The bad news about the economy is inescapable these days. Consumer confidence is at an all time low and it's easier to follow a tennis match than keep up with the daily rise and fall of the stock market. Even though everyone is carefully watching the bottom line, life does go on.

For those looking to buy a house, the current credit crisis can seem daunting. "Mortgage" seems to be the newest bad word. However, with some careful research and thoughtful consideration of long-term plans, it is possible to get a mortgage. Mortgage rates are historically low and housing prices are coming down, making it a good time to buy a home. S Moe of LeaderOne Financial, a mortgage bank operating in the Austin real estate market, says, "For the credit worthy borrower there is lots of money to be lent." He recommends the first step in this tougher economy is to be realistic about how much house to buy.

Mortgage calculators and other useful tools are easily found on the web at sites like Realtor and Zillow. Taking the time to figure out a practical price range will save time and heartache when the actual house hunting begins.

A good place to start is to gather all financial records and look into credit scores. It is also important to determine in advance how much cash is available for a down payment. While the media may make it sound like it is impossible to qualify for a mortgage without 20% down, that is not actually the case. FHA loans can be done for as little as 3% down; nevertheless it is important to keep in mind how much the actual monthly mortgage payment will be.

Once credit worthiness and how much mortgage is truly affordable have been determined, it's time to shop for a loan. This is can be the tricky part. While the days of easily qualifying for a jumbo loan are gone, it is still possible to get a bigger loan than you can afford. "Pre-approval is key," says Mr. Moe.

Look into various lending sources such as banks and mortgage brokers. Websites like Lending Tree and E-Loan provide easy one-stop shopping, but it may be worth the effort to do some footwork. Keep in mind the loan costs, including the mortgage interest rates, broker fees, points (each point is one percent of the amount you borrow), application fees, credit report fee, and appraisals--just to name a few.

It is important to get more than one quote and be sure to read the fine print. It may take some time and effort on the part of the buyer, but the decision to purchase a house should not be made hastily. The economic news may seem bad, but the long-term investment in a family home is a sound one.

Escapeso Austin Real Estate helps investors interested in the cash flow properties. Their website provides information on the Austin real estate market. It also provides a map search of the Austin MLS along with information on current mortgage rates.

So it has been a week since the feds came in and took over Freddie Mac and Fannie Mae. While it will obviously take some time to know the long term repercussions I wanted to look at some of the immediate reactions to the move.

First let's look at the reaction from the media and the general public. One would expect there to be some political fallout from the largest takeover in government history. But because of the election and Hurricane Ike the reactions have largely been muted. There have been of course the expected positive reactions that this was a shrewd move to help the real estate market and negative reactions that the government should limit its involvement. But for the most part their has not been a big reaction one way or another. I have actually seen more stories about the reactions on the takeover from the presidential candidates than stories simply about the takeover.

While the media reaction has been muted the reactions in the financial markets have not been. Not surprisingly, the stocks of Fannie Mae and Freddie Mac plummeted after the announcement. The government said before hand that the common shares of Freddie Mac and Fannie Mae would lose most of their value in the event of a government takeover. So following the news of the takeover the share promptly lost 80% of their value.

The mortgage markets have reacted very favorably to the news. Considering the Fed has cut interest rates multiple times this year mortgage interest rates have remained relatively high. The reason for this was that banks were unsure about the financial stability of Freddie Mac and Fannie Mae which provides insurance for about half of the residential loans issued in the United States. This risk has now been lowered since the government takeover. Consequently mortgage rates have plummeted in the last week. 30 Year mortgages have dropped from 6.35 to 5.93. This is after rates have moved down from 6.63 to 6.35 partially on expectations that Fannie Mae and Freddie Mac were going to be taken over. I have seen some reports that this is lowest rates have been in the last 4 months. I think this understates how low rates have come down. Besides two brief drops at the beginning of 2008 this is the lowest rates have been since 2005.

The lower interest rates should have a positive effect on the real estate market. Lower rates pull down the mortgage on a house and tend to have a positive effect on real estate values and market activity. In another positive sign although their has not been too much media coverage the coverage that has come out has been mostly positive. To be honest I was a little surprised by this. I would have expected the coverage to be a little more mixed. But regardless the favorable media reaction combined with lower interest rates should help the real estate market. And based on what I have heard from different realtors their does seem to be an upswing in activity. But we won't have any hard data on this for a month or so.

So, at least in the short term, it seems the Feds have accomplished their goals of helping the real estate market with the Freddie Mac and Fannie Mae takeover. We will of course have to wait over the next few years to see if this move turns out to be wise. But for now the Fed has finally been able to push down mortgage rates.

Ki is a real estate broker working in the Austin real estate market. He maintains a website with a Austin MLS search and a frequently updated Austin real estate blog.

So on Friday it was leaked that the government is taking over Freddie Mac and Fannie Mae. On Sunday it was official. Freddie Mac and Fannie Mae have now been taken over by the federal government. But what does it mean for the real estate market, mortgage interest rates, and the US economy.

First let's look at what it means for mortgage rates. I would expect that the government takeover will result in lower mortgage rates, possibly a full point lower. Why? Basically the Fed has been struggling to lower mortgage rates for the last year in an attempt to assist the troubled real estate market. The Fed has lowered prime rates several times in an attempt to pull down mortgage interest rates, with mixed success. Now with full control of Freddie Mac and Fannie Mae (which provides insurance for most mortgages in the US) they will have much more control over the mortgage market and mortgage rates. As long as their objective stays the same, we can expect lower rates.

What does the takeover say about the current situation in the real estate market? This should have been obvious from all the events that preceded this but the takeover shows that the real estate market is in serious serious trouble. The federal government doesn't just take over large companies on a whim, especially an administration with a Republican president that believes strongly in free markets. This is not simply a government takeover. This is the largest takeover in US history. Basically the takeover happened because it was believed if nothing was done we were headed for economic catastrophe.

How is this going to effect the real estate market? Although the takeover is a bad sign about our current situation it should have a positive effect on the real estate markets moving forward. First lowering mortgage interest rates should be quite a boon for the real estate market. Lowering rates lowers the effective cost of a house. And historically lowering rates has a positive effect on real estate values.

