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Apache is functioning normally

September 17, 2023 by Brett Tams

Live large in Las Vegas.

When it comes to the topic of real estate in America, the Las Vegas housing market often emerges as a point of discussion. Known for its neon lights, bustling casinos and luxury hotels, Las Vegas also presents a residential backdrop that is just as dynamic and ever-changing. From market trends to environmental risks, let’s take a comprehensive look at what the Las Vegas housing market has in store for potential buyers, sellers and investors.

The Las Vegas housing market today

First, let’s talk numbers. Currently, the Las Vegas housing market sits in a somewhat competitive niche, making it an interesting ground for buyers and sellers. Homes here are generally on the market for around 35 days, a noticeable increase from 23 days last year. They receive around two offers before the ink dries on the dotted line.

What’s striking is that the median sale price for homes in the Las Vegas housing market is $415,000 — a 2.4% decrease when compared to last year’s figures. However, it’s worth mentioning that the number of homes sold actually inched up by 1.3%, from 934 to 946 homes.

Affordability

A closer look at the numbers reveals that the median sale price per square foot stands at $247, which is a slight 1.6% decrease from last year. For those eyeing the Las Vegas housing market for potential investment, this could mean that now might be a reasonable time to step in.

Homes are selling for about 1% below the list price, giving a little wiggle room for negotiation. The sale-to-list price ratio sits at a solid 98.8%, a minor but interesting 0.48-point drop from the previous year.

Climate impacts on the Las Vegas housing market

Let’s switch gears and discuss something increasingly important in real estate — climate. Las Vegas isn’t just about arid desert landscapes. Las Vegas has some substantial environmental challenges that homeowners need to consider.

According to the First Street Foundation, 5% of properties are at risk of flooding over the next three decades. A substantial 27% face wildfire risks, which can’t be taken lightly given the global uptick in extreme weather events. Astonishingly, a staggering 95% of properties in the Las Vegas housing market are at severe risk due to heat. If you’re eyeing a long-term investment, these aren’t just numbers; these are lifestyle factors that could impact the future value of homes in Las Vegas.

Transportation

Another point to consider is the city’s transportation infrastructure. Walkability and availability/reach of public transport can significantly influence the attractiveness of a residential area.

Las Vegas scores 42 out of 100 on the Walk Score®, showcasing a largely car-dependent environment. Its Transit Score® is just 36, making public transportation a less convenient option for daily commuting. The Bike Score® stands at 46, indicating that the city is only somewhat bike-friendly.

Las Vegas housing market compared to national trends

Zooming out for a bit, the median sale price in the Las Vegas housing market is about 2% lower than the national average. The overall cost of living in the city is also 1% lower than what you would expect to see nationwide.

The Las Vegas housing market is worth your attention

The Las Vegas housing market presents a mixed bag of opportunities and challenges. While prices per home and per square foot are on a minor decline, the number of homes sold has seen a slight upswing.

It’s clear that the Las Vegas housing market is at an interesting juncture. Whether you’re an eager buyer, a potential seller or an observant investor, staying tuned to these trends could be the key to making savvy decisions in a fluctuating market. Just like a night at the casino, the Las Vegas housing market can offer high stakes and big wins — but you need to play your cards right, and it pays to keep an eye on the ever-changing landscape.

The rental market in Las Vegas

Just as the Las Vegas housing market offers tons of opportunities for buyers and sellers, the rental market in Las Vegas paints its own fascinating portrait. For renters contemplating a move to the Entertainment Capital of the World, or for investors considering the potential for income-generating properties, understanding the nuances of this rental market is key.

The current state of Las Vegas rental prices

As of September 2023, the average rent for apartments in Las Vegas ranges from $874 for a studio to $1,462 for a two-bedroom apartment. Interestingly, there is a downward trend in rental prices; the average rent for a studio apartment has declined by 1% to $874, while one-bedroom and two-bedroom apartments have seen more significant decreases of 8% and 11%, respectively.

These declines raise interesting questions about the rental market. It could signify that more people are opting for home ownership, reflecting trends in the Las Vegas housing market where home prices have slightly decreased. Alternatively, it may indicate an increased supply of rental properties, which puts downward pressure on rental costs.

Neighborhood trends in the Las Vegas rental market

Different neighborhoods offer diverse rental options. For instance, in Centennial Hills and Lone Mountain, the average rent for a studio apartment hovers around a steep $1,646 but has decreased by 3% over the year. Contrastingly, in Northern Strip Gateway, the average studio rent is a far more affordable $550.

Comparing Las Vegas to nearby cities

When we compare the Las Vegas rental market to neighboring cities, it’s evident that Las Vegas provides a middle-ground option in terms of rental costs. For example, Henderson, a nearby city, has an average studio rent of $1,442, which is considerably higher than the Las Vegas average.

Apartment price ranges: Where does demand lie?

Further dissecting the rental landscape, the highest proportion of apartments — 45% — falls in the $2,101 and above range. Apartments ranging from $1,501 to $2,100 make up 32%, and those priced between $1,001 and $1,500 contribute to 17% of the market. Interestingly, only 7% of apartments are in the $701 to $1,000 range, and virtually none are available for $500-$700.

Affordability in the Las Vegas rental market

When it comes to affordability, Northern Strip Gateway, Downtown and Huntridge stand out as the most budget-friendly neighborhoods, with average one-bedroom rents at $800, $925 and $950 respectively. This contrasts sharply with the city average of $1,340 for a one-bedroom apartment, offering cost-effective options for those willing to compromise on location.

