http://www.trulia.com/profile/CentralTexasHomeAndLand/The latest answers submitted by Rodney Monk to questions asked on Trulia Voicesen-ushttp://www.trulia.com/voices/Home_Buying/I_have_a_real_estate_agent_who_has_been_emailing_m-145749Answer by Rodney Monk: Just sending you listings without an agreement does not constitute representation. In order to be represented, the agent should have had you sign both "Information about Brokerage Services" and a "Representation Agreement". If you have not signed either of these, and you want to no longer be affiliated with the agent, there should be an unsubscribe link on the searches you are recieving, or just call or email the agent to ask them to stop. However, if you have signed an agreement with them, I would recommend first asking them to be released, and if that does not do it, you can place a call to their broker. I would be glad to help you out with any other questions, or your home search here in Hays. Rodney Monk www.CentralTexasHomeAndLand.com 512.524.6565Tue, 15 Sep 2009 13:35:33 PDThttp://www.trulia.com/voices/Home_Buying/Is_now_a_bad_time_to_buy_in_Austin_-47299Answer by Rodney Monk: I would just like to acknowledge the last entry"Realestate#1". First of all, are you afraid to use your name? I don't understand why there are so many people(and I am seeing it alot) that have nothing better to do with thier time than to try to stir up controversy. I want to remark on your comment. In all of the blogs I have read and posted, I don't recall anyone ever saying that we are at rock bottom, that prices will never go a penny lower, and that tomorrow they will shoot up through the roof. However, I have read and posted, that it is a good time to buy, which it is. Merely a fact. I don't know why you don't seem to get that. Your response is like going to the doctor and him telling you that he is pretty sure you have cancer, and you should probably get treatment, and you telling him that that you don't think it is at its worst yet, so you are going to wait for treatment. We are proffessionalls that live and breathe in what is going on. And yes things are different in different regions, but I would like to ask you this. What are the factors that you feel determines the time to buy? Is it when there is more supply than we have ever seen in our lifetime? Is it when interest rates are lower than have ever been documented? Is it when sellers are doing everything they can to get rid of their homes, including dropping the prices so low they are losing money, and it is way below appraised value? Is it when the government is giving you money to buy? Well, I can't imagine those not being good signs, so I am saying it's a great time. I forgot my crystal ball at home though, so I can't tell you what will happen tomorrow. But maybe your cancer will be better tomorrow and you will be soooo glad you didn't get that treatment. Rodney MonkMon, 13 Apr 2009 09:00:52 PDThttp://www.trulia.com/voices/Home_Buying/Is_now_a_bad_time_to_buy_in_Austin_-47299Answer by Rodney Monk: Dino, In some areas you have seen more of an appreciation than others. We are talking broad brush about Austin though. Austin is like any other city in the country, where there are areas that do much better than others. There are several areas in Austin that are selling faster than almost anywhere in the country. Then you have others that are slower. For instance area 10S has an average of only 45 days on the market (WOW!). Yet downtown, which is an area most people would consider is doing well, is selling at an average of 119. And yes, it is possible some areas tripled in price, however this is not the norm throughout Austin. This is one reason why Austin is doing so well, we have had the average moderate appreciation in most areas. In turn others are seeing that this is a great place to be, and are coming by the droves. On top of that our job market is phenomenal. Add it all up, and yes this is a good market, and great place to buy.Thu, 18 Sep 2008 13:05:23 PDThttp://www.trulia.com/voices/Home_Buying/Is_now_a_bad_time_to_buy_in_Austin_-47299Answer by Rodney Monk: Hey Paul, I thought you might appreciate having this article recently published by Inman News. It gives a historical overview of the Austin real estate market over the last 8-10 years and what factors make the future of real estate in Austin continue to look so bright. ************************* It's Back to the Future for Austin Real Estate! Inman News The serious downturn in housing sales in many parts of the country is well known. This downturn was preceded by a strong escalation in