Austin Texas Realtor Blog

Small businesses looking to expand are now able to refinance existing loans to buy real estate and other fixed assets as a result of permanent changes to the U.S. Small Business Administration’s 504 Certified Development Company loan program.

The changes were authorized in the American Recovery and Reinvestment Act of 2009.

The 504 loan program is administered through 271 Certified Development Companies across the nation. On Wednesday, SBA began implementing the changes by publishing them as a permanent rule in the Federal Register.

The legislation allows 504 program projects to include a limited amount of debt refinancing if there is a business expansion and the debt refinanced does not exceed 50 percent of the projected expansion cost. The following are some conditions under which borrowers will be eligible for refinancing:

• The debt being refinanced was incurred to acquire land, to construct a building or to purchase equipment. The assets acquired must be eligible for financing under the 504 program.

• The existing debt is collateralized by fixed assets.

• The existing debt was incurred for the benefit of the small business.

• The new financing provides a substantial benefit to the borrower when prepayment penalties, financing fees, and other financing costs are taken into account.

• The borrower has been current on all payments of existing debt for one year prior to the date of refinancing.

“Lower interest rates mean lower payments and less money going out the door each month in debt repayments. That means more cash on hand to keep their doors open, their employees working and to even expand and create more jobs,” said SBA Administrator Karen Mills.

The permanent changes allow small businesses to restructure eligible debt to help improve their cash flow which, in turn, will enhance their viability and support growth and job creation. The 504 loan program can be used to purchase business real estate or fixed assets, such as heavy equipment or machinery, and expand current development projects.

Mills said the 504 program’s refinancing changes are the latest in several Recovery Act provisions implemented by the SBA in recent weeks. On March 16, the agency temporarily raised to 90 percent the guarantee level on many of its 7(a) program loans and reduced fees on both 7(a) and 504 loans.It also doubled to $5 million the surety bond guarantee level for small businesses competing for construction and service contracts.

Additionally, on June 15, SBA’s American Recovery Capital loans became available for small businesses facing immediate financial hardship.

Jason L. Joseph-Realtor/Real Estate Agent

Direct: (512) 658-7949

Website: WWW.JASONLJOSEPH.COM

Member of:

National Association of Realtors-NAR

Texas Association of Realtors-TAR

Austin Board of Realtors-ABOR

Margie Joseph & Associates Realtors

Marjorie A. Joseph- Broker

2416 Rio Mesa Drive

Austin, Texas 78732

Fax (512) 266-3522

Jason Joseph Realtor/ Real Estate Agent and Margie Joseph & Associates Realtors are a licensed real estate firm providing brokerage services in the State of Texas visit www.trec.state.tx.us for further licensing details.  

The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics provides that “REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national origin. REALTORS® shall not be a party to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status or national origin. The Fair Housing Act declares a national policy of fair housing throughout the United States. The law makes illegal any discrimination in the sale, lease or rental of housing, or making housing otherwise unavailable, because of race, color, religion, sex, handicap, familial status, or national origin.

U.S. construction spending in April totaled $969 billion, which was up 0.8 percent from March, reported Ken Simonson, chief economist for the Associated General Contractors of America, in his Data DIGest for last week. However, that total was down 11 percent compared with April 2008.

Manufacturing construction recorded the biggest month-to-month gain, with the April number rising 3.9 percent from March. Simonson attributed the increase to a number of oil-refinery upgrades.

Private construction that depends on bank financing has generally fallen off, Simonson wrote, with retail, warehouse and farm construction falling by 2.1 percent from March and lodging falling 2.4 percent.

Jason L. Joseph-Realtor/Real Estate Agent

Direct: (512) 658-7949

Website: WWW.JASONLJOSEPH.COM

Member of:

National Association of Realtors-NAR

Texas Association of Realtors-TAR

Austin Board of Realtors-ABOR

Margie Joseph & Associates Realtors

Marjorie A. Joseph- Broker

2416 Rio Mesa Drive

Austin, Texas 78732

Fax (512) 266-3522

Jason Joseph Realtor/ Real Estate Agent and Margie Joseph & Associates Realtors are a licensed real estate firm providing brokerage services in the State of Texas visit www.trec.state.tx.us for further licensing details.  

The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics provides that “REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national origin. REALTORS® shall not be a party to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status or national origin. The Fair Housing Act declares a national policy of fair housing throughout the United States. The law makes illegal any discrimination in the sale, lease or rental of housing, or making housing otherwise unavailable, because of race, color, religion, sex, handicap, familial status, or national origin.