The Las Vegas rental market at a glance

The rental market in Las Vegas offers a range of options for various budgets and lifestyle needs, aligning well with the trends seen in the broader Las Vegas housing market.

Whether you are an aspiring tenant or an investor looking to dive into the rental market, Las Vegas has a ton of opportunities. As with home ownership, understanding the nuances in rental trends — from neighborhood variances to overarching annual changes — can be the key to making a savvy move in the dynamic landscape of the Las Vegas rental market.

A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.

Source: rent.com

Apache is functioning normally

September 17, 2023 by Brett Tams

Forget what you know from HGTV. When it comes to investing in the housing market, things tend to look less like Property Brothers and more like you pulling the hair out of your head. The difference here is in expertise and resources that can help a buyer separate the money makers from the money pits.

Plan a Budget Before Looking.

When looking for a good property, it is important to maintain a critical eye. Don’t think with the heart, and most importantly, don’t let a real estate agent talk you out of your wits.

As with any financial decision, it’s better to handle property investments with a simple cost-benefit analysis. It’s Econ 101: the output of your investment should surpass what you input. So for example, if renovations on an existing property would require $30,000, then you should expect to recoup that investment and more—be it in property value, comfort, or happiness. This is especially important in the real estate world where the cost of renovations don’t often equal the value an appraiser might give it.

If this is your first time buying a home, make sure that you have a small financial cushion or emergency fund to fall back on if things don’t go as planned. Be careful. The general rule of thumb is to save enough money to cover up to 4 to 7 months of working expenses.

Know What to Look for First: Location.

The first and most important aspect of a real estate investment is location, as in “location, location, location.” You hear it everywhere for a reason. In fact, most real estate gambles are made on up-and-coming neighborhoods. The quickest way to turn a profit on your property is to purchase a home in a neighborhood that’s on the cusp of become super trendy.

Take a look at Brooklyn. In the past decade, Williamsburg has become one of the most desirable places to live in all of New York City, causing housing prices to climb and climb. Back in 2006, The New York Times found several options in the $1,000 a month range. Well, today that won’t even get you 1 ft² of space if you are looking to buy in the neighborhood, according to the real estate website, StreetEasy.

On a smaller scale, this type of price surge can happen anywhere—in smaller cities like New Haven or close-by suburban areas like Woodbridge or Branford. To build a money maker, buying into these areas before they get hot is the best strategy for financial success.

Asking the Right Questions, Hearing No Lies.

When sellers get desperate, they can easily dress up a money pit with buzzwords about spacious ceilings, hardwood floors, and big windows. Sure, some sunlight would be nice, but isn’t it more important to find out if the septic tank needs replacement or if the boiler is working? What about the water pipes? Whether its new construction or something old, be sure to hit these critical questions before you sign anything.

Inspectors Are Worth It.

And on the topic of new construction, make sure you have it inspected. The biggest mistake an investor or buyer can make is to assume that something newly built is in perfect working order. Nothing is perfect. A home inspector is your last line of defense against a poor investment. For the cost of around $400, you may save yourself tens of thousands of dollars in fixes.

An important note here is to choose an inspector who is not aligned with your realtor’s agency. Although a quick solution, it may spur a conflict of interest. And when the inspector comes, make sure you are at the house yourself to make sure all the found mistakes are catalogued.

The Bottom Line.

Unfortunately, we just can’t assume that builders and contractors have made homes that pass the housing code. You have to ensure that yourself. The home-buying process can be stressful, true, but it can also be an empowering experience. Property Brother or not, knowing what to look for in a home gives you the ability to pick your options without the sway of agents or other vested interests. With enough skill, who knows? Maybe those investment decisions will become a money making business!

Source: totalmortgage.com

Apache is functioning normally

September 17, 2023 by Brett Tams

The Empire State’s real estate market is a bit of a mixed bag. On the one hand, parts of New York City and the Hamptons are among the priciest housing markets in the entire country. But the rest of the state, which is quite large, is full of cities like Buffalo, Rochester and Syracuse, all of which have median home prices of just $200,000 or less (according to July Redfin data).

Whether you’re buying in Long Island or selling in Lake Placid, there’s one part of the real estate transaction that you can’t avoid: closing costs. Here’s what to expect when it comes to closing costs in New York.

How much are closing costs in New York?

Closing costs vary by state, and New York is on the high side with an average rate of 3.1 percent of a home’s sale price, according to CoreLogic’s ClosingCorp. By comparison, Connecticut’s rate is 2.1 percent and New Jersey’s is 1.7 percent.

Data from the New York State Association of Realtors shows that July 2023’s median sale price for the state was an even $400,000. Applying the rate of 3.1 percent, that means closing costs of $12,400.

That number will vary greatly depending on home prices in your local market, though, and prices tend to get higher the closer you get to New York City. According to Redfin, the July median in Westchester County, just north of the city, was $770,000, which would result in closing costs of $23,870. But in Potsdam, not far from the Canadian border, the median is just $175,000, meaning closing costs of $5,425.

Who pays closing costs in New York, buyers or sellers?

Whether you’re buying or selling in the New York housing market, You will be responsible for some amount of closing costs.