Additionally, if the Fed is smart they will reduce some of the mortgage restrictions Freddie Mac and Fannie Mae have created in the last year. While I would not like to see the mortgage market return to the free-wheeling lending of a few years ago, some of the current rules are bizarrely restrictive. The lending environment typically works like a pendulum moving from one extreme to another. Currently lending restrictions are not just stricter than what we saw during the real estate boom a few years ago but they are more restrictive than anything we have seen in the last 15 - 20 years. Hopefully a federally controlled Fannie Mae and Freddie Mac can help return us to normal as far as lending restrictions.

Lastly the government takeover could put taxpayers in the lurch for billions in loan losses. In the short term the government is going to have to infuse money into Freddie Mac and Fannie Mae. They have been losing money for quite some time and that is not going to change overnight. If the market improves over the next year or two, which was likely before, and the takeover improves the outlook for the real estate market, the government will have to infuse maybe a total of 20 to 30 billion into Fannie Mae and Freddie Mac to get them back to financial solvency. That sounds like a lot but to put the number in context, the cost of the Iraq War has been running at about 100 billion a year for the last 7 years. So a 20 billion dollar expense is an unpleasant but manageable expense. But if real estate market gets a lot worse over the next two years, I can't think of the adjective to describe how expensive things could get.

Fannie Mae and Freddie Mac provide insurance for 5 trillion in loans or about half of the residential loans in the United States. Because of the takeover, the federal government now provides insurance for 5 trillion in loans. If we are just on the cusp of severe real estate problem that means that the federal government is on the hook for 5 trillion in loans. That's more than double the entire federal budget for 2007 and 10 times what the US has spent on the Iraq War. So as taxpayers we should hope things improve soon because if the rate of foreclosures skyrockets over the next 2 or 3 years, we are basically going to be paying for it.

Does this mean the federal government is insane? It depends on how you look at the issue. This was certainly a risky move. But on the other hand allowing Fannie Mae and Freddie Mac to fail would have devastated the US economy and likely lead to a severe depression. So doing nothing was equally risky. And while taking over Freddie Mac and Fannie Mae was a risky move for taxpayers, in a depression those that keep their jobs have to make up for all the lost tax revenues for the large number of people that lose their jobs. So in summary the federal government found itself in a tight spot and decided to bet the farm they can fix the real estate market and for our sakes, let's hope they are right.

Ki lives and works in central Texas. He provides a search of the Austin MLS on his site along with current information on the Austin real estate market. His site also provides a tool that show current trends for mortgage interest rates.

Allandale is the name of a lovely neighborhood in central Austin, although the area was originally considered to be northwest Austin, before Austin’s expansion into a large metropolitan area. Allandale recently celebrated its 35th anniversary as an active central Austin community, and the Allandale Neighborhood Association has been a presence in the neighborhood since 1973. Currently, Allandale is home to over 21,000 residents, and two of the boundaries of the neighborhood are the MoPac Expressway and Burnet Road, which form the western and eastern perimeters, respectively.

Typical residences in Allandale are three to four bedroom single family homes, most within the $250,000 to $300,000 price range, although more and less expensive housing can be found too. The students in Allendale attend Austin Independent School District schools, and there is an elementary school named Gullet Elementary, as well as a middle school named Lamar and a high school named McAllen High School. Allandale has the 28th largest neighborhood association in Austin, and there is an activity center named the Northwest Recreation Center which is ideal for indoor as well as outdoor sporting activities. The Allandale Neighborhood’s other borders are generally considered to be Anderson Lane and Hancock Drive, as well as Shoal Creek, and the neighborhood is chock full of restaurants, shopping, and various types of dwellings.

The roots of the Allandale neighborhood go back to the 1930s, and at that time, it was considered to be a suburb outside of Austin proper. George Davis was the original owner of most of the land in the neighborhood, and he obtained the land from the President of the Republic of Texas in 1841. A grant of over 3,100 acres was given to him in exchange for his service in the battle of San Jacinto, and some of his descendants still live in the neighborhood today. The Davis family also has a family cemetery on Vine Street to this day.

Housing is slightly more expensive in the neighborhood than in some areas of Austin, and the vintage homes from the 1940s and 1950s frequently boast mature landscaping with large yards, a perfect setting for families with children. There are fixer-uppers to be found in the neighborhood too, along with apartments and duplexes, among other choices. Since Shoal Creek, with its numerous parks and hike and bike trails, runs along the Allandale neighborhood, there is plenty to do from a standpoint of recreation as well.

Some of the eateries in the Allandale area include Phil's Icehouse, Ginny’s Little Longhorn Saloon, and Amy's Ice Cream, all local hotspots, as well as many popular family restaurants, including the Hang Town Grill, and the Frisco, which occupied the same location on Burnet for years until it recently closed. A popular park in the neighborhood is named Beverly Sheffield Park, and the park is adjacent to Shoal Creek, and has a beautiful duck pond as well as an Olympic sized swimming pool. The park also includes picnic sites, barbecue pits, ball fields, tennis courts, and a fishing pier, and is a home away from home for the children of the area.

Escapeso helps buyers and investors looking for Austin real estate. Their website provides a map based search of the Austin MLS and updated market statistics on their Austin real estate blog.

Regardless of whether it's across the country or across town, moving is a stressful, expensive and time-consuming event. It requires extensive planning, organization, and a lot of physical activity. While there is no easy way to move house, there are several things you can do to simplify the process and reduce the amount of stress on yourself.

First things first: identify a target moving date. You'll want to take a variety of factors into consideration when determining your moving timeframe, such as work schedules if you're changing employment, school schedules for your kids, housing considerations such as rent or lease terms, and even the weather. A good rule of thumb is to give yourself a two-to-three week window to complete your entire move, from packing and cleaning your current residence, to moving itself, to unpacking and organizing in your new home.

Summer is always a peak moving time—particularly for families, as it provides for minimal interruption in kids' school schedules—but it’s also typically the hottest and least physically comfortable time of year to be doing all that heavy lifting. While unpleasant, blistering heat is not likely to be a deal breaker, but it is worth taking into consideration (scheduling your move for late May as opposed to mid-July, for example, could make a significant difference).

