Buda / Kyle Real Estate BlogRecently posted or modified blog postshttps://www.tenthavenuerealtygroup.com/blog/Copyright TenthAvenueRealtyGroup.com2022-06-23T15:48:24-07:00tag:tenthavenuerealtygroup.com,2012-09-20:13514Understanding Home Equity<img src="https://assets.site-static.com/userfiles/3866/image/Screenshot_2022-06-23_5.45.55_PM.png" width="753" height="416" />
Home equity…Everybody wants it, but what exactly is it, and how do you get it?
Equity represents the degree of ownership an individual or entity has in an asset after subtracting any debts against the asset. To say someone shares equity in a company means they would share in any assets remaining after all debts are accounted for.
For example, if your business has sold $500,000 worth of product this year, but you have rent, operating expenses, and a business loan payment totaling $400,000 for the year, you have $100,000 of equity in your business. Equity changes as the value of your assets and debts change.
Home equity works the same way. When you take out a mortgage to purchase a home, your home is collateral on the mortgage loan, so the outstanding mortgage principal must be deducted from the value of the home to determine your home equity.
In most cases, you make a down payment when you purchase your home. That down payment is your initial home equity. If you pay a 20% down payment on a $200,000 home, you have $40,000 equity when you close on your purchase.
As time goes on and you continue to pay down your mortgage principal, your equity grows. Usually, the longer you own your home, the more equity you gain because you are paying down your mortgage. However, any debts you take on using your home value as collateral, such as a second mortgage or home equity line of credit (HELOC,) decrease your home equity.
The changing real estate market also influences your equity. If you paid $200,000 for your home, and two years later the homes in your neighborhood start selling in the $400,000 range, your theoretical equity increases. (Theoretical because you don’t realize your home equity until you sell your home and pay off all debts against it.) You can also lose equity if the market takes a dive but be patient and it should recover in time.
Equity also grows if you make improvements on your home that increase its value. Let’s say you add a swimming pool and all new appliances. You have increased the value of the home. Your equity doesn’t increase by the amount you spent on the improvements, but on the value you get upon resale. This is an important point when considering making improvements prior to putting your home on the market, and one that is often misunderstood.
Let’s say Joe spends $50,000 on upgrades to his home. He might tell his neighbor, “I have $50,000 in my home,” but when he goes to sell, the current market dictates how much he will actually get in return. If Joe ends up selling for $40,000 more than he originally paid, his $50,000 investment got him $40,000 in home equity.
Some things you can do to increase your home equity include:
1) Make a large down payment when you purchase your home. The more cash you put down, the more equity you begin with.
2) Make increased or extra payments on your mortgage principal. Adding to the principal portion only on your monthly payments, or making extra payments when you are able, helps chip away at your outstanding debt.
3) Be smart when making home improvements. Not all improvements build equity. Some improvements may be personal preferences that don’t necessarily add value for resale. Improvements such as a new HVAC system, new appliances, or a new roof are usually more reliable investments than a fountain in the front yard or surround sound speakers throughout the house.
4) Don’t borrow against your home equity unless you must. Home equity is often a homeowner’s biggest asset, and can help to build your retirement nest egg, but it can also come in handy if life throws you a curve ball and you need to borrow against it for an unforeseen emergency. Be careful not to borrow against your equity for frivolous purposes, so it will be there if you really need it.
5) Sell when the market is favorable. If you are counting on your home equity to help finance your next home, pay for your children’s education, or add to your retirement funds, try to sell during a seller’s market when inventory is needed in your area.
2022-06-23T15:46:00-07:002022-06-23T15:48:24-07:00Talitha Piercesontag:tenthavenuerealtygroup.com,2012-09-20:13513May Market Update
Monthly Market stats are in!!!
Prices may be rising but so is inventory! Well over 100% growth in all Austin and surrounding areas for active listings.
So to our potential sellers, it is STILL a great time to sell! And to our potential buyers, with inventory increasing and our savvy tactics we can absolutely find your next home... Just give us a call, we are here to help!
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2022-06-23T15:37:00-07:002022-06-23T15:42:56-07:00Talitha Piercesontag:tenthavenuerealtygroup.com,2012-09-20:13079April Market Update
April Market Stats are in!
Keep in mind, these are from last month and we’re seeing some incredible stats even in the last 3-4 weeks that aren’t shown here.
Yes, the market is softening some compared to what we saw this time last year. Record numbers of new listings which is helpful for buyers and still strong demand which is good for sellers.
