Real Estate

Why You Need To Sell This Summer

blog april

The market is hot, hot, hot! With interest rates at an all time low for buyers, the market has turned into a feeding frenzy, and home sales are skyrocketing in prices. In such a high demand, seller’s market, homes are selling for record breaking prices, which means more money in your pocket. If you have been considering selling your home, doing so in today’s market will bring you a larger sales price. Don’t wait for the market to shift when interest rates begin to start going up again. The National Association of Realtors has gathered data to predict a strong 6 months of sales throughout the United States. And with such a large group of buyers hunting for homes during the summer months, you have a great potential to sell your home quickly, and move on to bigger and better things sooner.

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This is also a great buying opportunity if you are wanting to transition into a new home. Low interest rates equate to more savings. You could potentially end up getting a bigger home for the same monthly payment cost when you buy your next property. And with such a hot market, there are more homes for sale, which means you can find the right one.

If you have not already spoken with an agent, get in touch with one to get a complimentary CMA. See if the numbers work out for you and/or your family, and if moving is something you want to do. Whether you are re-sizing, or moving to a different state, your agent can get the numbers in order to make sure it’s in your best interest to transition in today’s market. Don’t wait and lose tens of thousands of dollars in your sale price!

Jennifer Cote
REALTOR®
512-967-5748
Jennifer.Cote@5elementsrealtyteam.com
5elementsrealtyteam.com
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Real Estate

What is CodeNext? Postcards are coming!

What is CodeNEXT exactly and how will it affect me? That is a question you may be asking as every property owner in Austin will receive a postcard from the City of Austin with basic information about CodeNEXT and a list of scheduled hearings for public comment. This information is provided by ABOR.

CodeNEXT, as you’ve likely heard, is the City of Austin’s revision to its land development code, which determines what can be built, where, and how much. CodeNEXT is Austin’s opportunity to shape the future of our city and provide stronger tools to address housing affordability, transportation, environmental protection, and preserve the things that make this city so unique and special.

Every property owner in Austin will receive this postcard from the City of Austin.

Every property owner in Austin will receive this postcard from the City of Austin.
Every property owner in Austin will receive this postcard from the City of Austin.

What’s the current proposal?

The current version of the proposed code, known as Draft 3, is available for review and comment online. If you are interested in how CodeNEXT could affect a particular property, you can use the City’s Zoning Comparison Tool to see how the zoning could change under Draft 3.

Under the current code draft, entitlement for most properties in core residential neighborhoods do not significantly change. The current Draft 3 proposal reduces the minimum lot size for some residentially-zoned lots and allows some attached housing options, but it doesn’t generally permit more units on a lot than what is allowed under current zoning.

How will this impact properties in Austin?

Land use issues are complicated and many of the changes are hard to decipher. If you have questions, don’t hesitate to reach out to the City of Austin Planning and Zoning staff online or by phone at (512) 974-3583. I am available to you for questions any time at the contact info below or The City of Austin Planning and Zoning staff is also holding office hours, which can be booked through their website.

Jennifer Cote
REALTOR®
512-967-5748
Jennifer.Cote@5elementsrealtyteam.com
5elementsrealtyteam.com
Real Estate

Why now is the Time to Buy

If you have been considering purchasing a home, you may be curious to know if this is the right time in the market to make your move. The market is fast changing, with new laws coming into play, interest rates are constantly rising, and a whole slew of things buyers have to face when it comes time to picking the right house. What does that mean for you? Well, that there isn’t a better time to buy than now. Let’s break down the benefits of purchasing a home now, instead of waiting.

1. INTEREST RATES ARE SOARING

If you haven’t been keeping up with the real estate market, you might be missing out on the data around interest rates. They are going up, and they are going up fast. 5% may not seem like a lot, but can be the difference between hundreds, or even thousands, of dollars on what you are paying out towards your loan on a monthly basis. Would you want to pay an extra $200 towards interest for your loan each month, or would you prefer to pocket that $200? Well we know the answer to that.

Buying a home now while interest rates are at a low is going to be an advantage, both now, and long term. Take advantage of today’s rates and purchase a home that doesn’t cost you extra just because of interests.

2. HOME PRICES ARE INCREASING

Have you been hearing about folks complaining in your market about the price of homes going up? Well those prices are going to continue climbing. A home that is $200,000 now, could go up to $400,000 in 10 years because of market conditions. We also are aware that wages are not increasing as steadily as the cost of living. Purchasing a home in today’s market can get you a bigger and better deal on a house than if you were to wait a few years. Especially in hot city markets, where prices are virtually guaranteed to sky rocket, making a move now can save you hundreds of thousands.

3. COMPETITION IS GETTING BIGGER

Population growth is a real thing, and with more people, comes more competition for homes. Homes are selling faster, which means a high demand increases home prices. Buying your home now, while the competition isn’t as strong as it could be 5 years from now, helps you get a better deal on the home you want now then if you were to wait it out.

So, in conclusion, the ball is in your court in today’s market. There isn’t ever a better time to purchase then now. Avoid the competition and the increase in fees and prices, and take advantage of a market that is still in the buyer’s favor.

Jennifer Cote
REALTOR®
512-967-5748
Jennifer.Cote@5elementsrealtyteam.com
5elementsrealtyteam.com