Blog

<figure id="figure-lwwlr1ykdlwrv41vz" class=""><img id="lwwlr1ykdlwrv41vz" src="https://cdn.durable.co/blocks/17qK48SKleGrq2j0InbvGobM2ADLIPc35g7xS8A6RkShuM05tFluYvRctj2IuRut.png" alt="brown wooden table and chairs set" title="brown wooden table and chairs set" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 1/1; object-position: undefined undefined;" data-corners="default" data-aspect="1:1" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/17qK48SKleGrq2j0InbvGobM2ADLIPc35g7xS8A6RkShuM05tFluYvRctj2IuRut.png" data-mce-style="aspect-ratio: 1/1; object-position: undefined undefined;"></figure><p>In April, the Austin housing market saw a 5.9% year-over-year increase in home sales, alongside a modest 1% uptick in the median home price, now at $469K. Insights from the Austin Board of REALTORS® suggest a prevailing atmosphere of confidence and optimism among buyers and sellers alike.&nbsp;</p><p>Let's take a closer look at the latest trends and what they mean for you:</p><p><strong>Home price gains </strong>— Median home prices increased by 4% from last month and showed a slight 1% increase compared to last year.<br><strong>Time on the market decrease</strong>s — Homes are now on the market for an average of 68 days, down 12 days from last month and 4 days from last year.<br><strong>New listings surge</strong> — The number of new homes hitting the market increased by 8% from last month and 26% compared to last year, providing buyers with more options in today’s market.<br><strong>Increased buyer demand</strong> — Pending sales increased by 2% compared to last year and 1% from last month.<br><strong>Rise in home sales</strong> — Home sales increased by 5% compared to last year and by 5% from last month.<br><strong>Housing supply and inventory</strong> — Housing supply stands at 4.3 months, up from 3.2 months last April.<br><strong>Current market snapshot</strong> — Over 10,000 homes are for sale, selling for 95% of their original listing price.&nbsp;</p><p><strong>Understanding Home Price Trends</strong></p><p>According to recent data from Fannie Mae, almost 1 in 4 people think home prices will come down. However, recent data paints a different picture: home prices have risen since the beginning of the year, with minor dips during seasonal lulls. These fluctuations should be balanced with the overall trend of sustained price growth.&nbsp;</p><p><strong>Housing Inventory Reaches 8-Year High</strong></p><p>As mortgage rates fall, the Austin housing market hit a significant milestone, reaching an 8-year high with 4.3 months of inventory and over 10,000 homes for sale. The increased housing supply means home buyers have more choices and potentially less competition. With more homes on the market, buyers might find it easier to search for properties that meet their needs and budget.&nbsp;</p><p><strong>Why Buying a Home Makes Financial Sense</strong></p><p>There are compelling reasons to buy rather than rent for your financial future. According to Federal Reserve data, home values generally appreciate over time, as evidenced by a consistent upward price trend over the past 60 years. On the other hand, rent tends to increase steadily over time, making homeownership with a fixed-rate mortgage a more stable and financially rewarding option in the long run.&nbsp;</p><p><strong>Conclusion:</strong></p><p>If you're thinking about moving or purchasing a property, having a REALTOR who understands your unique motivations and has a proven process to maximize your Return on Investment is crucial. I'd love to discuss how we can create a plan to achieve your goals. Contact me to schedule a complimentary consultation on my website: welcometotheatx.com or by email: lukeeskew@realtyaustin.com.</p>

