Archives
January 2009
Jan. 30, 2009 - Horseshoe Bay Resort
Just 45 minutes from Austin, nestled in the heart of Texas, is the Horseshoe Bay Resort. The resort is a "members only" resort, but guests of Horseshoe Bay Marriott and The Waters at Horseshoe Bay receive a temporary membership allowing visitors access to all the wonderful amenities during their stay.
Horseshoe Bay is conveniently located in the center of the Texas Golden Triangle, where two-thirds of the states wealthiest people reside. The resort is on Lake LBJ, in the middle of the Texas hill country.
There are two hotels at the resort, The Marriott, which boasts 350 rooms, including 117 suites and villas which have beautiful views of the lake. The Marriott has many wonderful amenities and has something for everyone.
Another luxurious place to stay at Horseshoe Bay is The Waters at Horseshoe Bay. These luxurious condominiums have one, two or three bedroom floor plans available. The Waters at Horseshoe Bay has made sure that its visitors have everything they need; including two flat screen high-definition televisions, Apple I-pod docking stations and to top it off, fully furnished balcony and a gourmet kitchen, nothing is left out.
There are so many things to do at Horseshoe Bay. From the four swimming pools, twelve adult tennis courts; and even three USTA-sponsored kids' tennis courts, to the seven dining facilities, there is something for everyone.
If golfing is your game, Horseshoe Bay has that covered! It was named "One of America's Best Golf Resorts," by Golf Magazine. This resort has three championship Robert Trent Jones, Sr. golf courses, and to top it off, all three have been featured in "50 Best Courses in Texas." The resort even has an 18 hole miniature course, it is designed like a regulation course, but scaled down, and is complete with water hazards and bunkers.
For visitors who have kids, Horseshoe Resort has something just for them. There is a kids' facility that is called "Kids Club." Parents can enroll the kiddos in this program, complete with counselors and an action packed fun filled journey, which is sure to satisfy every kid who said they were "bored!"
Horseshoe Bay has many restaurants, grills and bars to keep its guests happy and content. From casual dinning for visitors who like hamburgers, Slick Rock Bar & Grill is the place to be. If visitors get hungry while playing a round of golf, they can stop in at the Cap Rock Grill & Bar. Its location is on the 18th hole Apple Rock Golf Course, making it easily accessible for hungry golfers.
Whether it is burgers or fine cuisine, Horseshoe Bay has everything you can imagine, all set in beautiful scenery.
Horseshoe Bay even has its own airport, for those visitors who just want to pop in for a round or two of golf. The next time you are looking for the perfect vacation, whether it is for the entire family, or just a quiet romantic weekend getaway, come discover Horseshoe Bay Resort.
Homes are searchable on Ki's website. He furnishes a free search on available homes in the Austin MLS. His site has information on Austin real estate and Horseshoe Bay real estate
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Jan. 30, 2009 - Mortgage Rates Hold Steady
Mortgage rates for the most part held steady this week. The 30 year rate dropped from 5.12 to 5.10. Rates are still at historic lows. The rates for the last month have all been below anything we have seen in the last 40 years since we started tracking weekly mortgage rates. The 15 year rate held steady at 4.8. The 5 year arm rose from 5.24 to 5.27 and the 1 year arm dropped from 4.92 to 4.90. What the numbers below don't reflect is that rates mid week were a little higher midweek. But by the end of the week they had fallen. Below are rates for the last few weeks.
Jan 29, 2008
30-yr 5.10 15-yr 4.80 5-yr ARM 5.27 1-yr ARM 4.90
Jan 22, 2008
30-yr 5.12 15-yr 4.80 5-yr ARM 5.24 1-yr ARM 4.92
Jan 15, 2008
30-yr 4.96 15-yr 4.65 5-yr ARM 5.25 1-yr ARM 4.89
Jan 08, 2008
30-yr 5.01 15-yr 4.62 5-yr ARM 5.49 1-yr ARM 4.95
Dec 31, 2008
30-yr 5.10 15-yr 4.83 5-yr ARM 5.57 1-yr ARM 4.85
If you are planning on putting 20% down the 5 year arm and the 1 year arm are pretty pointless. The 5 year arm is above the 30 year fixed rate. The 1 year arm is below the 30 year fixed but doesn't really offer enough savings to be worth the tradeoff of forgoing locking in at historic lows. We have seen a trend recently where on some properties banks are allowing borrowers to get 10 percent down for a 5 or 1 year arm but are requiring 20 percent for a 30 year loan. I am not sure why banks are favoring arm's since that is what got them into this mess. Ok so in addition to looking at rates lets look at mortgage payments. We looked at a mortgage payment based on today's rates for a 200k loan. We also did the same thing looking at rates from 2 weeks ago (which was all time low point for the 30 year fixed rate mortgage). We also looked at rates from 2 months ago.
Jan 29
30-yr 1085.89
15-yr 1560.82
5-yr ARM 1106.88
1-yr ARM 1061.45
Jan 15
30-yr 1068.75
15-yr 1545.36
5-yr ARM 1104.4
1-yr ARM 1060.23
November 20th
30-yr $1204.24
15-yr $1658.67
5-yr ARM $1182.43
1-yr ARM $1109.36
As we can see although a mortgage payment would have been a little less 2 weeks ago all in all rates and mortgage payments have not changed that much. But we are still seeing substantial savings from 2 months ago.
So what is our advice. It should be pretty obvious but with rates at all time lows the time to refinance is now. In addition, if you are currently thinking of getting a mortgage I would lock in an interest rate sooner rather than later.
In general there is still more of a risk of rates going up over the next month than down. Rates simply don't have that much room to fall. So most likely we should see rates hold even or rise over the next month. In addition, there is a risk that rates could rise rapidly over the next 6 months if the economy improves.
Ki writes regularly about mortgage rates. His site provides a search of the Austin MLS along with a free mortgage calculator
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Jan. 30, 2009 - Pricing is the Key to a Quicker Home Sale
What makes one home sale go quickly while other homes linger on the market for months? The answer is usually price. Determining a home's worth is a tough question these days. For many, it is difficult to reconcile what their home is worth today versus what it was valued at just two years ago. However, deciding on the right price from the beginning is one of the most crucial ingredients for an expedient home sale.
Popular wisdom says that the first 21 days of a listing are the most important, and interest begins to fall off after that time period. This is why it is important for homeowners to do their homework and enlist the help of a qualified real estate agent. Pricing a home well from the start is better than having to reduce the price later. Not to mention, there is cost and frustration incurred when a home remains on the market month after month.
Begin by looking at comparable sales in the neighborhood, keeping in mind physical barriers that may affect price. For instance, proximity to busy streets or freeways, school district lines and local amenities can all impact the price of houses in the same neighborhood or even on the same street. Pay attention to how long houses in the neighborhood stayed on the market. Determine why some houses sold faster than others. Was it location? Was it the condition of the home? Most likely it was the price.
