5-6% annually. Homeownership is a great example of leveraging for wealth, in other words, putting a small amount of money down for a big return. It also garners significant tax savings for your client’s family. So why buy now? If your clients are sitting on the fence, warn them of the perils of timing the market. While home prices have been moderating, rents continue to rise faster than the rate of inflation. Fence-sitters waiting for the absolute best deal could end up literally waiting for years, and most likely their guess on market timing would be wrong. Meanwhile, those who buy now will have a home they can call their own and reap the long-term gains of home price appreciation and a happier family. To learn more about how to choose a builder or buy a new home, visit the Home Builders Association of Greater Austin’s Web site at www.AustinHomeBuilders.com.
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Congratulations to these recent GRI-3 graduates: (front row) Barbara Robin (instructor), Rachelle Anselmi, Robert Ratliff, Jon Spradley; (second row) Angie Moore, Jody Garcia, Margie Coronado, Saundra Lockwood, Shelia Evans; (third row) Kimberley Olson, Linda Pavek, Maggie Kennedy, Glenwood Stevenson; (back row) Jackie Collins, Dan Zora, Connie Cooper, Paula Jones, Kevin Lee, Angie Moore, Jack Stapleton, Hilda Diaz, Pete Simonsen, Jacquejoy Littlefield, Gustavo Tostado, Tim Allman and Tony Ledvina. the pics Purchase ine at r o w ie L V in Realty e.com you see lin n o e altylin www.re
Bethany Campbell, center, of Gracy Title, a Stewart Company, welcomes Noble Davis, left, of Lakeline Realty and Don Hemingway of Crystal Falls Realty to the ribbon cutting ceremony of the title company’s Leander office.
Marcella Keller of Realm Real Estate wins a car wash gift certificate at the Austin Young Real Estate Professionals happy hour following a bus tour of Liberty Hill properties.
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Sizzling Summer Specials at D.R. Horton’s Sweetwater Glen D.R. Horton, America’s top homebuilder in Austin for 48 years, is proud to introduce Sweetwater Glen. By providing extraordinary, yet affordable communities, D.R Horton takes pride in making the dreams of new homebuyers come true. Community and lifestyle are the focus of Sweetwater Glen. Whether you are a first-time buyer, or simply looking for a new home, the community of Sweetwater Glen offers an easy, laid back lifestyle. Because these homes are low maintenance, buyers have more time to do, the things they love. Full of charm and with great street appeal, Sweetwater Glen is not your average homebuilder’s community. The detached, single-family condominium community allows for the preservation of trees, special positioning of home sites and winding streets. Sweetwater Glen features 253 vintage-style homes with six unique floor plans. All homes are two stories with three bedrooms and two-and-a-half baths. Select plans are available with an optional fourth bedroom or playroom. Homes range in size from 1,358 square feet to 2,190 square feet and are priced from the mid $180s to the low $200s. For those looking to buy now, several homes are ready to close within 30 days. Sweetwater Glen is conveniently located in the heart of South Austin, just 20 minutes from downtown. Residents can enjoy plenty of shopping, dining and entertainment choices at Southpark Meadows, just 5 minutes from Sweetwater Glen. The community sits within the highly acclaimed Austin Independent School District with Casey Elementary School, Paredes Middle School and Akins High School just minutes away. Sweetwater Glen is located between IH-35 and South Mopac, short drive to Austin Bergstrom International Airport and area employers include Seton, AMD, Intel and Freescale. Residents also benefit from all City of Austin services and enjoy one of the lower tax rates in the area. To celebrate our summer specials, Sweetwater Glen is offering outstanding pricing and buyer incentives. For a limited time, buyers will receive fully sodded yards, twoinch faux wood blinds and an appliance package consisting of a washer, dryer and side x side refrigerator. Additional incentives are also being offered to buyers who utilize DHI Mortgage for their home loan. Please contact local sales agents Kelly Freeman, Jeffrey Reavis or Sherry Olivas at (512) 280-1580 for details, or visit our community Monday through Saturday from 10:30 a.m. to 7:00 p.m. and Sunday from 12:30 p.m. to 7:00 p.m. To get to Sweetwater Glen from IH 35, exit Slaughter and go west, drive about 4 miles to Manchaca Rd., turn south and the community will be on the left. You can also visit www.drhortonaustin.com for more information.