Austin Housing Report - April 2024

<h2>Introduction</h2><p>Buying a home is a significant milestone in anyone's life. It's a dream that many aspire to achieve, but before diving into the world of real estate, it's crucial to ensure your financial house is in order. Just like a strong foundation is essential for a sturdy building, cleaning up your finances is key before taking the leap into homeownership.</p><h3>Assess Your Financial Situation</h3><p>Before starting the homebuying process, take a close look at your financial situation. Evaluate your income, expenses, debts, and savings. Understanding where you stand financially will help you determine how much house you can afford and what steps you need to take to reach your homeownership goal.</p><figure id="figure-p35d8rx16elvycfzbv"><img id="p35d8rx16elvycfzbv" src="https://images.unsplash.com/photo-1506784983877-45594efa4cbe?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyMXx8ZmluYW5jaWFsJTIwcGxhbm5pbmd8ZW58MHx8fHwxNzE1MjA0NDU1fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="financial planning" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1506784983877-45594efa4cbe?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyMXx8ZmluYW5jaWFsJTIwcGxhbm5pbmd8ZW58MHx8fHwxNzE1MjA0NDU1fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Create a Budget</h3><p>Creating a budget is a fundamental step in cleaning up your finances. Outline your monthly income and expenses to see where your money is going. Identify areas where you can cut back on spending and allocate more towards savings for a down payment and emergency fund.</p><h3>Pay Off Debt</h3><p>High levels of debt can hinder your ability to qualify for a mortgage or afford a home comfortably. Prioritize paying off high-interest debt such as credit cards and personal loans. By reducing your debt-to-income ratio, you'll improve your financial health and increase your chances of securing a favorable loan.</p><figure id="figure-y1ldeilz1hlvycg10e"><img id="y1ldeilz1hlvycg10e" src="https://images.unsplash.com/photo-1705948734190-ef0bb6a6dc9a?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw4fHxkZWJ0JTIwbWFuYWdlbWVudHxlbnwwfHx8fDE3MTUyMDQ0NTd8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="debt management" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1705948734190-ef0bb6a6dc9a?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw4fHxkZWJ0JTIwbWFuYWdlbWVudHxlbnwwfHx8fDE3MTUyMDQ0NTd8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Save for a Down Payment</h3><p>One of the biggest hurdles for many first-time homebuyers is saving for a down payment. Aim to save at least 20% of the home's purchase price to avoid private mortgage insurance (PMI) and secure better loan terms. Set up a dedicated savings account and automate your contributions to stay on track.</p><h3>Improve Your Credit Score</h3><p>Your credit score plays a crucial role in the homebuying process. Lenders use it to determine your creditworthiness and the interest rate you qualify for. Check your credit report for errors and work on improving your score by making on-time payments, keeping credit card balances low, and avoiding new debt.</p><figure id="figure-rrjjl55xg6lvycg2vc"><img id="rrjjl55xg6lvycg2vc" src="https://images.unsplash.com/photo-1705948354440-32c6cfc6531a?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxMHx8Y3JlZGl0JTIwc2NvcmUlMjBpbXByb3ZlbWVudHxlbnwwfHx8fDE3MTUxODIxNzZ8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="credit score improvement" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1705948354440-32c6cfc6531a?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxMHx8Y3JlZGl0JTIwc2NvcmUlMjBpbXByb3ZlbWVudHxlbnwwfHx8fDE3MTUxODIxNzZ8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Get Pre-Approved for a Mortgage</h3><p>Before starting your home search, get pre-approved for a mortgage. This will give you a clear picture of how much you can borrow and what your monthly payments will look like. Having a pre-approval letter also shows sellers that you're a serious buyer, giving you an edge in a competitive market.</p><h3>Build an Emergency Fund</h3><p>Owning a home comes with unexpected expenses, from maintenance and repairs to job loss or medical emergencies. Build an emergency fund to cover at least three to six months' worth of living expenses. Having a financial cushion will provide peace of mind and protect you from financial setbacks.</p><figure id="figure-0x8n0h9c3llvycg4sw"><img id="0x8n0h9c3llvycg4sw" src="https://images.unsplash.com/photo-1515606378517-3451a4fa2e12?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxNnx8ZW1lcmdlbmN5JTIwZnVuZHxlbnwwfHx8fDE3MTUyMDQ0NjJ8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="emergency fund" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1515606378517-3451a4fa2e12?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxNnx8ZW1lcmdlbmN5JTIwZnVuZHxlbnwwfHx8fDE3MTUyMDQ0NjJ8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Consult with a Financial Advisor</h3><p>If you're unsure about your financial readiness to buy a home, consider consulting with a financial advisor. An advisor can help you create a personalized financial plan, set realistic goals, and provide guidance on how to achieve them. Their expertise can be invaluable in preparing you for homeownership.</p><h3>Conclusion</h3><p>Building a strong foundation by cleaning up your finances is essential before buying a home. By assessing your financial situation, creating a budget, paying off debt, saving for a down payment, improving your credit score, and building an emergency fund, you'll be better equipped to achieve your homeownership goals. Take the time to get your finances in order, and you'll set yourself up for a successful and sustainable homeownership journey.</p>

