Luxe Austin Homes - November, 2023

"How To Buy a Home Without a 20% Down Payment"

Realtor.com writes, "one of the first things you’ll hear when you start considering homeownership is that even with a mortgage, you’ll need a hefty chunk of change upfront. Most financial planners recommend putting down a 20% down payment.

On the current national median home price of $420,000, that comes to $84,000. And that’s serious money.

But if you don’t happen to have that kind of cash on hand, you’re not alone. Mortgage expert Bill Banfield notes that the most common barrier to homeownership isn’t being able to afford the monthly mortgage payment—it’s being able to save the down payment.

Thankfully, there are other ways to go about buying a home that doesn’t require you to put 20% down. Here’s a list of where you can find…

166 Views, 0 Comments

"How Long Does It Take To Buy a House?"

Realtor.com writes, "how long does it take to buy a house? While estimating a timeline for homebuying will depend on many variables, real estate experts estimate that the average time required is around four months.

This timeline is important for buyers to keep in mind for a variety of reasons. Many buyers might hope to time their home purchase with when their rental lease is up. Other buyers might want to pace their house hunt so that they are settled in their new home before the start of school. Still other buyers might also be home sellers who first need to close on the sale of their old house before they can buy their next house.

In short, homebuyers might need to fit their home search into any number of time-sensitive situations, so knowing…

190 Views, 0 Comments

"Luxury senior living moves into hot Austin neighborhoods"

AXIOS Austin writes, "aiming to win older empty nesters, Austin apartment developers are now including spas and libraries.

Why it matters: More senior communities look like modern luxury apartments.

Driving the news: America is going gray. Baby boomers and their kids make up a growing share of the country's population, according to Census Bureau data.

• In greater Austin, the share of renter households that are 55 or older has hopped from 11.1% in 2005 to 17.6% last year.

What's happening: Apartment developers are courting empty nesters as young as 55 years old, dangling prime locations, easy living and amenities you'd expect at a five-star hotel, senior living expert James Hill with Houston-based Kirksey Architecture tells Axios.

…

252 Views, 0 Comments

"Report: Austin one of top cities millennials moved to in 2022"

Austin Business Journal reports, "a new study released by financial technology company SmartAsset this month named Austin one of the most popular destinations millennials moved to in 2022. The analysis found one in four millennials moved to a different city last year, with the study ranking cities based on “the highest percentage of the population represented by newly transplanted millennials.”

Austin ranked No. 9 in pulling new residents within the 25 to 44 age range, per the study. The Lone Star State’s capital attracted 103,461 millennials, with the new residents marking 11% of the city’s overall population. The report added the median age in Austin is also in line with that trend, at 34.7 years old.

Austin wasn’t the only Texas city in the…

151 Views, 0 Comments

"Austin's Zilker Park Annual Tree Lighting Ceremony, Sparkles With 57-Year Tradition"

Hoodline writes, "Austin's holiday spirit flickers to life with the 57th annual Zilker Holiday Tree Lighting Ceremony, a dazzling tradition aglow with over 3,300 lights, set to take place this Sunday, November 26. The city's beloved event, which will run from 6 p.m. to 7 p.m. at 2100 Barton Springs Rd., has enchanted Austinites since the first lighting back in 1967 as per KXAN report.

In a ceremony warmed by the community's eager anticipation, local entertainment, delicious food, and live music, young artists from Austin will experience the honor of lighting up the night.

Winners of the Zilker Holiday Tree art contest, Claire Bonyun and Maya Nolan, will "Flip the Switch!" in their respective junior and senior divisions, a tradition dating back…

173 Views, 0 Comments

"What Is a FICO Score and How Is It Determined?"

Realtor.com writes, "successfully buying a home hinges on a bunch of numbers, from home prices to mortgage rates. And there’s a lesser-known figure that can make all the difference when realizing your homeownership dreams: your FICO score.

Whenever you want to make a big purchase, like a home, the lender will pull your FICO score, a three-digit number that represents your creditworthiness and is akin to a financial compass in the housing market. This number ranges from 300 to 850 and determines whether you’re approved for a loan, your interest rate, and your mortgage terms.

In essence, your FICO score is one of the many keys that unlock the doors of homeownership. To make sure you’re getting the best deal, you should understand how credit scores…

164 Views, 0 Comments

"How to Get Rid of PMI: Tips to Ditch Private Mortgage Insurance Fast"

Realtor.com shares, "most people with private mortgage insurance want to know how to get rid of it. And for good reason: PMI tacks on a substantial extra fee to your already massive mortgage payments. Lenders traditionally require PMI for borrowers who put down less than 20% on a house. Of course, it’s a godsend if you couldn’t afford a home otherwise. But once you have PMI, is there any way to let it go?

For starters, let’s get one thing straight: “Mortgage insurance is neither good nor bad,” says Michael Brown, branch manager for Churchill Mortgage in Nashville, TN. “It can help people become homeowners who would not otherwise qualify because they don’t have 20% to put down. But in the long run, the removal of mortgage insurance could save home…

156 Views, 0 Comments

"Intracorp plans mixed-use condo development off South Congress"

Austin Business Journal reports, "Intracorp Texas may demolish some existing buildings on the South Congress Avenue retail strip to build a mixed-use project that would bring about 250 housing units to the area.

The project at 2105 S. Congress Ave., directly south of Lively Middle School, would raise a mid-rise condo building with a garage and street-level retail on one of Austin's most popular streets, according to a construction filing with the Texas Department of Licensing and Regulations.

Construction is expected to begin March 1, 2024, according to the TDLR, with an estimated completion date of Oct. 1, 2025. The project carries an estimated cost of $110 million and will be 620,000 square feet.

A site plan filed with the city shows the…

148 Views, 0 Comments

"River City Capital plans 700-plus apartments near Tesla, airport"

Austin Business Journal reports, "River City Capital Partners is planning a big apartment complex in Southeast Austin near the airport.

The project is set to include more than 700 apartments northwest of Austin-Bergstrom International Airport, according to site plans filed with the city. That's about a 15-minute drive from Tesla's Gigafactory, which has ramped up to more than 20,000 employees. The project will be developed in multiple phases and will have an affordability component.

River City Capital did not respond to requests for comment.

The project will rise on about six acres at 6610 E. Riverside Drive and will consist of 708 apartments. While the site plan did not indicate the total square footage of the project, it did specify…

192 Views, 0 Comments

"Reports: Austin home prices dropping, housing demand cooling off"

"The Austin Board of Realtors says buyers are willing to enter the market, despite higher interest rates. However, Zillow says the demand for houses is cooling off."

KVUE reports, "home prices are dropping in Central Texas, and the housing market overall is cooling off. That's according to new reports from both the Austin Board of Realtors (ABoR) and Zillow.

According to ABoR's October report, the median home price in the Austin-Round Rock area is $435,000. That's a 7.5% drop from a year ago.

The report also shows residential home sales are up about 4%, which experts say shows buyers are still willing to enter the housing market, despite higher interest rates.

In October, homes spent an average of 68 days on the market,…

168 Views, 0 Comments