home prices. In many areas, prices rose beyond levels that were supported by local salaries and income. The driving force that fueled the growth in home prices was the availability of money. The easy availability of home buying money allowed the demand side of the market to build. When buyers could expect 10%-30% appreciation and get 6% interest rates, who would not be motivated to buy? It's a no-brainer, right? Right. But, high demand leads to higher prices. And, high demand leads to more inventory, as builders respond to the need for homes. The sources of money for mortgages came from new and unregulated sources. Prior to this, government regulated entities, such as Fannie Mae, were the main buyers of mortgages from lenders. Then, new Wall Street investors entered the market for buying real estate loans. Alternative loans, interest-only loans, 100% loans, creative ARM's, no-documentation, and other high risk products became commonplace. Some of these loans began with a low interest rate that the borrower barely qualified for, and then switched to a higher rate after a short time. In many cases, the borrowers did not understand the risk that they were taking. For most of my experience in real estate, buyers were limited to 80-90% loans, with 28% of their income allowed for mortgage payment, and their income was fully documented. When we began to see 100% financing on contracts, we were concerned by the buyer's lack of personal investment, or skin in the game, as they say. Loans such as these have an underlying expectation that the value of the home will increase quickly, and the buyers will be covered, if they need to sell. Sub-prime, alternative, or high risk loans are not limited to low income buyers, and are not always predatory. Often, very sophisticated buyers elected to keep their cash and leverage more. On a large scale, the easy availability of money, through higher risk loans, fueled the growth of home ownership and investment in rental real estate. The demand for homes raised prices, and then raised inventories, as builders supplied more homes. Then the cycle was broken. What caused the break? Foreclosures began to show up. Investors who bought mortgage backed securities realized that they contained more risk than they expected, and stopped buying them. Lenders lost the market for selling many of their loans. When home buying money dried up, demand for homes slowed down, and prices began to fall in many parts of the country. Of course, real estate markets are local. Many areas will survive this much better. Fortunately, Austin is one of those areas. To be sure, we are experiencing the effects of the reduction in demand for homes, but it is not devastating. Why? First, the Austin market has not had double digit appreciation during the past few years. During the years from 2001 to 2004, after the Dot.com bust, the market in Austin was somewhat soft. The median price rose by about 3.5% per year, on average. From 2005 through 2007 our market tightened up, and we began to see very low inventory and strong demand, especially in the central areas. Throughout Austin, especially in suburban areas, builders produced inventory to keep up with demand. Overall, appreciation in Austin has been steady, but reasonable. Home prices have not risen excessively, and are not falling precipitously. Austin home prices are still in line with local salaries. Second, the real estate market always reflects the job market. Approximately 20,000 new jobs were added during the past year. Our unemployment level is about 3.5%, a level that some would consider full employment. Retail outlets are opening at a fast clip-a result of widespread employment. New jobs are being created as companies move here and Austin companies expand. Jobs bring in people, and people buy homes. It is true that the "new" restrictions on obtaining a mortgage will have a slowing effect on the Austin market. For the next year, we will see a more balanced market than we experienced in 2006 and 2007. Sellers will have to consider the fundamentals to attract a buyer. They will need competitive pricing, excellent presentation, and top level marketing. Buyers will have to have a down payment, good credit, and proper income for their loan. So, it's back to the future for the Austin real estate market. Let me know if you have any questionsThu, 18 Sep 2008 11:57:04 PDThttp://www.trulia.com/voices/Home_Buying/Is_now_a_bad_time_to_buy_in_Austin_-47299Answer by Rodney Monk: Hey Paul, Well for starters, right now is a great time to buy. There are record #'s of homes to choose from, and prices are