Building a Strong Foundation: Why Cleaning Up Your Finances is Crucial Before Buying a Home

<p>In March 2024, the Austin area experienced a 10% increase in new home listings from the previous year. According to the Central Texas Housing Report, this uptick has led to several regional markets boasting four months of available inventory. This provides more options for home buyers and helps stabilize prices. Sellers benefit from increased confidence in the market, with more opportunities to sell their properties at fair values.</p><figure id="figure-34mq8vf6ilvwtneem"><img id="34mq8vf6ilvwtneem" src="https://images.unsplash.com/photo-1497366754035-f200968a6e72?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxNDN8fFJlYWwlMjBFc3RhdGV8ZW58MHx8fHwxNzExMDUzODc1fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="hallway between glass-panel doors" title="hallway between glass-panel doors" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://images.unsplash.com/photo-1497366754035-f200968a6e72?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxNDN8fFJlYWwlMjBFc3RhdGV8ZW58MHx8fHwxNzExMDUzODc1fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><p>Let's take a closer look at the latest trends and what they mean for you:</p><p><strong>Home price trends</strong> – Median home prices increased by 1% from February to March and showed no change from last year.<br><strong>Time on the market</strong> – Homes are now on the market for an average of 80 days, down by three days from last month and showing no change from the previous year.<br><strong>New listings surge</strong> - New homes hitting the market increased by 20% monthly and 10% annually, providing buyers with more options in today’s market.<br><strong>Increased buyer demand</strong> – Pending listings increased by 9% compared to last year, indicating heightened demand.<br><strong>Rise in home sales</strong> – Home sales decreased slightly compared to last year but increased by 19% from last month.<br><strong>Housing supply and inventory </strong>– Housing supply stands at 3.8 months, up from 3.1 months last March.<br><strong>Current market snapshot</strong> – Over 9,000 homes are for sale, selling for 94% of their original listing price.</p><p><strong>Where are home prices headed this summer?</strong><br>“Home prices typically peak in June, driven by optimal inventory and demand,” said John Coake, Vice President of Sales at Realty Austin Compass. “Home prices aren’t falling, they’re rising, just at a slower pace. In the long run, waiting to purchase a home may cost you more.”&nbsp;</p><p>The surge in new listings provides more options for buyers and helps stabilize prices. Additionally, the rise in pending listings reflects continued buyer interest. Despite a slight decrease in year-over-year home sales, the current housing supply suggests a balanced market with potential for price growth amidst strong demand.</p><figure id="figure-y2i7rlxos7lvwu12mt"><img id="y2i7rlxos7lvwu12mt" src="https://cdn.durable.co/shutterstock/23Ygt5zPdB7SncwFIxMRTGrtO2Gnu6avnObegfL1XD6Ql0v6MxCmjPSI5yLpnBJ7.jpeg" alt="Home improvement kitchen view installed in a new kitchen cabinet" title="Home improvement kitchen view installed in a new kitchen cabinet" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/shutterstock/23Ygt5zPdB7SncwFIxMRTGrtO2Gnu6avnObegfL1XD6Ql0v6MxCmjPSI5yLpnBJ7.jpeg" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><p><strong>Fannie Mae Reports Positive Outlook for Home Buying and Selling</strong><br>Fannie Mae's latest report reveals encouraging sentiments among consumers regarding home buying and selling opportunities, maintaining a positive trajectory in March. Indicators for a "good time to buy" and a "good time to sell" continued to rise steadily, suggesting growing confidence in the housing market.&nbsp;</p><p>With an increase in the inventory of homes growing each month, this creates better opportunities for me and my team to negotiate concessions to help the buyer get a better deal in the forms of cash to help lower closing costs, a rate buy-down, and other types of incentives for the buyer.