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2022-05-20T11:05:00-07:002022-05-20T11:09:56-07:00Talitha Piercesontag:tenthavenuerealtygroup.com,2012-09-20:13078Upsize or Downsize?: What's Your Best Move?<img src="https://assets.site-static.com/userfiles/3866/image/Screenshot_2022-05-20_12.39.38_PM.png" width="750" height="420" />
Upsize or Downsize: Which is Your Best Move?
Deciding if it is time for your family to upsize or downsize is not always a clear choice. There are factors to consider that might push you to take the leap or stay put for a while longer. Whether you are thinking about upsizing so your family can spread out or purging possessions so you can downsize, here are some questions to ponder.
1. How are you using your current space?
Do your family members feel like they don’t have adequate privacy or space to do their own thing? Are you tired of working at the dining table and really need an office or workshop? Is having the kids share bedrooms just not working out? Maybe an upsize is warranted. On the other hand, do you have rooms that aren’t being used, or are you tired of paying property taxes on more house than you need? Check for the downsize column!
2. Have you considered the maintenance costs?
If upsizing is on your mind, consider the added costs for maintaining a larger home and property, whether in money or time. Will you be able to keep up with cleaning, lawn care, and general maintenance issues that come with owning a home? If you are ready to cross maintenance off your to-do list, perhaps you are ready to downsize to a more manageable property or one where the HOA handles part of the job.
3. What are your outdoor space needs?
Are you ready to give up having a yard or garden to downsize to a maintenance-free space? Do you have pets that need outdoor space? Do you need more outdoor space for your children to play or your dog to run around in? The size of the house is one thing, but the property is important also.
4. Have you looked to the future?
What do you expect your needs to be in the next five, ten, or twenty years? Do you want a large home where your children and grandchildren will come for vacations and holidays, or will you be spending those times at their homes? Will you want to entertain groups of friends, or do you foresee going out for your entertainment? What will happen if your spouse passes; will you want to stay in the home on your own?
5. Do the financial implications add up in your favor?
Can you handle the higher costs involved with a larger home, or are you ready to cut costs with a downsize? Consider where you stand on your current mortgage. Are you alright with starting a new mortgage at this point in your life, or are you in a position to purchase in cash? What are the tax implications for your move?
6. Is it the right market to upsize or downsize?
A seller’s market is hot for those looking to sell a larger home and downsize. Upsizing may be riskier in a big seller’s market, but if your family would be happier in a larger home, it might be worth the leap.
Whatever questions you have about purchasing your next home, we’d be honored to assist you. So let’s work together to make sure your next move is the right one.
2022-05-20T10:45:00-07:002022-05-20T10:48:52-07:00Talitha Piercesontag:tenthavenuerealtygroup.com,2012-09-20:12802Spring Market Update: Is it a Good Idea to Sell in Spring<img src="https://assets.site-static.com/userfiles/3866/image/Screenshot_2022-04-28_10.42.38_AM.png" width="750" height="417" />
Spring Market Update: Is the Spring a Good Time to Sell?
The early spring through the summer are generally the busiest times of the year for home sales, and can be a particularly advantageous time of year for sellers. This season is typically a season of transition for a lot of people looking to make a move. That means you can usually expect more offers, fewer contingencies, and less scrutiny from buyers. You maintain more power over your terms.
Spring buyers are serious buyers! Throughout the year you can get lots of people who are just thinking about buying at some point, but by Spring/Summer the buyers who are out looking are ready to get under contract and often have a deadline. Many spring buyers are anxious to get settled and move during the summer season, and if they have school age children there is even greater motivation to get them settled before the school year begins.
This is also a busy season for employers who pay to relocate employees. If you live near a large hospital, university, technology center, or industrial area, your home may be attractive to relocation services.
The Spring is a very exciting time to showcase a home, compared to the heat of the summer or the cold of the winter. Use the natural greenery and a spring atmosphere to enhance your home’s showing potential. As the temperatures are still mild and we have crisp mornings and some rainfall, it becomes easier to maintain your yard and add to your curb appeal. You can use spring colors and plants in your home décor to create a fresh atmosphere.
If you’re thinking about selling but can’t decide between listing now and waiting for later, now is the time. Give us a call, and we’ll make sure you get top dollar for you home!⁣
2022-04-28T08:43:00-07:002022-04-28T09:06:53-07:00Tyler Zimmermantag:tenthavenuerealtygroup.com,2012-09-20:12786March Market Update <img src="https://assets.site-static.com/userfiles/3866/image/Blog_Covers_1.jpg" width="2240" height="1260" />
The data speaks if you listen! Check out our Monthly Market Updates for Hays County, Williamson County, Austin Round Rock MSA, Bastrop County, Caldwell County, City of Austin, and Travis County.
If you need help interpreting, as always send us a DM.