Realty Line of Austin
August 2008
WCAoR PRESIDENT’S COLUMN
Housing and Economic Recovery Act of 2008 By Gary Cocanougher • Avalar Real Estate 2008 President • Williamson County Association of REALTORS As a professional REALTOR we are obligated to our clients to keep informed about changes in our industry. The following is a statement by National Association of Realtors President Richard F. Gaylord. “Congress presented the president with a comprehensive bipartisan bill that includes needed reform of Fannie Mae and Freddie Mac with improved oversight, FHA modernization, permanent increases in conforming and FHA loan limits, and a temporary tax credit for home buyers. These are all designed to help the housing and mortgage industries and boost the U.S. economy. We believe these goals are achievable and will benefit current and future homeowners alike.” H.R. 3221, the “Housing and Economic Recovery Act of 2008” passed the House on July 23, 2008, by a vote of 275-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following provisions. • GSE Reform-including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or $115% local area median home price, capped at $625,000. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008). • FHA Reform-including permanent FHA loan limits at the greater of $271,000 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The down payment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008). • Homebuyer Tax Credit-a $7500 tax credit that would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).
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• FHA foreclosure rescue-development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008. • Seller-funded down payment assistance programs-codifies existing FHA proposal to prohibit the use of down payment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008. • VA loan limits-temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008. • Risk-based pricing-puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009. • GSE Stabilization-includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail. • Mortgage Revenue Bond Authority-authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages. • National Affordable Housing Trust Find-Develops a Trust Fund funded by a percentage of profits form the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In our years, the Trust Fund would be used for the development of affordable housing. • CDBG Funding-Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes. • LIHTC-Modernizes the Low Income Housing Tax Credit program to make it more efficient. • Loan Originator Requirements-Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.
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August 2008
Charlie Hensen, right, of Highland Lakes Real Estate, welcomes John Spoerlein of Keller Williams Realty and Tracey Buchanan of Independence Title to the property tour at Kellywood Estates, which has seven-mile long views of Lake Travis.
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Julie Davis of View Wimberly Realty attends her first WCR meeting with her broker, Cheryl Eskridge. Cheryl was elected vice president of membership at the meeting.
Lance Myhre of DHI Mortgage talks to Billy Edward of New Home Locators about client qualifications for home loans at a recent REALTOR luncheon hosted by DR Horton at the Riverwalk community in Hutto.
August 2008
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August 2008
Realty Line始s Online Home Builder Inventory is NOW exclusively powered by Find-A-Spec.com
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August 2008
Kim Minks, left, and Nicole Cooke, right, both of DHI Title, celebrate the opening of the new title plant on Riata Vista with (from left) Bobby Cloud of Open Mortgage and Edmond McEnany and Mary Mealy, both of Realty Executives Cedar Park.
Dan Sulpizio of Monte Vista and Eric Atkins of Austin City Living greet guests as they arrive at Spotlight Austin, a Patten Law Firm event, to educate real estate professionals about the many condominium projects on the market.
Ashley Howard and Jason Wright, both of Compass Bank, join Chris Linden of Check Tech Inspections, and Ashley Smith and Paige Powell, both of First American Title, at Cool River CafĂŠ for the AYREP happy hour following a bus tour of Liberty Hill properties.
Realty Line of Austin
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August 2008
Volunteers Marty Sunny Halseth, Ernst and Joanne Norton get instructions from Sunshine Kids staff member Jennifer Wisler on how they can help make sure everyone has a fun and safe day on the lake.
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Leander Mayor John Cowman joins Michelle Piperi, left, and Wanda Frederick, both of Gracy Title, a Stewart Company, at the ribbon cutting ceremony at the title company’s Leander office.
Mark Minchew, right, of RE/MAX Austin Associates accepts an award for being the top agent in Austin for the first quarter at the RE/MAX of Texas mid-year awards ceremony held at the Dell Diamond.
