May is Time for Termites & HVACs [[+]] April Austin Housing Market Data Shows Boost in Sales as Median Price Holds Steady: Chuck Farr’s May 2024 Newsletter
Spring is in full swing--and hello to y’all homeowners, tenants, prospective buyers, and real-estate investors!
Market Backchannel: (Keeping my ears peeled for local market chatter.) Nobody can predict the future, but the latest Central Texas data from my local realty network shows continued market stabilization even as mortgage interest rates hover around 7% at this writing. Listings are up 26% to 28% year-over-year while prices remain flat to a slight tick upward as the Spring and Summer buying season continues. Price stability is now running at a 12-month trend. Months of inventory is up to 4 (one source shows 4.3) months, indicating more trending towards a balanced market. Average days on market to sell is down almost 10% year-over-year. Interest rates will continue to be a factor both for buyers and investors.
In the News: According to the Austin Board of REALTORS® and their service, Unlock MLS, ‘closed listings [in April] across the Austin-Round Rock-Georgetown MSA increased 5.9% to 2,708 sales, the highest year-over-year increase in residential homes sold this year, while the median home price rose 1.1% to $469,998. The data demonstrates that there is a collective sense of confidence and optimism in the housing market among both homebuyers and sellers according to the latest Central Texas Housing Report released by Unlock MLS.
‘Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, provided insight into the sales growth across the MSA and what’s to come regarding interest rates.
‘“The MSA experienced an increase in sales, indicating more opportunity in the market for all buyers. Despite the higher rate environment, the uptick in affordable inventory in the $300,000 range is allowing more first-time buyers to achieve homeownership. As we progress through the year, mortgage rates are expected to remain elevated with a slight possibility of a gradual decrease, which would result in an increase in buyers’ purchasing power.”’
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 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 if you can. 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. If you have not yet done a Spring service, I recommend doing so in June. Better late than nada.
Issues of this and previous newsletters are located on the Blog tab of my website at [[www.chuckfarr.com]].