As a homeowner begins to prepare for selling, she should ask two or three qualified real estate agents to prepare a Comparative Market Analysis, known as a CMA. This will give the seller detailed information about the local real estate market, as well as outline marketing strategies and selling price recommendations.
According to a recent New York Times article, home prices in November dropped 18.2 percent from November 2007. "This is not quite as bad as economists had expected but still the steepest plunge on record, according to the Standard & Poor's Case-Shiller Home Price Index."
Home prices across the nation have been tumbling because of foreclosure and forced sales. The Austin metropolitan area has been fortunate that home prices have not fallen to the degree they have in harder hit areas, such as California and Florida.
With the historically low mortgage interest rate, it is a good time to buy a home. However, the poor economy is causing most Americans to be cautious with their money. This means there are fewer buyers out there for more homes. Sellers have to be aggressive and willing to be realistic about what their home is worth in the current market.
A recent article from RISMedia noted that some home sellers are getting creative in this tough market. Frustrated sellers who have gone months without an offer are trying what is known as reverse purchase agreement, or unsolicited offers that get written by sellers for prospective buyers. "The approach is just one of myriad tactics sellers are using to attract buyers, who are now comfortably positioned in the driver's seat. Many buyers are apprehensive about making an offer in a market where prices continue to fall."
In these tough economic times, everybody is looking for a deal. That is why price is the most important component in a quick home sale.
Ki is active in the Austin real estate community. He built and grew a website about Austin real estate, which allows buyers to search homes in the Austin MLS by specific criteria. His site also provides updated statistics about central Austin homes.
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Jan. 26, 2009 - Mortgage Rates Move Up For First Time In 3 Months
All good things must come to an end. After 12 weeks of falling rates interest rates went up this week. The 30 year rate went back above 5 jumping from 4.96 to 5.12. Below are rates from the last few weeks and October 30 which was when rates first started to fall.
Jan 22, 2008
30-yr 5.12 15-yr 4.80 5-yr ARM 5.24 1-yr ARM 4.92
Jan 15, 2008
30-yr 4.96 15-yr 4.65 5-yr ARM 5.25 1-yr ARM 4.89
Jan 08, 2008
30-yr 5.01 15-yr 4.62 5-yr ARM 5.49 1-yr ARM 4.95
Dec 31, 2008
30-yr 5.10 15-yr 4.83 5-yr ARM 5.57 1-yr ARM 4.85
Dec 24, 2008
30-yr 5.14 15-yr 4.91 5-yr ARM 5.49 1-yr ARM 4.95
October 30, 2008
30-yr 6.46 15-yr 6.19 5-yr ARM 6.36 1-yr ARM 5.38
Basically 30 year rates dropped back to what we saw at the end of December. Looking at the other major mortgage products, the 5 and 1 year Arms are still pretty much irrelevant. The 5 year Arm is above the 30 year mortgage rate and the 1 year arm is not much lower than the 30 year mortgage rate so both of them are pretty much dead. The 15 year rate on the other hand is still a viable option. This week the 15 year mortgage rose from 4.65 to 4.80. Still the 30 year mortgage rate is by far the most popular mortgage product over the last few months.
Although rates have risen recently we still don't want to lose the fact that rates are still historically low. In fact if we ignore the last 3 weeks today's rates are still at 40 year lows. Moving on lets look at mortgage payments. Taking today's rates we used our mortgage calculator and determined what the mortgage payment would be on a 200k loan. We also determined mortgage payments based on rates from two weeks ago and from one month ago. We also translated rates from October 16th into a mortgage payment.
Jan 22, 2008
30-yr 1088.35
15-yr 1560.82
5-yr ARM 1103.16
1-yr ARM 1063.88
Jan 8th
30-yr $1074.86
15-yr $1542.28
5-yr ARM $1134.32
1-yr ARM $1067.53
Dec 24
30-yr 1090.82
15-yr 1572.22
5-yr ARM 1134.32
1-yr ARM 1067.53
October 16th
30-yr $1258.87
15-yr $1702.87
5-yr ARM $1217.16
1-yr ARM $1093.28
So basically what we see is that we are not seeing too much movement over the last month. But the saving compared to a few months ago is pretty substantial. For a 200k loan, compared to payment one would have from the rates on October 16th the mortgage today would be 16% less or $170.52 less.
So what are we going to see moving forward? It looks like rates are going to move up in the short term but I don't think they will go above 6 for the next month or two. Long term through the general expectation is that rates are going to rise perhaps as high as 15%. This is basically the fallout from the Fed pushing billions into the economy.
Ki owns a full service real estate user in Austin, Texas. He developed and maintains a website on the Austin real estate market. He also provides free mortgage calculator code and a widget that has mortgage rates for website that webmasters can use.
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Jan. 26, 2009 - Central Texas Profiles : Marble Falls, Texas
Located just 47 miles northwest of Austin, Marble Falls is in the middle of the Highland Lakes area, the largest chain of lakes in Texas which are Lake Marble Falls, Inks Lake, Lake LBJ, Lake Buchanan and Lake Travis. With a population of 7,200 it is a beautiful little town.
Surrounded by rolling hills and lakes, Marble Falls is the perfect place to work, live and play. Visitors and residents should not have problems with finding something to do in this small community.
Downtown Marble Falls has a six block area that has been restored for shopping. There are antique shops, restaurants and a relaxing walk near Lake Marble Falls.
Visitors can also take a "Vanishing Cruise." It is a cruise on the Colorado River, above Lake Buchanan. On the cruise visitors can see beautiful Bald Eagles in their winter homes. It is an awesome site and something the entire family can enjoy.
For those who enjoy the hill country and Texas wines, take a tour of the several wineries in the area. They include Fall Creek Vineyards, Flat Creek Vineyards, Spicewood Vineyards and many others. On the tours visitors can sample the wine and see the beautiful landscape. The vineyards here easily rival any Napa Valley wine trail.
For the golf lovers, Marble Falls has that covered too! There are several golf courses in the area which include Horseshoe Bay Resorts' Applerock, Caprock and Slickrock. This is just a few.
Marble Falls also hosts the "Lakefest Drag Boat Races." The races take place on the second weekend every August on Lake Marble Falls. It is a National Championship race, and brings in fast boats, drag boat racers and excitement. This event is something to see, and is very exciting.
Marble Falls Economic Development Corporation has worked hard putting the community on the map, starting with the "Sculpture on Main." This is a public art program that exhibits outdoor three-dimensional art work that is placed in highly visible places in the community.
Another place to visit in Marble Falls is the Hill Country Community Theatre. This theatre is nationally recognized and has a year round session for adults and children, which include comedies, drama and musicals. It is a wonderful place to visit and has been a great asset to the community.
Another theatre in Marble Falls is The Uptown Marble Theatre. This theatre is located on Main Street in the downtown historic district. It is a non-profit organization that promotes art and entertainment to the community. They have live music of all genres, comedy and drama. It is a unique experience and is worth visiting.