WASHINGTON — The three most important things in real estate: location, location, location.

It’s true for recovery from a real estate bubble too. Overall, many economists expect the national economy to return to growth later in 2009, perhaps as soon as this summer. But that won’t be the case everywhere. While some cities are poised for a quick rebound, others face a slog to recovery that could take years.

Poised for swift recovery are many Texas cities, such as Austin, San Antonio, Dallas and McAllen. These areas did not see the massive real estate bubble that formed in states like California, Nevada and Florida. The economy is diverse, with heavy growth coming from education and health care in recent years.

In Pictures: The 10 Best And 10 Worst U.S. Cities For Economic Recovery

Many of the cities with the longest road to recovery are California cities, where home prices rocketed out of control, and entire economies were supported largely by a real estate bubble. Fresno, Modesto, Salinas, Bakersfield, Stockton and Los Angeles all saw home prices soar to unsustainable levels and then begin their inevitable plunge. The collapse of the housing markets pushed unemployment rates in these cities above 10%.

Even as a flood of foreclosures makes home prices look affordable again, a sign that some of the worst real estate markets may be finding their bottom, it will still take years for unemployment rates as high as 16.8% in Modesto or 15.5% in Fresno to return to healthy levels.

Jason L. Joseph-Realtor/Real Estate Agent

Direct: (512) 658-7949

Website: WWW.JASONLJOSEPH.COM

Member of:

National Association of Realtors-NAR

Texas Association of Realtors-TAR

Austin Board of Realtors-ABOR

Margie Joseph & Associates Realtors

Marjorie A. Joseph- Broker

2416 Rio Mesa Drive

Austin, Texas 78732

Fax (512) 266-3522

Jason Joseph Realtor/ Real Estate Agent and Margie Joseph & Associates Realtors are a licensed real estate firm providing brokerage services in the State of Texas visit www.trec.state.tx.us for further licensing details.  

The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics provides that “REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national origin. REALTORS® shall not be a party to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status or national origin. The Fair Housing Act declares a national policy of fair housing throughout the United States. The law makes illegal any discrimination in the sale, lease or rental of housing, or making housing otherwise unavailable, because of race, color, religion, sex, handicap, familial status, or national origin.

The Austin metro area added 4,900 jobs in April, helping bring the unemployment rate down from 6.2 percent in March to 5.8 percent last month.

Austin had roughly 781,400 jobs in April, up from 776,500 in the prior month. That’s also a 3,400-job increase from April 2008. The sector posting the biggest month-over-month gain was leisure and hospitality, which added 3,000 positions.

Texas’ unemployment rate remained unchanged in April at 6.7 percent and continued to trend well below the national rate of 8.9 percent. The U.S. rate was 8.5 percent in March.

Texas’ seasonally-adjusted nonagricultural employment fell by 39,500 jobs in April. Texas has recorded a net loss of 173,900 jobs in the past 12 months, compared with job losses of 5.2 million in the United States during the same period.

“While the Texas unemployment rate remains substantially lower than the national rate, it is of real concern that Texans who have lost their jobs through no fault of their own are having a difficult time finding employment,” said Texas Workforce Commission Chairman Tom Pauken. “Continued unemployment claims remain much higher than a year ago.”

The largest over-the-month drop occurred in professional and business services with a loss of 20,100 jobs in April, followed by trade, transportation and utilities with a loss of 15,400 jobs.

Leisure and hospitality posted the largest industry gain in April with an additional 10,600 jobs. Education and health services added 4,500 jobs, representing an annual job growth rate of 4.5 percent.

Jason L. Joseph-Realtor/Real Estate Agent

Direct: (512) 658-7949

Website: WWW.JASONLJOSEPH.COM

Member of:

National Association of Realtors-NAR

Texas Association of Realtors-TAR

Austin Board of Realtors-ABOR

Margie Joseph & Associates Realtors

Marjorie A. Joseph- Broker

2416 Rio Mesa Drive

Austin, Texas 78732

Fax (512) 266-3522

Jason Joseph Realtor/ Real Estate Agent and Margie Joseph & Associates Realtors are a licensed real estate firm providing brokerage services in the State of Texas visit www.trec.state.tx.us for further licensing details.  

The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics provides that “REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national origin. REALTORS® shall not be a party to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status or national origin. The Fair Housing Act declares a national policy of fair housing throughout the United States. The law makes illegal any discrimination in the sale, lease or rental of housing, or making housing otherwise unavailable, because of race, color, religion, sex, handicap, familial status, or national origin.

