Alex Morris - Austin Real Estate Agent

Timing the market is everything (sometimes, sort of, but maybe not really)

12-18-10

I hear a lot of people voicing concerns over the timing of their purchase.

"I just don't know if it's the right time to buy."

Fair enough.

But here's the problem folks: You never know when the bottom hits until it's on the way back up. Furthermore, if you buy a property you like at a discount, based on the nature of the market, then price/location trumps timing. Furthermore, I will throw the "rate argument" (the fact that they are at/near historical lows) at you as well. So now we have

price
location
rate

all working in favor, and working against you:

timing (possibly)

So when it's all said and done, the only time you know you timed the market right is...well...tomorrow. Crystal balls and hindsight are great for quips to make yourself (or others) feel better. But in my opinion, if you find a deal that is economical, that already is priced at a discount, below current sold comps, then in truth you have a "buffer zone" to allow for the market to dip a little bit more. And if you are going to be in there for 3+ years, you probably will incur a dip here and there, but like with stocks, you won't lose money until you sell it.

Reference the chart below so I can better explain my theory:

Let's call it a tasty side to go along with your Christmas ham, also known as "food for thought". This is not a guarantee, but a commentary on the "anticipated buyer's remorse" I encounter all too often in the crazy world of real estate.

22 Comments

Whose fence is it anyway?

12-02-10

Alex Morris - Austin Real Estate Agent

They say, "Good fences make good neighbors". I generally believe that to be true. I, for one, am lucky enough to have great neighbors. We have even discussed the prospect of mending our fences (literally, not figuratively) that divide our properties.

So whose fence is it...really? JPEG IMAGE

According to my trusty survey, performed by an accredited and licensed surveyor, the fence is mine, because it sits on my property line. Right? Maybe.

Survey a surveyor some time. Do you think he is out there ensuring that your fence line is within the metes and bounds of your property line, or instead, is offering a rendering of the property as a whole? In other words, Surveyor Says!: "There is a fence present, on, or very near the property line." Many property lines are not straight lines. They zig and they zag. Does your fence zig and zag? Well, let me ask another way: When it was built, was it intended to zig and zag? Probably not. But neither home owners nor fence builders call the surveyor to come out and check their work prior to erecting a new fence. And if your home is older than 20 years, there is a good chance that is not the original fence the builder allegedly put right on the property line. Then again, a property line has not width, so your fence will encroach anyway, albeit by a few inches, based on the width of the posts and planks.

This may come as a shock to you, as it does so many people with whom I speak. Go check out your survey stakes some time and see if your fence is really your fence. You might be surprised!

So let's get to the most common misconception about fences:

If the good side is facing in, it's yours.

If you are looking at the side with the posts and stringers (the "not-so-good side"), it's the neighbor's fence.

Surveyor Says!: "WRONG". JPEG IMAGE

This is a myth. It may be common practice, but by no means does it indicate the "owner" of the fence. In fact, some people prefer to put the "good side" facing out, especially if their property is accessible from greenbelt, an alley, or maybe (just maybe) if their are some little critters living behind their home who always lose their baseballs. "Why", you ask? Because with the "good side" facing in, it is easier for someone to climb over the not-so-good side by stepping on the stringers to gain access. Make sense?

So when you are looking at houses, and see a dilapidated fence in need of repair, don't assume it's the neighbor's problem. When you want to tear yours down and re-build it, make sure it's yours to tear down!!! When in doubt, (in my humble opinion) build inside your property line so that you can gain access without accessing your neighbor's property, as well as to avoid future disputes. The foot or so you lose could save you a lot of heartache down the line.

As we come full circle, "Good fences make good neighbors" is indeed an axiom I believe to hold true. But fences make even better neighbors when the cost of upkeep is shared. That is an immutable opinion that you can't take to the bank.

74 Comments

Fun Things to Do in Austin: Austin Duck Adventures Tour

12-02-10

Alex Morris - Austin Real Estate Agent

JPEG IMAGE

Let me first begin by saying that I am not your typical tour participant. I am certainly not one to tour the city in which I have lived for 24 years! But, as life happens, circumstances change. So when my girlfriend's father and stepmother came to town for Thanksgiving, it was time to play host. Yippee. I don't mind playing host, don't get me wrong, but the Austin Duck Adventures Tour I have seen so many times from the docks near Hula Hut while playing fetch in the lake with my black Lab (Doc), chock-full with screaming kids and quacking noise makers? I'll pass. "What's that you say honey?" Scratch that. I'm in. Can't wait!

Well, I have to admit - IT WAS AWESOME!

