Come enjoy Christmas in Austin throughout the month of December.  Some of the Christmas events happening in Austin this month include:

December 8: Austin Symphony Presents Handel’s Messiah
8pm, Riverbend Centre (4214 Capital of Texas Hwy).  For more info, please call 512-476-6064.

December 10: CPC Thursday Noon Concert – Singers of CPC Choir
12-12:45pm, 200 East Eighth Street.  The concert is free.  For more info, please call Kathi Thomas at 512-472-2445.

December 10: Caroling at Noon Concert Series – The St. David’s Men’s Ensemble
12pm, with lunch following at Cafe Divine at 12:30pm, St. David’s Episcopal Church (301 East 18th St.).  The concert is free to the public.  For more info, please call 610-3500.

December 11-13, 18-23: The 47th Annual Production of the Nutcracker
December 11, 12, 18, 19, 21, 22 shows start at 7:30pm, December 13, 19, 20 and 23 shows start at 2pm at the Long Center (701 W Riverside Dr.).  For more info, please call 512-476-2163.

December 17: CPC Thursday Noon Concert – Pinnacle of Brass
12-12:45pm, 200 East Eighth Street.  For more info, please call Kathi Thomas at 512-472-2445.

December 17: Caroling at Noon Concert Series – Music for Harp and Organ
12pm, with lunch following at Cafe Divine at 12:30pm, St. David’s Episcopal Church (301 East 18th St.).  For more info, please call 610-3500.

This is just the beginning of the Christmas fun in Austin throughout December.  To find out more about what’s going on, please visit the Downtown Austin website.  Remember to contact me for help with all your Austin real estate needs.

Shay Hargus, your Austin real estate expert

The First Time Home Buyers Tax Credit has been extended and expanded.  Previously, the First Time Home Buyers Tax Credit was only available for first time home buyers (those buyers who had not owned a home in the three years previous to the current purchase) and was only available on homes that closed escrow before December 1, 2009.  However, President Obama signed an extension on this deadline to apply to any homes purchased from November 6, 2009 to May 1, 2010 and allowed all homes that have a binding sales contract signed by April 30, 2010 to qualify for the up to $8000 tax credit (based on purchase price of home), not just those homes that closed escrow.  In addition to the extension, existing homeowners may be eligible for up to a $6500 tax credit providing that they have used their current home as their primary residence for at least five consecutive years of the last eight years, meet the income requirements and are purchasing a new primary residence.  Vacation homes and income properties don’t apply.

Requirements and Limits:

1. First time homebuyers who haven’t owned a primary residence in the last three years.  Existing homeowners who have used their current home as their primary residence for at least five consecutive years of the last eight years.
2. For single or head-of-household tax filers, the limit for their modified adjusted gross income is less than $125,000.  For married couples who file a joint return, the limit is less than $225,000.
3. For consideration of partial tax credit, single or head-of-household tax filers can earn between $125,000-$145,000.  Married couples filing jointly who make between $225,000-$245,000 may also be eligible for a partial tax credit.
4. Purchase price of home must be less than $800,000 to qualify and must be the home buyer’s primary residence.
5. Tax credit is considered refundable, meaning that if you owe less than the credit amount you qualify for, you will receive a tax refund for the difference of what you owe and the tax credit you are eligible for.  For example, if you are eligible for the full $8000 refund and you owe $5000 in taxes, you will receive a refund check for $3000 ($8000 tax credit minus the $5000 you owe).
6. You must make the home you purchased your primary residence for three consecutive years to keep the entire tax credit.  If you sell the property or stop using it as your primary residence within three years of purchase, you will have to repay the tax credit back to the government.

Remember that the amount of tax credit you are eligible for depends on the purchase price of the home.  So, the tax credit you actually receive may be less than the limit.  Also, the tax credit is only available on homes used for the home buyers’ primary residence, not to any income or vacation property.  If you have any questions about the limits and requirements for the tax credit, please contact me.  I’ll be able to help you with all your Austin real estate needs.

Shay Hargus, your Austin real estate expert

The 2009 Austin City Limits Festival has hit Austin this weekend, October 2-4, 2009.  This 3-day festival is a celebration of the musical talents of artists from all genres, including country, R&B, alternative, gospel and more.  This year, the jam-packed lineup of 130 bands includes: Kings of Leon, Yeah Yeah Yeahs, John Legend and Asleep at the Wheel on Friday, the Dave Matthews Band, the Levon Helm Band, Ghostland Observatory, Mos Def and Eek-a-Mouse on Saturday and Pearl Jam, Ben Harper, Toadies, B-52s and the Arctic Monkeys on Sunday.  That’s just the tip of the iceberg of talent, though.  For a complete rundown of the show schedules, please visit the Austin City Limits Festival website.

