April is Time for Termites, Property Tax Protests, & HVACs [[+]] March Data Shows Increased Housing Inventory in Austin Area Market: Chuck Farr’s April 2024 Newsletter

Spring is still here and blooming away--homeowners, tenants, sellers, prospective buyers, and real-estate investors! The blast of colorful wildflowers continues along our Texas highways this year.

Market Backchannel: (Keeping my ears peeled for local market chatter.) Nobody can predict the future, but the latest Central Texas data from our local realty backchannel shows continued market stabilization even as mortgage interest rates hover around 7% at this writing. Listings are up while prices remain flat to a slight tick upward as the Spring and Summer buying season begins. Months of inventory are moving slightly upward as well as days on market ticking slightly downward. Normal seasonality in the residential space continues in 2024 with expected historically higher buyer demand in the Spring and early Summer. Interest rates will continue to be a factor for buyers and investors, but there is some chatter about retirees and non-retirees with personal factors (perhaps 30% of potential sellers) considering taking the leap and selling, taking profits, or downsizing—which would cause more influx of inventory for hungry buyers.

In the News: According to the Austin Board of REALTORS® and their service, Unlock MLS, new home listings in March across the Austin-Round Rock-Georgetown MSA ‘jumped to 4,714 new listings, 10.2% more than March 2023, leading to multiple markets reaching four months of inventory, according to the latest Central Texas Housing Report released by Unlock MLS. The data indicates that homeowners have confidence in their ability to sell their homes for good value while buyers now have a larger selection of home options, helping to keep price growth flat.

‘Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, noted that the increase in monthly inventory is a sign of a healthier and robust housing market.

‘“The current housing market is more favorable for first-time homebuyers, with an uptick in new listings for the lowest priced homes. More inventory means more options tailored to buyers’ specific needs and interests, allowing them more personalization and choice of location when looking for their new home. It’s great to see the stability of the current market in the first quarter of 2024.”’

Check the latest Central Texas Housing Market Report for more details and data.

Spring Home Maintenance Tips: Springtime has its own home maintenance checklist for Central Texas property owners. Here are a few items to consider during April:

·      Termites are no reason to panic, but these tiny subterranean critters move in the soil until they hit wood. Wood-destroying insects do just that; if unchecked, they can cause slow but devastating damage to your homestead and investment. Consider having your property inspected for termites every year or two; or set up an annual or semi-annual plan with a pest-control pro. March and April are the annual termite swarming season.

·      It is property tax assessed-value protest time. I recommend your protesting your local tax assessor values every year. You can do this yourself online or in person, or you may want to hire a tax-protest consultant (I can refer you to good ones). And here is another reminder that if you bought a home last year (or this year) and reside there, do not forget to file your homestead exemption (and your over 65 or disabled exemptions if applicable) at your local county tax office to save money on property taxes.

·      Get your HVAC serviced no later than May. I usually do my Spring service in March or April because the May temperatures often have HVAC vendors terribly busy. Consider setting up a Spring-and-Fall annual contract to protect your investment in energy survival. Keep good records; just as buyers who want to know you changed the oil on your vehicle regularly, a future buyer may pay more for your house if you have proof that you maintained the HVAC, roof, termite inspections, etc.

Issues of this and previous newsletters are located on the Blog tab of my website at www.chuckfarr.com.