Once you've worked out a timeframe for your move, it's time to take inventory of your home. The most important part of this process is identifying what to keep, and what to get rid of before the move—there is no sense in moving items you don't plan on keeping long-term. A good way to determine what to keep and what to lose is to divide your household into three categories: 'Must Keep,' 'May Keep,' and 'Don't Need.' Once you’ve gotten rid of the 'Don't Need' items, go back through the 'May Keep' piles and eliminate everything you can.

If you're having trouble knowing when to let go of something, apply the six-month test: If it hasn't been used in the past six-months, you don’t need it (the exception here, of course, would be season items like winter coats, box fans, etc., that aren't intended for use year-round). Tip: Don’t automatically throw things you no longer need away—there are plenty of charity organizations that are constantly accepting donations of all kinds to help others in the community, and they would be happy to have your unwanted items. Plus, you can write off the donations for a nice tax break next April.

Now that your household is organized and you've done a thorough inventory of everything that will be making the move with you, it's time to start thinking about the logistics of actually moving it all. The easiest way to do it (but also the most expensive) is to hire a full-service moving company (*Note: Be sure to shop around for the best rate, and check out customer reviews online to make sure you choose a reputable company that won’t rip you off). They’ll come to your house, pack everything up, ship it off for you, and unpack at your new home. The next option—a bit more time consuming and work-intensive on your part, but certainly less expensive—is to pack and unpack yourself, but hire movers for the heavy lifting and physical transportation part of the process. All you have to pay for is the time they spend physically moving your possessions.

A third option would be to rent a truck and pack, lift and move everything yourself. There are plenty of truck rental services designed just for these kinds of projects, and their rates are typically very reasonable (although rising gas prices may make this option slightly less appealing). Finally, if you're determined to spend as little as possible, get a group of kind-hearted friends—and their cars—together and make moving a group activity. You can typically get away with a small payment to each helper, or the cost of dinner for the group. This is certainly the most labor-intensive option, but it won't cost you much at all.

Once you've chosen the right moving method for you, get everything planned out and scheduled at least 4-6 weeks in advance. Also, it's a good idea to begin the organization and overall move-out process as early as possible, so as to avoid having to cram it all—packing, cleaning, moving—into a few days or a weekend. Hit your local grocery or wholesale store to pick up empty boxes for free and pack up seasonal items and other things you don't use on a daily basis early on—fancy china, extra bedding, etc. While prolonging the moving process isn't exactly fun, spacing the massive task out will significantly reduce your stress level and help you feel more relaxed, prepared and in control of the process.

No matter how well you prepare, moving is always at least somewhat stressful, so do what you can to reduce that stress ahead of time, breathe deeply, and remember: it will be over before you know it.

Ki provides information on Austin real estate for buyers and sellers investigating the Austin market. His site has a search of the Austin MLS and information on Austin area neighborhoods.

Charming pockets of single family homes are studded throughout this hidden gem of a neighborhood, and although certain parts of the area are given over to apartment complexes, duplexes and fourplexes, this is an overlooked area with enormous potential. Bounded by I35 to the west, Ben White to the south, Riverside to the north, and Montopolis to the east, this rising star offers a wide range of restaurants, a big park with loads of amenities, an ACC campus, and the promise of an area on the way up.

Both Burleson and Parker streets, two of the main north-south arteries between Oltorf and Ben White/Riverside, have many smaller streets branching off, and these streets hold mature trees, a wide array of single family homes, and a feeling of being in a secret oasis. Prices are still extremely reasonable here, and there is easy access to central Austin, as well as Ben White and I35. Following Oltorf east past Pleasant Valley, the homes are newer, with manicured lawns and a more suburban feel.

Both Oltorf and Riverside offer an abundance of restaurants, from Vietnamese at Hai Ky, Indonesian at Java Noodles, Middle Eastern at Jerusalem, Italian at Aljohn’s, or the many great Mexican places in the area, including La Tapatia, Taqueria Vallarta, El Regio, and many more. Rapidly becoming the cultural center of the area is Café Ventana, an expansive coffee shop with a wide range of offerings and a large area for relaxing, meeting, or working on your computer.

Mabel Davis District Park, recently reopened after major renovations, provides a wonderful outdoor sanctuary in this urban setting. Close to 50 acres, including 30 acres of open green space, provide room for sports, picnics, and other activities. The park also has a basketball court, an olympic-size swimming pool, a great playscape, and a good sized picnic area with shade. To the great delight of teen aged boys, the first skate park in Austin was opened here in 2005, featuring a skate bowl, streetscape elements and lawn for nervous parents to observe.

Also on the horizon is the Roy Guerrero Colorado River Park, in the northeast corner of the area. Work is schedule to begin on this undeveloped tract, and the master plan includes trails, a large playscape, and as much acreage as Zilker Park, providing lots of open space. Also located in the neighborhood are the Riverside Golf Course, and the Krieg Field Softball complex.

This area provides both an urban feel, with the shopping, restaurants and businesses located on Riverside and Oltorf, and an idyllic, quiet, residential feel, with winding streets and hills tucked away from the hustle and bustle. With businesses looking more and more to Southeast Austin for development opportunities, this area is on the verge of becoming one of the hot-spots in town.

Escapeso Austin real estate operates in Austin Texas. Their website has information for buyers interested in Austin about Austin homes and Austin neighborhoods.

Do you love the beauty and color of flowers but cringe at the thought of the maintenance required for their upkeep? If your colorful blooms have a tendency to turn brown and crunchy from neglect in the hot Austin sun, there may be some flowers made just for you. Flora native or adapted to the Austin area thrive where others perish, resisting drought, pests and other hazards. Just choose your plants wisely and you can have fabulous landscaping for your property with little work.

There are many benefits to growing native plants. In addition to saving on water and fertilizer you save on time by choosing plants that thrive in the unique climate of Austin Texas. Your gardening is also more enjoyable when you are not fighting mother nature in an attempt to grow plants that are not suited to the Texas Climate. It is also nice to help maintain the original ecosystem of your locale by promoting local plants and flowers.

Perennials are an essential part of a vibrant landscape, and a beautiful choice for any Texas flowerbed is Cedar Sage. A shade lover, Cedar Sage has bright red spiky flowers that bloom spring through summer and can bring a pop of color to an otherwise gloomy spot in your yard. Sage comes in several other varieties, too, including Majestic Sage, Mealy Blue Sage and Mexican Sage bush—all of which produce beautiful flowers and require very little water, just like Cedar Sage.

