Resources

Lumber Shortages: What This Means For You

As the pandemic has stretched on, demand for single-family housing has returned, and with a vengeance. The results of this have affected Austin’s market in several ways:

1. We are firmly in a seller’s market. Most homes have multiple buyers interested and are selling for over the asking price due to multiple offer scenarios.

2. The US is experiencing a national lumber price increase. As inventory shortages (seller’s not putting their homes on market) around the nation persist, demand for new construction is soaring. The lumber mills were not prepared for the high demand for housing paired with the low inventory, so pricing for lumber has increased exponentially (~ 60% over the last 6 months). For reference, framing lumber accounts for roughly 1/5 of the materials cost when building a new home.

What this means for you:

A) If you’re currently on the fence about buying a new home, act now. Many new home builders are planning base price hikes in the coming weeks in order to compensate for their newly added lumber costs. Locking in a purchase price for a new home before then can help you get some “instant equity” once the home is built 6-10 months down the line. I sell in many fantastic new construction communities all over Austin, so please feel free to contact me if you’re interested in learning more.

B) If you’re currently a homeowner who has been thinking about selling and relocating, now is a good time to sell as there are far more buyers than sellers in the Austin market.

C) However, if you have no plans to leave the Austin area and currently own property, I recommend holding onto it. While it’s true that properties are selling quickly and often well over the asking price, Austin is still growing and opportunity is still ripe to gain solid equity year over year on your existing home.

As always, please reach out any time with questions!

August 29, 2020

Buy | Rent | Resources | Sell

Market Update for Austin, Texas

As we enter month three of the pandemic, more and more data is becoming available as to how COVID-19 is affecting businesses, the stock market, and the real estate market.

The Austin Board of Realtors just released the April 2020 stats, and while overall home sales are down 20% from last April, the median sales price is up 3.2% and homes are selling 9 days faster than last April.

So what does all this mean for Austin’s housing market?

Buyers: Expect multiple offers and quick turnarounds from the time a house hits the market to the time it’s under contract. Inventory in Austin was low before COVID-19, and is even lower now as sellers wait to list their homes. It’s still worth buying now vs. later if you’re able to, as pricing shows no sign of decreasing.

Sellers: It’s a good time to sell if that’s been on your radar. Buyers are searching for great, new homes to hit the market. Matterport walkthroughs and virtual tours can help limit the number of people entering your home, and thus far we have not seen the prices of homes negatively affected.

Renters: Property prices in Austin are not showing signs of going down, even amidst a pandemic. If you’ve been thinking about buying, shoot me an email. In the meantime, most apartments are only offering virtual tours, though you can still view many rental houses in person.

Expect to see more new construction in Austin as inventory remains low. If you have any questions about the market or would like to go over your options for moving, buying, or selling, let’s hop on a Zoom call!

I’d love to be your resource on all things real estate, so reach out any time.

May 19, 2020

Buy | Invest | Resources | Sell

How to Protest Property Taxes in Travis County, Texas

Spring in Travis County marks the start of property tax season. If you own property that has increased in market value by at least $1,000 in the last year, you should receive a Notice of Appraised Value from the Travis County Appraisal District. At the top of the notice are two numbers; assessed value and market value. Your annual property tax amount owed is based on these numbers.

If you did not receive a Notice of Appraised Value via mail, you can look yours up online by using the official TCAD Property Search tool.

What’s the Difference Between Tax-Assessed Value and Market Value?

Tax-assessed value is what the county determines your property to be worth. Market value is how much an average buyer would pay for your home if it were for sale.

TCAD will attempt to match tax-assessed value as close to market value as they can, but will typically base their number off a general area and will not use neighborhood comps like a Realtor would when marketing your home for sale. All this to say; the values could be much too high or much too low given the non-specific data used.

If you believe that the assessed value shown on your notice does not accurately reflect the market value of your home, you have the right to protest it.

Why Protest My Property Valuation?

When people don’t appeal, TCAD interprets the lack of response as confirmation that their assessed value is correct. This affects all homeowners in a given neighborhood for future years to come. By appealing too-high assessed values, you can help keep property taxes reasonable in congruence with the market value of homes in your neighborhood.

How Do I Protest My Property Taxes?

There are two ways to protest your property tax values.

1. By Mail

Download this form, fill it out, and mail it to the address below. Make sure you list facts and data as to why you believe the assessed value is incorrect.

Travis Central Appraisal District
PO Box 149012
Austin TX 78714

2. Online

Visit the Travis County E-file page to file your protest online. To file online you will need your Owner ID and PIN number found on your notice. If you have misplaced your notice or don’t know your owner ID and PIN, contact TCAD by phone (512-834-9317) or email (CSInfo@tcadcentral.org) to request that info.

After you file, you should hear back from TCAD about an informal hearing date. The purpose of the hearing is to share your evidence as to why you think your home over-valued on your notice.