Closing costs for buyers

As a homebuyer, most of your closing costs will relate to your mortgage loan. Here are some of the most common closing costs for buyers:

Loan-related fees: Many lenders charge borrowers loan application and origination fees, as well as a fee to check your credit history. If you are paying points on your mortgage, which typically bumps down your interest rate by 0.25 percent for every 1 percent of your loan amount, that fee will be part of your closing costs as well.
Appraisal and inspection fees: Your lender will likely require a professional home appraisal to confirm the home’s value (and make sure it’s worth at least the amount you’re borrowing). It’s smart, but not required, to get a professional home inspection as well. This will alert you to any problems with the home and property before they become your problem. If a major problem is discovered, you may be able to use it as a negotiation point. Expect each to run a few hundred dollars.
Title-related fees: Similar to a background check, a title search is conducted to confirm ownership and make sure that there are no liens or claims on the property. Title insurance protects you (as the new owner) and the lender if any issues arise after the deed is transferred. In some states, the seller pays for title insurance, but in New York, it’s typically the buyer. The cost will depend on your loan amount.
Taxes: At closing, you’ll likely need to prepay a portion of the year’s property taxes as determined by your local jurisdiction. These funds will be held in escrow and distributed on your behalf. Sellers pay for the base transfer tax in New York, but if you’re buying a home for over $1,000,000, you’ll be on the hook for an additional fee in the form of the state’s mansion tax, which starts at 1 percent of the sale price and gets higher the more expensive a home gets.
Attorney fees: The state of New York requires both homebuyers and sellers to be represented by an attorney at closing, so add legal fees to the list.

Closing costs for sellers

Sellers aren’t off the hook just because they’re not taking out a mortgage. Here are some of the most common closing costs for sellers:

Agent commissions: Realtor fees will be your largest expense when selling your home. Commissions typically run between 5 and 6 percent of a home’s sale price, which means the amount can be steep. On a median-priced $400,000 home, 5 percent comes to $20,000.
Transfer taxes: As the seller, you’ll need to pay New York’s real estate transfer tax, which is $2 for every $500 in home value. On a median priced $400,000 home, that’s $1,600. In New York City, an additional city tax applies.
Attorney fees: The state of New York requires both homebuyers and sellers to be represented by an attorney at closing.
Seller concessions: If you made any concessions to the buyer, such as offering to pay for a repair, they’ll be settled at closing time and taken out of the sale price.
Wire transfer fee: If there’s a balance left on your mortgage, it will be taken out of your sale proceeds and wired to your lender. There may be a fee for this.

Lowering your closing costs in New York

You might be surprised to learn that many closing costs are negotiable (except for government-assessed fees like property and transfer taxes, of course).

For home sellers, your most expensive cost is also one of the most commonly negotiated: the Realtor commission. If your agent is willing to lower their commission by even a little, it could save you a lot. For example, a 5.5 percent commission on a median-priced $400,000 home, rather than the full 6 percent, will save you $2,000.

Buyers can explore down payment assistance programs, which help cover closing expenses for qualified buyers via low- or no-interest loans, grants and more. There are options specifically for first-time homebuyers in New York as well. And remember that different lenders may offer different rates, terms and fee structures, so be sure to shop around for the best deal. Don’t be afraid to ask the seller for concessions, either. They might not agree to pay for that plumbing repair (for example), but it doesn’t hurt to ask.

Find a local real estate agent

New York’s real estate market is unique and complex, and the best way to navigate it is with the help of an experienced local real estate agent. If you don’t have one, a great place to start is by asking for referrals from friends and family. Do some online research, too. Interview a few different candidates to find someone who’s a good fit — and if you can find someone who knows your specific area very well, or even your specific neighborhood, all the better.

FAQs

According to data from ClosingCorp, closing costs in New York average 3.1 percent of a home’s sale price (not including agent commissions). The median price in the state was $400,000 as of July, per the New York State Association of Realtors, so the closing costs on a median-priced home would come to $12,400.
Real estate agent commissions, typically paid by the seller, are the most expensive part of closing costs, typically totaling between 5 and 6 percent of a home’s sale price. For a median-priced $400,000 New York home, 5 percent comes to $20,000.

Source: bankrate.com

Apache is functioning normally

September 17, 2023 by Brett Tams

The white picket fence isn’t for everyone.

Through our consumption of modern media over the years, we’ve had a picture of urban and suburban life painted for us. We’ve witnessed Carrie Bradshaw run through the busy streets of New York City, growing her career and attending social events. We’ve also watched The Simpsons, living as a family in Springfield, with the youngest kids going to school and enjoying the neighborhood life.

While drastically different in plot and purpose, shows like these have influenced the way we view urban vs. suburban vs. rural life. When it comes time to actually decide where to move and which type of area suits your lifestyle, it’s tricky to navigate through your own influences and opinions. We’ve broken down 11 tale-tell signs, saying and truths that can help you navigate the difference and work through your own natural biases about urban vs. suburban living.

Urban, by definition

Urban areas, also known as cities or metropolitan areas, are densely populated regions characterized by high human activity and development. Urban areas are typically the centers of economic, cultural and social activities.

They are also known for their higher population densities, taller buildings, extensive public transportation systems and greater access to amenities. They offer a wide range of job opportunities and cultural attractions, making them hubs of economic and social life.

City examples:

Suburban, by definition

Suburban areas are typically located on the outskirts of larger cities or urban centers. These areas often have lower population densities compared to urban areas, with a greater emphasis on single-family homes, larger yards and local green spaces. Suburbs are known for their relatively quiet and less crowded environment compared to urban centers. People who live in the suburbs often commute to work in the nearby city.

Suburb examples of the above cities:

Urban vs. suburban: 11 giveaways that will tell the difference

Suburban and urban life are very different. And there are some over-arching themes, traits and signs related to each that amplify just how different these areas are. Think you’ll be able to tell the difference? Try to guess what kind of area the person in these scenarios lives in.