Trailing Lantana is another great choice, especially when used as a ground cover. It is very tolerant of poor conditions, highly drought resistant, and its lavender flowers are very attractive to butterflies.

Purple Cone Flowers, also know as Echinacea, require a little more water than the previous plants, but they are nonetheless exceptional specimens for an Austin garden. These daisy-like flowers are a Texas native and produce violet or white blooms. Preferring sun or partial shade, they can be planted almost anywhere.

Mexican Honeysuckle is another low-water plant. It displays its orange flowers spring to frost, attracting hummingbirds with its sweet smell. It only requires an occasional pruning to encourage full growth.

Ornamental grasses are another option for sprucing up your landscape, and there are many hardy varieties to choose from, such as Big Muhly, Little Bluestem and Dwarf Fountain Grass. Some grasses can be quite invasive, so be careful where you plant them, because they will thrive and take over.

These are only a few of the many ideal plants for your Texas landscape. There are a multitude of choices available out there, so next time you go to a nursery, make sure you do your homework first or ask the people running the nursery which plants and flowers are native to Texas. The city of Austin has worked to promote a green and environmentally friendly city. The city of Austin has a Grow Green plant list featuring native and adapted landscape plants that thrive in Texas. By planting smart you can save water, fertilizer and time.

Ki works as a realtor in the central Austin real estate market helping individuals looking for homes as well as investors looking for cashflow properties. His site provides a free search of the Austin MLS along with a blog covering news and statistics on the Austin Texas real estate market.

A fireplace is meant to be the centerpiece of your living space, the heart of your home. Sometimes, however, this focal point is less than impressive and more than lacking in the drama factor. If your fireplace is bland, plain or simply unattractive, a quick color change can do wonders. The secret is using multiple coats to build up depth and create a faux finish, rather than just painting on one flat color.

You will need three complimentary colors for this project in progressively darker shades. Natural stone and earthy colors, such as grays and browns, are ideal. A quart of each color will be more than enough to complete your fireplace. Flat exterior paint works best, providing better resistance and more clemency for the hot environment of the fireplace surround than interior glossy paint.

First, choose a color for your base coat. This should be the lightest color of the three. For instance, if you are going for a stone look, choose a medium gray.

The next color will be used for ragging over the top of your base. This color should be several shades darker than the base color and will provide dimension to your finish.

Finally, choose an accent color. This color will be used in moderation, to highlight and further enhance the finish. It can be a varying color from the first two, as long as it is natural and complimentary.

Begin by protecting all surfaces you don’t wish to be painted with drop cloths and painters tape. Apply an even coat of your base color with a paint roller or large paintbrush. A second coat may be needed, depending on the surface and color being painted.

Once the base has completely dried, you can begin applying the next color. Working in one small area (for instance, if your fireplace is brick, do one brick at a time), daub several uneven streaks of paint on the surface. Using a rag, rub the paint, spreading it and pulling it randomly. Continue with another small area until the entire fireplace is complete. A spray bottle of water can be used to dilute the paint while you’re working, making it easier to spread and thinning out some areas, creating a more authentic look.

After you have ragged the fireplace to your satisfaction, use the third color to highlight some crevices, corners and other key areas (It is not necessary to rag this color on the entire fireplace). Use the same technique with the rag and spray bottle to soften the edges of the paint.

In addition to painting, you can enhance the look of your fireplace with a few tiles, appliqués, onlays or other architectural elements. In no time and with just a little paint and a few decorative touches, it can be simple to change a plain, ordinary fireplace into a showstopper.

Ki is a realtor in Austin. He helps buyers and sellers interested in the Austin real estate market. His site has a free graphical search of the Austin MLS along with updated information on his Austin Real Estate Blog.

Two beautiful areas of Austin which are also very historic are the Tarrytown neighborhood and the Deep Eddy neighborhood, and these two areas are adjacent to each other with Tarrytown being slightly farther north than Deep Eddy. These areas are situated in western Travis County, adjacent to Lake Austin, which is what the part of the Colorado River which is just west of Lady Bird Lake is called. These areas roughly encompass the part of Austin between Lake Austin Blvd. to the south, and Loop One to the east, which is also called the MoPac, since it runs alongside the Missouri Pacific railroad tracks for much of its length. The western border of both Tarrytown and Deep Eddy is the Colorado River, also known as Lake Austin in the area, and many homes in the area have lakefront access. The Tarrytown neighborhood is roughly bordered on the northern edge by 35th Street, near the old military base which is called Camp Mabry. Camp Mabry was named after Brigadier General Woodford H. Mabry, who was the adjutant general of Texas in the late 1800’s. The base originally covered ninety acres of land, but by 1911, Camp Mabry had expanded to 311 acres. During the onset of World War I, the Texas National Guard utilized the camp, which was later used to train auto mechanics for the army. At the present, the post houses the 136th Regional Training Institute, which is located in the Texas National Guard Academy building. The post celebrated its 100th year of operation in 1992, and enjoys the distinction of being the third oldest active military installation in Texas. The base had also been used for the Department of Public Safety training schools in the past, and has hosted many military dignitaries over the years. Numerous historic aircraft are displayed at Camp Mabry, and these planes are visible from Loop One to motorists. Camp Mabry is currently the home of the Texas Military Forces Museum and has many interesting exhibits on display.

The southern border of Tarrytown is the Deep Eddy area, and its southern boundary is the lake. The Deep Eddy area is frequently referred to as the Lake Austin area since Lake Austin Blvd. runs alongside the southern area of the neighborhood, and the Clarksville neighborhood area is just east and a little bit south of Tarrytown. All three of these neighborhoods meet around Eilers Park, which is where Deep Eddy Pool is located. The concrete pool at Deep Eddy was built in 1916, along with a bath house, and Deep Eddy Pool is the oldest outdoor swimming pool in Texas. Deep Eddy was originally a natural swimming hole on the river and is spring-fed. The pool and park are bordered on one side by the lake and the hike and bike trails that encircle the lake along the northern shore. Deep Eddy is a very popular spot for picnicking, swimming, wading, and many other family activities, and is surrounded by beautiful, stately Oak, Banana, and Cottonwood trees which provide shade to many of the seating areas of the park. Occasionally, well known family-oriented films are shown at the pool on weekend nights, called Splash Nights, and watching the Wizard of Oz or something similar on a Saturday evening from a float in the pool with family members and friends is a special treat for the residents of the area and visitors to the pool.