The natural beauty of Marble Falls is its location. In the middle of beautiful lakes and rolling hills, this community is ideal for visitors, tourists, retirees and second homes and well as vacation homes. There is plenty to do and see in this community.
If you would like more information on Marble Falls, contact the Chamber of Commerce.
Ki works, and lives, in Central Austin. He maintains a website on available Austin homes. Future homeowners can search available Austin real estate and Marble Falls real estate.
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Jan. 26, 2009 - Central Texas Profiles : Fredericksburg, Texas
Deep in the heart of Texas, in the middle of the Hill Country, is the quaint little German community of Fredericksburg. With a population of just under 10,000, this town is one of the most visited in the Hill Country.
With beautiful rolling hills, blooming flowers, antiques and bed and breakfasts, it is no wonder people from all over make Fredericksburg their destination.
One thing that has made Fredericksburg so famous is the big, juicy peaches. There are plenty of farms, roadside venders and orchards to find these tasty treats. One of those places is the "Fischer & Wieser's das Peach Haus." It is claimed to be Texas' oldest peach stand. They offer delicious peaches, produce, cobblers and just about anything else you can imagine. They are located at 1406 Highway 87 South. If you are visiting Fredericksburg, you must make this one of your stops, it is worth the while.
Another thing Fredericksburg is famous for is its wild seed farm. "The Wildseed Farms" is the largest working Wildseed farm in the country. The farm is open 7 days a week and has walking trails, a butterfly haus, which is 3,000 square feet and is home to over 400 species of butterflies. Visitors can learn everything there is to know about this beautiful insect.
Visitors can also visit "The Meadows" at the Wildseed Farm. This is a beautiful place full of flowers, plants and butterflies. Visitors can learn how to plant and grow their favorite plants, buy seeds, gift baskets and collectables. For more information, contact the Wildseed Farm.
Another great place to visit is "The Exotic Resort Zoo." It is located just 4 miles north of Johnson City. This zoo has over 500 animals, many of which are endangered. The zoo is on 137 acres with several lakes and creeks. They also have two petting zoos where you can get up close and personal to the animals. This is the perfect stop for any animal lover. For more information, you can contact them at 800-868-4357.
If you are looking for a weekend get away, then Fredericksburg is the place, with over 350 bed and breakfasts, visitors should have no problem finding that perfect place to stay. From small bed and breakfast's to an entire ranch, weekend getaway to the whole family spending an entire week, there is something for everyone.
If you are looking for something a little more adventurous, Fredericksburg has that too. Hill Country Extreme Sports has everything from a 6,000 square foot rock climbing gym, to paint ball. There is something for everyone.
This German community is full of friendly people who open their arms to visitors and those who may be looking for a new place to live. Fredericksburg has so much to offer.
The next time you want to plan a day trip, be sure to keep Fredericksburg in mind. It is just a short drive from Austin. For more information about Fredericksburg, contact the Chamber of Commerce.
In Austin, Ki organizes information on Austin real estate on a website. It furnishes a process to search for available homes in the Austin MLS by specific criteria. He has lived and worked in Austin for over a decade. His site also has information on Fredericksburg Texas real estate
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Jan. 26, 2009 - Economic Outlook Better for Austin than the Country
Standing on South Congress Avenue on a Saturday afternoon it doesn't look like the country is experiencing a deep recession. The shoppers streaming in and out of places like Uncommon Objects and Cici's Market don't come out empty-handed. There is not a parking place or bare spot on the sidewalk to be found.
The line at Hey Cupcake snakes around the Airstream trailer and down Annie Street. One patron standing in line noted that as the economy has worsened the cupcake line has gotten longer. "I drive this way every day and I have definitely noticed the increase in cupcake customers. Everybody has two bucks to spend on a treat," she noted with a grin.
As noted in a recent article in the Austin-American Statesman, Austin is weathering this recession better than the country as a whole. The Austin-metro area added jobs in 2008, while the national unemployment rate dropped 2 percent, a total of 2.6 million jobs.
But that doesn't mean everything is rosy for Austin's economic outlook for 2009. Job growth is expected to be very small, less than 0.3 percent according to economist Angelos Angelou. Austin, like the rest of the nation, is waiting to see what will happen with the proposed stimulus package in the first few months of 2009. Job creation is high on the list of proposals by President Obama.
Although large local employers like Freescale, AMD and Dell have taken measures to restructure and make cutbacks to stay afloat, not as many local businesses are expected to shut their doors as will be experienced nationwide. Car dealerships are a good example of an industry that has been hit very hard on a national level, but less so in the Austin area. According to the Freeman Auto Report, new car and truck sales dropped 30 percent nationally, but only 12 percent in Austin.
Housing is another area where Austin has fared but better than other places. While commercial and residential rental occupancy rates continue to drop, home sales look promising for 2009. According to an article in the Austin-American Statesman this week, pending sales rose 11 percent in December. This bodes well for the numbers in 2009, after a steady decline of home sales through 2008. The lower interest rates for mortgages has helped home sales to rebound.
New home building in Austin and the rest of the country has taken a hit in this economy. In fact, according to Angelou, Austin could face a single-family housing shortage because of the drastic drop in new home starts.
If the shoppers on South Congress are any indication, the economic outlook for Austin is good. Economist Ray Perryman forecasted that Austin will add 80,000 jobs in the next five years. This job growth coupled with the continued growth of the area population will help Austin weather the tough economy that is raining doom and gloom on the rest of the nation.
Ki turned his Austin real estate hobby into a business. He built a website, which includes a free search of the Austin MLS. Potential buyers can investigate what is available in the market for free. Their site has statistics on Austin real estate and Round Rock real estate.
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Jan. 22, 2009 - The Highland Park West Balcones Neighborhood
Two lovely neighborhoods can be found in Austin just north of 35th Street and west of MoPac Blvd., called jointly the Highland Park-West Balcones neighborhood, as they are usually considered to be one residential area now. The other two boundaries are Mount Bonnell Road and R.R. 2222, with Bull Creek Road providing the boundary between 45th St. and Hancock Road. The neighborhood is home to about 1,750 residences, and the MoPac Expressway runs through about two miles of the eastern portion of the neighborhood.
This neighborhood, which is really a combined neighborhood made up of the residences of both Highland Park and West Balcones, boasts three well known attractions, all of which are located in the neighborhood: Bright Leaf State Natural Area, Mayfield Park and Nature Preserve, and Mount Bonnell, all of which are interesting from a historical as well as recreational standpoint.
The Bright Leaf State Natural Area is a scenic 217 acre park that was donated to the City of Austin in 1995 by Georgia Lucas, although the area was donated with the stipulation that the park remain minimally developed, as it has. Lucas' former residence can be found among the many trails, and is called the Lucas Conference Center. Two main entranced to the park exist, one on R.R. 2222 and Creek Mountain Rd., but the entrance is usually gated, as the park is officially a no-access park. The other entrance is located at Crestway and Monte Vista, and that entrance leads to the conference center.