Once I got over the initial shock of the "quackers" they hand out, and I realized I could either jump out of the moving tour bus or deal with the noise, I got settled in. The tour guide was great. Off-duty fireman (who can argue that?), good humor, GREAT AUSTIN INFORMATION!

Let me tell you. I went through school in Texas. I took Texas History in 7th grade and made a 97. Amazing the interesting information of which I was unaware about my favorite city, the city in which I live, the capital city of the best state around!

From O. Henry being a criminal to Stephen F. Austin to the "former tallest building" around back in circa 1909, it was a

fabulous quick lesson in Austin history.

For those of you not from here, and perhaps not quite as proud of Texas's history:

You can't skip this during your trip to Austin! The tour base takes you through downtown, past the capitol building, and then, wait for it, into Lake Austin!!! JPEG IMAGE

Very cool. 75 minutes of good times with

other folks having a great time.

So when you come down to these parts, well, go check out the Austin Duck Adventures Tour.

It will quack you up!!!

For more information on the Austin Duck Adventures Tour, visit their web site at: http://www.austinducks.com/index.html

Call for reservations: (512) 477-5274

E-Mail: splash@austinducks.com

And if you decide, after the tour, that you no longer want to be a tourist, but want to be an Austinite, give me a call and I'll show you around the rest of the city, and we'll work on finding you the best place to call home for next Thanksgiving when your family comes to visit this beautiful city of Austin!

8 Comments

BUYER TIP: "Oh, that doesn't bother me" (you sure about that?)

11-10-10

Alex Morris - Austin Real Estate Agent

My broker related to me a nugget of simple wisdom within my first week of working with him: "There are 10,000 different kinds of wallpaper for a reason - everyone likes something a little different." Yes Realtor friends, I know...wallpaper is our nemesis! But let's cast that aside for the moment. His point was simplistic, yet profound. Think about it. There are adages galore to cover the sentiment:

"Each to his own"
"Different strokes for different folks"
"Whatever floats your boat"
"Take this job and shove it"

Well, maybe the last one is for something else. But the point is, when buying a home, each individual buyer will have a set of wants, needs and preferences that differ from the other buyers out there.

Open kitchen
Upgraded kitchen
1-story vs. 2-story

There are no right or wrong criteria in that regard. BUT, there is a warning attached to the particular "stroke for your folk":

Just because it doesn't bother you doesn't mean it won't bother the next buyer when it comes time to sell.

Case in point:

Realtor "Well (buyer name), I agree that this is a wonderful home. I love everything about it. If we could pick it up and move it 1 mile that way, it's a slam dunk. But the train that comes through twice a day is well within earshot, and that's going to be a resale problem, in my humble opinion."

Client "Oh, we lived near the "L" in Chicago for 10 years. The train noise was constant. That doesn't bother us a bit. It is still way quieter than what we're used to. We can easily live with that."

SOUND THE ALARM!!!

(or maybe the train horn)

While this may be true, how many Chicagoan "'L' dwellers" home buyers do you anticipate to be present in Austin, Texas when it comes time to sell your home?

Good news when seeking a buyer: It only takes one.

Bad news when seeking a buyer: It takes one

If you are happy with the home, that is great. If you have analyzed the home's positives and negatives, and are content with your purchase, that's great too. But just understand that, just because it is not a problem for you does not mean that everyone else will feel the same way. So the question you must ask yourself is, "Am I willing to take the risk that this property may be more difficult to sell than the one we liked down the road almost as much, which does not possess the similar obstacle or problem?"

An ounce of prevention, a pound of cure.

(and maybe a pint of beer, to relax the nerves)

39 Comments

Get CLOSURE, not foreclosure

11-08-10

Alex Morris - Austin Real Estate Agent

JPEG IMAGE I am seeing a slight incline in foreclosures popping up around the Austin, Texas area. We are fortunate to be in a pretty good market, but times are still tough here - just not as tough as other areas of the country. It is absolutely heartbreaking to imagine someone literally losing their home to foreclosure. I don't care how you slice it, that was never the plan when someone decided to buy the home. Questions come to mind as I ponder the foreclosures I see:

How did they get into this predicament?
Are they doing everything they can to proactively help themselves?
Have they sought out every option possible, before they concede the battle to the bank and foreclose?

Sadly, when you read through the data, the alarming rate of people who just walk away without a phone call to the bank (let alone a fight) is over 50%. There is a key factor here that is almost always overlooked. In part I blame ignorance on the part of the general consumer. No, I am not saying most people are stupid. I am saying that they have probably one done one or two real estate transactions, so this stuff is foreign to them. We as real estate professionals have a better handle on options, exit strategies, and most importantly, preventative measures prior to purchasing the home in the first place.

