Last month we talked about how the holidays brought us our first hard freeze of the winter season, but no white Christmas in Austin. This month we were subject to a storm that had an impact similar to the February 2021 storm that shut off power across the state. The weather forecast leading up to this storm was a very mild prediction until 3-4 days prior when the forecast started ramping up to possibly some ice, and then as it drew closer the alarm bells started going off. The biggest threat wasn’t frozen pipes as much as it was a very hazardous layer of ice that there is really no way to prepare for other than to stay home and let it run its course.
The storm came and went, and as many of you already know there was a tremendous amount of damage across Central Texas and some surrounding areas. The power production held through the cold weather, but the infrastructure failed on a massive scale. Trees covered in ice toppled onto power lines, or the power lines and poles buckled under the weight of the ice leaving hundreds of thousands of people
You still have a few days left to recycle Christmas lights in Georgetown and you can still try to contact some of the drop-off sites to see if they’ll accept trees. There is a list of free drop-off sites if you scroll down toward the bottom of this page.
Be Weather Aware
While we’re in the middle of a fairly mild, and uneventful stretch of winter, the forecast can bring us a deep freeze at any point between now and spring. This KXAN article provides some good info about averages and statistics regarding freezes.
Lease Reminder
Summer is coming soon, and that makes things very busy for us. If you’re not familiar...
It's no secret that the past couple of years have been pretty chaotic when discussing the real estate market in Austin, Texas. From historically low rates offered by lenders to the influx of population, Austin experienced a massive boom in our real estate market which saw housing prices soar to record numbers.
As our economy wakes up from the dream of, essentially, free money and fast-moving listings on the MLS, we enter a time of more financial uncertainty. Rates are rising to levels that we haven't seen in years and at the same time, the average American has been affected by unforeseen economic factors, such as rising inflation.
In the video above, our founder, Jason Huval, and our Director of Business Development at Stone Oak, Mike Oellrich, discuss the shifts in our market and how they may affect landlords and individuals trying to sell/lease their properties across Greater Austin. Mike also discusses several questions he has been hearing from property owners in his day-to-day and discuss how landlords and property owner are overcoming obstacles they find in the market here in 2023.
Frequent Questions from Austin, Texas Property Owners Entering 2023
We want to wish all of our clients a Happy New Year. We hope that you’re off to a great start in 2023!
Christmas 2022 Freeze
The holidays brought us our first hard freeze of the winter season, but no white Christmas in Austin. We spent more than a week preparing tenants with information on how to protect pipes, and reminding them as the freeze got closer. The impact was mitigated for the most part, however there were some unavoidable situations that were out of our control.
One example is a condo under management where the neighboring unit is being used as an AirBnB and was unoccupied during the freeze. The owner must not have made any preparations and the pipes burst thus flooding our client’s unit. The whole building was without water for three days because the availability of vendors was stifled by the holiday and demand across the city. While the neighbor is to blame in our opinion, the only thing you can do is make sure you’re properly insured in this situation because it is likely going to be a long, drawn out fight if you ...
Now that the season is coming to an end, what do you do with your tree and/or lights that aren’t going to be kept? There are many programs available to recycle these items and availability will depend on your location or willingness to make a short trip. Below are some links to two programs for lights and trees.
The City of Georgetown will recycle string lights and there may be programs in your location that you can likely find with a quick search. Last year the City of Georgetown alone recycled more than 4,800 pounds of lights per their website.
The City of Austin has a holiday tree recycling program that allows you to put the tree out on the curb on your composting collection day. Their website also lists several drop-off locations around the Austin area.
With the shifting economy due to Fed interest rate hikes and other factors the rental market is changing in Austin, and across the country in both the single family and multi family markets. With some reporting indicating Austin is being hit harder than other markets there are things to take into consideration now with renewal and new lease rent rates. The increases in rent seem to be tempering and should be considered when the time comes because it’s better to have a tenant than to force a turnover by increasing the renewal too much, or by listing a property for lease at a rate that is too high. There are a lot of articles being published about the shift in the rental market, so instead of linking them we will just recommend doing some quick research if you want.
Some factors that are impacting the market are:
Seasonal variation- the late fall and early in the new year are typically a slower time overall in real estate
Increased rental inventory- due to the slow down in the sales market many property owners a...
NEVER USE A FIREPLACE WITHOUT CONFIRMING IT IS SAFE AND READY TO USE!
As fireplaces are generally considered cosmetic in nature, and not the primary heat source for your home, any cleaning or inspections are the responsibility of the resident. It is your responsibility to have the fireplace inspected if you intend to use it. If your home has a fireplace and you hire someone to clean and inspect the fireplace make sure they are insured and check online reviews to confirm they have a solid reputation. If the fireplace is deemed unsafe to use for reasons other than cleaning, let us know and we will further evaluate your request but may not necessarily perform repairs.
Freeze Prevention
Winter is upon us and we’re getting closer to our first hard freeze. To get ahead of potentially frozen pipes we’d like to provide some info
Purchase and install exterior spigot covers sold at most local hardware stores.
If they’re not available, heavily wrap exterior s...
The Austin Real Estate Market As It Stands Going Into November
In the above video our Broker, Jason Huval, discusses the latest market data from ABOR and how this data can affect the leasing market in our area.
City of Austin Changes Eviction Process & Texas Supreme Court Updates
The City of Austin passed a “Right to Cure” ordinance that adds several days to the eviction process under certain circumstances. The details are yet to be completely understood and may play out in the court system as the ordinance is put to the test.
At the same time, the Texas Supreme Court renewed its two emergency orders regarding rental properties. Below are some details of the two orders received from the Texas Apartment Association, however we are not attorneys and we strongly recommend that you consult an attorney for further understanding of these orders:
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