March is Time for Termites & HVACs [[+]] February Data Signals Increased Opportunities for First-Time Buyers in Austin Area Home Market: Chuck Farr’s March 2024 Newsletter

Spring is here--homeowners, tenants, sellers, prospective buyers, and real-estate investors! We are already seeing a nice blast of beautiful wildflowers along our Texas highways this year.

Market Backchannel: (Keeping my ears peeled for local market chatter.) Though nobody can predict the future, the latest Central Texas data shows market stabilization in the wake of the post-pandemic correction and even a micro uptick on average and mean sold prices. Listings and sales are up. Depending on who you talk with, residential inventory is now in the range of 3 to 4 months (6 months meaning “balanced” between a seller’s or buyer’s market), and both sellers and buyers are beginning to jump back in. Interest rates will continue to be a factor for buyers and investors, but it is unlikely we will see 3-percent mortgage rates again any time soon.

In the News: According to the Austin Board of REALTORS® and their new service, Unlock MLS, the Austin-Round Rock MSA in February showed ‘new listings jumped 44.9% to 3,915 listings bringing the total months of inventory for the region to 3 months, up 0.1 months more than February 2023, according to the latest Central Texas Housing Market Report. The data indicates that sellers are feeling more favorable about the market, while buyers have a broader range of home options to select from–specifically first-time homebuyers.

‘Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, noted that February’s spike in new listings was concentrated among more affordable homes.

‘“Higher home prices and mortgage rates have diminished affordability for first-time homebuyers over the past few years, but February provided encouragement for these aspiring homeowners. We’ve witnessed a significant surge in new listings, predominantly among more affordable and attainable homes—particularly those priced under $400,000. The increase in housing options presents a promising opportunity for Central Texans who want to become homeowners.”’

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

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

·      I usually send out a reminder to folks in April about the termite season, but word is on the street that termites have already been seen swarming. Termites are no reason to panic, but these tiny subterranean critters simply 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; perhaps set up an annual plan with a pest control pro. March and April are the annual termite swarming season.

·      It is almost property tax assessed-value protest time. Keep an eye out for a letter from your county soon if you are a property owner.

·      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 very busy. Consider setting up a Spring-and-Fall annual contract to protect your investment in energy survival.

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