Austin, TX- Kathy De La Cruz, Realtor® with RE/MAX Austin Associates, has acquired the prestigious Certified Distressed Property Expert (CDPE) designation. A CDPE is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and of the options available to homeowners to avoid foreclosure. "Realtors who received the CDPE designation have had comprehensive training and experience that enables them to provide solutions for homeowners who are facing hardships in today's market. When other options have been exhausted, I often can help my clients avoid foreclosure through the efficient execution of a short sale" said De La Cruz.
For many homeowners in the current market, the prospect of foreclosure can be financially and emotionally devastating. Many proceed without guidance of any kind, but the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional that can help them find the best solution for their situation. Working with a CDPE ensures you are dealing with a professional trained to address your specific needs. "As a CDPE, I don't merely assist my clients in selling their home, I serve and help save those in need," said De La Cruz.
Kathy De La Cruz
RE/MAX Austin Associates
(512) 470-4877
Austin, TX - Kathy De La Cruz, Realtor® with RE/MAX Austin Associates, has acquired the EcoBroker® Designation, having successfully completed an informative training program on the energy and environmental issues that affect real estate transactions. De La Cruz joins the movement of professionals pushing the real estate market toward energy-efficient, sustainable, and healthier features in homes and buildings. EcoBrokers® like De La Cruz are building premier market presence by serving as consumer and community resources on energy and environmental issues. With national surveys indicate 9 out of 10 consumers consider energy efficiency and the environmentally sound aspects of a home to be almost as important as interior finishes, Certified EcoBrokers® are simply in a better position to serve the savvy green-minded real estate consumer.
"My EcoBroker Certified® training helps me ensure that my customers, who are my number one priority, get the knowledge they need. From energy-efficient appliances to solar options to overall energy savings, I now have more resources at my disposal to help my buyers and sellers make informed real estate decisions. The EcoBroker Certified® designation puts me in a position to recognize issues and convey information on the products and services available to my buyers and sellers," explained De la Cruz.
Kathy De La Cruz recently earned her EcoBroker Certified® designation and is wasting no time putting the tools and additional expertise to work. De La Cruz has already found that being an EcoBroker® creates added value that sets her apart from other agents.
Kathy De La Cruz
RE/MAX Austin Associates
(512) 470-4877
Despite gains, broad growth is still lacking, central bank finds.
By Scott Lanman
BLOOMBERG NEWS
Thursday, September 10, 2009
NEW YORK - The Federal Reserve on Wednesday said 11 of its 12 regional banks reported signs of stable or improving economic conditions in July and August, adding anecdotal evidence that the worst U.S. recession in seven decades is over and that the economy has begun to grow again.
Five districts saw signs of improvement, the Fed said in its Beige Book business survey. The snapshot of economic conditions, published two weeks before Fed officials meet to set monetary policy, includes data through Aug. 31.
Activity was described as "stable or showing signs of stabilization" in a half-dozen other areas, including the Dallas region, which reported that its economic activity had "firmed." The exception was the St. Louis district, which said the contraction's pace "appeared to be moderating."
The central bank survey indicates that though the worst of the downturn might be past, the economy has yet to show broader growth.
Analysts estimate the economy to be growing in the current July-September quarter at an annual rate of between 3 and 4 percent. Most of that growth is thought to be coming from businesses that had slashed their spending during the recession.
Businesses in most Fed regions said they were "cautiously positive" about the economic outlook. That assessment was brighter than reported by the Fed in July, when most regions said the intensity of the recession was diminishing.
On the jobs front, employment conditions remained weak in all Fed regions.
A separate report Wednesday buttressed the Fed survey, as the U.S. Department of Labor found that job openings nationwide fell to the lowest level in nine years in July. Businesses and government advertised 2.4 million open positions on the last day in July, down from 2.5 million in June.
However, the Fed's survey found that staffing firms in Dallas and seven other regions reported a slight pickup in demand for temporary workers. That's an encouraging sign because employers will usually increase their use of temp workers before they hire new employees.
With the labor market weak, employers are expected to keep wages low, a force that should keep inflation in check, as the Fed report said, but also works against a recovery, given the dominant role of consumer spending in the U.S. economy.
One significant exception to the Beige Book's reports of stabilization was the commercial real estate market, in which demand for space remained weak, and construction, already at low levels, kept declining in all districts.
In contrast, the residential housing market remained weak but showed signs of improvement, including increased sales in some areas, the Fed reported.