1. You can’t remember the last time you had to use your car.

Answer: Urban. One of the benefits of city living is the walkability and access to alternative transportation options. People living in urban areas often rely on railways, trains, cabs, bikes, Ubers and walking shoes to get where they need to go in their day-to-day lives. Cars are unnecessary in these areas and some city residents don’t even own cars.

2. Local businesses are within walking distance to your place.

Answer: Urban, again. Between bodegas, family-owned coffee shops and thrift shops, local businesses are on almost every corner in city areas. The convenience provided by the walkability to all of these types of businesses is a huge draw for potential city residents.

3. You’ve driven an hour or more to a play, but you have the movie theater right around the corner.

Answer: Suburban. Suburban areas, while they may not have a wide variety of entertainment options, typically have chain stores, a handful of local shops, movie theatres, restaurants and parks. To experience larger excursions, like a play or concert, you most likely will have to commute to the nearest city.

4. It’s almost too quiet when you go to sleep at night.

Answer: Suburban. A huge difference between suburbia and urban areas is the noise. Suburban areas wind down as the sun sets, creating a quiet atmosphere for sleep. The most noise suburban residents hear is the buzz of cicadas or weather-related sounds.

5. Getting late-night food a routine staple.

Answer: Urban. Cities notoriously never sleep. Bodegas, food trucks and convenience stores stay open late to specifically cater to this mindset. Whether you’re craving a snack while watching a movie or worked late and need to grab dinner, urban areas ensure your snack venture is quick and easy.

6. Traffic sounds are almost white noise to you.

Answer: While this seems like it could be both, it’s urban. Suburban areas often involve residents commuting to work, meaning sitting in traffic. However, urban areas have traffic noises 24/7, creating a constant background hum of city life.

7. Waze is your most used app.

Answer: Suburban. As touched on before, suburban residents often commute to the nearest city for their jobs every day. This means calculating traffic, taking less congested routes and anticipating fluctuating commute times. Waze, a popular navigation app, is perfect for planning around traffic and getting where you need to go, in as little time as possible.

8. You’re genuinely surprised when you hear a car horn honk, and it’s usually followed by an apology wave.

Answer: Suburban, for sure. City life is absolutely more fast-paced than suburban life. This can influence tempers and patience levels whereas in a slower-paced suburban atmosphere, there’s less rush, more patience and certainly less defensive driving. Meaning suburban residents have little reason to ever use their car horns.

9. Boutique shops are a bit out of reach, but you can count the strip malls within a 5-minute commute to your house.

Answer: You guessed it, suburban. Suburban areas have access to amenities though these are typically chain stores with a few boutiques sprinkled in. Due to the ability to place large businesses that take up more square footage, like strip and outlet malls, residents of suburban areas are sure to find themselves shopping at such stores.

10. You ride the elevator with the same people and have never said more than a few words, if any.

Answer: Urban. We’re all familiar with the term “southern hospitality” and while suburban areas aren’t always southern, they’re friendlier. The fast-paced atmosphere of urban areas doesn’t lend itself to too many unplanned conversations, as people always have places to go and things to do.

11. You can Tetris almost anything in your place.

Answer: Urban, yet again. The packed nature of cities means less square footage in your apartment or rental property. This causes residents to get creative and perfect the practice of playing Tetris with their belongings, furniture and everything else in between.

Urban vs. suburban: not exactly a battle

Both of these lifestyles have a lot to offer their residents, it boils down to personal preference and priorities. Remember, no moving decision you ever make is permanent and it’s worth it to experience what both areas have to offer to truly appreciate the diversity of lifestyles and opportunities available.

Exploring both urban and suburban living can provide insights and enrich your life in unexpected ways. Still in the market for that perfect place, in suburbia or the city? Start and end your search with our list of apartments for rent.

Wesley is a Charlotte-based writer with a degree in Mass Communication from the University of South Carolina. Her background includes 6 years in non-profit communication and 4 years in editorial writing. She’s passionate about traveling, volunteering, cooking and drinking her morning iced coffee. When she’s not writing, you can find her relaxing with family or exploring Charlotte with her friends.

Source: rent.com

Apache is functioning normally

September 16, 2023 by Brett Tams

The Keystone State boasts an array of architectural styles, reflecting its rich historical tapestry, from colonial heritage to contemporary design. In such a diverse setting, the home inspection offers a unique perspective into the essence of a potential new home, uncovering both its inherent charm and potential challenges. Conversely, sellers can leverage this process to transparently highlight their property’s worth and proactively address any concerns.

So, whether you’re starting your journey buying a home in Philadelphia or preparing to sell a house in Pittsburgh, this Redfin article provides comprehensive guidance on navigating the home inspection process in Pennsylvania with valuable insights from local home inspectors. Equipped with this knowledge, you’ll confidently navigate the Pennsylvania real estate market.

Why should you get a home inspection in Pennsylvania?

“The houses in Pennsylvania, half of which were built before 1959, can certainly give a neighborhood character, but can also cause a multitude of problems for the occupants,” mentions Wolfe Home Inspections LLC. “Some of the old homes are filled with health hazards such as asbestos, lead paint, radon, and outdated wiring. Our picturesque rolling hills can also lead to moisture issues and foundation problems. It’s imperative that home buyers hire themselves a highly qualified home inspector to thoroughly evaluate the property for these potential issues.”

Are there any specialized inspections that Pennsylvania buyers should consider?

“Buyers should consider getting specialized inspections when necessary,” says Win Home Office. “Many buyers opt for a standard home inspection but specialized inspections, such as Mold Testing, Infrared Scanning, Radon Testing, Sewer Scope Inspections, and Fireplace and Chimney Inspections can help ensure that buyers are not only making a sound investment, but also prioritizing their future health and safety in that home.”