On the second Saturday and Sunday of each month, guided tours can be arranged at Bright Leaf, and many of the trails lead to neighboring residential areas, but most are gated and all will be gated in the future.
Mayfield Park and Nature Preserve is located at 3505 West 35th Street, next to Laguna Gloria Art Museum, and the park contains 35 acres of landscaped grounds, with the Mayfield-Gutsch House and Gardens at its center. The Nature Center is named for Allison Mayfield, who purchased the property in 1901, and was Texas Secretary of State from 1894-1896. The park is open to the public, and peacocks roam the grounds among picnic trees, lily ponds, streams, and trails.
Mount Bonnell, in Covert Park, is a 780 feet observation point located near Mount Bonnell Road and Balcones Drive, and from Mount Bonnell visitors can get breathtaking views of Cat Mountain, Lake Austin, and the Loop 360 Bridge. Admission the Mount Bonnell is free, but there is a curfew between the hours of 9:00pm and 4:00am.
Another attraction in the Highland Park West Balcones Area is Westfield Drive, which was Austin's first Parade of Homes in September of 1953, and the street has many lovely and historic homes. The Frisco Shop, one of the oldest restaurants in Austin, which finally recently closed its doors, opened the same year as the parade of homes near the border of the Highland Park Neighborhood on nearby Burnet Road.
The only Austin Parks and Recreation Dept. official park in the neighborhood is Perry Playground Park, which is next to Highland Park Elementary School, and behind the park is the old quarry. This park contains various playground equipment, a baseball field, a soccer field, basketball hoops, a nature area and numerous trails, and picnic tables, and the park includes a geological area with a pavilion since the park was originally a rock quarry. The park also includes the Perry Park Learning Center, a facility built in 1988 by the local eagle scouts. At one time, the quarry was a working rock quarry called Sneed's Quarry, and remnants of the quarry can be found in and around the park.
Today, this area is very accessible to downtown and large metropolitan freeways, and is replete with shops, restaurants, and places to live, so be sure to visit this area when in Austin!
Ki developed a website to serve Austin real estate investors. He lives in Central Austin. His site lets people search the Austin MLS it also has statistics on the Austin neighborhood Highland Park West.
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Jan. 22, 2009 - Central Texas Profiles : San Marcos, Texas
San Marcos is known as the "gateway to the hill country." It is a beautiful community that has a lot to offer its visitors as well as its residents. Located on Interstate 35 just about an hour south of Austin, San Marcos is easily accessed.
San Marcos is the home of Texas State University, which was formally know as Southwest Texas State University. The university has grown from 303 students in 1903 to a whopping 29,105 students in 2008.
Higher education is not the only thing San Marcos has to offer. The city is also known for the outlet mall. Shoppers can visit Prime Outlets. A shopping destination that has been named the 3rd most visited tourist attraction in Texas and the outlets also ranked as the 3rd best place to shop in the world, and it is all right here, in San Marcos, Texas! If you would like to visit the Prime Outlets, they are located at 3939 IH-35 South # 900. You can call them at 512-396-2200 for more information.
Just down the road at 4015 IH-35 South, is another hot spot for shopping. Tanger Outlets Center is another hot spot for shoppers. They have a variety of outlets stores available for shoppers as well. For more information give them a call at 512-396-7446.
San Marcos isn't just about shopping; they also have Aquarena Springs, home of the famous glass bottom boats! You can take a ride on the glass bottom boats and see the second largest spring system in Texas. They have tours available for individuals as well as groups. If you need more information on the Aquarena center, you can call them at 512-245-7540.
San Marcos has much more to offer, such as the San Marcos River! It is not just any river, this one is meant for recreation and at a constant 72 degrees, the river is appealing any time of the year! The most popular thing to do is tubing. It is a safe and friendly environment with beautiful surroundings. For information on tubing the San Marcos River, call them at 512-396-5466.
San Marcos is not only a great place to visit, but is a wonderful place to live, with a population just over 50,000, the city has many amenities for its residents. Nestled half way between Austin and San Antonio, San Marcos is the county seat for Hays County, and has a strong economy. For residents who travel, San Marcos has San Marcos Municipal Airport. Austin- Bergstrom International Airport is only 30 miles north and San Antonio National Airport is 45 miles south, giving residents and visitors easy access for busy schedules.
Next time you are heading towards San Marcos, take the time to visit some of the natural wonders of the city, or visit the outlet malls. San Marcos is a very inviting city with lots to offer. Be sure to take the time to visit the historical district as well.
For more information on San Marcos, contact the San Marcos Chamber of Commerce at 512-393-5900.
Ki works in Central Austin. His website distributes free information on Austin real estate to potential buyers. It also has a search of the Austin MLS along with statistics on San Marcos real estate.
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Jan. 22, 2009 - A Historic Inauguration Day
Over 2 million people are expected to be in Washington D.C. to watch in person as the 44th President of the United States is sworn in on Tuesday, January 20, 2009. If the bone chilling weather doesn't keep the crowds down, it will be the most people ever to attend a presidential inauguration. That, of course, will not be the only first for this historic day.
Barack Obama will be sworn in as the first African-American President of the United States on the Bible used by Abraham Lincoln at his swearing in on March 4, 1861. He will be the first president to use the Lincoln Bible for the swearing-in. Obama arrived in Washington D.C. last week by train from Philadelphia, recreating part of the 12-day journey to the city taken by Abraham Lincoln to the White House in 1823.
There will be unprecedented security measures taken for this inauguration, as 58 agencies coordinate the efforts to get 240,000 inauguration ticket holders to pass through security checkpoints to view the ceremony on the West Front of the Capitol. Hundreds of thousands more will pack the Mall and nearby areas to watch the ceremony on 22 jumbotrons.
The swearing-in ceremony begins at 11:30 a.m., with Joe Bidden being sworn in as Vice President, followed ten minutes later by Barack Obama as President. The opening prayer of the ceremony will be given by Pastor Rick Warren, an outspoken conservative known for his bestselling Purpose Driven books. Obama was criticized by gay rights advocates for inviting Warren to do the inaugural invocation. A friend of Martin Luther King, Jr. and founder of the Southern Christian Leadership Conference in 1957, Pastor Joseph Lowery, 87, will give the closing prayer.
After being sworn in, the new President and Vice President will attend a luncheon in the Capitol with friends and family, followed by the Inaugural Parade at 2:30. The procession down Pennsylvania Avenue will be led by the Obamas and the Biddens, who will then watch the procession from a special viewing stand. The parade is open to the public.
Inauguration Day will culminate with 10 balls attended by President and Mrs. Obama, beginning with the first ever Neighborhood Inaugural Ball. The Obamas will be serenaded at the Neighborhood Ball by Beyonce Knowles singing the Etta James classic "At Last." The Presidential Inaugural Committee will be blogging live from the ballroom, also a first.
