All Forum Posts by: Bryan Noth

@Prash Manohar Unfortunately, protesting the County's appraisal is not as effective as it used to be for the Austin MSA.  In short, the county tax assessor's office has dramatically improved their valuation models in the last few years. The values they provide are typically solid and backed with decent comparable sales.   You can protest with your closing documents if the value they sent is well above what you purchased it for and the sale is recent.  Ultimately, even if you purchased under market value they will catch up with nearby sales within 1-2 years in my experience.  

@Steve Tran on STR and MTRs I do provide the washer and dryer but on traditional long term rentals I do not (for both Austin and San Antonio). Those are easy appliances to incur maintenance issues on. The majority of LTRs in Texas do not include them.

Fair question @Nick Anderson and my wording may not have conveyed my observations as well as I hoped.

The increase in active listings was far greater than the respective increase in pending sales. Pending sales lagged behind last years pace and did not increase in parallel with the volume of new listings. Thus, the corresponding active listings increased as did housing inventory. Broken down those are:

Active listings are up 46% from the preceding year, and up 72% from the preceding month.

Pending sales are down 11% from the preceding year, and up only 18% from the preceding month.

Overall closed sales were down 5% compared to the previous year.

Factoring in the rising interest rates and prices and we may be looking at the start of some shifting in the housing market data trends for the Austin MSA.  

RREAF Communities has purchased the 3,173 acre parcel of land between Austin and San Antonio and plans to develop a massive mixed-use master planned community.  This project sits right off of the Southern end of Highway 130.  40 miles North on the same Highway 130 is the location for the Tesla GigaFactory in Austin.

Some notable features:

Between 4,000 and 6,000 single family homes

3,000 multifamily units

2,500 build-to-rent houses

Retail, Restaurants, Hotels, Offices, Health Care facilities, Schools

Abundant outdoor amenities 

Article Link:

https://www.bizjournals.com/au...

@Joe Splitrock Midas touch and quite possibly Midas incarnate with all of the capital at his disposal.  Plus, cowboy hats are catchy.  

And I agree, Austin makes headlines now but the historical data has shown steady growth trends for decades.  

Austin just secured its largest venture investment ever.  The Boring Company raised $675M and has been turning heads with growing activity.  

The company is now Headquartered in Pflugerville, an adjacent suburb in East Austin.  There are currently 40 job postings for the company and many rumors of projects up ahead including:

-Pedestrian tunnels in Kyle (South of Austin)

-Transit tunnels in San Antonio, connecting the airport to downtown

-A development facility in Bastrop (SouthEast of Austin)

With the recent news of the large capital investment there may well be more projects announced soon.  

Article link here:

https://www.bizjournals.com/au...

March 2022 Housing Market Update for Austin, TX MSA

March 2022 statistics have been released for the Central Texas Housing market. There was an increase from the preceding month and a 22% increase from the preceding year for the entire Austin Metropolitan Statistical Area.

The City of Austin saw a change in median home price from $565,000 to $624,000, a month to month increase of $59,000 and a 22% increase from the previous year. The Austin-Round Rock MSA saw a change in median home price from $499,995 to $521,100 for a month to month increase of $21,105 and a 22% increase from the previous year.

The following infographics and data is courtesy of the Austin Board of Realtors:

Housing inventory remains at critical levels, 0.5 months for the entire MSA which is 0.2 months increase over the preceding year. The City of Austin also remained at critical levels, 0.5 months, a slight increase from the preceding year which was 0.4 months. Those figures equate to only 15 days of available housing inventory for the entire MSA. The five county region saw a 1% decrease in new listings compared to March of the preceding year and an 68% increase from the preceding month. This figure makes sense as the market moves towards a the active season for home buying and selling.  

Some key takeaways from the data: Correct pricing of your home sale is critical right now. We may be leaving the erratic era where essentially any listed price would get attention and receive a strong offer. Rising home prices and interest rates have likely contributed to the dampening effect on the market. To be clear, houses are still commonly seeing multiple offers and over asking offers, but the scale of those offers is decreasing. This may be the first data driven month indicating a shift towards a more balanced home buying and selling process.  A relief for buyers as the deck has been solidly stacked in the seller’s favor for several years now.

Housing inventory is still quite low and the influx of new residents to Austin continues to grow. The US Census Bureau’s estimated a net growth of 146 people per day for 2021.

Disclaimer: The information provided here is for educational purposes only, past performance is never a guarantee of future performance.

Welcome to the BiggerPockets forums @Stephen DiJulius!  Congratulations on the first investment!

@Anthony Nunez The website can flag you if messages are going out to rapidly, it looks like spam.  

Glad to connect though and way to network!

Congratulations @Lawrence Briggs!