We love meeting for coffee and discussing real estate! ☕️
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2022-04-26T19:01:00-07:002022-04-26T19:09:54-07:00Talitha Piercesontag:tenthavenuerealtygroup.com,2012-09-20:12623Homestead Exemptions: How Property Value May Affect Your Taxes<img src="https://assets.site-static.com/userfiles/3866/image/Blog_Covers.jpg" width="2240" height="1260" />
Questions about your homestead exemption? We’re so glad you’re asking! This is an important conversation because as Central Texas property values increase, homeowners pay more in property taxes. Take a look at these frequently asked questions to find some answers.
<a href="https://comptroller.texas.gov/taxes/property-tax/exemptions/residence-faq.php" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://comptroller.texas.gov/taxes/property-tax/exemptions/residence-faq.php&source=gmail&ust=1649863637702000&usg=AOvVaw31LtuujaBH1e0y24w96DE_">https://comptroller.texas.gov/taxes/property-tax/exemptions/residence-faq.php</a>
<a href="https://comptroller.texas.gov/taxes/property-tax/exemptions/residence-faq.php" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://comptroller.texas.gov/taxes/property-tax/exemptions/residence-faq.php&source=gmail&ust=1649863637702000&usg=AOvVaw31LtuujaBH1e0y24w96DE_"></a>2022-04-12T08:33:00-07:002022-04-12T08:41:01-07:00Talitha Piercesontag:tenthavenuerealtygroup.com,2012-09-20:12514February Market Update<img data-emoji="?" class="an1" alt="?" aria-label="?" src="https://fonts.gstatic.com/s/e/notoemoji/14.0/1f4ca/72.png" loading="lazy" /> February Market Update <img data-emoji="?" class="an1" alt="?" aria-label="?" src="https://fonts.gstatic.com/s/e/notoemoji/14.0/1f4ca/72.png" loading="lazy" />
The market is a constantly evolving thing. Always feel free to reach out to us for more information or help understanding these stats!
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2022-03-29T11:14:00-07:002022-03-30T12:26:14-07:00Talitha Piercesontag:tenthavenuerealtygroup.com,2012-09-20:12176Should You Buy and Sell at the Same Time? Both buying and selling a home are equally stressful, but what about when you are trying to coordinate both at the same time? There are a lot of moving parts, and the agents involved work together to insure the smoothest possible transactions for our clients. If you are selling your home and want to close on a new home purchase at the same time, here are some things to think about to make your move as smooth as possible.
Truly simultaneous closings are rare these days, especially when financing is involved. Regulations put in place to protect consumers have made simultaneous, or double, closings very difficult to pull off. Concurrent closings occur when a party is selling and buying properties at about the same time, usually within a couple of days of each other. If you wish to close on the sale of your home and the purchase of a new home back-to-back, the best scenario is to work with the same title company and escrow company for both transactions. Usually the sale of your home is closed first, your mortgage is paid off, then the purchase of your new home is closed.
Selling your home ahead of buying is the most risk-free alternative, as neither transaction is contingent on the other. However, this requires your family to make an extra move and have a place to live while you wait to close on a new home, so in terms of convenience and expense, it’s not always the best scenario. If you have the ability to secure a short-term rental, or to put your belongings in storage and stay with family, then you can enjoy the luxury of taking your time to look for and close on your new home. One option that sometimes works out is to rent your home back from your buyers while you wait to close on your purchase. This works well when the buyers are not in a hurry to move in themselves and you can agree on a timeframe for you to remain in the home.
Buying ahead of selling is a dream in terms of convenience. You can take your time moving, and maybe do some renovations or decorating before you move in. But will you qualify for a new mortgage without a contingency on selling your existing home? If you can swing the mortgage, or are paying cash, it may be a great option for you. Remember to realistically consider how long you can afford to maintain two properties– with maintenance costs– in case it should take you longer than expected to find a buyer for your present home. In this scenario, you may want to rent your new purchase back to the sellers, or list it as a short-term rental, while you wait to close on the sale of your existing home.
Consider your buyers and sellers carefully when trying to coordinate a sale and purchase within a short amount of time. The last thing you need is a seller or buyer who is displaying signs of being uncommitted to the deal. While no deal is guaranteed until all the closing documents have been signed, when you need a purchase or sale to coincide with your schedule, you should carefully evaluate who you sign a contract with. A contract with contingencies on other deals going through, a lender expressing doubt about final financing approval, a low good faith deposit, buyers asking for unreasonable repairs or allowances, or sellers whose moving plans are questionable are red flags that your deal could fall apart.