How much does a home inspection cost in Pennsylvania?

“The cost of a home inspection in Pennsylvania can vary based on factors such as location and the size of the property, but it generally ranges from $300 to $500,” notes Briton Inspection Services Pittsburgh.

Expert advice for Pennsylvania buyers before they get a home inspection

“Home buyers are smart to have a home inspection prior to purchasing the home as a second set of trained eyes can provide extra value in the form of a documented report on the property,” advises Kirschner Home Inspections, LLC. “A home inspection report documents the current condition at the time of the inspection and highlights any potential deficiencies. If major deficiencies are identified, the buyer may utilize the information in making a final decision on the purchase of the home or possibly negotiating a better offer.”

Ask your agent to point out possible problems

“Ask your agent during your initial or subsequent house showings if they see any possible home inspection issues,” shares The Home Pros. “Agents will regularly solicit important information from their trusted home inspectors before the offer. This can eliminate surprises during the actual inspection.”

Attend the home inspection

“I highly encourage attending your home inspection,” insists Heritage Home Inspectors. “This gives you the ability to become very comfortable and familiar with your new purchase and allows you to ask the inspector any questions while onsite together. Gaining a strong understanding of your future home is an excellent way to start your home ownership.”

Hire a certified home inspector

“Pennsylvania does not have a state level license for Home Inspectors, though many of us carry state credentials for additional services, like radon testing, mold sampling, and wood destroying insect inspections,” says The Watson Team. “Because of this, it is important to make sure that the home inspector you are hiring is fully certified by a national association like ASHI and/or interNACHI.”

Pennsylvania home inspection: the bottom line

In the realm of Pennsylvania real estate, where history merges with contemporary living and unique environmental factors come into play, home inspections hold immense importance. Whether scrutinizing over buying historic homes or brand-new constructions, the pivotal factor is better understanding what’s going on inside the home beyond its exterior. For both buyers and sellers in the Keystone State, a thorough home inspection is not merely recommended—it’s imperative. It guarantees well-informed choices, transparency, and the smooth execution of property transactions.

Source: redfin.com

Apache is functioning normally

September 16, 2023 by Brett Tams

Here’s what you need to know to secure a home in Austin, Texas.

Welcome to the ever-changing landscape of the Austin housing market. Known for its quirky culture, burgeoning tech industry and eclectic lifestyle, Austin has been a safe bet for real estate investments for the past decade-plus.

However, as we venture past the midway point of 2023, Austin’s real estate climate is experiencing some intriguing twists. Whether you’re a potential homeowner, a first-time seller or an investor eyeing the Austin housing market, buckle up — there’s a lot to unpack.

Median sale price

The median sale price of a home in Austin is a meaty $571,000. This may sound impressive at first glance, but when you stack it against last year’s figures, there’s a 9.94% year-over-year decrease. This pivotal number is a heartbeat monitor for the Austin housing market, and right now, that beat is slowing down a bit.

So, what does this drop really signify? Is it a sign of market stabilization or a canary in a coal mine?

Average time on the market

A home in the Austin housing market now spends an average of 48 days on the market before being sold. This is a significant increase from the 34-day average of 2022. While the Austin housing market remains competitive, it’s evidently losing some of its previous ferocity. If you’re a buyer, you might find this elongated timeline a tad comforting.

Volume of sales

Let’s talk numbers — 883 homes were sold in Austin in July 2023. This is a 3.8% decline from the previous year. Though the decline is marginal, in the world of the Austin housing market, even a small drop can ripple across the real estate pond.

Opportunity in the Austin housing market

In yesteryears, the Austin housing market was practically a gladiator arena for buyers. Homes would receive multiple offers, almost like suitors vying for a rose in a reality show. Now, the terrain seems a bit more even.

Homes in Austin are selling for about 3% below the list price, and the Sale-to-List Price ratio has declined by 2.6 points to 97.5%. To put the cherry on top, only 17.1% of homes are now selling above the list price — a stark contrast to previous years.

Austin housing market migration

Here comes the really juicy stuff: migration patterns. About 29% of Austin homebuyers are planning their exit, while a more substantial 71% are committed to staying in Austin. On the other hand, people are flocking to Austin from metros like San Francisco, Los Angeles and Chicago. It’s a fascinating migration dance that’s shaking up the Austin housing market dynamics.

But where are Austinites going? Turns out, they have their sights set on places like San Antonio, Denver and Corpus Christi. Whether it’s the allure of a different Texas city or the Rocky Mountain high, Austin’s outbound traffic is certainly something to keep an eye on.

The Austin lifestyle

Let’s not forget why people love Austin in the first place. The city boasts schools like Forest Trail Elementary and Canyon Creek Elementary, rated 10/10 by GreatSchools. The Austin housing market remains a family-friendly arena.

However, climate risks, like moderate flood and fire factors, are creeping into the Austin housing market narrative. Plus, a severe risk of heat waves over the next 30 years is something the Austin housing market simply cannot ignore.

The Austin housing market at a glance

The Austin housing market of 2023 is not what it used to be, but it has not entirely lost its luster either. Prices are more balanced, homes are staying on the market a bit longer and new migration patterns are reshaping its demographics.

For buyers, sellers and investors, understanding the nuances of the Austin housing market is essential for making informed decisions. The market may be in a cooler state, but its complex interplay of factors keeps it as fascinating as ever.

Renting in Austin

So far, we’ve been talking about buying and selling homes. But what about those of us who aren’t ready or interested in making a long-term commitment?

