You may know that using energy efficient appliances can help you save money in your Austin home, but did you know that buying energy efficient products during this Memorial Day weekend can help you save even more?

From Saturday, May 29, through Monday, May 31, anyone in Texas can purchase select ENERGY STAR® appliances and products free of state and local sales tax, which could equal hundreds of dollars in savings. In addition, ENERGY STAR® estimates that consumers could experience up to 75 percent in energy savings using the select energy efficient appliances.

Summer is upon us, which means most Austinites are ready to kick off their shoes for some summer fun. Is your grass barefoot friendly? Keep your lawn in as best condition possible by doing the following:

1. Understand what type of grass you're working with. Not all types of grass grow well in warmer temperatures, so be aware of what your lawn consists of and set your expectations accordingly. Zoysia, St. Augustine, Centipede and Bermuda grass, for example, will survive the summer much better than Fescue, Rye and Bluegrass.

2. Go to war with weeds. Fighting weeds is critical to the health of any lawn, and to kill weeds you must get to the root of the problem. While mowing over weeds may seem the easiest option, it can actually worsen the problem by spreading the weeds' seeds across your lawn. It's better to buckle up and pull them by hand or find a suitable weed-killer (pet-friendly and eco-friendly options are available) to keep the situation under control.

3. Cut grass correctly. Experts recommend cutting grass when it's dry and during a time of day when the sun is less harsh. Cutting grass to a proper mowing height (this depends on the type of grass you have, but generally should never be shorter than two or three inches) will help prevent unnecessary damage from the sun and foot traffic and can help shade out some weeds. Because grass blades are rich with nutrients, it's a good idea to leave the grass clippings in your hard, so long as the amount is small enough to decompose quickly.

4. Water within regulation. If you live within Austin city limits, remember to abide by the watering restrictions set in place to help preserve Austin's water supply. Though the water regulations restrict single-family Austin homes to watering only two days a week (odd addresses watering on Wednesdays and Saturdays, and even addresses watering Tuesdays and Thursdays), you can still maintain a healthy lawn. In fact, experts recommend watering deeply but infrequently to help your grass build a deeper root system and become more drought-resistant.

The first quarter of 2010 put forth a solid performance from the Austin real estate market. While home sales increased modestly during January and February, year-over-year Austin home sales increased a remarkable 27 percent in March, bringing the total amount of homes sold in the first quarter to 3,749 - a 12 percent increase over the first quarter of 2009. The median price of Austin homes remained relatively unchanged from one year ago, ending the quarter at $180,000.

Pending sales, which indicate the number of homes expected to sell in the next couple of months, remained elevated during the first quarter, increasing 7 percent in January, 24 percent in February and 31 percent in March 2010. These increases bode well for the Austin real estate market.

In the face of increasing sales volume, the Austin real estate market maintains a healthy inventory of homes. The Real Estate Center at Texas A&M University cites 6.5 months of inventory as a balanced market, meaning demand for homes is evenly balanced with inventory of homes for sale. At the end of the first quarter, Austin held a 6.4 month supply of homes.

For more information on the Austin real estate market and how it may affect your buying or selling situation, contact your Central Texas REALTOR®.

When it comes to buying a home in Austin, there is a world of financing options to choose from. Descriptions of some of the most popular loans are listed below.

Conventional Mortgages -- Mortgages not insured by the federal government are called conventional loans. Conventional loans are either kept in the lender's investment portfolio or sold to a secondary market. Because there is no standard regulation from state to state or from lender to lender for conventional mortgage documents, these types of loans are specific to the lender. This means that the lender may determine unique guidelines that pertain to the lender's conventional loans and may add certain clauses to the loan document. Because the lender can underwrite conventional loans at the its discretion, loan rates may exceed those of loans backed by the government.

Fixed Rate Mortgage (FRM) -- With a FRM, the interest rate of the mortgage remains fixed throughout the life of the loan. While the rates on FRMs are sometimes higher than rates on other types of mortgages, an increase in market rates will not impact the rates on the loan. Monthly payments on FRMs change only when there are changes in tax and insurance rates.

Adjustable Rate Mortgage (ARM) -- With an ARM, the rate on the loan is adjusted according to various market fluctuations. The interest rate and monthly payment can change each month, quarter, year or a term determined by the type of ARM; however, there are caps limiting the amount the interest rate can be adjusted per period. Buyers interested in adjustable rate mortgages should be sure to obtain the indexes that the lender uses to adjust the loan.

Federal Housing Administration (FHA) Loan -- FHA loans are insured by the federal government. This means that if the borrower defaults on the loan, the federal government will pay the lender and the lender will not have to write off the loan. A borrower's down payment may be as low as 3.5 percent, and closing costs can sometimes by included in the loan. Rules regarding credit qualification and gifting for down payments are relaxed, and financial hardship rules may be less stringent.

VA Loan -- A VA Loan is insured by the Department of Veterans Affairs and protects a lender from loss should an eligible veteran default on the loan. VA loans have established credit and income guidelines and the buyer usually does not need a down payment; however, down payment may be necessary if the lender requires one or if the purchase price of the home is greater than the reasonable value of the home. Mortgage insurance premiums are not required and the VA provides temporary assistance should the buyer encounter financial hardships.

Be aware that there many more types of loans to choose from. Some, such as Graduated Payment and Growing Equity loans, cater to those who currently have a low income but expect their income to increase substantially within the next five to ten years. Others, such as Reverse Mortgages, cater to homebuyers over the age of 62. Be sure to continue your research and talk to your REALTOR® about which option may be best for you.