The next item on the "did you know" agenda is:

BANKS DO NOT WANT TO FORECLOSE ON YOUR HOME!!!

This is where I will hold the feet of the media to the fire. I think the overall sentiment perpetuated in the mass media is that banks are evildoers who forced people into a loan that they could not afford, and now they hard times have hit, they snatch it back like a mafia loan shark. The truth is (and so few believe it) that the bank would LOVE for you to have never missed a payment, and furthermore, would love to resolve the issue outside of foreclosure proceedings.

Yes, there are nightmare stories about people getting unfairly treated. And yes, some just never should have bought in the first place. But regardless of your situation, don't quit without at least some fight. Consult a local Realtor, mortgage broker or attorney to find out what you can do to stop the bleeding. You may be surprised. And more importantly, you may not lose your home to foreclosure, or slightly "less worse", you may not have that nasty smudge on your credit report for the next several years. I can almost guarantee that a foreclosure on your credit report means you will be a renter for quite some time, if you can't afford to pay cash.

If you are in the central Texas area, and you are facing foreclosure, drop me a line and let's talk. Let's be sure you are taking the appropriate steps.

If you are reading this, my hope is that you find it interesting, but not applicable to you. If it is applicable to you, feel free to call me, but just be sure to call someone.

You just never know until you try.

8 Comments

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Alex Morris - Austin Real Estate Agent

Mobile: (512) 917-0834

My Humble Synopsis

Disclaimer: Alex does not refer to himself in the third-person, against the advice of the experts. A Realtor since 2005, it took me a while to figure out that I needed a career that fulfilled me personally, as well as professionally. I have lived in Austin since 1987, with the exception of my 4-year departure to leave Austin to play baseball in college and with the Florida Marlins organization. I love my job as a Realtor because no two days are ever the same. I have made countless long-lasting friendships over the years, and intend to make many more. The fact that I can help people make the single most important purchase in their lifetime is, to say the least, fulfilling beyond my wildest dreams.

My passion outside of real estate is Little League Baseball. I have coached since 2001 in the Western Hills Little League organization (Austin, TX) , having been a player there myself back in the late 80's. I am also a member of the Western Hills Board of Directors, and am flattered to have the opportunity to help shape the baseball experiences of the baseball players from 4-18. Baseball is the best game on earth, and if I can help one kid further his love for the game, then I am content. I remember the feeling of pursuing a game I loved with every ounce of fervor I possessed. To the spark in the eyes of an eager child captures the innocence of youth and the purity of the game all in one brief snapshot. The game gave me so much, so to give a little back is reward enough! If you haven't ever coached, but have something to offer, my advice is: "GET INVOLVED!" I don't do it for business. I do it because when you do indeed make a positive impact on a child's life as a role model, you realize there is no better strewardship out there.

So Who Am I, and What Do I Do?

I specialize in "all things Austin". From finding your first home in Austin, to buying or building your dream home to set yourself up for your lifelong dream, I love to help people stake their claim in Austin.

I have become more and more entrenched in the Austin investment market. With the slight downturn, after the lapse of the first-time home buyer credit, there are deals to be had in the investment market for single-family homes and duplexes. With rates as low as they are, now is the time to invest in real estate. It is not a sexy, "get-rich-quick" scheme, but in the long run, I am of the opinion that Austin is a safe, conservative long-term investment.

In a nutshell, buying, selling, or investing, I am dedicated to make your real estate experience as straight forward and painless as possible, while being concerned with the human element so often lost in the process.

I care about what we do together - not just today, but for the years to come!

In My Clients' Words...

As newcomers to Austin and first time homebuyers, we were extremely fortunate to have Alex familiarize us with his hometown and shepherd us through every step of the process. 　Upon meeting him, we were immediately impressed with his depth and breadth of real estate knowledge and grasp of our needs. 　While we were still in New York, he screened multiple properties for us over Christmas week, no less, and found us a perfect rental home during our hectic transition period.

Alex patiently spent countless hours during our home search, from introducing us to potential neighborhoods to providing a variety of data-based analyses to assist our decision-making.　 He went above and beyond a realtor's typical scope of duties, leveraging his experience and network in Austin. 　We appreciated his endless patience with us as we considered options, waivered, changed our minds, and re-considered.

　There was never a question too dumb. Above all, we wholeheartedly trusted his honest, straightforward guidance and enjoyed spending time with him given his easygoing yet professional manner.　 We are very grateful to have worked with Alex and would enthusiastically recommend him for all real estate needs.　 Not only do we have an invaluable resource here in Austin but also a sincere friend. 　Thank you for everything Alex!

~ Jacqueline & Jason K.