Some quick tips to make your festival experience better:

1. Prepare for the warm Austin weather.  Drink lots of water.  Water fountains will be available throughout Zilker Park.  Put lots of sunscreen on and re-apply often.  Cooling fans will also be available at Mr. Mister, Sister Mister and Zilker Beach.  But, you might want to bring your umbrella as well in case rain makes an appearance suddenly.

2. Transportation to and from Zilker Park is limited.  There will be no parking available around the festival grounds.  These are your options:

• Free Shuttle – Runs from Republic Square (4th and Guadalupe) to the Barton Springs exit from 10am-11pm every day of the festival.
• Bicycle – Ride your bike and lock it up at the free racks near either festival entrance.  Bring your own lock.
• Scooter – The Barton Springs Pool parking lot is available for scooter parking right off Robert E Lee.
• Hoof it – Pedestrians are allowed to be picked up/dropped off at the north end of the Mopac footbridge (on Stephen F Austin Dr).  It’s just a short walk to the Lady Bird Lake festival entrance from there.
• Taxi – Taxis are allowed to pick up/drop off on William Barton, just south of Barton Springs.  Share a ride with a friend.

3. Recycle and win.  Several eco-friendly activities will be taking place before and during the ACL Festival.  Participation is not only fun but can reap awards, like a collectible ACL t-shirt or a chance to win a 2010 Honda Insight Hybrid.

4. Attend an autograph session.  For more info on who is signing and when, please visit the ACL website.

5. Check out the ACL Festival’s FAQ section to see what you are allowed to bring and what should be left at home.

For more information on what’s happening at the festival and when, please visit the Austin City Limits website.  To find out how you can make Austin your home, please contact me.  I’m always happy to help.

Austin buyers have approximately 30 days left to take advantage of the one time $8,000 First-Time Home Buyers Tax Credit.  For buyers who will be applying for a loan to puchase a home, the window of opportunity is closing fast.  While the tax credit does not officially end until November 30, this leaves only about 30 days to locate a home, open escrow and get loan approval.  If there is any delay, you not be able to claim the tax credit.

• Your escrow must close by the end of the business day on November 30!

Anyone who has not owned a home within the past three years may qualify for the tax credit, depending on their income.  The income limit for those filing single is $75,000.  The income limit for those filing jointly is $150,000.  There is a phase-out program for those exceeding the limit.  Before counting yourself out, be sure to talk with your tax professional.  After adjustments, you could still qualify for a partial tax credit.
 
The attractive $8,000 First-Time Home Buyers tax credit is not an automatic $8000 tax credit.  The limit is $8,000.  The actual tax credit you will receive will be 10% of the sales price of the home you purchase.
 
A tax credit is free money!  This is not a tax deduction, but an actual dollar for dollar reduction in the taxes you will owe for 2009.  In some cases, the tax credit can be applied to your 2008 taxes.
 
The tax credit applies only if the home you purchase is your principal residence.  The tax credit does not have to be repaid, ever, as long as you live in the property for the first three consecutive years.
 
It is not often the government is willing to give you money.  Don’t let the opportunity pass you by.  There is no extention available!  Contact me now to help get you into a home before the tax credit expires.

Shay Hargus, Realtor®/Broker for all your Austin real estate needs

Austin home sales continue their upward trend.  The number of homes sold has increased steadily each month since the beginning of the year.  We are still below the numbers sold in 2008, but, like the rest of the nation, the Austin real estate market seems to be on the rebound.

The Austin market has been sluggish.  However, home prices have held fairly steady.  Compared to June of 2008, the median sales price of $199,000 remains the median price in June 2009.  Competitively priced homes are still selling in less than 90 days, with many selling within 30 days of entering the market.

Now is an excellent time for buyers to enter the market:

* Interest rates are great

Currently, the interest rate is 5.22%, which is decreased from the interest rates I reported in my June 5th blog.  Interest rates rose to a high of  6% in June before they began to go back down.  How long will the lower interest rates last?  It seems no one really knows for sure.  Just be aware that interest rates can rise at any time and quickly, as they did in the month of June.

* Home values remain strong

Austin home values have remained farily stable throughout the national real estate crisis.