great!!! As far as getting the cold feet, I can understand that, but buying a home is always a good investment, since you have to live somewhere, might as well be somewhere that you can get money back from one day. $7000 is a good # to judge from for down and closing. It is very common for sellers to contribute to closing costs/downpayments. Especiallly right now when sellers are a little more desperate to do what it takes to sell. FHA loans are changing alot right now, so it is important to get prequalified first, and get the real story up front. There are several downpayment assistance programs available right now, but will be going away after October 1st. If you have any other questions, feel free to contact me, and I would be glad to help you with them.Fri, 29 Aug 2008 09:12:43 PDThttp://www.trulia.com/voices/Market_Conditions/Newly_purchased_house_in_desirable_neighborhood_b-74432Answer by Rodney Monk: Hey Rob, I wanted to further explain what I meant in the earlier post. A seller will actually see value in today's market in accepting a contingency contract. The reason is this. It is a strong buyers market right now (more than 6 months of inventory, low interest rates, low prices on home, LOTS of homes to choose from). Sellers are excited to even see traffic in their homes right now. So when you put any sort of offer right now, it will be of some interest to a seller. Furthermore, a contigency offer is not necessarily a bad thing to a seller. It actually gives them the power. If another buyer were to come along and make an offer on their home, they could still accept that buyers offer. So there is no reason why they would not be inclined to accept a contigency (a bird in the hand is worth 2 in the bush). For you, it does carry some downsides, mainly that you would probably put up some money for an option period, and if your offer was terminated, you would lose that money, but all in all, in this market, there is more of the possibility of your offer running its course(as I said in the earlier post), as we are seeing some homes on the market for years instead of months. You will continue to be confused as to what to do, until you speak with a REALTOR about what your home could possibly sell for, and what the timeframe could be, and what you would clear. That is why I mentioned you do that first. Get all of your ducks in a row, see the actual potential(what you could do here, and in Dallas) then make up your mind. After all, to do all that, takes no more than a few minutes and its free. I can do all this for you, just let me know how I can help. Rodney Monk 512.524.6565Sat, 7 Mar 2009 09:40:05 PSThttp://www.trulia.com/voices/Market_Conditions/Newly_purchased_house_in_desirable_neighborhood_b-74432Answer by Rodney Monk: Well, bottom line Rob is this. Many people are still doing well with selling in this market. Quite honestly each situation is different. It is an excellent time to move up(understanding that is not your intent), but what I mean is it could actually benefit you. Without knowing all of the details of your home, I can say that it is possible in that timeframe of your ownership to maybe come out on top. Even if you broke even on the sell now, and it alleviated you of your monthly obligation, the fact is that your purchase in Dallas would more than make up for it(differred monthly payment, lower interest rate, more home for the dollar). As far a buying with a contingency, that is not a bad idea. The truth is there are so many houses available right now, some sellers would be more apt to accept that offer, and the possibility of your offer on that home could actually come to term without another interested party. Either way, it is always best to try and sell first if you can. It's like I tell anyone wondering, you won't know unless we look into it. I would be glad to speak with you via email, phone, or in person about your home, and give you a better understanding of where you are on the prospect of selling. Feel free to contact me. Rodney MonkFri, 6 Mar 2009 21:48:16 PSThttp://www.trulia.com/voices/Home_Buying/My_husband_I_are_considering_a_move_to_Austin_-67241Answer by Rodney Monk: Hi Sue, I would say that it depends on what you like to do. You mentioned that you don't play golf or tennis, but what do you like to do? I would also of course ask in what price range. If you are not familiar with Austin, there is a large difference in price depending on where you are looking(closer to city or outskirts). Also, Austin is unique in that you can live on the outskirts, and still be very close to a majority of the things to do in