</p><p><strong>Should You Wait for Mortgage Rates to Lower?</strong></p><p>While experts say rates will come down, current mortgage rates are above 7%. The robust American economy indicates that short-term interest rates will likely remain high. As people seek new opportunities or require more space, they realize there may be more practical options than waiting for better mortgage rates. This shift in perspective is evident in the increasing number of homeowners considering moving despite higher rates.&nbsp;</p><p>“Looking ahead, mortgage rates are unlikely to drop soon. So, it's all about making smart choices based on your situation instead of hoping for better rates,” shared Tom Thornton, Agent Success Manager at Realty Austin Compass. “For homebuyers waiting for lower mortgage rates, it's important to note that even slight rate decreases could spur increased demand, leading to reduced inventory and heightened competition in the market.”</p><figure id="figure-7oz0os6e4ilvwtu86r"><img id="7oz0os6e4ilvwtu86r" src="https://images.unsplash.com/photo-1513694203232-719a280e022f?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw5fHxob21lJTIwd2FycmFudHklMjBwcm92aWRlcnxlbnwwfHx8fDE3MTA3NzE4MDF8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="dresser beside sofa" title="dresser beside sofa" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://images.unsplash.com/photo-1513694203232-719a280e022f?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw5fHxob21lJTIwd2FycmFudHklMjBwcm92aWRlcnxlbnwwfHx8fDE3MTA3NzE4MDF8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><p><strong>Texas Home Financing Trends: What Buyers and Sellers Should Know</strong></p><p>According to the latest Texas Residential Mortgage Survey (TRMS), Texas sees a positive trend in home financing, with optimism among industry experts reaching new heights. Despite challenges like fluctuating mortgage rates, the Texas housing market remains relatively strong due to its robust economy and lack of state income taxes. This trend suggests improved opportunities for home buyers, who may find more options for loans and purchasing homes, and sellers, who may benefit from increased buyer activity in the market.</p><p><br></p><p><strong>Exploring Newly Built Homes: A Solution for Homebuyers</strong></p><p>In today's competitive housing market, finding the perfect home within your budget can be challenging. Newly built homes emerge as a promising solution. Unlike existing homes in short supply, newly constructed properties offer a fresh inventory for buyers to explore. This uptick in new home construction provides more choices for homebuyers, whether seeking move-in ready homes or wanting to customize their build. Additionally, builders offer incentives such as mortgage rate buy-downs, making new homes more affordable and appealing.</p><figure id="figure-bv613byt1lvwtw88i"><img id="bv613byt1lvwtw88i" src="https://images.unsplash.com/photo-1621293954908-907159247fc8?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxMTd8fFJlYWwlMjBFc3RhdGV8ZW58MHx8fHwxNzExMDUzODM4fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="brown wooden table and chairs set" title="brown wooden table and chairs set" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://images.unsplash.com/photo-1621293954908-907159247fc8?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxMTd8fFJlYWwlMjBFc3RhdGV8ZW58MHx8fHwxNzExMDUzODM4fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><p><strong>Your Moves Inspire</strong></p><p>At Realty Austin Compass, your moves inspire my team and I to serve as invaluable guides throughout your real estate journey, alleviating complexities and always advocating for your best interests. We will navigate market trends, decode pricing dynamics, review contracts, and leverage negotiation skills to ensure you can make an informed decision and secure a favorable outcome. If you are thinking about making the move, we will love to learn about you and your real estate goals to where we can create a roadmap and timeline that applies to your goals.&nbsp;</p>

