Articles

What's On the Horizon

JULY 2021

Real Estate Market Report

According to the Austin Board of Realtors Central Texas Housing Market Report, 4,369 homes sold in June, a record for the month of June, across the Austin-Round Rock MSA, an 8.6% increase year-over-year.

“In June, and in the first six months of the year, we saw a confirmation that Austin’s housing market is one of the strongest in the nation,” Susan Horton, 2021 ABOR President said. “Our market has established its own new normal, as median prices climb while inventory remains low. With the unprecedented growth our region continues to experience, we can expect these trends to continue.” 

Statistics for Homes in Austin-Round Rock MSA

Median Sales Price
$ 0

43% increase

Closed Sales
0

8% increase

Active Home Sale
0

56% decrease

Months Of Inventory
0
Avg. Days On Market
0
Total Sales Volume
$ 0 B

This Is the Fastest Growing City in Texas

The U.S. population growth rate hit its lowest level since the Great Depression, according to the 2020 U.S. Census. Over the past decade, the Great Recession and COVID-19 pandemic slowed immigration as well as caused many Americans to hold off on having kids.

Population growth did not stagnate everywhere in the U.S., however. In fact, in nearly every state at least one major metro area reported a faster population growth rate from 2010 to 2020 than the comparable national rate of 6.7%.
To determine the fastest growing city in each state, population data data was reviewed from the U.S. Census Bureau’s Population and Housing Estimates Program.  The data included components of population growth — births, deaths, international and domestic migration.  Metropolitan areas were ranked based on total population change from 2010 to 2020.The fastest growing city in Texas is the Austin-Round Rock-Georgetown metro area. Its population grew by 33.7% from 2010 to 2020 to 2,295,303 residents. During that same time, the population of Texas grew by 16.8%, and the U.S. population increased by 6.7%.

Economic opportunity often drives population changes, and most of the fastest growing cities in each state have relatively high incomes compared to the state as a whole. The Austin-Round Rock-Georgetown metro area has a median annual household income of $80,954, well above Texas’s median of $64,034.

15-Year Vs. 30-Year Mortgage - Which is Right For You?

When shopping for a mortgage loan, one size does not fit all. It’s important to understand your options and how they will affect your budget.
 
The 30-year fixed rate mortgage is the most common type of mortgage for buyers purchasing a home in the U.S.  However, many of those buyers might have been better served if they had opted instead for a 15-year fixed-rate mortgage.
 
The loans are structurally similar—the main difference is the term. While a 30-year mortgage can make your monthly payments more affordable, a 15-year mortgage generally costs less in the long run.

Avoid These Mistakes Between Loan Approval and Closing

You’re under contract and about to close on your new home. It’s time to celebrate, right?  Not yet. Your lender will recheck your credit and job status right before closing. Don’t give him or her reason to question your creditworthiness by making these mistakes:

  1. Changing Jobs

Changing employers could mean delays due to employment and salary verifications. Of course, you shouldn’t ignore a great career opportunity. It means only that optional moves should wait.

  1. Making a Big Purchase

Your debt-to-income ratio is an important factor when being considered for a loan. If you add to your debt by purchasing a car or boat, you risk exceeding the ratio that your lender finds acceptable. 

  1. Opening Credit Accounts

You might apply for a credit card so you’re ready to buy furniture for your new house. But similar to taking on new debt, applying for a new credit account can harm your mortgage approval.

How to Clean Your Dryer Vent to Reduce Risk of Fire

1. Disconnect the Dryer
Start by unplugging the dryer and locate the dryer vent at the back. If you have a gas dryer, turn off the gas valve. Pull the dryer away from the wall so you have room to work, being careful not to dislodge or damage gas line (if cleaning a gas dryer). Next, unhook any clamps or rings attaching the dryer to the vent. Also use this opportunity to double check your vent tubing. Dryer vents should use rigid 4″ metal ducting. If your dryer is attached to vinyl or mylar foil tubing, it should be replaced immediately. 

2. Vacuum Out the Vent 
Use the hose attachment on your vacuum to clean both in and around the dryer vent. Some dryer vents can be detached from the wall as well as the dryer, making the process easier. 
You will also need to head outside and locate the output for your dryer, which is where the vent directs the excess air coming from the dryer. Remove the cover so you have access to the vent tube and use the vacuum attachment here as well. 

3. Brush Out the Vent 
Use an extendable brush to get into the vent tube and clean out lint. Feed the brush into the duct and rotate it while moving it back and forth. This will help you reach further into the vent for a more thorough cleaning. You can purchase a DIY kit with the tools you need to clean the vent properly. 

4. Reconnect the Dryer 
Check dryer vent ducts for damage and replace damaged ducts before reconnecting the dryer if needed. Reattach external vent cover, plug electrical dryers back in, or turn the gas valve back on. Once the dryer is connected and repositioned, use the air-dry setting and run a short 15 to 20-minute cycle. This will help you check that you have properly connected everything, while dislodging any remaining lint and debris.