2022-03-03T10:29:00-07:002022-03-30T12:25:59-07:00Talitha Piercesontag:tenthavenuerealtygroup.com,2012-09-20:12084January Market UpdateWhile interest rates have increased and are getting back to pre-pandemic normalcy, the Central Texas Housing Market is still hot! <img data-emoji="?" class="an1" alt="?" aria-label="?" src="https://fonts.gstatic.com/s/e/notoemoji/14.0/1f525/72.png" loading="lazy" />
Whether you’re looking to buy or sell, reach out to us for a FREE consult!
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2022-02-25T11:38:00-07:002022-03-30T12:25:38-07:00Talitha Piercesontag:tenthavenuerealtygroup.com,2012-09-20:12083Selling to an Instant Offer Company: What are the Pros and ConsShould You Sell to an Instant Offer Company? There’s a new term in real estate: iBuyer.
iBuyers, short for instant buyers, give sellers an almost instantaneous offer on their homes. Also called instant offer companies, iBuyers promise sellers an offer within a couple of days and closing dates within one to two weeks. Some popular iBuyers include Opendoor, Offerpad, Redfin, and Zillow Offers.
Unlike house flippers, iBuyers aren’t looking for distressed homes. iBuyers purchase moderately-priced homes, fix them up as needed, and relist them.
The obvious downside to selling to an iBuyer is that you will not get top dollar for your home. They are looking for homes where they can make a specific profit margin. Typically, the company will analyze your home online, using algorithms to come up with a value. For example, Zillow Offers will most likely offer you their Zestimate price. Sellers should expect an offer of about 10% under fair market value.
iBuyers accept a tiny percentage of the homes submitted. If the company decides to make you an offer, they may send a home inspector out to determine what costs they will have in preparing to resell the house. If you work with an iBuyer, make sure to read all the terms, as you may be required to cover some repairs. While using an iBuyer saves you from paying real estate agent fees, watch out. You may not have to pay the 5-7% real estate commission, but iBuyers charge fees that may run anywhere from 6 to 9%. The total costs of working with an iBuyer can sometimes run as much as 12-15% of your selling price.
Working with an iBuyer benefits sellers who don’t have the time or desire to market their home traditionally. If you are in a situation where you need to sell your home quickly and are willing to take less than your home is worth, then an iBuyer may work out well for you. However, we do suggest that you have representation on your side of the transaction. iBuyers have Real Estate professionals representing the buyer, but no one is representing you as the seller. If you are interested in an iBuyer for the sale of your home we suggest talking with us first, and if an iBuyer seems right for you we suggest making sure you have good representation on your side that can help you know what to look for.
Before you offer your home to an iBuyer, please allow us to discuss your options with you. 2022-02-25T11:36:00-07:002022-03-30T12:25:17-07:00Talitha Piercesontag:tenthavenuerealtygroup.com,2012-09-20:12082Homestead Exemptions What is a Homestead Exemption?
Homestead exemptions are granted by the county appraisal district where the property is located. The exemption reduces a homeowner's property tax bill by<br />removing part of the home's value from taxation. All Texas homeowners are able to apply for a General Residence Homestead Exemption for their primary residence. Other exemptions are available to homeowners who are over 65, Veterans or disabled, and require the same application process.
Who Qualifies?
These requirements MUST be met to receive the exemption:
You may now apply as you as you close on your home, which is new for 2022 and the result of legislative action for the State of Texas. Prior to 2022, a homeowner had to wait until the following year to apply.
You must own your home and it must qualify as a residence on January 1st of the year for which you are applying. Over 65, Veteran's and disability exemptions have additional requirements. To be a qualifying residence, the home must be complete and habitable on January 1st. A new home under construction would not meet this standard and would not qualify until the following year.
You may only claim one property in Texas at a time as homestead.
Only individual homeowners (not corporations or other entities) may receive a homestead exemption. Family Trust may qualify, check with the local appraisal district for requirements.
A homestead can be a house, condominium, or a manufactured home. It can include up to 20 acres, if the land is also owned by the homeowner and used as a yard, or for another purpose related to the residential use of the home.
How do Homeowners Apply?
Complete the APPLLICATION FOR RESIDETNIAL HOMESTEAD EXEMPTION (available on the website of most county appraisal districts, or at the Texas Comptroller's website at <a href="http://compttroller.texas.gov/taxinfo/taxforms/50-114.pdf" tabindex="35">http://compttroller.texas.gov/taxinfo/taxforms/50-114.pdf</a>
Include a copy of your DRIVERS LICENSE or IDENTIFICATION CARD
from the Texas Department of Public Safety at www.txdps.state.tx.us. The address MUST MATCH the homestead address
For more information, contact your local county appraisal district office, or visit <a href="https://comptroller.texas.gov/taxinfo/proptas/exemptions.html" tabindex="36">https://comptroller.texas.gov/taxinfo/proptas/exemptions.html</a>2022-02-25T11:33:00-07:002022-03-30T12:24:51-07:00Talitha Piercesontag:tenthavenuerealtygroup.com,2012-09-20:11797Is Getting a Home Mortgage Still Too Difficult?<img src="https://assets.site-static.com/userfiles/3866/image/1.jpg" width="2240" height="1260" />
Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation situation due to loan issues.