* Home inventory remains high

Currently, the Austin area has a large supply of homes on the market, giving buyers a wide selection of homes to chose from in their particular price range.  In addition, a large supply of homes keeps Austin home prices competitive and gives the buyer a slight edge when negotiating an offer.

* First-Time Buyers Tax Credit

Anyone who has not owned a home in the past three years is elibigle for a Federal $8,000 Tax Credit.  The time to take advantage of the tax credit is quickly running out.  The purchased Austin property must close escrow on or before November 30.  If you wait too long or the escrow does not close before the deadline, you will lose the tax credit.  The tax credit is free money.  If you remain in the home for over three years, you do not have to repay it.  If you do not need the entire amount of the tax credit, the remainder will be issued

* Austin First-Time Buyers Down Payment Assistance

The City of Austin offers first-time home buyers a zero interest loan up to $10,000 when you live in the home for 10 years.  There is also a program which will assist first-time buyers with an interest-free loan up to $40,000 when you live in the home for 30 years.

Shay Hargus, your Austin real estate specialist

Happy Fourth of July, everyone! A s you know, it has been another dry year and the danger of fire is ever present.  Instead of doing the backyard fireworks at home, I would like to suggest that you attend one of the biggest fireworks shows in the state of Texas.  Over 100,000  people are expected at the 33rd Annual Austin Symphony Orchestra Concert and Fireworks Show at Auditorium Shores today.  The orchestra will begin their performance at 8:30 pm.  The fireworks show will begin about 9:30 pm.  Along with the sparkling fireworks, you will hear the boom of live canons.

If you are planning to drive to the event, then it is best to park north of Lady Bird Lake.  For parking information, tips and maps, visit the Austin Symphony website.  You can make your Fourth of July green by riding your bike or taking the CapMetro or riding the Dillo.  Be safe and have fun!

Watch video of last year’s Concert and Fireworks here

Shay Hargus, your Austin real estate expert!

All good things good to an end it seems. And the low-low 4% interest rates have ended. According to the experts, there is little hope that they will return.

For the past three months interest rates have remained under the 5% mark. Just a few short weeks ago, homeowners seeking a refinance, and buyers could get a mortgage loan with an interest rate around the 4.75% mark. Last week the national average was 4.91%. This week interest rates have shot up to 5.39% (as reported by Freddie Mac)! This is the highest interest increase in six months.

According to Yahoo Real Estate today’s rate is 5.396%. However, according to ReatyTimes.com the average rate is 4.91%. Either way, today’s rates indicate interest rates for home mortgages are on the rise.

Austin homeowners, it is important that you understand how higher interest rates effect you. There are some negatives and a very great positive reaction when interest rates go up.

Negative Reactions:

When interest rates rise, even slightly, less buyers qualify
When interest rates rise, buyers do not buy because of higher mortgage payments, which make renting more affordable
When interest rates rise, a home refinance is less likely to be beneficial

Positive Reaction:

When interest rates rise, home purchase activity goes up because buyers want to buy before the rates increase further

Austin home buyers, it is important that you understand how higher interest rates effect you

A higher interest rate results in a higher mortgage payment
A higher interest rate results in less buying power
A higher interest rate can keep you from qualifying for a mortgage loan

A higher interest rate costs you ten of thousands of dollars (in interest paid) over a long period of time (30-year mortgage)

Austin home buyers if you are considering purchasing a home in 2009, get off the fence. There are great reasons to buy now, including the one time (and for this year only), tax credit. By the way, there have been changes to the tax credit which will allow you to use it as a down payment or to pay closing costs when using FHA financing. I will be posting a blog on the benefits of how buying now can save you a lot of money.

Austin homeowner if you are considering refinancing your home loan, get off the fence. The higher the interest rate the less sense it makes to refinance. I will be posting a blog on the benefits of refinancing in a future blog.

Attention Austin homeowners. I will be posting a blog on the benefits of refinancing. It may not be too late!
Attention Austin buyers, I will be posting a blog on the benefits of how buying now can save you a lot of money.

Shay

WOW!  It’s May already and time, once again, for the Old Pecan Street Festival on 6th Street.  Artisans from all over the nation will be at the festival displaying their arts and crafts.  In addition to the displays, there will be art classes where you can bring out the artisan in you.
 
Children (6 to 12) can also explore their talents at the Kids’ Art Tent.  Activities will be led by Austinite artist Lindsey Bailey.  Lindsey will direct the children in creating colorful arts and craft designs which they can take home.  The Kids’ Art Tent is free to all participants.  Capital One is sponsoring the Kids Art Tent as a means to educate Austin’s youth and to introduce them to the world of art.
 
