Will Goodson

Blue on the Green Postponed Today Wednesday June 9th

The summer concert series "Blues on the Green" - hosted by local radio station 93.3 KGSR - was suppose to kick off this evening at Zilker Park. However, due to the rain, it has been postponed to next Wednesday June 16. The Texas Tornados will start playing at 7:30 pm.

If you have never attended Blues on the Green, it is one of the best summer events in Austin. This is the 20th year of the event. Last summer it was moved to Waterloo Park while the new irrigation system was installed in Zilker Park. It has now returned to its proper home in Zilker. The musicians play a free concert, and acts have included Carolyn Wonderland, Jimmie Vaughin, Gary Clark Jr., and many more. It is not uncommon to see thousands of Austinites flock to Zilker for this event. It's a great way to spend a week night with friends and family. You can even bring your pets!

Blues on the Green is held every other Wednesday night. While tonight's performance is moved to next week, the regular schedule will continue. For more information, visit KGSR's event website! I hope to see you out there this summer.

Texas First Time Homebuyer Program - Bond Program 77 - Austin, TX

The Texas Department of Housing and Community Affairs (TDHCA) announced last month a new program to assist first time homebuyers in the state of Texas. With the expiration of the $8000 federal homebuyer tax credit in April 2010, this program provides another opportunity for individuals and families looking to purchase their first home. The TDHCA has released up to $500 million to fund the program. Bond Program 77 targets low to medium income homebuyers.

I attended a presentation yesterday explaining the benefits of Bond Program 77. Two loan types are available for homebuyers - assisted and unassisted loans. Here are details of this new state program:

• Unassisted loans (those not requiring down payment or closing cost assistance) can lock interest rates near 4.99% on 30 year mortgages - very close to current market rates*
• Assisted loans provide homebuyers assistance with down payments and/or closing costs; interest rates for assisted loans are near 5.74% on 30 year mortgages*
• Homebuyers using the assisted loans program can receive up to 5% of the loan amount to be used towards down payment and/or closing costs; down payment/closing cost assistance is provided through a second lien at a 0% interest rate
• The second lien has no additional monthly payments; The amount (up to 5% of the mortgage) is due in full upon sale, refiance, or repayment of the first lien
• Bond Program 77 allows for homebuyers to use conventional, FHA, VA, or USDA loans
• All participants in the program must complete a "Homebuyer Education Program"; it outlines the terms of the program and prepares homebuyers for the expectations of owning their own home

As with all government assistance programs, homebuyers are required to meet specific qualifying criteria. The "Homebuyer Education Program" helps to ensure individuals know what they are getting themselves into before making such an important decision. It is important to know Bond Program 77 does have a recapture tax. It is equal to 6.25% of the original loan amount or 50% of the gain on the sale of the home. However, Homebuyers will not be subject to the recapture tax if:

• The property is sold 9+ years after the mortgage has closed; OR
• There is no gain on the sale of the property; OR
• The borrower's actual gross income in the year property sells does not exceed the modified adjusted gross income

This is the single largest financing incentive ever offered by the Texas Department of Housing and Community Affairs. It is a unique opportunity for first time homebuyers in Texas, but it will not last forever. If you are interested in learning more about opportunities in Austin and the surrounding area, please feel free to contact me. I am happy to discuss this opportunity, and get you in touch with a mortgage professional that can provide in-depth details to the Bond Program 77. Don't miss this one of a kind chance to own your first home!

*Loan interest rates vary. All loan information may be subject to change. Please contact a mortgage professional to confirm rates and mortgage details

Formula 1 Racing Heading to Austin, TX

A friend of mine emailed me an interesting article this morning. It appears that Austin, TX will be the new home for Formula 1's United States Grand Prix. It is the first time in nearly thirty years that the event will be held in the U.S. at a "purpose-built" track. The race will be hosted starting in 2011 to 2021. While the event has been held in many cities across the U.S. over the years, the construction of a new raceway shows huge steps for the racing entity and the city of Austin.