By Shermakaye Bass
SPECIAL TO THE AMERICAN-STATESMAN
Sunday, September 13, 2009
Rule of thumb for home renovators: If you're going to redo a house in a high-dollar neighborhood, as Bill and Jill Skinner did with their four-acre Paleface Ranch spread last year, make sure you do it tastefully, thoroughly and efficiently.
And make sure you spend wisely, says Bill Skinner, whose Tara Custom Homes has built or renovated more than 20 homes in the area, including the spread on the Pedernales River near Spicewood where the couple currently live and keep two horses.
Don't overdo, but don't go cheap on core elements, either, such as flooring, counters, wall treatments, appliances and outdoor living spaces, Skinner says. And whatever you do, don't wind up having the most expensive house on the block. Keep your renovation budget at 20 percent to 30 percent of the home's cost. The Skinners bought their three-bedroom, three-bathroom split-level home for about $700,000 and spent about $250,000 for renovations.
"Always leave an equity cushion for fluctuations in the market," he says.
Last summer the Skinners bought their wooded riverfront property, added a horse shed and corral, a 1,500-square-foot garage/storage building, a negative-edge pool and spa, high-end stone patios and balconies, as well as graded, paved river access. Then they tackled the 3,720-square-foot home, built in 2001.
The property already had a covered boat dock extending into the Pedernales and, happily, an inconspicuous rainwater collection system. The home featured a grand entry, a vaulted ceiling in the living area and floor-to-ceiling windows facing the river. Its Southwestern-Mexican decor included Saltillo tile flooring, rough-hewn two-level support posts and yellow-and-blue floral tile accents throughout. The look was plain and rustic, yet oddly busy. Nothing "popped" - nothing but the land and water, Bill Skinner says.
His course of action: To start with improvement of the property's infrastructure and finish that first; leave the bones alone if possible ; create oases both indoors and outdoors (always include a pool and/or spa on a high-end property, he advises); and have the whole thing done in about three months. He carefully orchestrated workers that naturally do well together: plumbers with air-conditioning contractors and electricians, tile installers with electrical trim-out folks .
"Our motivation with this property was we saw a diamond in the rough and we wanted to bring it to its full potential, whether we stayed in it or sold it later. It was an opportunity I couldn't pass up; it had so many assets in a positive column," Skinner says, explaining his process.
"You just get out a piece of paper and you start listing the stuff - the positives and the negatives." Start with the lot, then the house. Then look at the neighborhood, the road noise, the raw potential that "can be converted with the best use of funds," Skinner says.
One caution, he says: Avoid anything with low ceilings. "That's the thing I look for immediately in a house. If it has low ceilings, it better have some strong compensating factors because low ceilings emotionally bring people into anxiety, I think. And you shouldn't be moving a lot of walls, or doing a lot of plumbing or electric. That's when it starts getting expensive."
Having done home transformations since 1998, the Skinners have developed a formula for investing, renovating, building and reselling. As they sell their 2413 Improver Road redo, priced at $1,097,400 and listed by Coldwell Banker United's Lynn Robin-Pitts, they're hoping the formula again will yield a win-win result for them and the eventual buyer. (Robin-Pitts will hold an open house from 2 to 4 p.m. today.)
Remember your buyer
Skinner says there are practical and specific ways to ensure that you get the best bang for your buck when renovating. You should always assume that no matter how much you love it now, you might one day decide to sell.
"To do it right, you need to complete the job in your time frame and make sure the majority of all the major finish-out is done before you sell it," Skinner says. "A lot of people that have a limited budget tend to say, 'OK, let's fix this up. We'll do the floors and paint and appliances now, and we'll put in the pool later.' But the pool is the thing makes the whole property pop."
Consider the land, he says. "The potential for the land and the house to work together will make these projects or break these projects."
Adding privacy with fences or gates is also important, Skinner says, especially in homes that are listed at more than $700,000. At that price, "you better not have neighbors looking over into your back patio," he says.
When Skinner decides to buy a property, perhaps the most important element to him is its setting, the land itself - preferably abutting or overlooking some type of water. The house and its relationship to other manmade amenities, such as pools, piers, docks and other outdoor living spaces, is also a priority.
"You always want a water feature - something on a lake or a river or creek. Those are value-added situations," he says.
He likes to pack in outdoor patios, balconies and courtyards, "anything where you can get to another space, where you can experience life from a different room or a different perspective. It adds to the owner's enjoyment," Skinner says.