In case your feet may be feeling a little artistic after hearing all the great live music being presented on five stages, you can satisfy their need to express themselves at the free dance classes.
 
The Old Pecan Street Festival will be honoring the art of filmmaking at the PowerFlicker Short Film Showcase.  Texas filmmakers will be presenting a collection of animated, comedy, documentary and narrative films from 3-6 pm on Saturday only as part of the festivities taking place in Austin.
 
The festival will also be presenting game booths, grilling demonstrations, a petting zoo for kids and a carnival for kids of all ages.
 
The Old Pecan Street Festival will be very green this year.  It is not only honoring and encouraging the arts, but is also honoring and encouraging green living.  There is no better way to encourage something than by practical application.  A new element to the festival this year will be an Environmental Fair.  The Environmental Fair will feature environmentally-friendly artists, educational workshops, organic foods, drinks and locally bottled spring water.  Stop by the Transit Makeover booth to receive a free 7-Day bus pass.  Transit Makeover will also have their new hybrid bus on display for everyone to check out.  Your free bus pass will entitle you to a free drawing for Esther’s Follies tickets.  To enter the drawing, you will need to stop by one of the information booths.
 
One negative side to any festival is its debris.  But, that will not be the case at the Old Pecan Street Festival.  They have made a real effort to keep trash to a minimum with an aggressive recycling program. When looking to dispose of your trash, be sure to look at the signs above the trash containers.  The signs will indicate what type of trash should be disposed of in each particular container, so that it may be recycled properly.
 
By the way, those of you who are not aware of Austin’s history: the Old Pecan Street Festival is held on 6th Street because 6th Street was originally Pecan Street in the early days of Austin.  The festival was named Old Pecan Street to honor Austin’s early days.  The Old Pecan Street Festival has been an Austin tradition for over 30 years and entrance to the festival is still free.

Old Pecan Street Festival Details

Festival Map
 
Shay Hargus, Your Austin Real Estate Expert

In January, I wrote a blog letting you know about Austin’s Habitat for Wildlife program.  Today, I want to tell you that the goal of that plan has been accomplished.  The City of Austin has officially been named by the National Wildlife Federation as a community wildlife habitat.  On March 12th, the City of Austin was awarded its Community Wildlife Habitat certification.  The certification grants Austin the honor of being the largest metropolitan city in the nation and the first city in Texas to be certified by the National Wildlife Federation.  The honor was received due to the participation of over 900 homes, 15 businesses, 14 parks, 25 schools and four churches that created habitats for Austin’s wildlife

Austin has accomplished its goal to be certified as a Community Wildlife Habitat, but not its goal to create even more wildlife spaces within the city.  You can still participate in Austin’s Wildlife Habitat program.  A wildlife space can be something as simple as a birdbath.  You will be surprised at the rewards you will receive when giving little creatures a little space.  In addition, you can receive your very own wildlife certification.

Congratulations, Austin!  And a BIG high-five to all participants who have made Austin a Community Wildlife Habitat.

Shay Hargus, Austin Avenue Real Estate Company

P.S. Make your home stand out with an official Certified Wildlife Habitat sign in your yard.

Read More:
Austin’s Habitat for Wildlife
Wildlife Austin
How to Create a Wildlife-Friendly Garden
Creating A Schoolyard Habitats

The South By Southwest 2009 Festival, more commonly known as SXSW, begins today in Austin, TX.  This is one of Austin’s biggest events of the year.  Austin is known as the Live Music Capital of the world and there will be more music than usual until March 22nd, when the festival ends.  Austin’s Film and Music Festival Art will be presenting nearly 2,000 musical acts of all genres.  A great opportunity to hear new “up and coming bands and musicians”.  SXSW also explores the art of independent filmmaking and interactive media.
 
SXSW began as a small musical festival 23 years ago.  It is now one of the largest media events in the nation.  The Austin Art and Music Festival (SXSW) offers discussions on the newest trends and showcases all of the best of independent films and music talent.  It is not too late to register for this awesome event.  Registration is being offered online until Monday (March 16th).  Wear your comfy shoes because the events take place in various locations in downtown Austin.
 
SXSW will also be celebrated throughout the city with great music at local bars and restaurants.  SXSW is an exciting and fun-filled time in Austin.  The energy created by the event is indescribable, so be sure to get out there and ENJOY!
 
Shay Hargus, Austin Real Estate
 
For all the SXSW details: http://www.sxsw.com/home.