the area. If I can help, please feel free to contact me. Good luck in the future! Rodney Monk Central Texas Home And Land Keller Williams 512.524.6565Wed, 12 Nov 2008 13:49:33 PSThttp://www.trulia.com/voices/Property_QandA/What_would_the_homeowner_s_fees_be_on_a_property_s-63531Answer by Rodney Monk: Hi Julie, It is apparent that you are not working with a REALTOR. I would be glad to help you out, as this property IS still available. As a REALTOR I can help you get all the questions answered that you could have, and allow you to see the properties as well. Also, my services are free. Give me a call or shoot me an email, and I would be glad to tell you how else I can help. Oh yes, and the HOA is a Jeff said, $110/month. Rodney Monk Central Texas Home And Land 512.524.6565 RMonk@kw.comWed, 5 Nov 2008 13:08:18 PSThttp://www.trulia.com/voices/Property_QandA/Testing_for_Carol_V_-66419Answer by Rodney Monk: Faith, I am not sure I understand your question. As a REALTOR I can get any info on the property in question you may have. Feel free to contact me if you have any specific questions.Wed, 5 Nov 2008 12:58:54 PSThttp://www.trulia.com/voices/Home_Buying/How_many_MLS_s_cover_Kyle_Obviously_Trulia_isn_-35545Answer by Rodney Monk: The problem with just searching the web is this. Some agents do take the extra time to manually input thier listings in multiple websites, however, once they are sold, or a price changes(or any other change for that matter) occurs, they either forget, or just don't take the time to manually make those changes. In essence, what happens is, you are looking at homes you feel very interested in, and they may not even be on the market. On the flip side, if a REALTOR hasn't input into that specific site, you won't even know certain properties exist. Even on some REALTORS websites, they have properties that are no longer for sale. REALTOR.com is good because all properties put into MLS are automatically fed onto the website, however, you are still dealing with a lag, and in many cases, incorrect info. That is why it is important to work with a REALTOR who can keep you on top, and in the know. And it's FREE!!Thu, 14 Aug 2008 12:45:02 PDThttp://www.trulia.com/voices/Home_Buying/How_many_MLS_s_cover_Kyle_Obviously_Trulia_isn_-35545Answer by Rodney Monk: Chris, I know most agents will just say, use my site. Your thought is duh, of course you will say that, but there is some validity to having an agent working for you. A couple of benefits is that a REALTOR can email you the second a property becomes available that fits your criteria, saving you from hours on different sites searching. In my case, all services are free to you. Let me know what you are looking for, and I will set you up with your own personal website with ALL properties that fit what you are looking for.Wed, 14 May 2008 12:06:39 PDThttp://www.trulia.com/voices/Home_Buying/What_is_the_real_estate_selling_price_trend_over_t-12840Answer by Rodney Monk: Hi Larry, The trend has gone up over the last 5 years. Not only due to the fact that Austin is one of the top real estate markets in the country, but also due to Kyle growing and moving in the right direction. Although over the last year, it has tapered down slightly due to the economic change overall. Although we are not seeing the main affects that literally all other areas are, it has somewhat affected the market very slightly. Last year the average sale price during the month of April was $187,340, where as this year it was $178,920. Not a major change, still holding. Total solds last year were 92 and this year 75. This was partly due to the major bang of new homes in the area. I don't think this is anything to get flustered over. I help many people buy homes in Kyle, and I know that it is one of the best places you can buy. Please let me know if you have any other questions.Wed, 14 May 2008 12:20:30 PDThttp://www.trulia.com/voices/Quality_of_Life/what_year_was_asbestos_banned_for_use_in_homes_bui-31336Answer by Rodney Monk: Pam, Even though Asbestos was said to be banned mid 1900's, it has still been proven to show up in products such as wallboard joint compound, and drywall, textured products, popcorn materials, and many other building material. Some manufactureres were distributing products containing it against their own knowledge. There have been recent class action lawsuits in Texas, Florida, and other states in some cases proving this. If this is a major worry, I would definetly recommend hiring a proffessional to do testing.Wed, 7 May 2008 12:00:49 PDThttp://www.trulia.com/voices/Financing/Am_I_Even_Able_to_Get_Pre_Approved_-34738Answer