May is Time for Termites & HVACs [[+]] Austin Area Home Market Continues to Balance, Outperform National Trends: Chuck Farr’s May 2023 Newsletter

Spring is in full swing--and hello to y’all homeowners, tenants, prospective buyers, and real-estate investors! The 2023 summer solstice is nearing, and we will likely announce big news within two months of that celestial event. We can hardly wait for that moment when the earth's tilt toward the sun is at a maximum. Stay tuned.

In the News: ‘The Austin-Round Rock MSA housing market is outperforming national trends while continuing to balance, according to the Austin Board of REALTORS® April 2023 Central Texas Housing Market Report. The most recent National Association of REALTORS® data (March 2023) found that home sales declined 22.7% nationally while in Central Texas, they declined 14%, demonstrating resilience of the region’s economy.’

‘“For several months, the Austin-area housing market has been balancing as REALTORS® continue to help clients on both sides of the transaction navigate this market effectively,” Ashley Jackson, 2023 ABoR president, said. “This is still a market that is seeing lots of activity, just not at a recordsetting pace, and that is to be expected given broader economic trends. Home prices are moderating, pending sales are holding strong and homes on the market last month are selling closer to list price. These are all signs of a market that is still balancing and doing so in a healthy way.”

‘Last month, Austin-Round Rock housing inventory increased 2.4 months to 3.2 months of inventory, and homes spent an average of 71 days on the market, up 53 days from April 2022. The median home price fell 15.1% to $466,705 while residential home sales also declined 18.8% year-over-year to 2,611 closed sales and sales dollar volume dropped 29.3% to $1,545,088,361. New listings declined 10.6% yearover-year to 4,115 listings while pending sales rose 0.2% to 3,267 transactions.’ (Check the complete [[ABoR Central Texas Housing Report]] for more details!)

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

• We talk about this every Spring: termites are tiny subterranean critters that march just below the surface of your yard until they hit wood. Consider having your property inspected for termites if you have not done so in a year or two; perhaps set up an annual plan with a pest control pro. March and April are the annual termite swarming season, but May is not too late.


• Get your HVAC serviced no later than May. I usually do my Spring service in March or April because the May heat often has HVAC vendors very 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, someday a buyer may pay more for your house if you have proof that you maintained the HVAC, roof, termite inspections, etc.

Market Snapshots: I continue to send some of my clients and contacts quarterly Market Snapshots of their neighborhoods just to let them see how their markets are doing at a high level. (Check your spam folder; you may have a nice surprise waiting.) If you are getting these reports and want to change how often you get them, please let me know. If you are not getting the snapshots and want them, give me a shout.

If you need more detailed information about the market in your own neighborhood or home, please feel free to contact me. I'm just a call, text, direct message, or email away and happy to give you a free comparative market analysis of your home and neighborhood.



Past and present issues of my monthly newsletter are located on the Blog tab of my website at [[www.chuckfarr.com]].

March is Time for Termites & HVACs [[+]] ATX Area Home Market Adds Inventory as Builder Confidence Grows: Chuck Farr’s March 2023 “Talking Real Estate” ENewsletter

Spring is here--homeowners, tenants, sellers, prospective buyers, and real-estate investors! We hope you are enjoying the blast of beautiful wildflowers along our Texas highways this year.

In the News: The Austin Board of Realtors says that “Austin’s housing market is trending in the right direction. Buyers have more options and negotiating power with each passing month, and sellers have more time to make their next move,” Ashley Jackson, 2023 ABoR president, said. “Remember, a healthy housing market isn’t defined by breaking records every month, but by market activity that’s steady-paced and sustainable.”

In February 2023, “monthly housing inventory increased 2.3 months to 2.6 months of inventory, and homes spent an average of 84 days on the market, up 55 days from February 2022 across the MSA. The median home price fell 12.2% to $436,419 while residential home sales also declined 17.2% year-over-year to 2,106 closed sales and sales dollar volume declined 26.5% to $1,129,639,482. New listings dipped 0.9% year over year to 2,764 listings while pending sales dropped 9.5% to 2,465 transactions.” (Check the [[“Talking Real Estate” Monthly Enewsletter]] for more details!)

Home Maintenance: 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 march until they hit wood. 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 the 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 heat often has HVAC vendors very busy. Consider setting up a Spring-and-Fall annual contract to protect your investment in energy survival.