Austin Housing Market Report for March 2024

<p>Property taxes are a significant expense for many homeowners, and the thought of paying more than necessary can be daunting. Fortunately, there are strategies you can use to protest your property taxes and potentially lower your bill. In this guide, we'll explore how to maximize your savings by protesting your 2024 property taxes with expert assistance.</p><h3>Understanding Property Tax Protests</h3><p>Before diving into the process of protesting your property taxes, it's important to understand how property tax assessments work. Property taxes are typically based on the assessed value of your property, which is determined by local government assessors. If you believe that your property has been overvalued, you have the right to appeal the assessment.</p><figure id="figure-h16ueeuyalvl2zk70"><img id="h16ueeuyalvl2zk70" src="https://images.unsplash.com/photo-1602327850587-fc4b61215d07?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyM3x8cHJvcGVydHklMjB0YXglMjBwcm90ZXN0fGVufDB8fHx8MTcxNDQwMjUwOXww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="property tax protest" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1602327850587-fc4b61215d07?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyM3x8cHJvcGVydHklMjB0YXglMjBwcm90ZXN0fGVufDB8fHx8MTcxNDQwMjUwOXww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Seeking Professional Assistance</h3><p>While it's possible to protest your property taxes on your own, seeking expert assistance can significantly increase your chances of success. Property tax consultants or attorneys specialize in navigating the complex process of protesting property taxes and can provide valuable expertise and guidance.</p><h3>Gathering Evidence</h3><p>When preparing to protest your property taxes, it's crucial to gather evidence to support your case. This may include recent appraisals, comparable property sales data, and any documentation that highlights discrepancies in the assessment of your property. Being a REALTOR, I am able to provide the data and documentation listed above to help you protest.&nbsp;</p><figure id="figure-k1p89jjkpglvl2zlhm"><img id="k1p89jjkpglvl2zlhm" src="https://images.unsplash.com/photo-1581092581294-a030b4f01a11?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxMnx8cHJvcGVydHklMjBhc3Nlc3NtZW50fGVufDB8fHx8MTcxNDQwMjUxMXww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="property assessment" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1581092581294-a030b4f01a11?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxMnx8cHJvcGVydHklMjBhc3Nlc3NtZW50fGVufDB8fHx8MTcxNDQwMjUxMXww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Filing the Protest</h3><p>Once you've assembled your evidence, it's time to file the protest with the appropriate your local tax authority. This typically involves submitting a formal appeal and supporting documentation within a specified timeframe. It's essential to adhere to all procedural requirements to ensure that your protest is considered. Travis County - <a href="http://www.traviscad.org/protests">www.traviscad.org/protests</a> (Deadline - May 15, 2024)</p><p>Hays County - <a href="http://www.hayscad.com/protest">www.hayscad.com/protest</a> (Deadline - May 15, 2024)</p><h3>Negotiating with Assessors</h3><p>After filing your protest, you may have the opportunity to negotiate directly with the assessors or their representatives. This can be a critical stage in the process, as it allows you to present your evidence and make your case for a lower property tax assessment.</p><figure id="figure-2hvtvh0ig4lvl2zob7"><img id="2hvtvh0ig4lvl2zob7" src="https://images.unsplash.com/photo-1522881193457-37ae97c905bf?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxMHx8cHJvcGVydHklMjBuZWdvdGlhdGlvbnxlbnwwfHx8fDE3MTQ0MDI1MTR8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="property negotiation" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1522881193457-37ae97c905bf?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxMHx8cHJvcGVydHklMjBuZWdvdGlhdGlvbnxlbnwwfHx8fDE3MTQ0MDI1MTR8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Preparing for a Hearing</h3><p>If your initial protest and negotiation efforts are unsuccessful, you may have the option to request a formal hearing to present your case. This may involve preparing a compelling argument, presenting evidence, and potentially enlisting the support of expert witnesses to bolster your position.</p><h3>Considering the Cost-Benefit Analysis</h3><p>It's important to weigh the potential savings against the costs and time involved in protesting your property taxes. While a successful protest can lead to significant savings over time, it's essential to consider the upfront expenses and the likelihood of achieving a favorable outcome.</p><figure id="figure-pajikwjh5lvl2zpq2"><img id="pajikwjh5lvl2zpq2" src="https://images.unsplash.com/photo-1582719366794-4d27cd0a34a0?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyN3x8Y29zdCUyMGJlbmVmaXQlMjBhbmFseXNpc3xlbnwwfHx8fDE3MTQ0MDI1MTZ8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="cost benefit analysis" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1582719366794-4d27cd0a34a0?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyN3x8Y29zdCUyMGJlbmVmaXQlMjBhbmFseXNpc3xlbnwwfHx8fDE3MTQ0MDI1MTZ8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Monitoring Future Assessments</h3><p>Even if your property tax protest is successful, it's important to stay vigilant and monitor future assessments to ensure that your property continues to be valued accurately. Regularly reviewing your property tax bills and assessments can help you identify any discrepancies and take action as needed.</p><p>Maximizing your savings through property tax protests requires careful planning, attention to detail, and potentially expert assistance. By understanding the process and seeking professional guidance, homeowners can take proactive steps to challenge their property tax assessments and achieve meaningful cost savings.</p><p>If you have any questions or like additional information, please contact me on my website or email: luke.eskew@compass.com</p>