The select neighborhoods of
8. Stirling Bridge $140s - $180s 272-4985 New
HUTTO
1431
CEDAR PARK
ROUND ROCK
DAV E
360 16
HEATHE RWILDE
R
973
685
PFLUGERVILLE GR
8
1
7
EG G
H
1825
6
PARM ER
LAKEWAY
1660
BR AN C
620
MEISTE
ELGIN
HA RR IS
45
183 LAKE TRAVIS
4 ROWE
5
45
11. Los Cielos $110s - $160s 247-9023
79
SC HU LTZ
1431
MANOR
AUSTIN
9
290
10
969 71 290 1626
11
183
12 IN MA
967
973
BUDA 150
PEARCE
14
2001 15
BU N
KYLE
71
21
13 OLD GOFO RTH
7. Cantarra From the $120s 272-9954 New
ITY ERS
ROSS
6. Royal Pointe Mid $100s - $200s 252-0583 Close-out
UNIV
183A PARMER
5. The Retreat at Blackhawk $140s - $210s 632-6305 New
1460
2
CRYSTAL FALLS
10. Woodland Hills $120s - $160s 926-1971
3
LEANDER
AD
4. Creek Bend $120s - $210s 759-2948
130
1
BAGD
2. Cold Springs $160s - $240s 259-3282 New 3. La Conterra $140s - $170s 930-0201 New
9. Elm Creek $90s - $140s 281-3993
2243 2243
S.1ST
1. Westview Meadows $110s - $160s 260-0289
TO N
130
150
Prices subject to change.
NORTH
BASTROP
12. Ashbrook $140s - $170s 292-8922 New 13. Garlic Creek $150s - $240s 312-2107
14. Green Meadows $120s - $160s 312-2229
15. Southlake Ranch From the $140s 262-3100 Close-out
16. The Terrace at The Preserve $250s - $400s 402-1889
August 2008
Realty Line of Austin
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August 2008
Kim Smyth, right, of Gracy Title, a Stewart Company, welcomes John Wachtendorf of JW Local Print Shop and Patsy Snyder of Snyder and Associates to the ribbon cutting ceremony of the title company’s Leander office.
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Susie Daguer, center, of New Home Locators, joins Dan Day, left, and Chris Easter, both of DR Horton, at the regular office meeting at Riverwalk in Hutto.
Ryan Caron, a national spokesperson for Sunshine Kids, is ready to captain the boat into open water so participants can enjoy parasailing.
August 2008
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August 2008
Jan Tally of Canyon Builders visits with Lago Vista Council Member Susan Euresti, new resident Mike Musselwhite and Rae Annis of Highland Lakes Real Estate at the Kellywood Estates property tour.
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Gary Hoffarth of Austin Advantage Real Estate and Lori Bolton of Realm Real Estate talk about properties they saw in Liberty Hill prior to the Austin Young Real E s t a t e Professionals’ happy hour at Cool River CafÊ.
Lisa Matthews of Ceniza Condominiums shows Reinae Kessler of ZIP Realty some of the exterior improvements made to the condominium project.
August 2008
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Realty Line of Austin
August 2008
Sarah Lazarus, second from right, of Austin City Living joins Julie Schneider, Mark Beane and Chris Amador, all of Patten Law Firm, at Spotlight Austin, which informed real estate professionals about local condo projects.
the pics urchase P r o w Line at Vie in Realty e.com you see lin n o altyline www.re
The group at Realty Executives in Cedar Park listen to Linda Randall, standing third from left, of Texas REALTORS University speak at a recent sales meeting.
Christopher Ryan of Perry Homes shows Kelly White of The Home Connection the company’s new model in Crystal Falls at the grand opening of the Quarry Park amenity center.
Realty Line of Austin
August 2008
ASSOCIATES IN PROGRESS
By Linda McNabb CONTRIBUTING WRITER When REALTORS help their buyers choose a lender, they typically want one who is experienced. They will certainly find an impressive base of knowledge at Supreme Lending Austin, which processes 60 to 70 loans every month. With this volume nothing is new to the loan officers, which results in a smooth process for everyone involved. “Every scenario comes across my desk,” says John McClellan, who also hosts Real Estate 101, a talk radio show with Kevin Bown on 1370 AM from 13 p.m. every Sunday. “We have our pulse on the market. It is a fluid business that changes hourly.” Supreme Lending is a full-service mortgage banker with corporate offices in Dallas and branches in Houston, San Antonio, and Austin and is licensed in 33 states. Supreme Lending funds nearly a billion dollars a year in residential mortgage loans. “We have our own FHA, USDA, and conventional underwriters here,” says McClellan, whose 15 years of experience in real estate and mortgages helps him to advise and place his clients into the best loans — loans tailored to meet their individual needs. “We are the bank, so we don’t have to send it out. We have underwriters and closers right here.” McClellan says that he enjoys educating the consumer about the various lending options available. In fact, he is so passionate about his work that he has been known to get buyers excited about their mortgages. “I get clients excited about financing,” he says. “It can be stressful because it is one of the largest transactions in someone’s lifetime, so it is important to walk them through it and educate them about the process.”
