February is Time for Homestead Exemptions, Big Jobs, and Water Heaters [[+]] January Data Signals Optimism for Austin Area Home Market: Chuck Farr’s February 2024 Newsletter

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) and you did not already do so, make a note to file your homestead exemption in January or February 2024 (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: According to the Austin Board of REALTORS® and their new service, Unlock MLS, the Austin-Round Rock MSA ‘shows an increase in residential homes sold, up 4.3% to 1,667 closed sales, and an uptick in pending sales, which rose 3.8% to 2,480 listings, according to the latest Central Texas Housing Market Report. The data demonstrates that more options are available for potential homebuyers and sellers are feeling optimistic moving into 2024.

‘Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, noted that although still elevated, the recent decline in mortgage rates is contributing to lower home prices and the increase in closed sales activity.

‘“January marks the fifteenth consecutive month of year-over-year median sales price declines in the Austin Round Rock housing market, empowering more homebuyers to enter our market. Mortgage rates peaked in late October before declining in November and December, providing a boost to buyer’s purchasing power, which is borne out in the increase in residential homes sold in January.”’

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

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

·      Outdoor Tasks:

o   If you are considering doing some big jobs, like HVAC, external painting, or roofing repair/replacement, remember that this is still the slow season for many contractors, and you may get a better price and quicker scheduling now.

o   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:

o   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 likely start at $2000, probably more. Spend a little time or money every year to save in the long run.

o   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—when in doubt, every 60 to 90 days.

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