Jason L. Joseph-Realtor/Real Estate Agent

Direct: (512) 658-7949

Website: WWW.JASONLJOSEPH.COM

Member of:

National Association of Realtors-NAR

Texas Association of Realtors-TAR

Austin Board of Realtors-ABOR

Margie Joseph & Associates Realtors

Marjorie A. Joseph- Broker

2416 Rio Mesa Drive

Austin, Texas 78732

Fax (512) 266-3522

Jason Joseph Realtor/ Real Estate Agent and Margie Joseph & Associates Realtors are a licensed real estate firm providing brokerage services in the State of Texas visit www.trec.state.tx.us for further licensing details.  

The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics provides that “REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national origin. REALTORS® shall not be a party to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status or national origin. The Fair Housing Act declares a national policy of fair housing throughout the United States. The law makes illegal any discrimination in the sale, lease or rental of housing, or making housing otherwise unavailable, because of race, color, religion, sex, handicap, familial status, or national origin.

Austin is the best city in America to get a fresh start, according to a new report from Relocation.com.

The online moving service company ranked Austin No. 1 on its list of the best cities to start over and seek out new economic opportunities.

Relocation.com used the following elements to create its list: city “popularity” based on consumer requests for moving quotes to move to that city; economic-growth prospects; home affordability; and the strength of a community as reflected by volunteerism rates.

The top cities following Austin, in order, are Dallas; Charlotte, N.C.; Denver; Columbus, Ohio; Indianapolis; and Washington, D.C.; Atlanta; Oklahoma City, Okla.; and a three-way tie for 10th place between Houston, Seattle and Las Vegas.

“Studies have shown that many people don’t like where they live,” said Sharon Asher, chairman and founder of Relocation.com. “At the same time, a lot of people are looking for work, whether they’re unemployed now or fearing layoffs. It’s a scary time, but for some it might be a good time to think about starting over.”

Jason L. Joseph-Realtor/Real Estate Agent

Direct: (512) 658-7949

Website: WWW.JASONLJOSEPH.COM

Member of:

National Association of Realtors-NAR

Texas Association of Realtors-TAR

Austin Board of Realtors-ABOR

Margie Joseph & Associates Realtors

Marjorie A. Joseph- Broker

2416 Rio Mesa Drive

Austin, Texas 78732

Fax (512) 266-3522

Jason Joseph Realtor/ Real Estate Agent and Margie Joseph & Associates Realtors are a licensed real estate firm providing brokerage services in the State of Texas visit www.trec.state.tx.us for further licensing details.  

The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics provides that “REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national origin. REALTORS® shall not be a party to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status or national origin. The Fair Housing Act declares a national policy of fair housing throughout the United States. The law makes illegal any discrimination in the sale, lease or rental of housing, or making housing otherwise unavailable, because of race, color, religion, sex, handicap, familial status, or national origin.

Austin’s relative affordability and number of job opportunities has helped it rank first on Forbes.com’s list of the nation’s best bargain cities.

To determine which U.S. cities are the best bargains, Forbes.com looked at the country’s 50 largest U.S. metropolitan areas. Researchers assigned cities points across four data sets: average salary for workers with a bachelor’s degree or higher; annual unemployment statistics; cost of living; and the Housing Opportunity Index that measures the amount of homes sold in a given area that would be affordable to a family earning the local median income.

The other major Texas cities–Houston, San Antonio, Dallas and Ft. Worth–were also among the top 10 best bargains. But none come close to Austin where the 5.5 percent unemployment rate is the best in the country and about half the national average

Jason L. Joseph-Realtor/Real Estate Agent

Direct: (512) 658-7949

Website: WWW.JASONLJOSEPH.COM

Member of:

National Association of Realtors-NAR

Texas Association of Realtors-TAR

Austin Board of Realtors-ABOR

Margie Joseph & Associates Realtors

Marjorie A. Joseph- Broker

2416 Rio Mesa Drive

Austin, Texas 78732

Fax (512) 266-3522

Jason Joseph Realtor/ Real Estate Agent and Margie Joseph & Associates Realtors are a licensed real estate firm providing brokerage services in the State of Texas visit www.trec.state.tx.us for further licensing details.  

The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics provides that “REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national origin. REALTORS® shall not be a party to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status or national origin. The Fair Housing Act declares a national policy of fair housing throughout the United States. The law makes illegal any discrimination in the sale, lease or rental of housing, or making housing otherwise unavailable, because of race, color, religion, sex, handicap, familial status, or national origin.