The Austin housing market has a lot to offer renters, too. With the city’s unique culture and growing job market, it’s no surprise that renting remains an attractive option for many. But before you sign that lease, let’s delve into what’s happening in Austin’s rental market.

Austin’s average rental prices

When we talk about rentals, the numbers are quite striking. According to recent data, Austin is witnessing some fascinating shifts in average rent:

In essence, while studio and two-bedroom apartments seem to be getting somewhat more affordable, one-bedroom apartments are moving in the opposite direction. So if you’re considering a roommate, Austin might be a good fit for you.

Neighborhoods in Austin

If you’re looking for the perfect apartment, understanding the Austin housing market at a neighborhood level is essential. Neighborhoods like Market District and Zilker have seen a surge in studio apartment rents, with a 24% and a staggering 147% annual increase, respectively. On the other hand, areas like East Austin and Oak Hill are experiencing decreases in average rent for studios by 8% and 17% respectively.

For the budget-conscious renter, the most affordable neighborhoods for a one-bedroom apartment are Cherrywood, Montopolis and South Austin, with average rents ranging from $1,033 to $1,100. These figures are significantly lower than the Austin one-bedroom average of $1,677.

Breaking down apartment rent ranges

Where does the majority of Austin’s apartment rents lie? According to the data:

$501-$700: 0% of the market
$701-$1,000: A mere 3%
$1,001-$1,500: Occupies 16% of the market
$1,501-$2,100: Commands 22% of the market
$2,101 and above: The lion’s share at 58%

Clearly, if you’re planning on renting in Austin, you’re more likely to encounter higher-end rental costs.

How does Austin compare to other cities?

For those looking outside the Austin housing market, cities like Manor, Round Rock and New Braunfels offer alternatives with differing rental prices. For example, a studio in Manor is going for an average of $3,500, whereas in Round Rock, the average studio is priced at $1,500, a 17% annual decrease.

Austin’s rent trends

Looking at the trend data, rents for all apartment sizes have fluctuated throughout 2023, but one-bedroom apartments have seen a consistent increase. While studios and two-bedrooms show somewhat stabilized rents as of September 2023, only time will tell what the last quarter holds.

The Austin rental market at a glance

Renting in Austin? You’re not alone. Whether you’re here for live music, tech jobs or the infamous Austin weirdness, understanding the rental market is crucial. While Austin’s rental market is complex and dynamic, with neighborhoods and apartment sizes all showing different trends, one thing is clear — the Austin housing market, for buying and renting, remains a topic of captivating shifts and turns.

A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.

Source: rent.com

Apache is functioning normally

September 15, 2023 by Brett Tams

The U.S. housing market is short by at least 6.5 million homes. After more than a decade of under-building relative to population growth, there are simply not enough affordable entry-level and first-time move-up options available for buyers. Renters are finding themselves priced out of areas within a reasonable commuting distance to work.

The scarcity of housing has driven home prices and rents prices to an all-time high and pushed affordability to a multi-decade low. Over the next decade, there will be more than two million adults added annually to the U.S. population, due to a combination of aging and immigration. This shift will drive a voracious need for more housing, especially among entry-level and first-time move-up homes at lower price points given structural affordability challenges.

Reasons for the housing shortage plentiful

Housing has been materially unbuilt for the past 15 years. Most production builders have focused on ever larger and more expensive new homes, and relatively few new homes have been built that cater to lower-income households and entry-level buyers, especially in high-cost coastal markets.

Most recently, rising interest rates have intensified the fight for housing. From February 2011 to April 2022, mortgage rates never rose above 5%, making the cost to borrow money and buy a home very cheap. However, since 2022, there has been a rapid rise in rates that has created a “lock-in effect” and stalled many families who would have otherwise considered moving. Homeowners who “locked-in” a mortgage rate of 3-4% during the pandemic are unwilling to buy a home at a 7%+ on a new mortgage, which means even fewer homes are going on the market as existing homeowners choose to stay put.

For those hoping to buy a home for the first time, the rise in rates means that monthly payments are effectively double what they would have been a year ago, a reality that has priced many people out of buying. Couple that with rising costs of home insurance and the general price inflation, and there is a massive housing affordability problem facing the majority of the country.

A need for alternatives

This persistent housing shortage has generated a pressing need for alternatives that can bridge the gap between demand and supply, while accounting for a limited availability of land in top areas.

Enter the Accessory Dwelling Unit, commonly known as an ADU, or more informally called an in-law suite, granny flat or backyard home. ADUs are small, self-sufficient structures that usually have one to three bedrooms, a private entrance, and all the amenities that a resident would require including kitchens and bathrooms. ADUs are one of the most effective ways to add density and rental properties in a higher cost market. These generally detached structures can be built in less than a year and cost far less to build than primary homes. Depending on where you live, there are also various state-run programs such as the CalHFA ADU Grant in California that can bring down building costs tremendously.

For homeowners, ADUs offer an opportunity to provide affordable housing on the rental market or house relatives that would otherwise be unable to afford the neighborhood. These structures can generate rental income to offset rising mortgage payments, and create more long-term rental supply, ultimately lowering the average rental cost for tenants. For local governments, ADUs can increase the number of tenants in areas where high-rise dwellings are not a desirable option. ADUs also offer a compelling option for multi-generational living, which can be a tremendous help with families that want to reduce burdens of childcare and senior care.

Changing policies good for ADUs

Fortunately, we are seeing many government authorities focusing on changing housing policies and zoning codes to make ADUs a more actionable solution. It’s a rare example of government housing policies driving the private market to solve a critical problem. For example, California’s changes in laws and regulations have made ADUs much easier to build. The momentum from these regulations has resulted in a large increase in ADU construction activity: permits for ADUs in California have increased nearly 22x from around 1,100 in 2015 to nearly 24,000 in 2022 and roughly 68,000 ADUs were built across California between 2017-2021. As a result, there are a large number of new housing units that have been added to high-cost locations where people hope to live and work.

