Luke's Letter (AKA - Newsletter)

What’s the Housing Market Doing in Austin and
Central Texas?

Currently: The Austin Housing Market is starting to see more activity. With Interest Rates now in the 6.74% range (1.8.24), Buyers are starting to take advantage of the amount of residential properties available in
Central Texas. For the resale properties that are priced accurately, we are seeing increased activity as far as in-person tours, online visibility (number of views, saved properties, etc.). We just went under contract on a property in 8 days! In addition, we are seeing multiple offers occur on specific properties. Meanwhile, for those resale properties that are not priced according to the market conditions, they are experiencing more time on the MLS (averaging over 68 days).

New Construction Houses are extremely popular due to competitive interest rates, upgrades, and other savings. These offers are quite attractive and several buyers are trending with the newly built houses.

Forecast: According to National Association of Realtors (NAR) and KXAN.com, Austin is expected to see be one of the “Hottest” Markets in 2024. 

As of the middle of December 2023, the Federal Reserve has decided to maintain interest rates at their current level. This strategic move sets the stage for potential rate cuts in 2024. As I do not hold a crystal ball,
several economists anticipate mortgage rates to hover in the low to mid 6% range.

Conclusion: Right now, the market favors buyers to where they have more time to find the property that best fits their needs with less competition. Sellers are offering incentives such as rate buy-downs, assumable loans (FHA), and offering cash to close.

Whether you are considering buying or selling, I will love to serve you as your REALTOR. My team & I are dedicated to understanding your unique goals, creating a strategic plan to fit your timeframe, and guiding you to success from start to close. With expertise in the Austin/Central Texas market, I leverage my full-time commitment and platform to secure the best possible deal for you. If you are interested learning more, please let me know and we can schedule a Complimentary Consultation.

I’m passionate about Real Estate and I’m here for you!

Realty Austin and Compass have joined forces!

Realty Austin (the largest independently owned Real Estate Brokerage in Austin) was acquired by Compass in late 2023. Here’s how joining the Nation’s #1 Residential Brokerage will allow me to provide you with the best possible service: Cutting Edge Technology that will provide real-time data to help you make informed decisions. Coast-to-Coast coverage will enable you to have support no matter where you are or where you’re going. You will have personalized service from us every step of the way.

PRO TIPS: HOME MAINTENANCE

Replace batteries in your smoke & carbon monoxide detectors
Check Fire Extinguisher(s) & clean out dryer vent

Filters that need to be cleaned or replaced on a Monthly Basis:
1) HVAC - Replaced
2) Washing Machine - Cleaned
3) Dishwasher - Cleaned
4) Refrigerator (if you have waterlines) - Replaced

HOMESTEAD EXEMPTIONS

What is it? Homestead exemptions are granted by the county appraisal district where the property is located. The exemption reduces a homeowner’s property tax bill by removing part of the home’s value from taxation. all Texas homeowners may receive a general residence
homestead exemption on the vlue of their property for school taxes upon application. other taxing entities may also offer exemptions of some percentage fo the home’s value.

Who Qualifies? 1) You must reside at the home as your principal residence and not claim any other property as homestead. 2) Only Individual homeowners (not corporations or other entities) may receive a homestead exemption. 3) A homestead can be a house, condo, or manufactured home. It can include up to 20 acres, if the land is also owned by the homeowner and used as a yard, or for another purpose related to the residential use of the home.

Timing - We suggest that new homeowners apply after closing as soon as you have obtained your updated Texas Drivers License. As of 2022, homeowners can apply at any time throughout the year. the exemption will only apply to that tax year if filed prior to the annual deadline:
April 30th. Once your county’s chief appraiser approves your application for a homestead exemtpion, you do not need to reapply for the exemption unless the chief apppraiser sends a new application and requests that you apply.

How to apply - 1) file online or download residential homestead exemption application for your county of residence 2) Include a copy of your Texas Drivers license or ID card and the address
must match the homestead address:

Travis county - www.traviscad.org

Hays county - www.hayscad.com

Williamsoncounty-www.wcad.org

Bastrop county - https://bastropcad.org/exemptions