This Month’s Enewsletter: Here is the [[Talking Real Estate Enewsletter]] with always-on links to trends in national, regional, and Austin area real-estate market news. You will also see some handy articles about home buying & selling, home maintenance, taxes, and other topics. In this issue:

• Austin Area Home Market Adds Inventory as Builder Confidence Grows (latest full ABOR report)


• Always-On Market Statistics and Trends


• How to Avoid Homebuyer’s Remorse


• Sellers: Don’t Be Surprised by Repairs


• Selling an Out-of-state Home

Market Snapshots: I continue to send some of my clients and contacts quarterly Market Snapshots of their neighborhoods just to let them see how their markets are doing at a high level. (Check your spam folder; you may have a nice surprise waiting.) If you are getting these reports and want to change how often you get them, just let me know. If you are not getting the snapshots and want them, give me a shout.

If you need more detailed information about the market in your own neighborhood or home, please feel free to contact me. I'm just a call, text, direct message, or email away and happy to give you a free comparative market analysis of your home and neighborhood.



View your current [[Talking Real Estate Enewsletter]] now. Past issues are located on the Blog tab of my website at [[www.chuckfarr.com]].

February is Time for Homestead Exemptions, Big Jobs, and Water Heaters [[+]] Austin Area Home Market Continues to Normalize; REALTORS^® Report Recent Uptick in Activity: Chuck Farr’s February 2023 “Talking Real Estate” ENewsletter

Spring is almost here--homeowners, tenants, prospective buyers, and real-estate investors! If you bought a home last year and if you live there (it is not an investment-only property) and you did not already do so, make a note to file your homestead exemption ASAP in 2023 (also check on disability and over 65 exemptions if applicable) at your local county tax office to save money on property taxes. It can save you thousands of dollars this year!

In the News: The Austin Board of Realtors says that in January 2023, “median home prices dropped 6.3% to $450,000, the largest price drop since July 2011… Despite the price decrease, monthly housing inventory stayed flat at 2.7 months of inventory from December 2022, demonstrating that this market is still in need of more housing as the industry standard is that six months of available inventory is considered a balanced market between buyers and sellers.

“In January, residential home sales declined 27.3% year-over-year to 1,634 closed sales and sales dollar volume declined 29.1% to $917,954,115. New listings dropped 16% year-over-year to 2,988 listings while pending listings dropped 16.7% to 2,581 transactions. Monthly housing inventory increased 2.3 months to 2.7 months of inventory, and homes spent an average of 76 days on the market, up 47 days from January 2022, but only up three days from December 2022.” (Check the [[“Talking Real Estate” Monthly Enewsletter]] for more details!)

Home Maintenance: Winter is still here and has its own home maintenance checklist in Central Texas, especially for existing property owners. Here are a few items to consider during February:

• Outdoor Tasks:
  
  
  
  • If you are considering doing some big jobs, like external painting or roofing repair/replacement (or replacing your HVAC system before the summer heat arrives), remember that this is the slow season for many contractors, and you may get a better price and quicker scheduling now.
  
  
  • Don’t forget to protect your people, pets, pipes, and plants when freezes come to town. Web search for “4Ps winterization” for details.
  
  
  
  


• Indoor Tasks:
  
  
  
  • We put water heaters in the subject line randomly. February is one month out of 12, but it is good to remember to flush your water heater at least once per year to clean out sediment and keep the system in optimal condition. Annual maintenance will increase the number of years your water heater will function. You can flush your water heater with help from a YouTube video or hire a licensed plumber to do it. A plumber will charge at least $150 to flush your heater but remember most professional replacements will start at $1000, probably more. Spend a little time or money every year to save in the long run.
  
  
  • Have your furnace professionally inspected if you did not in the Fall; make sure they check for carbon monoxide leaks. Remember to clean or change out your indoor HVAC filters on a regular schedule—when in doubt, every 90 days.
  
  
  
  

This Month’s Enewsletter: Here is the [[Talking Real Estate Enewsletter]] with always-on links to trends in national, regional, and Austin area real-estate market news. You will also see some handy articles about home buying & selling, home maintenance, taxes, and other topics. In this issue:

• Austin Area Housing Market Continues to Normalize; REALTORS^® Report Recent Uptick in Activity (latest full ABOR report)


• Always-On Market Statistics and Trends


• How to Care for Your Home’s Fixtures


• Advice for First-Time Homebuyers


• Keep Heating Costs Down This Winter

Market Snapshots: I continue to send some of my clients and contacts quarterly Market Snapshots of their neighborhoods just to let them see how their markets are doing at a high level. (Check your spam folder; you may have a nice surprise waiting.) I have found that many people like to see what kinds of activity and prices are happening around their homes. If you are getting these reports and want to change how often you get them, just let me know. If you are not getting the snapshots and want them, give me a shout.