With 79 percent of Americans saying they have positive feelings about the soon-to-be-president, it is likely to be the most-watched Inauguration in history. Record crowds are expected to pack Times Square in New York City and parks throughout Chicago to watch the inauguration. Many networks, both cable and standard, will be broadcasting the day's events.
From a gala at the Four Seasons Hotel to a watch party at Schloz Beir Garten, Inauguration Day parties abound around the Austin area. Whether they watch from their living rooms or a Luau at the Crowne Plaza, people are not likely to forget where they were on this historical Inauguration Day.
Ki graduated from UT, and stayed in Austin to live and work. He authored a website, which serves Austin real estate buyers. It has a search of the Austin MLS along with information on Austin condos.
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Jan. 17, 2009 - Mortgage Rates Fall For The 12th Week In A Row
This is getting just ridiculous. This is now the 12th week in a row where mortgage rates have fallen. Ok one small caveat to that this is the 12th week where the 30 year mortgage rate has fallen. But in the current environment the 30 year mortgage rate is almost the only mortgage product that matters. The 30 year rate fell this week from 5.01 to 4.96. The 5 year arm fell (from 5.49 to 5.25) and the 1 year arm declined slightly (from 4.95 to 4.89). But frankly who cares, as long as these rates stay above the 30 year mortgage (i.e. the 5 year arm) or just slightly below the 30 year mortgage (the 1 year arm) there is no real reason to consider these mortgage products. Rates for a 15 year mortgage rose slightly from 4.62 to 4.65. Below are rates for the last few weeks.
Jan 15, 2008
30-yr 4.96 15-yr 4.65 5-yr ARM 5.25 1-yr ARM 4.89
Jan 08, 2008
30-yr 5.01 15-yr 4.62 5-yr ARM 5.49 1-yr ARM 4.95
Dec 31, 2008
30-yr 5.10 15-yr 4.83 5-yr ARM 5.57 1-yr ARM 4.85
Dec 24, 2008
30-yr 5.14 15-yr 4.91 5-yr ARM 5.49 1-yr ARM 4.95
Dec 18, 2008
30-yr 5.19 15-yr 4.92 5-yr ARM 5.60 1-yr ARM 4.94
So I wanted to look at actual mortgage payments in addition to mortgage rates. When we talk of rates dropping sometimes its interesting to translate those rate drops into real dollars. We translated today's rates into a mortgage payment for a 200k loan. We also looked at rates from two weeks ago and rates from October 30th (this was the date when rates first started to fall).
Jan 15
30-yr $1068.75
15-yr $1545.36
5-yr ARM $1104.4
1-yr ARM $1060.23
Dec 31
30-yr $1085.89
15-yr $1563.93
5-yr ARM $1144.37
1-yr ARM $1055.38
Oct 30th
30-yr $1258.87
15-yr $1708.31
5-yr ARM $1245.77
1-yr ARM $1120.56
So if we look at what mortgage payments would be today compared to October 30th is fairly apparent that rates and correspondingly mortgage payments have plummeted. For a 30 year mortgage on a 200k loan the payment has come down from $1258.87 to $1068.75. That is a drop of $190.12 or 15.1%. That is a pretty huge drop in a few months.
So what is going to happen moving forward. Rates can obviously not continue to go down week after week. At this point I think there is a bigger risk of rates going up than going down. I would be surprised if rates continue to go down for 3 or 4 more weeks. In the next few months I would expect rates to continue to hover around 5 percent plus or minus half a point. Basically the government is going to do whatever possible to keep rates low. In the next two or three years its expected interest rates will rise dramatically. All the money that has been pushed into the economy will at some point increase inflation and this will in turn push up mortgage rates.
Ki writes regularly about mortgage rates and the mortgage industry. His site has a search of the Austin MLS along with a mortgage calculator widget
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Jan. 17, 2009 - Planning Now Can Plant The Seeds For A Terrific Summer Garden
On these cold January mornings the warm pursuits of summer seem very far away. It may not be pool weather yet, but January is the perfect month to start gardening. With a little planning now and a small amount of monthly yard maintenance, this summer can yield an enjoyable array of flowers and vegetables.
If gardening sounds like too much work, take a moment to consider the benefits:
-Flower beds are esthetically pleasing and increase curb appeal.
-A small vegetable garden can produce food to be enjoyed by the whole family and reduce the grocery bill.
-Composting can help reduce the amount of trash going to land fills and provide a fun family project.
-Gardening is a relaxing way to get some fresh air and lower stress.
Start by considering which flowers, fruits and vegetable are family favorites, and then do some research into the level of difficulty and climate viability. There is an abundance of gardening resources available at the local library or the Internet. The website of Texas A&M AgriLife Extension has a wealth of information about gardening in Central Texas.
Prepare soil by composting, which provides an economical and environmentally friendly fertilizer. According to the Environmental Protection Agency, yard trimmings and food residuals together constitute 24 percent of the U.S. municipal solid waste stream. Composting is not complicated and with a couple of simple steps can easily be incorporated into a weekly routine. Choose a place in the yard away from the house to establish a compost pile. Also keep a bin under the kitchen sink or next to the garbage can for putting in scraps of food (do not include meat or diary products). In a contained area deposit yard trimmings and kitchen scraps, then stir it up about once a week.
In January and February plant broccoli, lettuce, carrots, onions and asparagus in an area near the house that will get sun and be protected from the wind. It is a good idea to add composted soil and continue to fertilize after seeds and bulbs have been planted. Be sure to cover plant beds if temperatures drop below freezing.
Sowing seeds for annual flowers and vegetable can also be done inside in January and February. In small pots with fertilized soil, plant seeds for marigolds, petunias, begonias and impatiens. There is a wide range of tomatoes and peppers to delight any palate. The seedlings should be ready to transplant after the plants have a third true leaf.
The Rose Bowl might be played in January, but February is the month for getting garden roses ready. Container grown roses can be planted this month in well fertilized soil. Prune existing and transplanted rose bushes by removing dead branches and trimming back approximately half of the top growth.
In March and April, green beans, cucumbers, corn, tomatoes and peppers can be planted directly into garden beds. Choose a couple of perennial flowers to be planted that flower at different times than the annuals. Be sure to continue fertilizing soil with compost. Containers can be planted in these spring months as well. Through the end of spring and into the summer, keep beds fertilized monthly and watered weekly.
Ki lives in central Texas and works as an Austin realtor. He maintains a website for buyers of Austin real estate. The site offers a free search of the Austin MLS.
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Jan. 17, 2009 - Central Texas Profiles : Wimberley, Texas
Just north of San Marcos, on R.M. 12 sits the beautiful picturesque little village of Wimberley, Texas. With a population just over 5,000 this little village is the perfect spot to retire or visit.
Wimberley is an old town, established in the 1800's and has lots of interesting history. Wimberley is also known as a resort village, with many bed and breakfast cottages over looking the beautiful hill country.