Keep in mind that it can take several weeks to several months to hear back about a hearing date after filing your protest. Also, please note that TCAD is in charge of assigning appraised values of homes; they have nothing to do with setting the tax rate itself.

Where Do I Get Evidence for the Market Value of My Home?

  1. Comparative Market Analysis (CMA). Contact your Realtor to see if they’ll send you an updated CMA with an estimated market value of your home, or conduct your own research.
  2. List and take pictures of any deficiencies in your house. Foundation issues, plumbing failures, etc. can all affect the tax assessed value.
  3. If your home was recently purchased and you paid less than the tax assessed value, bring a copy of your settlement statement to the hearing.

The deadline to protest property valuations in Travis County for 2020 is May 15th.

I’d love to be your resource for all things real estate, so please reach out any time!

May 5, 2020

Market Data

March 2020 Market Report

Year over year for March, property prices have skyrocketed. The median price for homes in the Austin area in March 2020 was $335,200. Last March the median sale price was $305,000, a 9.9% increase in property prices year over year. More homes sold this March than last, with homes staying on market on average 10 days fewer than they did in March 2019.

The Austin area is seeing consistent growth and home sales, and we’re still in a seller’s market. Seller’s can expect to receive market value prices for homes, and buyers can expect some inventory shortages.

march 19 to march 20

April 20, 2020

Buy | Resources

Should You Refinance During COVID-19?

First, a quick update. Homespace has gone virtual! I am now offering virtual tours to all present and future clients. Click here to read more and learn about some additional options available for those who plan to buy or rent real estate during the pandemic.

Now, let’s talk about refinancing! Currently, interest rates for both new purchases and refinancing are near all-time lows. I recommend that homeowners with an interest rate above 4% consider talking to a lender about refinancing.

Refinancing FAQ’s

What is refinancing?

Loan refinancing is the process of obtaining a new loan to pay off an already existing loan. Homeowners typically refinance in order to receive a lower interest rate so that they can reduce their monthly mortgage payment.

Are there any downsides?

There are fees associated with refinancing and depending on the length of the new loan you term you select, you could end up paying on your house for longer than initially planned. Ask for a side by side comparison of your current monthly payment and amortization schedule vs the quoted refinanced option.

What’s the first step?

Reach out to myself or a loan officer to discuss your options, get a rate quote, and see if refinancing makes sense for you. I’m happy to provide references for some excellent lenders who have some of the lowest rates right now.

What should I know about refinancing during COVID-19?

Many lenders are double and triple-checking employment status’s which can make the refinance and/or purchase process take a bit longer than usual. Jumbo loans (loans larger than $424,100) are also temporarily suspended in many areas. Otherwise, it’s business as usual on the lending side.

If you’re considering refinancing and have any additional questions, please call, text, or email me for more info. If you’ve been thinking of purchasing in the near future, let’s talk too! Rates are great right now and the Austin market is showing no signs of slowing, even amidst the pandemic.

I’d love to be your resource on all things real estate, so reach out any time!

Announcement | Resources

Buying Real Estate during COVID-19

In this ever-changing time where the only certain thing is uncertainty itself, many businesses have been faced with a choice: shut down, or pivot. We’ve seen beloved restaurants close their doors but turn on their ignitions for delivery or curbside. Alcohol suddenly became deliverable, and cinematic releases are now streaming on home televisions. 

Homespace is not shutting down; it’s going to pivot. Until further notice, the following options will be available to clients:

1. Zoom/phone call consultations
How it works: All initial consults will be conducted over email, phone, or Zoom call.

2. Virtual tours of vacant properties.
How it works: I’ll help put together your tour schedule as normal, but will do a virtual video tour of the homes you’re interested in. Homespace has invested in top of the line video-stabilizing products to increase the quality of your tours and will deliver an in-depth video tour of each house or rental via Google Drive. There will also be a followup call to discuss any questions or concerns.

3. Zoom tours of occupied properties.
How it works: For the respect and safety of all involved parties, tours of occupied properties will be done via Zoom or Facetime with the current tenants/owners showing their home. Homespace will coordinate these calls in advance and be on the call to help direct any questions.

4. Zero-contact tours.
How it works: In situations where a client must see a vacant home in person or has narrowed virtual tours down to the final one or two top choices, I will be conducting zero-contact tours on a case by case basis. Clients must adhere to all CDC guidelines in order to schedule an in-person tour.

5. Remote inspections, negotiations, paperwork, and closings.
How it works: Much of the renting and buying process post-tour is done remotely already, so things won’t look too different once a house has been decided on. Home inspectors have been sending digital reports for years and will continue to operate that way during the pandemic. All negotiations will take place via phone call, text, or email per usual, and all paperwork will be digitally signed. 