Nationwide, many local and state governments are starting to follow the California example. Washington, Oregon, Florida, and Colorado, to name a few states, are starting to make ADUs a more prevalent part of solving the housing affordability issue. Ultimately, ADUs alone won’t solve decades of housing issues. But they can close the gap between the number of people looking for affordable housing and the number of homes available for rent or purchase.

Sean Roberts is CEO of Villa, an ADU builder in California.

This column does not necessarily reflect the opinion of RealTrends’ editorial department and its owners.

To contact the author of this story:
Sean Roberts at [email protected]

To contact the editor responsible for this story:
Tracey Velt at [email protected]

Source: housingwire.com

Apache is functioning normally

September 15, 2023 by Brett Tams

If you’re shopping around for your first home, congratulations! Few things in life are more exhilarating than strolling through houses and imagining yourself living in a new neighborhood as a bona fide homeowner.

To prepare for serious real estate hunting, though, you should be armed with a firm price range in mind. How much house can your really afford? Most experts recommend that your monthly mortgage payment not exceed 28 percent of your monthly pre-tax income.

For example, if you bring home $3,600 per month in wages, your mortgage payment should be no more than $1,008 per month. Any more than that, and you’re likely to have trouble making your payments at some point.

Can You Really Afford the Payment?

The 28 percent figure sounds great on paper, but will it work in your life? The best way to find out is by conducting a financial experiment while you shop for a house and get pre-approved for a loan. Follow these steps to see if you’re ready to take on a mortgage payment.

1. Choose a Fantasy House to Buy

No, you’re not (necessarily) going to buy this house, but go online to a real estate site like Zillow or Redfin and find one you like for a price you think you can afford. Make note of the total price as well as the yearly property taxes.

2. Research Mortgage and Insurance Rates

If you’ve already started the pre-approval process for a home loan, you may already have an idea of the interest rates available to you. If not, go online to find your local bank’s current mortgage rates.

If you have good credit, use the rate you see advertised. If your credit is shaky, add a percentage point to the rate to be more realistic about the type of mortgage you’ll be able to get.

You also can go online for an insurance quote for your fantasy house. Just type in the address and answer the questions about the property based on the information you found on Zillow or Redfin.

Most new home buyers pay for their insurance through their lender’s escrow accounts, so this is important in calculating an accurate monthly mortgage payment.

3. Use an Online Mortgage Calculator to Find Your Monthly Payment

Using your research about the home price, taxes, mortgage rates and insurance costs, type the values into an online mortgage calculator to find out your monthly payment.

If the calculator doesn’t ask for insurance or taxes, you’ll need to add those values together yourself, divided by 12, and add that number to the monthly mortgage payment to be sure you’re covering everything.

4. Live With Your Fantasy Mortgage for at Least Three Months

Test out life with a mortgage by paying yourself each month. To do this, subtract your rent payment from the total of your fantasy mortgage payment. This amount is the money you’ll be transferring into a savings account each time you pay the rent.

After three months of living with your fantasy mortgage, assess how well you did. Were you able to make payments easily, or did you have to bail on the experiment? Did life go on as planned, or were you stuck with ramen noodles for dinner? If an emergency came up, could you handle it?

If you could live comfortably with your fantasy mortgage, you can afford the house you “bought” and should feel comfortable shopping for a real house in that price range. If not, you can try again with a lower mortgage amount.

Either way, the beauty of this experiment is that you are able to build up an additional nest egg of savings by paying yourself, and that’s something that will only help you with your eventual down payment on your dream house.

Source: totalmortgage.com

Apache is functioning normally

September 15, 2023 by Brett Tams

Known as the Village of Plainfield, Plainfield, IL, is a thriving community that offers a perfect blend of small-town charm and modern amenities. Nestled in the scenic beauty of the Prairie State, Plainfield boasts a rich history, a welcoming atmosphere, and plenty to do around town. From endless outdoor recreation opportunities to the city’s love of art, you’re sure to find something to love.

But what is Plainfield, IL, known for? If you’re looking at homes for sale in Plainfield or are just curious about what the city has to offer, this Redfin guide has everything you need to know. To give you a taste, read on for 10 things to love about Plainfield.

1. Historic downtown

Plainfield’s historic downtown is a true gem that is listed on the National Register of Historic Places. Upgraded in 2009, the city center is a pedestrian-focused haven lined with vintage storefronts, trees, and small-town charm. Visitors and residents alike can explore boutique shops, antique stores, and art galleries. Local cafes and restaurants offer delicious fare, and the area often hosts community events, including farmers’ markets, parades, and live music performances from local bands.

2. Parks and recreation

Plainfield takes pride in its abundant green spaces. With over 80 parks and miles of trails, residents have ample opportunities for outdoor activities.

The most popular park is Settler’s Park, which features a splash pad for kids, picnic areas, trails, and hosts numerous community events throughout the year, including concerts and outdoor movies. Commissioners Park, Van Horn Woods, and Four Seasons Park are other hotspots that host ice rinks, sports fields, forests, and large open spaces for relaxation.

The city is also home to numerous nature preserves, such as the Prairie Bluff Reserve, which is home to over 3 miles of trails for cycling, skiing, and more. Other preserves include the Rock Run Preserve, Eaton Preserve, and Riverview Farmstead Preserve, which all serve important roles in protecting local biodiversity.