One of the most popular spots to visit in Wimberley is Pioneer Town. A century ago this little town was booming with business. It was truly a wild west little town, complete with gun fights, saloons. The only way out of town back then was either on horseback or the railroad.
Not much has changed since the 1800's; visitors can still visit the little town and experience how the old cowboys lived way back then. The streets are lined with old buildings, complete with hitching posts. Visitors can experience the old west. The General Store Museum is a popular spot; visitors can see items used by the old settlers.
Pioneer Town also has an old print shop where visitors can stop in and have a wanted poster printed with their name on it. It is truly a unique town, and worth visiting.
Pioneer Town also has what is known as a "Bottle House." It was designed after buildings that were known to exist in the old west. These buildings were made out of old beer and champagne bottles from the local saloons. Pioneer Town's version uses old soft drink bottles instead; almost 10,000! Most of the bottles are a beautiful emerald color, and is a spectacular site to see when it is all lit up at night! This awesome building is also the only "bottle house" in the nation!
Pioneer Town is only open on the weekends until the summer months, when it really gets booming! The best way to see this beautiful little town is by the Pioneer and Pacific Railroad. This narrow railway winds along one mile of the Wimberley Valley. For the "real" cowboys, you can arrange a trail ride and hop onto a horse and experience it like they did over a century ago.
If Pioneer Town sounds like a place you would like to visit, you can contact the Pioneer Town 7A Resort at 512-847-2517.
Another place to visit in Wimberley is the Wimberley Lavender Farm.
Located between Wimberley and Blanco on FM 2325 on a hilltop, this farm is something you don't want to pass up.
The lavender blooms between May and August, and you can visit and cut your own lavender. They are only open during the blooming season, beginning in May; however, they take orders for soap, candles and lotion. You can even buy your own 4 inch lavender plant to take home for planting on April 1st.
The Lavender Farm is a beautiful place to plan weddings and other special occasions. For more information on The Lavender Farm, give them a call at 830-833-1595.
Make sure you add Wimberley to your "To Do" list!
Ki works, and lives, in Austin, Texas. He maintains a website to search Austin Texas real estate. The site offers free and exhaustive information on Austin homes along with information about Wimberley real estate.
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Jan. 17, 2009 - Central Texas Profiles: Dripping Springs Texas
"The Gateway to the Texas Hill Country," Dripping Springs has rolling hills, rock bottom creeks, and beautiful wild life. Dripping Springs is located about 30 miles west of Austin on Highway 290. It is a quite little town of about 1,500 people.
Dripping Springs was named after a natural spring, and was a popular gathering place for the Tonkawa Indians. The springs are located near the end of Mercer Street. It is a beautiful site and worth the time to stop in and visit.
Dripping Springs is also famous for its Bar-B-Que. The Salt Lick Restaurant is world renowned and has been featured on many television shows, and just recently on "Man Versus Food." It is well worth the short drive to Driftwood to sample some of this good food!
Another place to visit near Dripping Springs is Hamilton Pool. Located just 10 miles from Dripping Springs, this natural deep water pool offers swimming, picnics, hiking; there is also a beautiful waterfall that is a wonderful site to see. For more information on the Hamilton Pool, 512-264-2740. Their hours are weather permitting, so be sure to call ahead of time.
Another site to see is Westcave Preserve, a limestone walled canyon with many rare and endangered plants. The Preserve is located On Hamilton Pool Road, just a few miles from Hamilton Pool. It is also a beautiful site. For more information on Westcave Preserve, give them a call at 830-825-3442.
Pedernales State Park is only 15 miles west of Dripping Springs, and is a beautiful scenic park along the Pedernales River. Visitors can enjoy hiking, swimming, picnics, tubing and much, much more.
Dripping Springs is convenient to many surrounding cities and has beautiful scenery. Spend the day visiting vineyards, sampling homemade jams and jellies that were made by the folks at New Canaan Farms. They make everything from jams and sauces to salsas and dips. They unique and one of the kind recipes that are sure to please just about anyone with picky taste buds! They have been in business for over 20 years and look forward to many more. For more information on their products, you can contact them at 800-727-JAMS.
Dripping Springs has an array of different business, everything from antiques and collectables to iron works and stone sculptures! Dripping Springs also has many bed and breakfast lodges, neatly nestled in the hill country. Visitors can sit on the front porch, sip coffee and watch the deer graze just a few feet away.
If "getting away from it all" is something you want to do, then Dripping Springs has what you are looking for. Whether it is just a romantic get a way or a family vacation, there is something for the entire family to enjoy!
If you are in the area, be sure to drop in the Chamber Of Commerce and pick up a brochure. They are located at 600 U.S. Highway 290.
Ki has lived in Austin, Texas for over ten years. He created a website that provides a search of the Austin MLS. His site also has information about Austin real estate and Dripping Springs real estate.
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Jan. 14, 2009 - The Small Town Of Bastrop, Texas
Bastrop is a wonderful "little" city to live in. Nestled in the middle of the "Lost Pines" it makes a beautiful place to live and it is convenient to Austin- Bergstrom Airport, Austin and is growing by leaps and bounds! Since 2000, the population has jumped by more than 42% and the cost of living in Bastrop is nearly 22% lower than the rest of the country; no wonder people are flocking to Bastrop.
Since Bastrop is growing so quickly, so is the economy. Jobs have increased by nearly 3.0% and if you have noticed, there are new shopping centers and business's popping up virtually on every corner! One of those businesses is "Burleson Crossing." It is a shopping center that will span about 900,000 square feet and will include businesses such as Lowe's, Best Buy, Kohl's, Petco and IBC Bank.
Bastrop is also called the "Most historic small town in Texas." Bastrop is nestled by the Colorado River; the historic district down town has many shops and restaurants and the near by neighborhoods contain more than 130 historical sites.
Some of the more popular sites in Bastrop include The Bastrop Opera House; which was built in 1889. It is still in business and hosts a number of productions which include children's theatre, arts and crafts. If you are interested in seeing a production at the Bastrop Opera House, or for more information on what productions are scheduled, you can contact them at 512-303-6283.
Another popular site is the Bastrop County Historical Society Museum. It is located at 702 Main Street in down town Bastrop. The house was built in around 1850 and the museum was established in 1952. Inside visitors can see documents and artifacts relating to the history of the Little Colony of Stephen F. Austin, furniture and artifacts dating back to the 1800's, saddles and such. It is a very interesting tour and worth the visit. For more information on museum, you can contact them at 512-303-0057.
Along with the popular historical district, Bastrop also has two state parks near by. Bastrop State Park, which is located at 3005 Highway 21 and Buescher State Park, which is located near Bastrop in Smithville. Both parks offer fishing, camping, swimming and many other activities for the entire family to do.
Bastrop offers plenty of space for new families. The neighborhoods and newly developed communities offer residents many different choices in finding that perfect place to live; by buying an already built home or purchasing land to build your dream home on. Many of the sites offer residents up to an acre to build on, giving families plenty of room to expand.