Maximize Your Savings: A Guide to Protesting Your 2024 Property Taxes with Expert Assistance

a woman holding a green bag in a grocery store

<h2>Market Value vs. Net Appraised Value: Understanding the Difference</h2><p>When it comes to buying or selling a property, understanding the difference between market value and net appraised value is crucial. These two terms are often used interchangeably, but they actually represent different concepts that can impact your real estate transactions. In this blog post, we will delve into the definitions of market value and net appraised value, and explore how they can affect your financial decisions.</p><h3>Market Value</h3><p>Market value refers to the estimated price that a property would sell for in the current real estate market. It is determined by various factors such as location, demand, comparable sales, and economic conditions. Market value is influenced by the forces of supply and demand, and it can fluctuate over time. A property's market value is typically determined by a real estate agent or an appraiser.</p><p><br></p><h3>Net Appraised Value</h3><p>Net appraised value, on the other hand, is the estimated value of a property after deducting any liens, mortgages, or other encumbrances. It takes into account the property's market value and subtracts any outstanding debts or obligations. Net appraised value is often used by lenders to assess the collateral value of a property for loan purposes.</p><figure id="figure-vswxgdmf9lv43gegi"><img id="vswxgdmf9lv43gegi" src="https://images.unsplash.com/photo-1524292691042-82ed9c62673b?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw2fHxwcm9wZXJ0eSUyMGFwcHJhaXNhbHxlbnwwfHx8fDE3MTMzNzUzNjd8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="property appraisal" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1524292691042-82ed9c62673b?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw2fHxwcm9wZXJ0eSUyMGFwcHJhaXNhbHxlbnwwfHx8fDE3MTMzNzUzNjd8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Key Differences</h3><p>The main difference between market value and net appraised value lies in the inclusion of debts and encumbrances. Market value represents the fair market price of a property, while net appraised value reflects the property's value after considering its financial obligations. It is important to note that net appraised value may be lower than market value due to outstanding debts or liens on the property.</p><figure id="figure-xg180w2vddlv43gg0o"><img id="xg180w2vddlv43gg0o" src="https://images.unsplash.com/photo-1642143231828-786fbd515a13?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxOHx8ZGVidCUyMGFuZCUyMHZhbHVlfGVufDB8fHx8MTcxMzM3NTM2OXww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="debt and value" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1642143231828-786fbd515a13?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxOHx8ZGVidCUyMGFuZCUyMHZhbHVlfGVufDB8fHx8MTcxMzM3NTM2OXww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Implications for Buyers and Sellers</h3><p>Understanding the difference between market value and net appraised value is essential for both buyers and sellers. For sellers, knowing the market value of their property helps them set a competitive listing price and negotiate offers. On the other hand, buyers can use the net appraised value to determine the property's equity and assess its financial viability.</p><figure id="figure-e36vyvj5lv43ghdu"><img id="e36vyvj5lv43ghdu" src="https://images.unsplash.com/photo-1710348586462-58659947dcc4?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw2fHxidXllcnMlMjBhbmQlMjBzZWxsZXJzfGVufDB8fHx8MTcxMzM3NTM3MHww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="buyers and sellers" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1710348586462-58659947dcc4?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw2fHxidXllcnMlMjBhbmQlMjBzZWxsZXJzfGVufDB8fHx8MTcxMzM3NTM3MHww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Factors Affecting Market Value and Net Appraised Value</h3><p>Several factors can influence both market value and net appraised value. Location, property condition, size, amenities, and recent sales in the area are some of the key considerations. Additionally, economic conditions, such as interest rates and market trends, can impact the value of a property. It is important to stay informed about these factors to make informed decisions in real estate transactions.</p><p><br></p><h3>Conclusion</h3><p>Understanding the difference between market value and net appraised value is essential for anyone involved in real estate transactions. While market value represents the estimated price a property would sell for in the current market, net appraised value takes into account any outstanding debts or encumbrances. Both values have their own significance and can impact your financial decisions. By being aware of these differences, you can navigate the real estate market with confidence.</p>