What Has Happened to the Number of Mortgages?
Due to the strict nature and requirements of the lending companies, the number of mortgages given out has significantly dropped. A report by the Housing Financial Policy Center at the Urban Institute showed that about 6.3 million fewer mortgages were given out between 2009 and 2015. The reasons behind this statistic are strict regulations and policies. These mortgages would have been granted if the lending standards where more reasonable.
Mortgage companies rely on calculations to determine if a home buyer will become delinquent on their payment. They will not give you a loan if you are too much of a risk for them. Credit history has a huge impact on this decision since lenders can see how often you pay back your debts. The history they receive is extensive. This view into your financial past causes lenders to take less risk when lending to you for your mortgage.
The Effect on the Economy
The housing market is recovering at a slower pace than it should since less potential homebuyers are being offered loans. While the market is still recovering with positive trends, fewer buyers can create a strain on other economic factors like home goods or construction jobs. Bottom Line
After the housing market boom and bust, mortgage lenders became stricter in their lending standards. It is not impossible to get a mortgage loan, but it can still be difficult for potential home buyers. Stay on top of your credit and make sure you and anyone else who is applying are in a good financial position so you can be approved for a loan. It is important to research different companies and their requirements to ensure success in getting a mortgage.2022-02-03T08:31:00-07:002022-03-30T12:12:28-07:00Talitha Piercesontag:tenthavenuerealtygroup.com,2012-09-20:11796Why You Should Consider Selling in the Winter<img src="https://assets.site-static.com/userfiles/3866/image/3.jpg" width="2240" height="1260" />
The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a huge misconception in the housing industry and can cause homeowners to miss out on opportunities.
Selling in the winter can give you a few advantages. There will be fewer houses on the market since most people assume winter is a bad time to sell. This gives your home more attention. Potential buyers are always looking no matter the time of year. Keeping your house on the market in the winter might bring the right buyer to your door. Real estate agents also tend to be less busy during these months and commit more time to getting your home sold.
Studies have shown winter buyers are buying because they need to move right away either for a relocation or personal situation. They will want to close quickly and allow for a much smoother sale.
Bottom Line
If you need to sell your home right away, or have some time but want to see what is out there, consider listing in the winter. Most homeowners who are going to sell will list their home in the spring, making for a competitive market. The winter allows buyers who are in a hurry to move consider your home and sell for more money than you would have in the spring.2022-02-03T08:31:00-07:002022-03-30T12:14:21-07:00Talitha Piercesontag:tenthavenuerealtygroup.com,2012-09-20:11795Common Things to Look Out for Before Buying Your Dream Home<img src="https://assets.site-static.com/userfiles/3866/image/2.jpg" width="2240" height="1260" />
It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.
It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.
1. Why am I Buying a Home?
Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually the reasons don’t have to do with money. Instead, home buyers are focused on how the house will impact their family in the future. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for your children, a safe environment, more room for your family to grow, and control of your own space.
These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home, do any of those factors come up? Spend time with your spouse or family members who are involved in this decision and determine why you want a home in the first place. Creating this list will help when searching for a home and can help your real estate agent find the best home for your needs.
2. What is the Trend with Home Values?
Our current economy and housing market is strong. That means home values and mortgage rates are increasing. If you are looking to purchase a home but want to stay within a budget, it may be in your best interest to move quickly. It is forecasted for these trends to continue in an upward motion, causing home values to continue to increase.
3. What About Current Mortgage Rates?
The ticket price is not the only thing you should be concerned with when purchasing a home. Mortgage rates are always changing and can have a huge impact on your monthly payments. Current trends show mortgage rates are rising. This is something to consider if you are debating the right time to purchase a home, since the rates may be even higher down the road.
Bottom Line
You and your family are the only ones who can determine the right time to purchase your dream home. It is important to decide exactly why you want a new home for your family and decide on a budget that will be comfortable moving forward. This budget may affect the amount of time you have to search for a home, since home prices and mortgage rates are increasing. 2022-02-03T08:31:00-07:002022-03-30T12:13:02-07:00Talitha Pierceson