There are many nice restaurants in the Tarrytown and Deep Eddy areas, including Magnolia Café and Maudie’s, which are both near Deep Eddy, and which specialize in breakfast items as well as Mexican food favorites respectively. Kerbey Lane Café, which is farther north, reasonably close to Camp Mabry, is in the Tarrytown area, and Zoot, a continental restaurant which pairs very appropriate wines with its spectacular entrees, is closer to the Deep Eddy edge of Tarrytown.

There are many nice places to live in this old, historic region, including homes, apartments, condominiums, and University of Texas dormitories, and also many schools, a library branch, and excellent medical facilities at Set on Hospital. Tarrytown is a must-see area when visiting Austin, or for residents alike!

Ki's site provides a guide to Austin Texas real estate along with a search for homes in the Austin MLS. He also makes regular market updates on blog covering Austin real estate.

When Austin’s airport moved to its current location at the old Bergstrom Air Force base, the Robert Mueller airport became 711 acres of land just east of Interstate 35 ripe for developing. The city of Austin, along with the Catellus Development group, have created a master plan that includes a variety of housing styles, private businesses and retail stores, and are attempting to make the entire “city within a city” as green as possible.

This area, now referred to as the Mueller development, has three housing types available in their first phase of building: yard houses, garden court houses, and row houses. The prices for the first phase range from the $180,000s to the $600,000s, and are 900 square feet up to 3,700 square feet in size. Though 350 homes will be built in the first phase, the development is planning to build 2,200 in total. Six different home builders were chosen to participate during phase one, including 3 locally based builders, Saldana Homes LLP, Streetman Homes Inc. and Muskin Co.

Though some of the homes may be a little cookie cutter in appearance, others are built in a traditional Austin bungalow style, and seem to fit in with their new central location. None of the new homes are built in the currently popular modern style, but it’s possible that different builders will be chosen for future phases of building, to diversify homes as much as possible. All homes built in the Mueller Development have alley ways behind them, with garages built on the backside of houses leaving the fronts garage-free, with more room for larges porches. This also makes the streets and sidewalks more pedestrian friendly.

The initial phase of homes created a large amount of interest, and Catellus Development set up a lottery-style system by hiring a company to randomly create a priority list of buyers. To keep in line with the development’s vision of a mixed income neighborhood, a certain number of homes were set aside for families making at or below 80 percent of Austin’s median income. All of the “affordable housing” homes were sold, and 265 total homes were purchased, with the remaining homes offered to the public.

Many of the businesses in the Mueller Development opened before any residents moved in. Some big box stores are already open, such as Best Buy and Bed, Bath, and Beyond, but other private businesses are also moving in. Seton Family of Hospitals is building their 165,000 square foot headquarters in the development. Not only are they the second-largest private employer in central Texas, but this will also be the first headquarters of a large company to move east of interstate 35. Seton’s new facility, the Dell Children's Medical Center of Central Texas, will open next to the new headquarters in 2009.

One of the Mueller Development’s major objectives is to be as green as possible from the ground up. They will have shops, recreation, entertainment, jobs and transit close at hand, in hopes that driving will be kept to a minimum. Giant solar collectors are being built along the new hike and bike paths to provide shade in the daylight, and light up the paths in the evening. Austin Energy has also built a new power plant on site that not only supplies electricity to new residents, but also sends chilled water for air conditioning to nearby businesses. The power plant generates power in a cleaner fashion, while the shared HVAC system lowers energy costs.

The Mueller Development is the right spot for those looking for a newly built, centrally-located home, offered at a reasonable price.

Escapeso Realty operates in the Austin real estate market. They provide a search of the Austin MLS along with a free mortgage calculator.

When thinking about the economic slowdown now gripping the United States, one might think of the naked emperor of yore, who could not realize his condition until told by a child. By the time analysts and the White House recognize the extent of the credit crisis, its effects will probably not be noticeable. So where are we now? Several times since last August's signs of an imminent drop in growth, markets have rallied due to speculation that problems in the area of sub-prime mortgages have "bottomed out." Alas, thus far it appears to have been in vain.

On April 25th, Reuters and the University of Michigan reported in their Survey of Consumers that consumer sentiment fell ever deeper in April to settle at 62.6 from 69.5 in the preceding month. Not only is this the third straight month that consumer's outlooks have remained downbeat, but this month's ratings are the lowest in 26 years. The last time consumers' finances were as stressed was in 1982, which was due to the "stagflationary" economy of the time. Stagflation refers to a stagnating economy with low or limited growth prospects coupled to high inflation. The recent recession came from a different set of circumstances, but consumers are feeling the pinch all the same. While inflation remains a key factor for monetary policy makers and politicians, estimates of core inflation (which excludes volatile food and energy prices) remain low for now.

This is a good thing, because it has allowed the Federal Reserve a lot of leeway regarding monetary policy. They have cut the interest rate they charge for lending to commercial banks by nearly three full percentage points since the onset of the credit crunch last summer, and are poised to cut rates 25 further basis points at their next rate-setting meeting April 30th. However, interest-rate futures contracts also predict a 20% chance that they may not cut the rate at all, signaling a possible end to further monetary stimulus. It is unclear whether inflationary concerns or macro-economic stability is guiding the Fed's decisions because, since rate cuts began, food and energy prices have also skyrocketed.

While this doesn't normally affect core inflation to a significant degree, over a protracted period of time prices will continue to increase for everyone. In addition, the Treasury's stimulus package is set to begin arriving to millions of American consumers at the end of April, four days ahead of schedule. The Bush administration and other prominent authorities have touted the $152 billion influx as a means to increase spending, which accounts for two-thirds of the US economy. While consumer spending should begin to pick up somewhat, surveys have shown that many people plan to spend their check one of two ways: relieving personal debt (which reached epic proportions in 2007), or adding to savings. This reflects both how necessary a lump sum of cash is to many poor Americans, and how much spending has been curbed. Until spending picks back up, the service sector will continue to ache. Promising numbers in manufacturing orders for April also reflect strong fundamentals, even as the housing and construction industries continue to slump It may be presumptuous to assume that the US is out of the proverbial woods, but there may yet be light at the end of the tunnel.