If you need more detailed information about the market in your own neighborhood or home, please feel free to reach out. I'm just a call, text, direct message, or email away and happy to give you a free comparative market analysis of your home and neighborhood.



View your current [[Talking Real Estate Enewsletter]] now. Past issues are located on the Blog tab of my website at [[www.chuckfarr.com]].

January is Time for Homestead Exemptions, Big Jobs & Ceiling Fans [[+]] 2022 Austin-Area Market Set Price Records, Shifted Towards Buyers With Increased Inventory and Interest Rates: Chuck Farr’s January 2023 “Talking Real Estate” ENewsletter

Happy new year, homeowners, tenants, prospective buyers, and real-estate investors. If you bought a home last year and if you live there (it is not an investment-only property) and you did not already do so, make a note to file your homestead exemption in January 2023 (also check on disability and over 65 exemptions if applicable) at your local county tax office to save money on property taxes. It can save you thousands of dollars this year!

In the news, the Austin Board of REALTORS^® says that in 2022, “the median price in the MSA rose 11.4% $503,000. Sales dollar volume dipped 9.8% to yield a $21,018,159,929 impact on the Austin-area economy. New listings stayed flat, and the year ended with 45,949 homes listed as pending sales dropped 24.2% to 31,633 homes.” Months of inventory increased area-wide to 2.7 months. Remember that historical guidelines tell us that 6 months of inventory indicate a “balanced” market—so we are still in a sellers’ market. (Check the [[“Talking Real Estate” Monthly Enewsletter]] for all the market details; it may take a few seconds to load.)

Winter Home Maintenance Tips: Winter is here--and has its own home maintenance checklist in Central Texas. Here are a few items to consider during January:

• Outdoor Tasks:
  
  
  
  • If you are considering doing some big jobs, like external painting or roofing repair/replacement, remember that this is the slow season for many contractors, and you may get a better price and quicker scheduling now.
  
  
  • Clean gutters and downspouts if you did not in the Fall. Call your gutter company to get those gutters cleaned and inspected. Your workers should also inspect the roof for any loose or broken tiles.
  
  
  • Don’t forget to protect your people, pipes, plants, and pets when freezes come to town. Web search for “4Ps winterization” for details.
  
  
  
  


• Indoor Tasks:
  
  
  
  • If you have ceiling fans, consider switching the rotation of the blades to conserve energy and feel warmer in winter months. Usually this means running the ceiling fan on slow speed and switching the rotation from counterclockwise to clockwise in winter months. [[Watch this video for details.]]
  
  
  • Have your furnace professionally inspected if you did not in the Fall; make sure they check for carbon monoxide leaks. Remember to change out your indoor HVAC filters on a regular schedule.
  
  
  • Dryer vents: Clothes dryers cause 2,900 fires a year, with many fires happening in the Fall and Winter, according to the United States Fire Administration. Lint is a major culprit, so have your dryer vent inspected and cleaned annually by an HVAC specialist who specializes in ductwork or dryer vents.
  
  
  
  

Here is the [[Talking Real Estate Enewsletter]] with always-on links to trends in national, regional, and Austin area real-estate market news. You will also see some handy articles about home buying & selling, home maintenance, taxes, and other topics. In this issue:

• 2022 Austin-Area Market Set Price Records, Shifted Towards Buyers With Increased Inventory and Interest Rates (latest full ABOR report)


• Housing Outlook 2023


• Property Management for Second Homes


• Risky Loans Tempt Homebuyers


• Home Decorating Trends Making a Comeback

Market Snapshots: I’m continuing to send some of my clients and contacts quarterly Market Snapshots of their neighborhoods just to let them see how their markets are doing at a high level. I have found that many people like to see what kinds of activity and prices are happening around their homes. If you are getting these reports and want to change how often you get them, just let me know. If you are not getting the snapshots and want them, give me a shout.

If you need more detailed information about the market in your own neighborhood or home, please feel free to reach out. I'm just a call, text, direct message, or email away and happy to give you a free comparative market analysis of your home and neighborhood.



View your current [[Talking Real Estate Enewsletter]] now. Past issues are located on the Blog tab of my website at [[www.chuckfarr.com]].