candy Buzan 797-5580
Max Leaman 293-1239
Linda Sato 785-1105
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Education about mortgages and real estate in general is what drives McClellan’s Sunday afternoon radio show. Each week he educates listeners about how to avoid mortgage and real estate mistakes, cautioning his audience that even a small mistake can turn into a disastrous and costly big mistake. “It is not about calling in about open houses or selling DVDs,” McClellan says. “It is educating the consumer about what the current market conditions are. We discuss strategies and how to marry those strategies with the marJohn McClellan ket.” also Host of Real Estate 101 Two of the popular segments of the program include “Be a Flipper, Not a Flopper,” which presents hints on flipping — when to flip, and when not to flip; hidden costs and the unseen, hidden reality behind the so-called reality shows; and “Credit Corner,” which counsels about and comments on the importance of credit ratings and how to improve or maintain one’s credit rating. Podcasts of the shows are available via www.Realestate1370.com. McClellan says that more than 100,000 downloads have been reported on iTunes. Austin's Mayor Pro Tem, Brewster McCracken, was a guest during a recent segment, discussing how politicians affect local real estate. McCracken also announced his plans to run for mayor during that show. Other topics have included buying real estate with a self-directed IRA and discussing how the price of gas affects demand for real estate. “I love doing the show,” McClellan says. “It helps me put together my thoughts and feelings from the week, so it’s like therapy; but it also invigorates me for the week ahead.” With a company this keenly tuned into the market and staffed by knowledgeable and experienced loan officers, REALTORS can be confident about finding supreme service at Supreme Lending.
Kim Nielsen 825-2347
Melissa driskell 964-1864
terrie doggett 415-0212
rhonda Neeley 560-3429 Not pictured:
Michael ray, 784-8488 Mark Baker, 689-5273
Mary Kennedy 750-7834
Brian patschke 565-5852
trudy Savage 965-5017
Sabrina Shaddix 466-1180
Mark Hoffman 785-3279
Shannon Smith 560-4590
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Realty Line of Austin
August 2008
Toni Bolton and Lena Ramires, both of Realm Real Estate, relax at Cool River CafĂŠ after attending a bus tour of properties in Liberty Hill sponsored by the Austin Young Real Estate Professionals.
the pics Purchase ine at L View or y lt in Rea m you see nline.co o e n li y lt a e .r w ww
Jeff Apra of Mercedes Homes welcomes Bobbie Ardono, left, and Cheryl Renker, both of Keller Williams Realty, to the grand opening of the Quarry Oaks amenity center in Crystal Falls.
Tim Moncrief of Keller Williams Realty and Judy Schoening of Coldwell Banker United REALTORS discuss condominium projects as they tour Monte Vista, the site of Spotlight Austin, a Patten Law Firm event.
