Yard Clean Up, Dead Limbs

Don’t get overzealous with this one, oak wilt season is here and over pruning those oak trees can cause disease in the future. But loose limbs should be removed from any tree as they can wreak havoc and be dangerous. And of course all the dead limbs from the crepe myrtles we love and the mountain laurels. Clean it all up and haul off those dead leaves. Info on Texas Oak Wilt here https://texasoakwilt.org/

Spring Cleanup List

• Clean gutters and downspouts. Avoid build-up of access moisture that causes damage to drainage equipment. 
• Inspect roof & chimney for missing, loose, or damaged shingles and leaks. 
• Check windows and doors for weather-tightness and install weather stripping where needed. Inspect screens and repair holes to keep pests out. 
• Touch up damaged paint. 
• Service your lawn mower.
• Fertilize your lawn. 
• Inspect and clean the space around the air conditioner. 
• Scrub any mildew off of the exterior of the house. 
• Trim any trees or shrubs away from the house. 
• Have your air conditioner inspected and serviced by a licensed coolant contractor. Replace air conditioner filters. 
• Spring Cleaning: Check kitchen and bathroom cabinets. Throw away dated food, medicine, and cosmetics. 
• Change HVAC filters to maintain good indoor air quality through adequate ventilation with filtration and provide thermal comfort. 
• Clean the range hood filter. 
• Check the fire extinguisher(s). Verify the locking pin is intact, the tamper seal is unbroken and make sure it’s still full. 
• Test smoke and carbon monoxide detectors and replace batteries. 

There have been a lot of predictions on what the 2023 real estate market will bring. And like most predictions they are looking at the real estate market through macro glasses, the entire nation. But real estate is a local economy more than most other economies and really should be focused on in the micro sense.

So what market should you pay attention to? The real estate market in your city? County? Zip Code? Neighborhood? YES! All of those are important? Why? Because when you buy or sell real estate you are pricing your asset to be in line with what buyers are looking for. Most buyers are looking in multiple neighborhoods etc – so what is your competition? This is what affects your value.

The Austin Real Estate Market

In general the Austin Metro market is still experiencing appreciation, growth and buyer’s are indeed still buying. We had a slow down after July 2022 but it’s heating back up.

In 2021 we experienced a 30% appreciation in home values. In 2022 we had a 4% appreciation. Year over year our average appreciation is roughly 7%. So after an outlier of a year we could be returning to the appreciation rates we were previously accustomed to. (FHFA appreciation chart, available upon request).

Currently I’m hearing of multiple offers again in some markets while other markets are much cooler.

New build is offering incentives again to both buyers and REALTORS®, which reflects a slower market for new construction. I am seeing better deals for buyers in many areas with re-sell and I wonder if this is affecting the demand for new construction.

I am seeing price adjustments like crazy and will be watching various markets as we head into spring to see if this trend continues.

Why price adjustments? Buyer’s have grown leery of paying higher prices given interest rates have gone up. Seller’s are unsure of where to price their home given the data for the past two years has reflected a different market.

The lesson to buyers, don’t be afraid to negotiate! The lesson to seller’s, pay attention to what properties are actually going under contract and don’t be afraid to adjust your price if need be.

Another lesson to sellers – make sure your price accurately reflects the condition. I’m seeing a lot of expensive wet dogs on the market, expensive simply because the price is high for what repairs need to be made. Buyer’s are shying away from these homes and they are sitting on the market. We no longer are living in the days where anything will sell. Price and condition are more important now than ever. And keeping the home in show ready condition is truly important to buyer’s that now have time and choices.

There is always room for a buyer that wants to buy and a seller that wants to sell! There are always opportunities to thrive in any market! Curios about what opportunities you can take advantage of? Contact me to set up a consultation.

The short answer…YES!! How do I know it’s a good time for buyer’s to jump into the market?

Three signs.

1. Price reductions

2. Builder’s bringing REALTOR bonuses & buyer incentives back!!

3. Seller’s offering to buy down their buyer’s interest rates and/or covering some closing costs.

So how’s the market doing?

A lot of buyers have been waiting for the market to simmer down. July has been pretty quiet and you can tell, a lot of price reductions in neighborhoods that would have previously been multiple offers.

Yes interest rates have gone up, we all knew they would eventually. The entire reason they were lowered so dramatically was to stimulate economic recovery in the housing market after the sub-prim crash in 2008. I for one can’t believe they stayed that low for so long!! But they are still lower than they were previous to ’08.

In 2009/10 I reached out to my clients urging them to buy as we had not seen housing prices that low in Austin in decades. Some jumped and some did not. The ones that did not tried to capture those prices in 2012/13 but it was too late, they had missed the boat.

In 2018/19 I reached out to my clients urging them to sell, we were nearing a critical inventory crisis and the multiple offers had become the norm. Once again some jumped, and some did not. And once again those sellers that have decided to jump into the market now are realizing they may have missed the peak of the seller’s market.

I just had a phone call this week from a seller who said they are kicking themselves for not listing earlier this year when I urged them to.

I am in the trenches – I see the in’s and out’s of what’s happening on both sides. I see the signs and I know what they mean. It means it’s time for buyer’s to get serious about this market!

Does this mean we have experienced another crash?

No, our inventory is still well below 3 months which actually means it’s still a seller’s market. But the prices are coming down, which is exactly what most pleaded for since 2017!

Does this mean we have a bunch of unrealistic sellers right now? 

Well in some instances maybe, but in most instances we are dealing with pricing confusion. 

The data we are using to price the homes is from earlier in the year when the buyer frenzy was still high. So often sellers and agents are doing their best to come up with the price they think they can sell at but then realize they aren’t getting the activity or offers they want, so the price reductions are implemented.

So what should I do if I am a buyer?

It’s ok to negotiate, don’t be afraid of those list prices anymore. In most instances they are no longer the starting price for a multiple offer situation. Multiple offers are still happening in some instances but it is no longer the NORM.

And if you are a cash buyer, then capture this moment – the moment that buyer’s are not capturing because their interest rates changed!

Contact me to put a plan in place for you to buy your new home or investment property!