Ki lives in Austin and works as a real estate broker in the Austin real estate market. He provides a free search of the Austin MLS on his website along with information on mortgage interest rates.

One of the most timely and costly home improvement projects any homeowner can take on is a kitchen makeover. Whether a homeowner desperately needs a kitchen revamp, or is tired of the dated look of the kitchen, there are several options to freshen up the area.

The easiest fix for a sparkling new(ish) kitchen is a good thorough cleaning. Over years of use, kitchen cabinets take on food, heat, and grease that tends to build up. Though it might seem simpler to leave cabinet doors attached to clean them, taking time to remove the doors allows for easier access in the long run, though it’s advisable to number the doors to keep track of which goes where. There are many cleaners on the market, but trisodium phosphate, known as TSP, has a great track record as a heavy duty degreaser and cleaner.

After cleaning doors and cabinet sides, the hardware will also need a good soak. Remove the hinges and drawer pulls, and let them sit in a good soapy water mix for 30 minutes. Giving them a light scrub and polish can make them look brand new. If the kitchen needs some updating, changing the hinges and handles or pulls on cabinets is inexpensive, and can dramatically change the look of a kitchen.

For those looking to make a bigger change, and spend a greater amount of time on their cabinets, they can also be refinished. Before refinishing, it’s still advisable to clean the wood thoroughly, as sanding them down could embed dirt and grime even further without a proper cleaning first.

To remove old stain or paint, the easiest way is with a chemical, or paint, stripper. By following the directions of the stripper, the chemicals end up doing most of the work, and the old stain should easily peel away. After the stripping is done, it’s time to sand.

Starting with 120 grit sandpaper should help remove any of the old paint or stain left behind by the stripper. Afterwards, smooth out the wood with 220 grit sandpaper. After the cabinet is properly sanded, apply a primer if painting, or a sanding sealer if staining (which works much like primer, allowing stain to absorb evenly). Once the paint or stain is applied to the cabinets, add a final finish, such as varnish or lacquer to protect the wood. Water-based polyurethanes also do a great job, and are environmentally friendly.

If refinishing cabinets won’t help the kitchen’s appearance, and an entire renovation is out of the question, there are companies that specialize in refacing. After measuring the sizes of the current cabinet doors, a refacing company will custom build new cabinet doors, with a wide choice of stains, finishes and hardware to choose from. This is a good option for those living in older homes whose kitchen cabinets are sturdier and well crafted compared to today’s modular cabinet options.

Lastly, if a brand new kitchen is needed, IKEA has become a popular source. At a much greater discount to other big box stores, IKEA also has user-friendly software to create unlimited kitchen combinations that fit a home’s current dimensions. Also, with kitchens starting at around $2,000, the prices are hard to beat, and may have some savings leftover to contract out the installation.

Ki is a realtor in Austin. He helps people in the market for Austin real estate. He also provides a free mortgage calculator and a free search of the Austin MLS.

More times than I can remember I had a buyer interested in a property think that I would be thrilled when I found out they didn't have a buyers agents. I'm not excited. In fact I would prefer that they had a buyers’ agent. Here are the reasons why:

1) Liability - There is more liability for me if the buyer doesn’t have a buyers’ agent. While some agents prey on unrepresented buyers knowing that they don't deal with home transactions on a full time basis, I don’t think that is the best way to do business. But without a buyers’ agent, there is still a greater chance that the buyers won’t understand aspects of their new home. And unrepresented buyers are more likely to be miss important details that they will get angry about later on.

2) Workload - Dealing with another agent lowers the workload on me substantially. I am dealing with someone that knows the contract process and the expected behavior. When I have to deal with an unrepresented buyer, I have to spend a lot of time explaining the process to them. It’s more difficult because unlike my seller the buyer typically doesn’t trust me because I am working for the seller. And because some listing agents prey on unrepresented buyers, it makes sense they don’t trust me. So I usually end up spending much more time explaining the process to a wary buyer, especially when he / she bought a house in a different state or has not bought a property in a few years. In this case, any differences between what I am doing and what they experienced previously are met with suspicion.

3) Likelihood of the Deal working Out - In my experience, deals with unrepresented buyers are much less likely to work out. During the inspection a good buyers’ agent can explain the difference between serious issues that need to be fixed vs issues that are normal. Unrepresented buyers typically get a list from an inspector and become overwhelmed and back out of the contract. Or they expect the seller to fix everything on the inspectors list because they don’t understand what is important. And in this case, the seller usually refuses and the deal falls apart.

So when I get two offers for the same price I usually tell my seller that the offer with the buyers’ agent is more likely to end up closing. The obvious question is why don't I favor the offer without a buyers’ agent considering I will make more money? While this is true, my view is that I will have to do substantially more work, with more liability, and the deal is more likely to fall apart, meaning I did all this work for nothing and I am back where I started out - a house on the market with no offer. So it’s generally better for me and my client to accept an offer with an experienced buyers’ agent working on the other side of the transaction.

Ki is a realtor in Austin. His site has a search of the Austin MLS and provides information for buyers on the Austin Texas Real Estate market. He also provides updated real estate statistics on his blog about Austin real estate.