Nearly a decade ago, after making a donation to a volunteer-run radio station in Austin, Texas, local librarian Red Wassenich was asked why he chose to support a broadcaster with a penchant for playing strange crooner music. “Because it keeps Austin weird,” he said.

Since then, the phrase “Keep Austin Weird” has become the city’s official rallying cry against the establishment of large chain stores near mom-and-pop shops–and, more generally, for maintaining the city’s eccentric feel. The city may be weird, but perhaps more redeeming is that it’s also a bargain to live there: Austin is the place where people pay the least to get the most.

Cities

“Austin has always been really different from the rest of Texas,” says Wassenich, 59.

He’s talking about the city’s weirdness, but he might as well be talking about its affordability and profusion of job opportunities. Four other Texas cities make the list of America’s Best Bargain Cities, but none come close to Austin, whose 5.5% unemployment is the best in the country and about half the national average.

Behind the Numbers
To determine which U.S. cities are the best bargains, Forbes looked at the country’s 50 largest U.S. metropolitan statistical areas and metropolitan divisions–geographic entities defined by the U.S. Office of Management and Budget used by federal agencies in collecting, tabulating and publishing federal statistics.

We assigned points to metro regions across four data sets: Average salary for workers with a bachelor’s degree or higher, from PayScale.com; annual unemployment statistics, from the Bureau of Labor Statistics; cost of living, from Moody’s ( MCO - news - people )Economy.com; and the Housing Opportunity Index, from the National Association of Home Builders/Wells Fargo, which measures the amount of homes sold in a given area that would be affordable to a family earning the local median income based on standard mortgage underwriting criteria.

Austin earned high marks across the board.

“They have the triple-whammy of being a university town, a state capital and a technology center,” says Al Lee, director of quantitative analysis at PayScale.com, a salary data aggregator based in Seattle. “It makes for a very robust economy and a great place for people to work.”

Second on our list is Phoenix, Ariz., but what makes this city affordable isn’t quite the same formula as in Austin. The real estate bust left the desert oasis as one of America’s emptiest cities, which has also driven down home prices. As a result, Phoenix is one of the most affordable big cities in the nation.

Washington, D.C., rounds out the top three, thanks to an employment rate rivaled only by Austin. That comes as no surprise to Lee.

“Between defense spending under Bush and stimulus spending under Obama, it’s been an incredibly strong time,” he says.

Further on, the list includes a few places that may raise an eyebrow or two. Ritzy Cambridge, Mass., clocked in at No. 11 because of extremely high salary scores, while Detroit’s rock-bottom housing costs earned the city a No. 15 rank–despite an astronomical 13% unemployment rate. That’s roughly twice Austin’s rate.

Lone Star Constellation
While the capital of Texas graced the top of our list, the rest of the state’s large cities performed admirably too. All five of Texas’ biggest burgs–Houston, San Antonio, Dallas and Ft. Worth–were among the top 10 best bargains. Not a single city in Texas ended up on our list of most overpriced places.

Part of the reason is that Texas offers some of the best incentives for entrepreneurs looking to start or move a business, according to Eduardo Martinez, a senior economist at Moody’s Economy.com. Like Phoenix, Texan metros “have picked up a lot of California companies that have left because of high operating costs,” he says.

Still, the state’s future is far cloudier than its big blue skies. Martinez warns that Texas is vulnerable because of its exposure to America’s foundering auto industry via manufacturing.The Lone Star State may also be aversely affected by the expected decrease in defense spending as contracts won in the Bush years begin to expire.

Back in Austin, though, residents are facing a different sort of challenge: To keep the city weird–and to themselves.

“Tell people not to move here!” says Wassenich.

RISMEDIA, May 20, 2009-Nationwide housing affordability jumped 10 percentage points during the first quarter of 2009 to its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008.“Underlying the increase in affordability are lower home prices and record low interest rates. Combined with the $8,000 federal tax credit for first-time home buyers, consumers are beginning to return to the marketplace,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.

Indianapolis was the most affordable major housing market in the country during the first quarter. Almost 95% of all homes sold were affordable to households earning the area’s median family income of $68,100. Indianapolis has now topped the affordability list 15 consecutive quarters.

Also near the top of the list of the most affordable major metro housing markets were Youngstown-Warren-Boardman, Ohio-Pa.; Akron, Ohio; Grand Rapids-Wyoming, Mich.; and Syracuse, N.Y.