3. Lake Renwick Preserve

The largest and most famous natural landmark in the Plainfield area is the Lake Renwick Preserve, which is part of the Lily Cache Creek preservation system. This scenic gem features a 200 acre lake with structures designed to provide nesting homes for birds. The preserve is home to the largest protected nesting location of herons in Illinois, although public viewing is limited during nesting season. Additionally, cycling and fishing are only allowed in certain areas.

There are three ways to access the preserve: through Copley Nature Park, Heron rookery Nature Preserve, or Turtle Lake. Unfortunately, only a few hundred feet from the preserve is a sand and gravel mine, which may impact the local wildlife.

4. The DuPage River

The DuPage River runs through Plainfield, offering picturesque riverfront areas for relaxation and recreation. Fishing, kayaking, and serene waterfront walks are just a few ways to enjoy the natural beauty of the river. The city also recently adopted a Riverfront Master Plan, which aims to further highlight the DuPage River with overlooks, improved shoreline management, and recreation space.

There are numerous trails that follow the river and connect different parks around the city. For example, the 30+ mile Dupage River Trail follows the river through most of Plainfield before heading north to Naperville and south to Shorewood. The trail connects Mather Woods, Renwick Park, Settlers’ Park, and Eaton Preserve. Other trails around the city also follow the river, although they may be disconnected.

5. Historical landmarks

Plainfield boasts a rich history, and several historical landmarks showcase its past. The Naper Settlement offers a glimpse into the region’s history, while the historic Barber House serves as a testament to the town’s architectural heritage. Additionally, the area is home to a historic gas station, a Civil War enlistment center, and an opera house that was originally a church and town hall.

6. Lewis University

Founded in 1932 just 20 miles outside of Plainfield, Lewis University has a rich history of academic excellence and community engagement. Inspired by its Catholic and Lasallian heritage, the university is known for its diverse range of undergraduate and graduate programs, covering fields such as business, aviation, religion, education, healthcare, and the arts.

One of the standout features of Lewis University is its commitment to innovation and technology. The university’s aviation program, for example, is renowned for its state-of-the-art flight simulation facilities and providing students with hands-on experience in aeronautics. The university offers undergraduate and graduate programs, including air traffic control management, aviation maintenance, and unmanned aircraft systems.

The Plainfield Historic Preservation Commission recently created a self-guided walking tour that showcases the area’s history and highlights local architecture and businesses. The tour includes 53 historic properties around the town.

7. Annual events

The town comes alive with a variety of annual festivals and events year-round. Yearly favorites include the seasonal Farmers Market, Irish Parade, Harvest 5k, and Homecoming Parade, which celebrates the new school year and welcoming alumni back to the area. Holiday celebrations are also popular in Plainfield, such as Spooktacular and The Heart of Christmas.

No matter who you are or what you celebrate, you’re sure to find a community event to help you feel at home.

8. Proximity to Chicago

Plainfield’s proximity to Chicago is one of its standout features. Located just 35 miles southwest of downtown Chicago, Plainfield offers residents the best of both worlds – a serene suburban lifestyle with easy access to the vibrant Windy City.

While it’s easiest to drive from Plainfield to Chicago, taking just over an hour, the city does offer two bus routes on weekdays. However, public transportation is minimal in Plainfield, so plan on driving a car.

9. Plainfield tornado of 1990

A devastating F5 tornado struck Plainfield on August 28, 1990, the strongest August tornado in US history and one of the strongest of all time. It remains as one of the most memorable events in the village’s history and led to significant rebuilding and growth in the community.

10. Community spirit

Community spirit is at the heart of what makes Plainfield, IL, a special place to live. Residents actively volunteer at libraries, parks, animal sheltered, and food banks, creating a sense of togetherness. Neighborhood associations also organize events, and local businesses support the town and contribute to its historic roots. Strong community engagement, welcoming neighbors, and ample public services helps make Plainfield a welcoming town open to everyone.

What is Plainfield, IL, known for? Final thoughts

Plainfield, IL, is more than just a suburban town; it’s a thriving community with a rich history, excellent schools, and a strong sense of unity among its residents. From a charming downtown to natural beauty and diverse amenities, Plainfield offers something for people from all walks of life. And, with a convenient location near just an hour outside Chicago, it’s no wonder that Plainfield is a growing city beloved by locals.

So, if you’re considering living in Plainfield and want to buy a home or rent an apartment, you’re sure to find something to love.

Source: redfin.com

Apache is functioning normally

September 14, 2023 by Brett Tams

The mastermind behind some of LA’s most affluent homes, Ramtin “Ray” Nosrati has done it again.

The prolific designer/developer, who built more than 100 luxury homes across L.A. for the rich and famous, has completed his newest masterpiece and is now bringing it to market with a $29.888 million price tag.

Dubbed ‘Allure’, the 14,000-square-foot behemoth is located in the coveted suburban neighborhood of Brentwood, Los Angeles, and is packed with amenities — some of which you’d be hard-pressed to find anywhere else.

In fact, ‘Allure’ is inspired by “The Greats” across various domains — including elite athletes, top Hollywood stars, influential C-suite executives, and international business tycoons. Some of these luminaries are friends and clients of Ray’s, while others are icons he holds in high esteem.

“Designing and building ‘Allure’ was an opportunity to push the boundaries of luxury and design in Los Angeles, to create a property that’s truly in a league of its own. Like the Michael Jordan of Brentwood homes, ‘Allure’ stands alone,” says Ramtin ‘Ray’ Nosrati, founder of Huntington Estates Properties and designer/builder of Allure.