Real estate is one of the most important and most significant investments for the average person. There also seems to be shifting trends that affect the value and desirability of a home. One that has come to the forefront recently is the greening of residential and commercial property.
One quick way to get on the wrong side of a Texan is when someone tries to take their land. Nevertheless, there are certain circumstances where the state or local municipality (or a company working for them) will justify taking ownership from an individual or business. This is done under eminent domain, which is a premise that it is in the best interests of the public for the government to do this.
Those who sell real estate property usually include a seller’s disclosure. While there are exceptions, a seller disclosure provided by sellers to potential buyers outlines any defect or issue that could impact the buyer’s decision-making process. This applies to most resident owners of a home, but it can affect the terms of the offer, or if they wish to proceed.
The concept of staging one’s home to sell it is now a fairly common one. While in days past this amounted to keeping a clean home, the idea now is to strategically place to furniture and decorations in a way that puts the property in the best light. This often involves overriding personal preferences and often includes paring down the clutter to make the space less claustrophobic. Some will even go so far as to rent furniture or buy new furniture that they plan to use in the new home to give the old place a fresher and more updated look.
The mortgage rates hover at historic lows with the percentage dropping a full point in the last year. This is good news for potential buyers and sellers of residential real estate. However, even in the highly competitive real estate market of Austin, millennials have specific priorities, which may or may not jive with sellers.
Austin and the state of Texas sometimes have different opinions on regulations, policies and laws. One recent high-profile example involves the issue of short-term rentals (STRS), which are a room or home rentals of 30 days or less. This is a hot-button topic as other parts of the country have embraced or sought or regulate the use of Air BNBs and other online STRS services.
Eminent domain is the government’s way to take private land for public use under certain circumstances. The Takings Clause of the U.S. Constitution’s Fifth Amendment defines that power for the government. For state and local governments, the clause applies through the Fourteenth Amendment, which limits governments from taking private property from citizens “without just compensation.”
Real estate transactions are the largest deal that the average person makes in their lifetime. So it is crucial to find a real estate agent that is the right fit regardless of whether one buys or sells. At their best, these agents bring advantageous deals to the table and provide knowledge and support that makes for a smooth closing. At their worst, a realtor can badly misread the market, the intentions and potential of a buyer or seller across the table, or unnecessarily delay sales through incompetence or indifference.
Most of us need a mortgage to buy a home. So determining the size of a mortgage is likely the most critical part of the process, some may argue it is more important than picking the actual house or condo.
The robust real estate market here in Austin is great for those who own property, particularly if they got in a while ago and bought low. Nevertheless, the competitive market should not prevent others from buying a rental property because it is still often an excellent investment.