RELATABLE NEWS
Issue 2
Let’s Talk Relatable News shall we
Howdy, it’s me Cindy Garcia your friendly Austin Realtor!
You are receiving issue 2 of Relatable News all things Austin related. In this months issue we will go over some major projects that are officially approved in the Austin area. As well as some exciting events this February. I’ll go over my international real estate experience as well as top tips to secure a home in the current Austin Market and Appraisal gap is explained.
Have any questions on any Austin topics, reach out here.
$500M project planned near Tesla includes 2,500 single-family homes
Austin Business Journal reported earlier this month a Houston-based real estate developer closed on 1,400 acres southeast of Tesla’s giga-factory that will bring 2,500 single-family lots and 75 acres of commercial space.
The report also adds that their development will include townhomes, a lake, a greenbelt, a swimming pool, and trails.
Video game streaming company building in cedar park
Get ready for a content creator hub if you live near 1220 Toro Grande Blvd in Cedar Park.
This will house lounges, studios, sound stages, editing spaces, and basketball courts.
Oni Studios LLC founder said this would be somewhat of a “talent incubator for the content community.” The goal is to provide a local resource for gaming content creation, gaming events, and education but broaden to lease more significant projects.
For more information on new projects coming to the Austin area, be sure to subscribe.
Tips on Getting a home under contract
Have you been house hunting in Austin these past two weeks, maybe even longer ? Then you have run into a multiple offer situation? You may have even lost that multiple offer situation and got frustrated. Don’t worry. Real estate is like dating; the right home is out there, and it’s the perfect one for you. However, if you don’t like my comparison and want what you want! These tips are for you!
Appraisal waiver if you are able
Add a cover letter- you think these don’t matter, they do!
Option period length cut that in half (again if you can)
For more tips on getting a home under contract, feel free to reach out. Looking to purchase a home, let’s strategize! Click the link below and let’s get started.
Aaron Thomas of Homeowners Financial Group explains Appraisal Gap- You need to read this
The housing market is hotter than ever and bidding wars can get competitive, meaning as a homebuyer, you may feel the need to offer more than the asking price and/or waive your appraisal contingency to win a deal. Mortgage financing guidelines always use the lower of the sales price or appraised value – so if a buyer bids over ask, waives their right to terminate due to a low appraisal, and the house doesn’t appraise for what was bid (an “appraisal gap”), the buyer is required to cover the difference between the appraised value and the offer amount in cash. Luckily, bringing in additional cash upfront to cover the appraisal gap is not always necessary. If a buyer still qualifies with a lower down payment amount, it may be possible to get to the closing table with the same out-of-pocket cash they originally planned for their down payment by simply adjusting the loan payment and terms.
In Scenario 1, we have a $500k Sales price and the buyer brings a 15% down payment of $75,000. Monthly payment is $2700. In Scenario 2 the appraisal has come in low at $450k. We would structure the financing with the buyer bringing the same down payment of $75,000 and increase in the loan-to-value (LTV). Because of the LTV increase, we increase mortgage insurance. So now we have a monthly payment of $2740 but no extra cash out of pocket.
This is a great way to avoid bringing additional cash to close when an appraisal comes in low and still get the house you are hoping for!
For more information on lending feel free to reach out to Aaron here!
my experience house hunting in Costa Rica
It is a bumpy ride. We all know the Austin market is red hot, but boy, we were in for a rude awakening in the Costa Rican real estate market.
We met with our realtor, toured one of the five lots we were interested in. We sent our interest list to him only two days before visiting. Yup, that means all others had gone off the market a day prior. These are not homes folks buy; vacant lots are being scooped up left and right. On average, per our realtor, homes may last one to two days at most a weekend on the market.
When we finally found lots that fit our criteria, we jumped at the opportunity. Unfortunately, we were outbid twice in a matter of 48 hours. Our third and final lot, our offer, was accepted. However, they wanted 45 days to produce proof of water. It’s a big deal in Costa Rica, so we decided to move on to the next. We continue our search; however, we will most likely purchase remote now.
The experience was enlightening and wildly different, similar yet far from what I have experienced in the states. Especially touring sites, we have been through jungles, bridges, creeks, and rivers to get to properties. Super excited to secure something soon!
If you have any questions on purchasing international real estate, feel free to reach out happy to give you my brief insight. As well as share any resources.
Things to DO in AUStin This february
February 1st
Demo & Dine: Celebrate Chinese New Year
February 5th -6th
February 12th-13th
February 19th -20th
Sazon Latin Food Festival in Austin
Explorer of the Month
Hi, I’m Taylor - I’m a Gemini with hazel eyes. I was born and raised in Indianapolis, IN. I moved to Austin, TX in April of 2017. I had visited a few times in the past, but after being downsized from Angie’s List I figured it was a great time to take a little risk. So, I moved 1200 miles from home to experience new things, meet new people, and eat new food!
I had always been an avid food lover and adventurous eater. When I moved down here I wanted to make sure I stayed true to my “experience new things” goal. I didn’t want to find a handful of restaurants I liked and never explore this new (to me) city!
So, I started AustinEater. Armed with an appetite and an iPhone 8 I started a new little hobby of showing off what I was eating. This wasn’t a new or novel idea - but I figured it was a good way to sort of “journal”. I received a free lunch at work, so by the time I got off work - I hadn’t spent any money on food, yet.
So, I took what little “spending” money I had and started trying what was around me and what I could afford. This inevitably lead me to a lot of food trucks. Where I met some awesome people and had some great food.
Once I found my “voice” the page started to grow. I knew there was an appetite for transparent and honest folks eating regular food that normal people eat. The rest is history!
PS: my time around food and restaurants blossomed in to a food photography hobby - which I’ve documented on @thiccboymedia