Lying just west of IH-35 and south of Riverside Drive is one of Austin’s most appealing neighborhoods, Travis Heights. Its rolling hills and winding roads have long been a haven for a diverse culture, with a mixture of housing to match: perfectly kept bungalows, a few large estates and smattering of shabby cottages. Housing in South Austin began later than other centrally located neighborhoods due to difficulty getting supplies across the Colorado river. Once a stone pier bridge was built on Congress avenue in 1883, the area began to flourish. General William Harwood Stacy, along with partner Charles Newning, began the Travis Heights development in 1913. Newning had some luck in developing Victorian homes on large lots south of the river before the turn of the century with his development known as Fair View Park, but Travis Heights was the most promoted subdivision of its time. Stacy set up the area with grid streets, and curvy roads, and a variety of lot sizes to maximize his potential buyer pool. He also set up a trolley car to run clients from the capitol building to Travis Heights before it was even developed, and gave away Ford Touring cars as well. Stacy dedicated an area along Blunn Creek, and cliffs that drop down to Town Lake, to be set aside as public park land. Later Stacy’s sons added more land to the area, and it’s now known as Stacy Park, and still very popular today with Travis Heights residents who take good care of the land set aside for them. Today many of the original houses from Stacy’s development still stand, as well as some from Newning’s earlier turn of the century push. Some houses, such as the Gullet House and the Red-Purcell house built in 1885, have been deemed historic landmarks by the city of Austin. The Miller-Crocket house was originally built by Newning for Henry W. Dodge in 1888, and was purchased in 1901 by Eugene Miller at a courthouse auction for $1,800. Currently the two-story slat roofed house is owned by Kathleen Mooney and run as the Miller-Crockett Bed and Breakfast. Mary and Joe Lawrence purchased the 1914 house owned by Joe Steiner, whose brother Buck owned the land Steiner Ranch sits on now. Steiner was long cared for by Sister Madeline Sophie Weber, who began the nonprofit Faith in Action Caregivers. Steiner left Weber the house after his death, wanting the profit from its sale to go towards the nonprofit’s cause. The Lawrences bought the home from “Sister Sophie” and saved the classic revival style house, and its carriage house in the back, that had fallen in disrepair, and reused as much of the building material as possible, with its original Doric columns and pilasters still intact. Travis Heights continues to draw homeowners to the neighborhood with its winding streets, rolling hills and large trees. Its close proximity to downtown, IH-35, and the newly revamped South Congress shops, clubs and eateries also make it a desirable area to live. Others enjoy the diversity of the people in the neighborhood, since the crowd is a mix of families, downtown business professionals, artists, and musicians, all of whom feel a strong sense of community. The neighbors recently took initiative and put on a concert in Stacy Park to raise money for the pool there. As WH Stacy stated in his original Travis Heights newspaper advertisement, “It’s a real residence community. One with a soul; the realization of a purpose, where homes are homes, not mere houses." Ki works as an Austin real estate agent. He writes an Austin real estate blog to help investors keep up with the Austin market along with a free search of the Austin MLS.

Real Estate buyers are usually highly focused on the purchase price of a property. This is a legitimate concern. The purchase price is one of the most important considerations in a real estate transaction. But at the same time home buyers too frequently treat interest rates as a secondary concern. Many buyers will stress over $300 or $400 in negotiations over purchase price. But when told that interest rates dropped half a point, home buyers will often respond with a shrug.

This is frequently because it is easy to understand the difference between paying 200k and 195k for a house. But it's harder to appreciate the difference between an interest rate of 6.5% and 6.0% for a house. But interest rates can have a large influence on mortgage payments. Using our mortgage calculator first let’s look at the difference between the mortgage on a 200k and the mortgage on a 195k house assuming a 6.5 percent interest rate.

200k (6.5%) Mortgage $1264.13 per month 195k (6.5%) Mortgage $1232.53 per month

The difference ends up being $31.60 a month.

Now let's look at the difference between an interest rate of 6.5% and 6.0% on a 200k house.

200k (6.5%) Mortgage 1264.13 per month
200k (6.0%) Mortgage 1199.10 per month

The difference ends up being $65.03 a month or $780.36 a year. A simple half point drop lowered the mortgage payment by 5.4 percent.

Interest rate changes are not that uncommon. We wrote a tool that graphs Mortgage rates over time based on the interest rates provided by Freddie Mac. In the middle of 2007 we saw interest rates of 6.7%. At the beginning of 2008, interest rates were down to 5.75%. What is a little more interesting is when we switch the toggle on our tool to showing the mortgage on a 200k house based on the interest rate for that date instead of the actual interest rates (Figure 1). From the middle of 2007 to the beginning of 2008, we saw a drop in the monthly mortgage on a 200k house drop from $1270 a month to $1170, a difference of 9.3 percent. This is why when buyers say they are waiting for prices to drop 5%, it might be a good idea to tell them that the actual mortgage they would get on a house has already dropped by more than 5 percent.

(Figure 1)

In light of all the mortgage issues over the last few years, it highlights why home buyers should shop around for interest rates. All too frequently home buyers will go with the first mortgage person they meet under the assumption that everyone has roughly the same rates and that a half point isn't really that big of a difference. As we have seen above, a half point can make a non trivial difference in mortgage someone pays.

To make matters worse for those buyers that don't shop around, some mortgage brokers over the last few years charged industry rates that were out of whack with what was standard at the time. If potential buyers had simply made a few calls they would have discovered the problem. But riding under the assumption that it wasn't worth their time to call around and that interest rates where just one of those mundane details they didn't really need to be concerned about, they ended up with interest rates substantially higher than what they should have been. If buyers had a better understanding of interest rates, it could have significantly cut down on mortgage fraud over the last few years.

In summary, home buyers should still focus on price because it will always be an important part of the real estate transaction. But if home buyers start to look at interest rates more closely, they will end up with more success in their real estate purchases and lower mortgage payments.

Ki is a realtor in Austin. His site has a free tool that graphs mortgage interest rates, that webmasters can incorporate into their site to keep visitors up to date on interest rates. He also wrote a real estate calculator webmasters can incorporate into their websites. Ki works with Escapeso Austin real estate.

Just a few miles from downtown Austin, bordered by Westover on the south, 35th street on the north, Shoal Creek on the east and Mopac on the west, lies the old Austin neighborhood of Bryker Woods.

Though the neighborhood was named in the 1930s, the origins of the area go back as far as 1886, when the 14 lot William Thiele subdivision was platted within one block between 34th and 35th streets, which still exists today. In the early 1900s, other subdivisions popped up nearby, like Camp Mabry Heights, which named its streets with a patriotic theme, such as Pershing and Funston named after American generals, and Jefferson, Madison, and Harrison named for former U.S. presidents. Some of these street names have also stood the test of time. The first subdivision named Brkyer Woods came in 1936, using the first 3 letters of the developers’ last names, J.C. Bryant and McFall Kerbey.