This is a challenging, ever-changing time for everyone, and your patience is greatly appreciated as we all learn how to navigate the “new normal”. The good news is that the real estate market in Austin has remained largely unaffected by the pandemic, and Austin is still one of the fastest-growing cities in America. My goal is that with the above precautions in place, Homespace can continue to offer the same services you know and expect and together we can pivot and keep moving forward.


Stay healthy. Stay positive. Stay in touch.

Announcement | Resources

Homespace Realty and COVID-19

This is a strange time for everybody, and I have no doubt that all of your inboxes have been flooded with emails from every advertiser you know on how they’re handling business during the COVID-19 outbreak.

Thank you for your patience as I’ve taken time to figure out how to safely continue conducting real estate business during a time when social distancing is a best practice.

Here’s how Homespace is planning to help for the foreseeable future:

CURRENT CLIENTS

I am still a call, text, or email away and am here for anything you need as we navigate through your contract and upcoming moves. We will do as much as we can remotely, and handle the rest by proceeding as planned while keeping in line with the CDC’s recommendations. 

RENTERS & BUYERS WITH UPCOMING MOVES OR LEASE EXPIRATIONS

Please contact me to discuss your options. I am working with owners and landlords to conduct virtual tours of vacant and new construction properties, and am in close talks with several apartments in the area to obtain video tours of their available units while their doors are closed to the public.

Until CDC recommendations change, I will not be showing occupied homes or rental units in person out of respect and safety to everyone involved. I will, however, do my very best to arrange FaceTime or virtual showings of any properties you wish to see so long as all parties agree to participate. All new client consultations will be done via phone call or video chat.

SELLERS AND INVESTORS

I am now including Matterport 3D virtual home tours as part of my listing package so that we can make remote showings more interactive and appealing to potential buyers while protecting your home from unnecessary traffic. All listing appointments will be done via video call until the CDC has updated its recommendations. 

A note on real estate in 2020

We’re all in the same boat here, and no one can say with certainty how everything will shake out when things settle back down. What I can tell you is that title companies are open and doing remote closings, lenders are still issuing loans, and I am still working and available as your real estate resource, albeit with the above modifications. 998 homes hit the market this week, and as of now real estate in Austin is still moving.

On a personal level, I sincerely hope that all of my past, current, and future clients can stay home as much as possible until things settle down. If, however, you do need to move, please reach out to me and we’ll figure out how to make things work in this unique time. 

Stay home. Stay safe. Stay in touch.

March 23, 2020

Market Data

February 2020 Market Report

Year over year for February, property prices have gone up exponentially. The median price for homes in the Austin area in February of 2020 was $327,140. Last February the median sale price was $295,000, a 10.89% increase in property prices year over year. More homes sold this February than last, with homes staying on market on average 8 days fewer than they did in February 2019.

The Austin area is seeing consistent growth and home sales, and we’re still in a seller’s market. Seller’s can expect to receive market value prices for homes, and buyers can expect some inventory shortages and multiple offer situations.

feb 19 to feb 20

March 20, 2020

Buy | Invest | Resources

New Real Estate Projects in Austin

If you’ve lived in Austin for a while, you’ll know that the city changes rapidly. From downtown towers to new suburban communities, Austin is growing more every year.

Here’s a spotlight on a couple of new projects in the works in central and east Austin.

A. Natiivo, Downtown

Natiivo is a 33-story tower currently under construction on Rainey Street. The twist with this building is that each unit will come with full amenities, furniture, and hotel licensing. This means that owners will be able to rent out their units short term, or on sites like Airbnb for personal profit. This is an extreme rarity for any condo building; contact me if you’re interested in more details and/or investment potential.

B. 6 X Guadalupe, Downtown

If you thought The Independent, also known as the “Jenga Building” downtown was going to remain the tallest building in Austin, think again! 6X is planned to be 66 stories tall – a full 7 stories taller than its predecessor. The space will be filled with offices, retail, and apartments.

C. Grove at Shoal Creek, Central Austin

The Grove at Shoal Creek is a master-planned community smack dab in the middle of the city. This new Rosedale/Hyde Park development will be 76 acres of housing, retail, green space, and offices.

D. Centro Complex, East Austin

Encompassing a full two blocks between E 5th and E 6th, this new development will be part of East Austin’s Plaza Saltillo district. A 3.25-acre, five-story office and retail space is planned for the space once permitting is completed.

These projects are just a fraction of all the new development happening throughout the Austin-metro area. If you’ve had thoughts of buying a home or planning to invest in Austin’s growing market, contact me and let’s grab a coffee to talk about your options!

I’d love to be your resource for all things real estate and am always happy to answer questions.

February 21, 2020

Market Data

January 2020 Market Report

It’s a new year and the new market report is out!

The median price for homes in the Austin area in January 2020 was $308,000. Last January the median sale price was $296,999, a 3.7% increase in property prices year over year. This is a normal increase for the month of January, but expect an uptick in sales over the next few months.

February 20, 2020