Purchasing acreage to build on is an option in Bastrop as well. There are many outlying communities near Bastrop with open space available; some without homes and many with homes already built. The choice is unlimited.
Bastrop is a wonderful community and is growing. It has the small town atmosphere and big city amenities. Next time you're heading out that way, stop and visit, who knows, you may find your dream home!
Ki enjoys sharing his passion for Austin real estate with future homebuyers. One way he distributes information is through his website, which offers a free search of the Austin MLS. His site also has a search and statistics on the Bastrop real estate market.
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Jan. 14, 2009 - 10 Tips on Keeping New Year's Resolutions
Chances are you've made some new resolutions to start the New Year with. If you are like most Americans, you will probably break those resolutions before the end of the month!
Here are a few tips on how to keep those resolutions and make the New Year a success!
1. Be realistic. The best way to accomplish your goal is by setting one that is attainable. Don't say you are never going to eat chocolate doughnuts again.
2. Plan Ahead. Do not make your resolution on New Year's Eve. If your resolution is something you take seriously, then you should have a well thought out plan in place. By taking your resolution seriously, you will be able to keep it.
3. Make a guideline for your plan. If you have decided to stop smoking, have some guidelines in place. Know how you are going to fight the urge for a cigarette a week into your resolution. Have a list of people you can call for support. The most important thing to do is check with your doctor before beginning any exercise program or smoking cessation classes.
4. Track Your Progress. Keep a ledger of some sort. Whether it is on your computer, PDA or just a note book you have lying around. Short term goals are easier to attain. Begin slowly, instead of saying you are not going to smoke a cigarette for a month, get through a week without one. Each small success is one step closer to finishing your resolution.
5. Stick To Your Resolution. If you get frustrated, do not give up. It takes a while for new habits and behaviors to stick. Studies show that it takes about 21 days for a new activity to become a habit.
6. Make a list. It may make sense to see what your goals are. Write them down. Make a list of all the pro's and con's.
7. Do Not Get Discouraged. Beating yourself up when you stumble is not going to get you anywhere. Stay focused and just go one day at a time. If you mess up, it is not the end of the world. Get up and try again!
8. Reward Yourself. If your resolution is to lose 10 pounds a month and you have met your goal for the month, take the time to reward yourself! No, don't eat a half gallon of Blue Bell; instead go buy yourself that new shirt you have been eyeing all month! It will give you extra motivation to continue with your success!
9. Share your goals. Let your family and friends know what your plans are. They are your support. They can help keep you on track and keep you motivated.
10. Keep Trying. If at the end of February your resolution has fizzled out, don't give up. Take a deep breath, go over your goals, and find that reason you chose this particular resolution and there is no reason why you can't make a "New Year's Resolution" any time of the year!
Ki maintains a website, which works as a clearinghouse of information on Austin Texas real estate. There, future homeowners can use his Austin MLS search. He also has a blog that covers statistics and news on Austin real estate.
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Jan. 14, 2009 - Could The Skyrocketing Gas Prices of 2008 Happen Again?
Oil, like cotton or coffee, is traded on the commodities future market, usually having minimal effect on the average American. This type of trading on the New York Mercantile Exchange was started more than a century ago as a way for farmers to determine the future worth of unharvested crops. But the erratic price of oil has caused some to wonder what role this type of speculation had on the average American through a good part of 2008.
More specifically, Dan Gilligan of the Petroleum Marketers Association became suspicious when the price of oil more than doubled. According to CBS 60 Minutes, Gilligan and others started to notice the disconnect between oil prices and its usual link between supply and demand. Despite ample supply, the price for a barrel of oil kept going up in 2008.
The volatility in the oil market was being driven by the fact that hedge funds and other investment engines were speculating on the future price of oil. "Approximately 60 to 70 percent of the oil contracts in the futures markets are now held by speculative entities. Not by companies that need oil, not by the airlines, not by the oil companies. But by investors that are looking to make money from their speculative positions," Gilligan explained to Steve Kroft of 60 Minutes.
Last July, when the national average for a gallon of gas was $4, all that Wall Street speculation was being felt in bank accounts across America. As with the housing market, complicated investments were causing problems for many Americans who had never even heard of the commodities future market. But like the housing bubble, the expanded oil market speculation eventually popped and prices for oil came back down, rather quickly at that.
Could this happen again? Currently the national average for a gallon of gas is below $2, with Austin gas prices between $1.49 and $1.69 per gallon this week. Recent volatility in the Mideast has caused a slight bump in the price of crude, but nothing drastic. According to 60 Minutes, Congress deregulated the futures market in 2000 making speculation on oil derivatives quite profitable. When large investment banks like Morgan Stanley began to run into trouble in the fall of 2008, the oil speculation market dried up.
The deregulation that helped feed the investment in the commodities market is on the long list of problems to be addressed by the incoming Obama administration. As with most economic issues, the predictions on oil prices for 2009 vary. The World Bank predicts oil prices to fall gradually through 2009. According to a Bloomberg News article, there are many other variables to factor into that forecast, such as oil consumption in China and OPEC production levels.
Working in favor of gas prices staying lower is the decrease in demand caused by the high prices over the summer. That coupled with heightened awareness of the environmental impact of driving are causing Austinites, like many other Americans, to incorporate less gas consumption into their daily lives. That may be the greatest indicator of future oil prices: Americans having some control in the prices by how much they drive.
Ki graduated from college in Austin, and couldn't leave. He created a website to provide information on the Austin real estate market to future buyers. Anyone can search the Austin MLS on his site as well as use a free mortgage calculator.
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Jan. 5, 2009 - Moderation Makes for a Good Resolution
Making a bold, life-changing resolution always sounds good on January 1, but is often hard to keep as the year goes on. Goals made just a few days ago, on New Year's Eve, may already feel a little daunting. Sprinkling those promises made to oneself with a little moderation may help bring them down to a manageable size.
Saying "I'm going to lose weight" or "I'm going to get out of debt" are admirable goals. But these big goals may end up being too vague to be achievable. Making slight moderation to one's existing lifestyle can bring about bigger changes in the long run.
Take the goal of losing weight for example. The two important components of losing weight are eating right and exercising. An individual is much more likely to lose weight if they focus on diet and exercise, rather than the actual weight loss. Saying, "I want to be healthier by exercising three days a week" is an achievable goal. The weight loss that comes with a healthier lifestyle is a bonus.
As for eating right, that too can sound a little vague when it comes down to planning meals for the week. A good place to start is keeping track of what you normally eat for a week, then decide on a few things to change. For example, if eating a fast food lunch on the go is part of one's weekly schedule decide to bring a sandwich from home two days a week. Set the goal of doing this for one month and see how it goes. It may turn out that it makes life simpler and provides more energy throughout the day.
Also, check out the Web for meal planning resources or go to the local library to check out healthy cookbooks. The University of Michigan has a great website related to its healthy eating initiative that demonstrates the components of a well-balanced meal.