Several smaller housing markets posted even higher affordability scores than Indianapolis, with Sandusky, Ohio outscoring all others. There, almost 98% of homes sold during the first quarter of 2009 were affordable to median-income earners. Other small housing markets ahead of Indianapolis on the affordability scale included Monroe in Michigan and Mansfield, Springfield and Canton-Massillon in Ohio.

New York-White Plains-Wayne, N.Y.-N.J., where just over 21% of all homes sold during the period were affordable to those earning the median income of $64,800, was once again the nation’s least affordable major housing market in the first quarter. Though affordability jumped 7 percentage points for the quarter, this was the New York metro area’s fourth consecutive appearance at the bottom of the list. Other major metros near the bottom of the chart included San Francisco; Los Angeles-Long Beach-Glendale, Calif.; Nassau-Suffolk, N.Y.; and Honolulu.

Among smaller metro areas, Ocean City, N.J. was the least affordable market, along with San Luis Obispo-Paso Robles, Calif.; Flagstaff, Ariz.; Hanford-Corcoran, Calif.; and Santa Cruz-Watsonville, Calif., respectively.

Jason L. Joseph-Realtor/Real Estate Agent

Direct: (512) 658-7949

Website: WWW.JASONLJOSEPH.COM

Member of:

National Association of Realtors-NAR

Texas Association of Realtors-TAR

Austin Board of Realtors-ABOR

Margie Joseph & Associates Realtors

Marjorie A. Joseph- Broker

2416 Rio Mesa Drive

Austin, Texas 78732

Fax (512) 266-3522

Jason Joseph Realtor/ Real Estate Agent and Margie Joseph & Associates Realtors are a licensed real estate firm providing brokerage services in the State of Texas visit www.trec.state.tx.us for further licensing details.  

The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics provides that “REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national origin. REALTORS® shall not be a party to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status or national origin. The Fair Housing Act declares a national policy of fair housing throughout the United States. The law makes illegal any discrimination in the sale, lease or rental of housing, or making housing otherwise unavailable, because of race, color, religion, sex, handicap, familial status, or national origin.

RISMEDIA, May 19, 2009-Unemployment is the highest it has been in 25 years. The DOW dropped to a record low in March. Everything is getting more expensive. These days we are faced with a lot of negative statistics and consumer confidence is suffering. When it comes to moving, one might think that the costs should be cheaper, service should be better, and they should have more companies to choose from. But what are the facts?

-The drop in the economy has resulted in 20% less people moving, which has caused a drop in the moving business.
-The cost of a move has increased year over year since 2005.
-The number of claims with the Better Business Bureau against movers has increased in the past year.
-Many moving companies are closing due to the drop in business.

Many consumers feel that choosing a mover is an easy task. It can be effortless, but how sure are consumers that they are getting exactly the services they need? After all it is not like ordering a sandwich. Consumer advocates say that even the savviest shopper may encounter hidden fees, stolen & broken items, and bad estimates.

When your clients are making a move, there are several things to watch out for that can increase the cost of the move and lead to more stress:

Estimates that are too low. Shady companies use low pricing to secure a job and then demand more money on the day of delivery.
Proper licensing. Rogue movers often operate without proper licensing, use rented trucks and might not have an actual office making them harder to track in the event of a problem.
Complaints. It is important to check with the Better Business Bureau before choosing a mover to ensure that they are reputable. Too many claims are not a good sign.
Money up front. A company that asks for a cash deposit or payment in full before the move takes place may not finish the job. No reputable company asks for money up front.

We are entering the summer months which is an extremely busy time in the moving industry. Consumers should be extra careful when choosing a company to assist them and their family move. Working with an unscrupulous mover can add thousands of dollars to the cost, and unwanted stress.

Jason L. Joseph-Realtor/Real Estate Agent

Direct: (512) 658-7949

Website: WWW.JASONLJOSEPH.COM

Member of:

National Association of Realtors-NAR

Texas Association of Realtors-TAR

Austin Board of Realtors-ABOR

Margie Joseph & Associates Realtors

Marjorie A. Joseph- Broker

2416 Rio Mesa Drive

Austin, Texas 78732

Fax (512) 266-3522

Jason Joseph Realtor/ Real Estate Agent and Margie Joseph & Associates Realtors are a licensed real estate firm providing brokerage services in the State of Texas visit www.trec.state.tx.us for further licensing details.  

The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics provides that “REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national origin. REALTORS® shall not be a party to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status or national origin. The Fair Housing Act declares a national policy of fair housing throughout the United States. The law makes illegal any discrimination in the sale, lease or rental of housing, or making housing otherwise unavailable, because of race, color, religion, sex, handicap, familial status, or national origin.