Realty Line of Austin
August 2008
ASSOCIATES IN PROGRESS
By Linda McNabb CONTRIBUTING WRITER When REALTORS sell a home and it’s time to take their client to the closing table, it is important that the title company they choose is one they know they can depend on and trust. In today’s challenging market, it also has become important to know that the company will still be in business. By choosing First American Title — a company that began in 1889 — REALTORS can rest assured that their transactions are in stable hands. “In today’s ever changing market with title companies opening and closing across the area, it is important that each real estate professional choose to work with a company that has provided leadership and experience for an extended period of time,” says Jason Klam, division president. “It is difficult to predict how the market will turn but one thing people can count on is that First American will continue to be there for all their title and settlement needs.” Started as a single abstract company in California, First American Title has grown to become the largest provider of information in the nation. Other title companies often turn to First American Title for its vast resources. “A large percentage of title operations in Texas and across the country see the value and stability of First American by using the company’s products and services to better position themselves in each respective market,” Klam says. While providing the benefit of a Fortune 500 company to its clients and customers, First American Title also gladly conveys the local and regional knowledge its employees have gained from serving the Austin area since 1984. “For 24 years, we have been an industry leader by providing exceptional service, innovative technology and value-added tools to help our customers and clients achieve greater success,” Klam says. Exceptional service comes from an array of talented and experienced professional individuals providing unparalleled service in seven locations in Travis, Williamson, Hays and
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Caldwell counties. In addition to its branch offices, First American Title is also licensed in 39 counties across Texas. “First American Title prides itself on providing a positive experience on every transaction,” Klam says. “When you close your transaction at First American Title, you know you are going to get a seamless transaction every time, no matter if it is a $100,000 deal or a $1 million deal.” Innovative technology leads the industry by providing market and transactional management support, an area in which Klam takes great pride. “Our transactional system is one of a kind,” he says. “It is a faster, smarter and more reliable way for our employJason Klam, division president ees to communicate with each other.” Among the tools that First American Title provides its clients are individualized and group training to help them stay abreast of market trends and keep up to date with their educational credentials. “We build professional partnerships,” Klam says. “We can meet with REALTORs and show them how they can market themselves and use client tools to increase their business. We provide products and services that can help real estate professionals be as successful as they want to be.” Klam says he enjoys being a part of the real estate industry because this industry is a huge part of what drives the local and national economy. He started in the title business in 1998 as a courier. He worked himself through the ranks in the abstract plant and then moved to the escrow side, both residential and commercial, and was a branch manager before becoming a Division President for First American Title. “I never thought I would be in the title industry, but I love it,” Klam says. “What I like most about it is the ability to help people. It is a common dream of every family in America to become homeowners and at First American Title we get to be one of the facilitators of the American dream. Everyone at First American Title in Austin enjoys the fact that we get to play a small part.”
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August 2008
Guest speaker Suzan Schmitt shares life-coaching tips with Michelle Hagens of JB Goodwin REALTORS and WCR president Linda Hall of Realty Executives prior to addressing members at the WCR meeting.
the pics Purchase ine at L View or y lt in Rea m you see nline.co o e n li y lt a e .r w ww
Dan Day of DR Horton takes a moment with New Home Locators to tell them about their big community weekend at Riverwalk.
Marnie Colehour of Avalar Real Estate stops by to give Kim Smyth of Gracy Title, a Stewart Company, support at the ribbon cutting of the title company’s Leander office.
August 2008
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August 2008
Chris Hensen of Highland Lakes Real Estate introduces Rita Parker of Independence Title to Keith Kelly, the of developer Kellywood Estates. They were on hand for a property tour of the Jonestown project.
the pics urchase P r o w Line at Vie in Realty e.com you see lin n o altyline www.re
REALTORS enjoy a bite from the hotdog cart while touring model homes in Crystal Falls, where the Quarry Oaks amenity center recently opened.
Being at the front door to meet and greet is the best way to network, find Cynthia Rapsinski and Olga Zavala, both of DHI Mortgage, at the NAHREP meeting at Holiday Inn on Lady Bird Lake.
August 2008
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August 2008
Melinda Carroll, second from left, of First American Title, joins, from left, Debbie Sheppard, Jacquie Banks, Melanie Smith and Jack Carter, all of Coldwell Banker United REALTORS, at the REALTOR luncheon at Pecan Park Place Development, a luxury condominium near project Lakeline Mall. the pics Purchase ine at L View or y lt in Rea m you see nline.co o e n li y lt a e .r w ww
It’s only a few dollars for a raffle, Patricia Wagner of DHI Mortgage tells James Gonzales of First State Home Loans at the NAHREP meeting at Holiday Inn on Lady Bird Lake.
Tony Tartt of Tartt Real Estate and Michael Neuman of Realty Executives get a tour from Mike Tvinnereim of Drees Custom Homes of Quarry Park, the newest amenity center at Crystal Falls. It features a junior Olympic pool and spray park, as well as a fishing lake and disc golf course nearby.