Market Value vs. Net Appraised Value: Understanding the Difference

<h2>Understanding Pre-Qualified and Pre-Approval in the Mortgage Process</h2><p>When you start the journey of buying a home, you may come across terms like pre-qualified and pre-approval. While they sound similar, they have distinct meanings in the world of mortgages. Let's dive into the differences between pre-qualified and pre-approval to help you navigate the home buying process more effectively.</p><h3>Pre-Qualified: What Does It Mean?</h3><p>Getting pre-qualified for a mortgage is typically the first step in the home buying process. It involves providing basic information to a lender, such as your income, assets, and debts. Based on this information, the lender can give you an estimate of how much you may be able to borrow. Pre-qualification is a quick and informal process that can give you a general idea of your purchasing power.</p><figure id="figure-t4tcpdakqllv2f5p2r"><img id="t4tcpdakqllv2f5p2r" src="https://images.unsplash.com/photo-1516011366208-fd188c6088b5?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyMnx8cHJlLXF1YWxpZmllZCUyMG1vcnRnYWdlfGVufDB8fHx8MTcxMzI3NDA5MXww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="pre-qualified mortgage" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1516011366208-fd188c6088b5?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyMnx8cHJlLXF1YWxpZmllZCUyMG1vcnRnYWdlfGVufDB8fHx8MTcxMzI3NDA5MXww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Pre-Approval: A Deeper Dive</h3><p>Pre-approval, on the other hand, is a more thorough process. To get pre-approved, you'll need to submit detailed financial information to a lender, including documentation like pay stubs, tax returns, and bank statements. The lender will review your financial background, credit history, and other factors to determine the exact amount they are willing to lend you for a mortgage.</p><h3>Key Differences Between Pre-Qualified and Pre-Approval</h3><ul><li><strong>Accuracy:</strong> Pre-approval provides a more accurate picture of your borrowing capacity compared to pre-qualification.</li><li><strong>Documentation:</strong> Pre-approval requires extensive documentation, while pre-qualification is based on self-reported information.</li><li><strong>Seller Confidence:</strong> A pre-approval letter can signal to sellers that you are a serious buyer, giving you an edge in a competitive market.</li></ul><figure id="figure-eh7u1lv1j6lv2f5rnr"><img id="eh7u1lv1j6lv2f5rnr" src="https://images.unsplash.com/photo-1642053607099-396aa120151b?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxNnx8bW9ydGdhZ2UlMjBhcHByb3ZhbHxlbnwwfHx8fDE3MTMyNzQwOTR8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="mortgage approval" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1642053607099-396aa120151b?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxNnx8bW9ydGdhZ2UlMjBhcHByb3ZhbHxlbnwwfHx8fDE3MTMyNzQwOTR8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Why Pre-Approval Matters</h3><p>Having a pre-approval in hand can give you a competitive advantage when making an offer on a home. Sellers are more likely to take your offer seriously if they see that you have already been pre-approved for a mortgage. Additionally, pre-approval can help you narrow down your home search to properties that are within your budget.</p><h3>Final Thoughts</h3><p>While both pre-qualification and pre-approval are important steps in the home buying process, pre-approval offers a more concrete understanding of your financial standing. By getting pre-approved for a mortgage, you can streamline the home buying process and make more informed decisions when it comes to finding your dream home.</p><p>Remember, working with a knowledgeable lender can help you navigate the complexities of pre-qualification and pre-approval, ensuring a smoother path to homeownership. Should you want to dive deeper into this, please contact us to where we can help.</p>

Blog

Austin Housing Report - April 2024

Building a Strong Foundation: Why Cleaning Up Your Financ...

Austin Housing Market Report for March 2024

Maximize Your Savings: A Guide to Protesting Your 2024 Pr...

Market Value vs. Net Appraised Value: Understanding the D...

Pre-Qualified vs. Pre-Approval: Understanding the Difference