Another popular resolution is getting out of debt or saving money. Again, breaking this down a bit will help take it from a goal to a reality. A good place to start is setting January as the month for keeping all receipts and paying attention to where the money goes. At the end of the month really look at what money was spent for the month and why. Then set a budget for the next month, not the whole year. Do this each month, making a once a month goal to keep.
Moderation in spending can go a long way. Depriving one's self doesn't usually work out in the long run, but rather take baby steps to cut back on spending. Going to the library to check out personal finance books can help in developing an individual plan. Sarah Lindner of the Austin-American Stateman suggests the personal finance blog The Simple Dollar (thesimpledollar.com), which is running a series to help break down financial goals into manageable steps.
Whatever the resolution may be, from finances to losing weight to quitting a bad habit, seeking a moderate way to incorporate the goal into daily life is more likely to ensure success. So make a simple, month-by-month plan, tell a few friends and family for support and then see how small steps can lead to big changes this year.
Ki works, and lives, in Austin Texas. His website has thorough descriptions of Austin real estate. The site has a search of the Austin MLS and a map search for Austin commercial real estate.
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Jan. 5, 2009 - Mortgage Rates Hit Fresh 30 Year Lows (Again)
So rates fell slightly this week. This marks the 10th week in a row rates have fallen. This is also the 3rd week where the the 30 year mortgage rate (the most popular mortgage product) has hit new 30 year lows. The 30 year rate fell from 5.14 to 5.10. The 5 year arm rose from 5.49 to 5.57. As long as the 5 year rate is higher than the 30 year arm it doesnt really matter if it rises or falls because no one is using it. The 1 year arm fell from 4.95 to 4.85 and the 15 year arm fell from 4.91 to 4.83. Even though these rates fell more than the 30 year rate these mortgage rates are still pretty pointless. As long as the 30 year rate is this low it really makes more sense to lock into this rate for the long term.
Dec 31, 2008
30-yr 5.10 15-yr 4.83 5-yr ARM 5.57 1-yr ARM 4.85
Dec 24, 2008
30-yr 5.14 15-yr 4.91 5-yr ARM 5.49 1-yr ARM 4.95
Dec 18, 2008
30-yr 5.19 15-yr 4.92 5-yr ARM 5.60 1-yr ARM 4.94
Dec 11, 2008
30-yr 5.47 15-yr 5.20 5-yr ARM 5.82 1-yr ARM 5.09
Dec 04, 2008
30-yr 5.53 15-yr 5.33 5-yr ARM 5.77 1-yr ARM 5.02
So lets take rates and translate them into a mortgage payment. We ran the current rates on a 200k mortgage. Then we looked at rates from last week and from a October 30th when rates first started their historic fall.
Dec 31
30-yr 1085.89
15-yr 1563.93
5-yr ARM 1144.37
1-yr ARM 1055.38
Dec 24
30-yr 1090.82
15-yr 1572.22
5-yr ARM 1134.32
1-yr ARM 1067.53
October 30th
30-yr $1258.87
15-yr $1708.31
5-yr ARM $1245.77
1-yr ARM $1120.56
So the savings from last week are not that impressive. But compared to October 30th we are seeing much lower payments. Here are the savings for the different rates compared to October 30th.
Rate Dollar Amount Saved
30 yr $172.98
15-yr $144.38
5-yr ARM $101.4
1-yr ARM $65.18
Rate Percent Drop in Mortgage Payment
30 yr 13.74%
15-yr 8.45%
5-yr ARM 8.14%
1-yr ARM 5.82%
The most interesting number to me is 13.74% the percent drop for the 30 year rate in the last 2 months. That is pretty significant.
So what is going to happen moving forward. I actually think rates are headed higher over the next two years. They might decrease a little more over the next few months. The government has a pending plan to offer mortgage rates at 4.5 percent for home buyers. But the way things are headed it would be interesting if mortgage rates fell below 4.5 percent making the governments plan somewhat pointless.
But once the economy recovers most signs point toward massive inflation. Why? The Fed has been pouring billions into the economy to stop the economy from falling apart further. This would usually cause inflation except for the fact that the economy is so sluggish. But once the economy recovers the massive amounts of cash the government has pushed into the economy should cause high levels of inflation. This will most likely lead to double digit interest rates. Some thing rates will get up to 15%. So our currently historically low interest rates might be followed by historically high interest rates.
Ki writes regularly about mortgage rates. His site has a search of the Austin MLS along with a free mortgage calculator.
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Jan. 5, 2009 - Family Day Trips In Central Texas
There is always somewhere interesting to visit in and around the Austin area. If you are looking for a day trip somewhere nearby to entertain your family, then Austin and the surrounding area is the place to be!
Inner Space Caverns
Just up the road in Georgetown, is the Inner Space Caverns. It is located just off of interstate 35. It was discovered in 1963 by the Texas Highway Department while they were drilling through 40 feet of solid limestone. The cave had been hidden for over 10,000 years.
Tours are available for groups of you can even have a private tour. There is even a "Off the trail" tour for the really adventurous spelunkers. Visitors can see the beautiful formations that are hidden deep underground. The cave is at a comfortable 72 degrees year round with a relative humidity of 98%.
The caverns also have a gift shop and a snack and beverage center. When you've finished visiting the cavern, you can pan for gems and minerals at the Inner Space Mine. There is a playscape available for the kiddos and a picnic area that is surrounded by Oak trees. What a wonderful place to visit.
For more information on Inner Space caverns and prices, give them a call at 877-931-2283. It is an sight and is worth the drive, where ever you are coming from.
Wonder World Park
Just down the road in San Marcos, is the Wonder World Park. The park is located at 1000 Prospect Street. The park has many attractions that every one will enjoy. The park is located on the Balcones Fault line, which includes a cave that was formed by an earthquake.
After you tour the cave, how about a visit on the Tejas Observation Tower? The tower goes 190 feet above the ground. From the tower you can see the beautiful hill country, and see the breaking-off points that reveal the fault lines.
You can take a ride on the Express Train to the Texas Wildlife Petting Park and travel through a cascading waterfall on the way to Mystery Mountain.
On the way, meet beautiful deer and other little critters that wait for the train! Once you arrive at the petting zoo, you can pet and feed the animals. It is a wonderful experience for the entire family.
When you are done with the petting zoo, why not take a trip to the crazy Anti-Gravity House? It is an odd experience and one you will most likely not forget, especially when you see water run up hill.
If Wonder World Park sounds like a good adventure for your family, give them a call at 512-392-3760 for park information and tour information and pricing. They are open year round.
Next time you hear your kiddos say they are bored, or there is nothing to do, then load up the family and head to these wonderful places. They are beautiful and just a hop, skip and jump away from Austin.
Ki caters to the Austin Texas real estate market. He provides a free searchable database of Austin homes on his website. He also has a blog that has current statistics and commentary on Austin real estate
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A general blog about real estate with random tips and observations.
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