by Rodney Monk: Ashley, the only way you will know for sure, is to go to the source. Call up a lender in your area, preferrably one you know of from a freind that has used them, and tell them you are ready to get prequalified, then preapproved. As I stated before, if for some reason they say you cannot be approved right now, they should be able to tell you, literally, debt for debt, what you should pay, how much, and how frequently to get you where you need to be to make your purchase. I understand you are just looking for answers, but that is the only way you will know.Wed, 7 May 2008 11:44:16 PDThttp://www.trulia.com/voices/Financing/Am_I_Even_Able_to_Get_Pre_Approved_-34738Answer by Rodney Monk: Hi Ashley, The very first thing you should do before going through all of the trouble, is to speak with a lender. Ultimately they will be the one to determine your success rate in getting a loan. By speaking with a lender, you can get pre-approved, or pre-qualified, and if not, most reputabley companies can tell you exactly what you will need to do in order for everything to work for you. You would surprised in how many clients I meet that say they know for sure they can't get approved, but when I put them in contact with a lender they get approval. There are several loan programs out there in different areas that don't rely as much on credit scores and look more at the person and their last year's history. Again, I suggest going straight to a lender to get pre qualified, then go from there.Wed, 7 May 2008 08:46:19 PDThttp://www.trulia.com/voices/Crime_and_Safety/kyle_texas-19247Answer by Rodney Monk: Hi Krystal, I know you are not asking a question, so hopefully I can help with this response. Kyle is a great city to look at buying in. It is still a relatively small city with Family attributes, but is growing too. This is good because it will help home values in the future. There is a new hospital going in the area, plus it is not far from Austin (15mins) or San Marcos (15mins).Wed, 7 May 2008 11:38:40 PDThttp://www.trulia.com/voices/Home_Buying/Is_now_a_good_time_to_buy_in_the_small_towns_aroun-4521Answer by Rodney Monk: Hi James, I live and work in Wimberley. I can tell you without a hitch that this is one of the best places you could purchase a home. We have been written up in many newpapers(New York Post even) as the #1 small town to live in in America. There are many things that bring people here. We have rivers, hills, creeks, golf, small town atmosphere, and we are just 45 minutes from Both Austin and San Antonio. Right now Wimberley is seeing some moderate growth, just enough to keep it small, but the houses are still appreciating at the same rate as Austin. I would be glad to work with you and answer any other questions you may have about the area, or any surrounding areas as I work ALL of Central Texas.Wed, 7 May 2008 11:35:24 PDThttp://www.trulia.com/voices/Home_Buying/Can_I_get_out_of_a_Buyer_s_Agent_Contract_before_t-34786Answer by Rodney Monk: Theresa, First of all, I want to say on behalf of all REALTORS, I am embarrased that this person is making you feel this way. This is not the norm by any means. Secondly, any reputable agent would tell you straight up, than anytime you were dissatisfied with his/her services, you could leave at any time. I explain to my clients, that the buyers rep contract is merely a way for the both of us to know what our relationship entails. I would never hold someone in an agreement that did not want to work with me. I suggest you just tell him upfront that you want out. If he resists, go to his broker and explain the situation. This is more than likely an issue that will not got far at all.Wed, 7 May 2008 11:31:03 PDThttp://www.trulia.com/voices/General_Area/Any_houses_for_rent_in_San_marcos_-31016Answer by Rodney Monk: There are many homes to rent in San Marcos, and also the bordering towns. Let me know if you need any help as I work throuhgout all of Central Texas, and could help you or anyone in various areas near San Marcos.Wed, 7 May 2008 11:25:38 PDThttp://www.trulia.com/voices/Quality_of_Life/Is_San_Marcos_Texas_Gay_Freiedly_-6340Answer by Rodney Monk: San Marcos is about 20 miles south of Austin, which is probably the most liberal city in Texas, and one of the top 5 gay friendly cities in the country. Also being that San Marcos is a college town(home to Texas State), which is also considered a party school, I think it would be safe to say yes. Most of the outlying areas from Austin, minus the "more rural areas" are very gay friendly.Wed, 7 May 2008 11:23:56 PDT