The majority of Bryker Woods was developed between the 1930s and 1950s. Most of the homes built were bungalows, with some larger homes sprinkled among them. The area has an abundance of pecan, live oak, and elm trees, hence the “Woods” of Bryker Woods.

Unlike other centrally located neighborhoods in the Austin real estate market, Bryker Woods has remained relatively untouched by demolition teams ready to build newer, and larger, homes. One possible reason for this sustainability is the lot sizes of the neighborhood, which are radically smaller than the lots in the Crestview, Hyde Park and Pemberton Heights Austin neighborhoods, since Brkyer Woods was originally set up for single family cottages. Those moving to Bryker Woods today are happy with a simple addition to the original house if a little more room is needed, realizing the coziness of the neighborhood, the shady tree-lined streets, and its central location outweigh having more square footage.

Brkyer Woods has a certain ambiance that really builds a sense of community. The narrow streets, heavy with trees, encourages neighbors to get outside, go for a walk, and interact with other residents. Many of the area’s inhabitants have lived there since the subdivision’s inception, and are willing to reminisce with the new families - usually to boast about the price they paid for their homes 40 or 50 years ago.

There are many destinations for a stroll around Bryker Woods. The hike and bike trails of Pease Park are within walking distance, as are Seider's Springs Park and Bailey Park. Most families can walk their young children to the popular Bryker Woods elementary. You can find way more than a hammer and nails at mom and pop hardware store Breed and Co, who stock a variety of tropical plants, home décor, and gourmet food. They even have a bridal registry where the engaged can register for Waterford crystal they keep in stock. Locally owned Kerbey Lane Café, located on a street named after the Bryker Woods developer, has been in business for the past 28 years, serving up nutritious food from local vendors, 24 hours a day.

The standout home of the Bryker Woods neighborhood was built in 1938 for Hubert and Alice Bohn at 1301 West 29th Street. Built by architect Roy Thomas, who helped the Stacy Realty Company build more than 30 homes in Barton Hills, the Bohn house was inspired by the 1936 science fiction movie, Things To Come. Today its futuristic modern look still rings true, with its curving exterior walls, and multi-level layout painted bright white.

For those looking for that feel-good vibe of the old neighborhood they grew up in, Bryker Woods has quite a lot to offer, and does so from the heart of the city.

Ki specializes in helping home buyers interested in Austin Texas real estate. His site has a free Austin Homes along with a blog covering the Austin real estate market.

You've just moved into a wonderful new home and you cannot wait to start making it your own. One of the easiest home improvements the first time home owner may encounter is installing new cabinets. While the thought of such a major addition to a room may at first seem daunting to all of us who have never consider ourselves carpenters, installing a brand new set of cabinets is easy enough for almost anyone with a few tools to accomplish in a very short amount of time. You want to start out by making sure that you have all the tools you will need to complete this project. To install a basic set of cabinets all you need is a good level, a pencil, a tape measure, a stud finder and a drill. Depending on how high you are planning to install the cabinets, you may also want a small step ladder to reach higher places. The first tool you will need is your stud finder. Work your way along the wall until you find the studs that you will use to support the weight of your cabinets. For each stud you will want to mark both the left and right edge. Using your tape measure, make a mark on the center point of each stud. This will allow you to mount your cabinets on the sturdiest portion of your wall. Now that you have located the studs, you should decide exactly where you want the cabinets to be placed. Using your tape measure, determine the exact dimensions of your cabinets. You may find it helpful to lightly draw the outline of your cabinets directly onto the wall. You should also draw vertical lines through the center of your studs that extend at least six inches above and below where your cabinets will hang. This will allow you to find the studs once the cabinet is on the wall. Now you will want to attach a short term 1 x 3 support rail to the wall. The top of the support rail should be level and flush with the bottom of where you want your cabinets to sit. Using your drill, attach the support rail to the wall. This short term rail will aid in holding the weight and location of your cabinets while you get them in place. You are now ready to install your cabinets. With the help of a friend, lift the cabinets into place. Drill pilot holes through the cabinet back and into the wall studs. You should screw the cabinet into the wall using screws that are long enough to go at least 1 ½ inches into the studs. After setting your first set off screws, use your level to check that the cabinets are properly aligned. Make your way down the studs adding several more sets of studs to make sure that your cabinets are safe and secure. You are almost finished. After making sure that your cabinets are secure in the location that you want them, you can go ahead and remove the support rail from the wall. You should also erase any pencil marks that you have made that still show once the cabinets are in place. Now you can sit back, relax, and enjoy your new cabinets. Installing new cabinets is a super easy and inexpensive way to start improving your new space and making it into a home. Escapeso helps clients interested in research Austin real estate. They provide information on their website about Austin neighborhoods along with providing a free Austin MLS search.

When I am looking for real estate what makes my mouth water. Huge cathedral ceilings? Updated kitchens? Recessed lighting? Nope. I love big lots. The bigger the lot the more I get excited. Why do I love big lots. Over time large lots tend to appreciate faster. In real estate one of the cardinal rules is that generally land increases in value and general structures decrease in value. Why does a structure tend to decrease in value? As a structure gets older it tends to get farther away from safety codes. But generally properties tend to increase in value because the rate at which the land appreciates outpaces the rate at which the structure is decreasing in value. When you are hoping to sell your property for more in a few years its best to look at the dirt and not the house. Because land tends to appreciate I usually prefer properties that have more of the current value in the land than in the structure. This means that a property in a new subdivision where the structure account for 70% of the value and the land is 10% of the value is not appealing. For instance properties close to a city center can have 65 to 70 percent of the value is in the land. Of course what is even more appealing is a centrally located 5 acre lot with say a 500 square foot house. I saw one a few months ago in the Austin MLS that was pretty appealing. Lets run the numbers on a few scenarios to see what I am talking about. Lets assume that land appreciates at 7 percent a year and structures depreciate at 2 percent a year. First let us look at a property where 70% of the value is in the structure.

Year	Structure Value	Land Value	Total Value
0	70	30	100
1	67.2	32.4	99.6
2	64.512	34.992	99.504
3	61.931	37.791	99.722
4	59.454	40.815	100.269
5	57.076	44.080	101.156

What we see is that the total value actually decreases for the first few years until the land value increases enough that it starts to play a bi