Paleface Ranch face-lift
At this house, during a three-month period last summer, the Skinners refurbished the kitchen and added top-of-the-line appliances, converted a foyer coat closet into a 180-bottle wine cellar, installed travertine and hardwood flooring downstairs and added granite counters and designer wall finishes throughout. The couple redid two of the three bathrooms, leaving one in its original cheery tiled state. They also drilled a fresh-water well to supply all of the water for the home. The well still has water even in this drought.
In general, Skinner says, "when you allocate your funds to your house, make sure the house gets a total makeover. Redo the staircase to match with the rest of the house. You don't want to redo your whole house and leave the old staircase in there."
Skinner warns against going overboard or making too many exotic choices, but the reality is the renovator/investor has to make the property unique without making it too personal.
"Every house is going to have a kitchen, every house is going to have a master bath. What many don't have is those other areas - the wine room, the pergolas, the outdoor places you can see from within the house," Skinner says. "If you bought a house and all the backyard was solid woods, you would want to take advantage of that wooded area, make a living space around it.
A change to the tax-credit program for first-time homebuyers means that money is more readily available when it's needed. Find out if it can help you.
As the historic housing plunge rumbles on, Uncle Sam is offering a fresh incentive to get first-time homebuyers off the sidelines. U.S. Housing and Urban Development Secretary Shaun Donovan unveiled a policy change in late May that would provide homebuyers with quicker access to a recently enacted first-time homebuyer tax credit. Buyers would be free to put the funds toward closing costs and a portion of their down payment. The federal government hopes that the measure will stimulate housing demand, something desperately needed to help mop up the glut of unsold inventory.
Here are five things you need to know about the policy change:
1. Less waiting: President Barack Obama's $787 billion economic stimulus plan - which was signed into law in mid-February - included a tax credit worth up to $8,000 for qualified first-time homebuyers. These buyers, however, couldn't get their hands on the cash until after tax season. The new HUD initiative would enable these borrowers to obtain short-term loans allowing them to tap the tax credit before going to closing. "Families will now be able to apply their anticipated tax credit toward their home purchase right away," Donovan said in a news release. "What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."
2. Initial 3.5 percent: The measure, however, comes with several key limitations. First, it applies only to Federal Housing Administration mortgages. More importantly, the short-term loans can't be used to pay for the minimum 3.5 percent down payment that FHA loans require. Instead, the loan can be used for closing costs and to finance the portion of the down payment that exceeds the 3.5 percent threshold. The administration opted to have borrowers come up with the initial 3.5 percent themselves to ensure that buyers have "some skin in the game," which may reduce the likelihood of default, says Howard Glaser, a mortgage industry consultant and a former HUD official. In so doing, federal officials had to strike a delicate balance. "On the one hand, you want to make sure that homes are affordable to first-time homebuyers, but you don't want to set the bar so low that people who can't afford homes are buying homes," Glaser says.
3. Closing costs: Despite these limitations, the benefits of the program should not be overlooked, says Guy Cecala, publisher of the trade publication Inside Mortgage Finance. "The down payment is probably the biggest chunk of change you have got to pay (when purchasing a home), but it is not the only thing," Cecala says. "Even with a typical FHA loan, there are probably $3,000 to $4,000 in closing costs, title, insurance and (additional fees)." By chipping in toward such costs, the program "could just grease the wheels for a couple more people to get into FHA," says Keith Gumbinger of HSH.com. At the same time, borrowers who use the short-term loan to increase the size of their down payment could obtain a lower mortgage rate.
4. Impact? Cecala doesn't believe the new measure is a game changer for the battered real-estate market. "I think it will be helpful to a first-time homebuyer," he says. "Is it going to generate a lot more housing activity? No." Cecala argues that would-be buyers remain on the fence largely out of a concern that a home will lose value after the purchase. Such concerns will continue with or without the policy change.
Glaser, however, is more optimistic. "This is the missing piece," he says. "Home prices are coming down significantly in some markets, interest rates at historic lows, and now, by addressing cash on the table at closing, I think that borrowers who wouldn't have otherwise been in the market are going to feel more confident about investing in a home."
5. State efforts: The details of the HUD initiative come after several states have enacted similar programs. Missouri, for example, has had a program in place since January that enables homebuyers to put the tax credit toward closing costs or their down payment.
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Being a member of the Austin community since 1989, I have fulfilled my passion to serve the public in many ways. Recently I decided to go into business for myself and joined RE/MAX's winning team!
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