Realty Line of Austin
August 2008
COMMENTARY
Are We Coming or Going? By Steve Klein • Steve Klein Custom Builder There are a few constants in the world of real estate brokerage and the home building industry. One is change and another is how we individually decide to deal with it. Depending on where the little lines on the economists little charts are relative to where we are at in whatever current cycle we are in, is supposed to tell us all everything we want to know… right? It would appear that we are currently somewhere in the middle of the intersection of “It’s gonna get worse” and “It’s gonna get better?” I continue to get more frustrated at the continuous “media drive by shootings” regarding mortgages, foreclosures, drops in housing starts and other housing related topics. If it was not for my Labrador Retriever’s continued enthusiasm to fetch the morning paper, I may have dropped my subscription by now. I have yet to see an article or watch any daily news channel “gloom and doom” recycled story that has ever had a photograph of a home or piece of dirt in the background that was actually in the great state of Texas. Hey media guys… we did not have a bubble here. Congratulations to certain other business and trade publications locally that have written many exciting news stories about our wonderful city! So what do we do? While it is obvious that the pessimistic national issues in banking and construction have reached Austin we still have much to be thankful for and owe it to our clients to help them sort through the data. Our economic vitality is still outpacing the rest of Texas and all of America. Population and job growth are significantly higher. Home prices are still affordable, stable and appreciating. Interest rates are low. Texas builders have a couple of past oil busts under their belt and voluntarily cut starts and curtailed lot purchases before the media hyped this all up in 2007. The deal seekers will have an opportunity through this summer to purchase existing new home inventories and then construction will resume and builders will no longer offer the same level of incentives. It’s a great
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time to sell a new home if you can convince your buyer that the sky is not falling. The fact is that new home inventories and lot availability is at an equilibrium point right now. Does this mean we are at the bottom? all We still will have challenges as we emerge from the shallow depths of this cycle, but must remember that because of strong economic development initiatives, vibrant job creation, low unemployment and the prudent business practices of strong local and regional builders, we dodged the bullet compared to the rest of the nation. Austin will emerge quicker and stronger. We are already the brightest real estate star in the sky. We have been recognized by Fortune, CNN Money and close to a dozen additional business and economic publications nationally as a top place to run a business, work, live, play and retire. In fact, Austin is listed as one of the most affordable and least riskiest cities in America to buy a home in. Yup… right now! Buyers want to hear some good news. Buyers look to us for experience and guidance. Buyers want to be buyers. It’s time we real estate professionals quit waiting for the future good deal and let them buy now while it is in front of us all. Gotta go toss a tennis ball to Kate. See you next month.
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August 2008
Gene Hammonds and Clara Hammonds, both of Highland Lakes Real Estate, enjoy the lake views at Kellywood Estates during a recent property tour.
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Ashley Patten of Patten Law Firm discusses the benefits of condominium living with Jenna Kuns of Monte Vista and Shawn Heyl, developer of Monte Vista, at Spotlight Austin.
Jo Ashley Walker and Analisa Valdivia are ready for some exciting tubing on Lake Travis as part of the Sunshine Kids camp.
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August 2008
Realty Line of Austin
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The BACK PAGE
Kathy De La Cruz and Sandy Mauro enjoy the baseball game at Dell Diamond, where RE/MAX Austin Associates held its mid-year awards ceremony.
Associates from RE/MAX Capital City enjoy a tour and complimentary breakfast at the new Dell Children’s Hospital. Since 1994, the office has donated more than $160,000 of its commissions.
Henry Molina of Patriot Realty attends the NAHREP meeting with Deborah Carter, left, and Marisa Gomez, both of Buttross Group II to hear City Councilman Mike Martinez.
Former WCR presidents Barb Cooper of Coldwell Banker Faye Davidson of Davison Real Estate wins a gift certifi- United REALTORS joins Reta Kays and Ann Marie cate at the AYREP happy hour at Cool River Café. Van Sandlin, both of Reta Kays REALTORS, at the WCR meetDavison of Davison Real Estate congratulated her. ing where new officers were elected.
Spotlight Austin, featuring Monte Vista condominiums on Shepherd’s Mountain, serves as a great networking spot. From left: Allison Ullrich of Patten Law Firm, Mike Jones of Capitol Finance Group, Laury Adair, Tim McGee of Supreme Lending, Dallas Thompson of DKT Brokers and Julie Schneider of Patten Law Firm.
Allison Harris Craig and Kim Smyth, both of Gracy Title, a Stewart Company, cut the ribbon of the company’s Leander office as Leander Mayor John Cowman watches.
Tausha Carlson and Wendy Taddia of Marathon Real Estate attend Texans for Tah-Tahs Breast Cancer Fundraiser and raffle at the Cork and Co. The team of 13 women will raise almost $30,000 for breast cancer research when they walk 60 miles over three days in San Francisco in September.
Sunshine Kids camper Kiki Hill rides a personal watercraft with Matt Norton at the weeklong Teen Lake Escape at Lake Travis.