Executives from Formula 1 chose Austin and the state of Texas for a variety of reasons. The cited Texas as having one of the strongest economies in the world. It is home to more Fortune 500 companies than any other state. It hosts 4 of the top 15 largest cities in the U.S. (Austin is #15). The city itself has maintained a stable economy of the last few years. Formula 1 also likes the location for access of international fans to visit the raceway.

I myself am not the biggest Formula 1 fan, but I certainly plan to check it out next year. It is an opportunity for attract more visitors to Central Texas, and the construction and operation will create more jobs. The article did not specify the location of the raceway. However, with the first race starting next year, I imagine that construction will begin soon (if not already).

Find more information about Formula 1 in Austin, and the many great statistics about the city and the state of Texas!

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Open House - Allandale Condo For Sale - Sunday May 23 1-3 PM

I'm holding an open house this weekend for a condo for sale in north central Austin.  It is a two bedroom, two bath condo in Allandale.  The condo is actually right on the edge of the Allandale and Crestview neighborhoods.  These communities are well established and highly desired.  They are filled with unique home styles, and the convenient location to the surrounding areas cannot be overlooked.    

The owner has lived in this home for a number of years, and the work she has put in can be clearly seen.  It is only one of four floorplans like it in the whole community.  It is multi-level featuring two master suites on each floor.  The downstairs master has a custom built birch closet with lots of storage and saves tons of room.  The condo has vaulted ceilings in the living area with ceramic tile.  The kitchen has stainless appliances. 

The community is very quiet and peaceful.  It features welll maintained common areas with large mature trees and a gazebo.  This particular condo has three decks, one of which looks over the main common courtyard.  There's lots of shade and space to enjoy the outdoors.  It also has a pool for enjoying spring and summer afternoons.

This Allandale condo for sale is conveniently located off Burnet Road, an original Austin roadway.  The Burnet Road area has seen a lot of redevelopment of the last few years and has been recreated as one of the premier business corridors in the city.  The property is minutes away from great resturants and shopping.  A few blocks north is the Northcross Mall, which is filled with shops, restaurants and a nearby move theater.  This condo is perfect for anyone looking to enjoy the leisures of central Austin.  Yet, with its convenient access to 2222, Mopac, IH-35, and HWY 183, one can be in any part of town within minutes.

The open house is this Sunday May 23 from 1-3 pm.  It is located at 2104 Cullen # 206 Austin, TX 78757.  It is priced at $137,500.  I encourage you to come by and see it!  If you would like to view more pictures, check out the virtual tour.  Please feel free to contact me for more information! 

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Austin Area Market Statistics - April 2010 - Tax Credits Drive Pending, Closed Sales

Here's a quick review of the Austin MLS area market statistics for April 2010. The most striking number here is the increase in year to year pending sales. April 2010 saw a drastic rise - over 65% - compared to April one year ago. This is without question related to the expiration of the first time home buyer and existing home buyer tax credits. The tax credits expired on April 30. The month also saw a strong closing rate with over 2,000 homes closing, a 21% increase. It is an indication of buyers taking early advantage of the tax credit and historically low interest rates.

While the number of new home listings increased a healthy amount, I would expect to see the area market maintain a balanced inventory (around 6 months or so). While some niche markets may favor buyers over sellers and vice versa, the area as a whole has maintained a healthy number of listing inventory considering the state of the national home market. Austin continues to lead the way toward a recovering housing market.

I would expect to see the number of pending sales level off to more normal rates during the summer months. We should see a spike in closed sales in both May and June, as the homes that contracted prior to the tax credit deadlines are completed. The big question on many people's mind is whether or not the tax credit will cause a lull in the market. The end of spring and beginning of summer usually see an uptick in market activity. While the numbers on paper may show a drop off, the reality is that the summer market should continue along its normal trend. Talking with other Realtors in the area, it does not seem that buyers have slowed in their searching for a new home.

How the summer months will fare remains to be seen. Informed buyers and sellers are aware that interest rates remain at historical lows with the expectation that they will go up by the end of the year. How much and how soon we do not know. However, the opportunity to buy and/or sell a home is as good in the Austin area as it is anywhere. If you have questions regarding this information, or in general about the area, I encourage you to email me!