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May is Time for Termites & HVACs [[+]] Austin Area Market Remains Competitive As Home Sales Dip in April: Chuck Farr’s May 2022 “Talking Real Estate” ENewsletter

 

Spring is in full swing, and hello to you all!--homeowners, tenants, prospective buyers, and real-estate investors! In the news,the Austin Board of Realtors says that in April, “residential home sales declined 6.2% year over year to 3,280 closed sales as the median price rose 19.6% to a new all-time record of $550,000.” (Check the [[“Talking Real Estate” Monthly Enewsletter]] for all the market details!)

Spring 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:

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    Every space in your home has multiple functions requiring different lighting.  Even within the same room, you’ll need multiple light sources to set the right mood for the time of day and the activities you have planned.

    Lighting comes in five major categories:

    General purpose - any lighting fixture that is plugged into an ordinary socket, such as lamps or overhead fixtures.

    Decorative - any lighting where the bulb can be seen, such as a chandelier, bathroom strip lighting, pendant lighting or sconces.

    Track or Recessed - lighting that is usually a floodlight or spotlight in tracks or recessed fixtures.

    Specialty - unusual lights found in appliances or furniture such as cabinet lighting and appliance lighting.

    Outdoor - lighting that

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    Home improvement television makes flipping homes look so easy anyone can do it. But the reality is much different. You can make a lot of money or lose money to problems that slow down your timetable and increase your risk.

    There’s a reason why flipped homes are only a small percentage, about 6.2%, of the market. As an investor, you’re buying a property to sell quickly at a profit. You have to know the market and adhere to a strict acquisition formula to meet your estimated after repair value (ARV). The ARV informs your asking price that will both attract homebuyers and meet bank appraisals.

    A hot market, with a low supply of homes and rapidly escalating home values, is ideal for flipping because buyer demand and price appreciation are

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    Real estate professionals are licensed by regulators in the state where they practice. A candidate must be sponsored by a licensed real estate broker, take state-approved training, pass the licensing test, and then join the sponsoring broker’s firm as a salesperson and agent of the broker.

    State licensing laws allow certain types of representation in fairness to consumers. Some agents act as fiduciaries for their clients which means they owe loyalty to the one who hired them, but in that case, they also owe honesty and fairness to other parties in the transaction. Other agents act as facilitators which means they can work with both parties in the transaction honestly and fairly but they can’t show favoritism to either side.

    A seller's

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    April is Time for Termites, Property Tax Protests, & HVACs [[+]] Austin Area Home Sales Decline and Inventory Ticks Up As Prices Set New Records: Chuck Farr’s April 2022 “Talking Real Estate” ENewsletter

     

    Spring is here--homeowners, tenants, prospective buyers, and real-estate investors! In the news,the Austin Board of Realtors says that in March, “residential home sales declined 5.9% year over year to 3,302 closed sales as the median price rose 22.6% to a new all-time record of $521,100.” (Check the [[“Talking Real Estate” Monthly Enewsletter]] for all the market details!)

    Spring 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

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    In 2021, existing-home sales rose 8.5% during 2020, the highest level since 2006 as supplies of homes for sale fell to an all-time low of 910,000, equivalent to 1.8 months of available inventory.

    In December 2021, housing sales declined 7.1% over December 2020. The National Association of REALTORS (NAR) explained that the dip was likely due to supply constraints over decreasing demand from homebuyers. Employment in December rose by nearly 200,000 and the unemployment rate was 3.9%. Also favoring homebuyers, salaries rose 4.7% year-over-year, even while those gains were countered by the highest rate of inflation since 1982, a 7% increase from 2020.

    The cost of housing, including owner-occupied and rented homes, rose 4.1%, the fastest rate

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    Paint color palettes for 2022 seem to lean toward soothing neutrals or bright, cheerful tones. Gone are the dark, moody colors of the past few years, as people cope with COVID and its variants, rising inflation, and political uncertainty. The trend this year is blended colors that offer serenity and good cheer in one perfect shade.

    The most-watched Color of the Year is Pantone, the leader in digital, industrial and graphic design color mixtures. Instead of choosing a hue from its vast library, Pantone created a new color called Pantone 17-3938 Very Peri – a blend of soothing blue and exciting red that stimulates individuality and creativity and is a welcome antidote to neutrality.

    Benjamin Moore's Color of the Year for 2022 is October Mist

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    When a buyer and seller agree on a purchase price and terms, the buyer shows the seller a sign of good faith in the form of earnest money. This money, typically 1% to 3% of the sales price or whatever is customary for the local market, is deposited with an escrow agent or title company, a neutral third-party that serves to finalize the transaction for both sides.

    Earnest money is designed to protect the seller. It shows the buyer is serious, but if the buyer doesn’t follow through with the contract, the seller could lose valuable marketing time when the transaction doesn’t close. They’ll have to start all over again to market the home. There are also opportunity costs – the seller could have possibly sold the home to a different buyer and

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    Couples dream of buying a home together, leisurely enjoying a latte while dropping by open houses to look at remodeled kitchens and manicured backyards. Today’s market is quite different. Desirable homes are snapped up the moment they hit the market, often with multiple offers. Homebuyers in this climate must move quickly. This may require jumping on an opportunity without both partners adding their input.

    Adding more complexity to a heated real estate market is job mobility. The US is experiencing an unprecedented job market. More employees than ever before are offering remote work environments. This business climate not only offers flexibility in living location but also the opportunity to make a career move. Making a change in location,

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    Electric vehicles are becoming commonplace in American households. While these innovative cars may allow their owners to pass the gas station, but they still need fuel which means that access to a charging station is important to keep these owners on the road.

    To provide easy access to electricity, many owners are opting to install their own charging stations in their homes. This allows easy overnight charging and less stopping while driving around town. Typically located inside a garage, home charging allows the driver to avoid long waits for on-the-go charging or going out of their way to find a station.

    Basics

    Unlike a standard electrical outlet, EV stations have a specialized charging cable that allows a quick charge for the vehicle.

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