Renting or Selling Your House: What's the Best Move?

Renting or Selling Your House: What's the Best Move? If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years. While a short-term rental can be a tempting idea, you may find the reality of being responsible for one difficult to take on. Here are some of the challenges you could face if you rent out your house instead of selling it. A Short-Term Rental Comes with Responsibilities Successfully managing your house as a short-term rental takes a lot of time and effort. You’ll have to juggle tasks like dealing with reservations, organizing check-ins, and tackling cleaning, landscape, and maintenance duties. Any one of those can feel demanding, but all together it’s a lot to handle. Short-term rentals experience high turnover rates, as new guests check in and out frequently. This home traffic can lead to increased wear and tear on your property—meaning you may need to make more frequent repairs or replace your furniture, fixtures, and appliances more often.  Think through your ability to make that level of commitment, especially if you plan to use a platform that advertises your rental listing. Most of them have specific requirements hosts must meet. An article from Bankrate explains: "Managing a rental property can be time-consuming and challenging. Are you handy and able to make some repairs yourself? If not, do you have a network of affordable contractors you can reach out to in a pinch? Consider whether you want to take on the added responsibility of being a landlord, which means screening tenants and fielding issues, among other responsibilities, or paying for a third party to take care of things instead." There’s a lot to consider before taking the leap and converting your house into a short-term rental. If you aren’t ready for the work it takes, it could be wise to sell instead. Short-Term Rental Regulations As the short-term rental industry continues to grow, regulations have increased. Legal restrictions commonly include limits on the number of vacation rentals in a particular location. This is especially true in larger cities and tourist destinations where there may be concerns about overcrowding or housing shortages for permanent residents. Restrictions may also apply to the type of property that can be used for short-term rentals. Many cities also require homeowners to obtain a license or permit before renting out their properties. Nick Del Pego, CEO at Deckard Technologies, explains: “Renting short-term rentals is considered a business by most local governments, and owners must comply with specific workplace regulations and business licensing rules established in their local communities.” It is important to thoroughly check whether short-term rentals are regulated or prohibited by the local government and your homeowners association (HOA) before even considering renting out your home.  Bottom Line Converting your home into a short-term rental isn’t a decision you should make without doing your research. To decide if selling your house is a better alternative, let’s connect today.

Is now the time to buy?

The real estate market has been experiencing a lot of changes lately. As a potential buyer, you might be wondering whether this is the right time to take the plunge and invest. Well, the answer is simple: Yes, now is the time to buy! One of the biggest advantages of buying now is the reduced pricing. With the ongoing pandemic, many sellers are willing to negotiate and offer lower prices than they would have a year ago. This is a great opportunity for savvy buyers to get a good deal on their dream home. Another benefit is less demand and higher inventory. Due to the pandemic and the economic downturn, many people have put their plans of buying a home on hold. This means there are more houses available on the market, giving buyers more options to choose from. Furthermore, with less competition, buyers have a better chance of closing a deal at their preferred price. Moreover, programs such as buy-down rates and down payment assistance are available to help buyers with their purchases. Many lenders are offering attractive interest rates to encourage buyers to invest in real estate by using a buy-down rate strategy for the savvy buyer. Additionally, some state and local governments are providing financial assistance to first-time buyers through down payment assistance programs. Although the current situation might seem uncertain, it's important to remember that the real estate market is resilient and has always bounced back from crises. Buying now means you can take advantage of the current situation and lock in prices before they start to rise again. In conclusion, if you're a buyer looking for a great opportunity, now is the time to buy. With reduced pricing, less demand and higher inventory, and incentives, you can make a smart investment in your future. Don't hesitate, to get in touch with a trusted real estate agent like myself and use my experience to help your home buying journey today!

Discover Your Dream Home in Austin: A Guide to 2506 Candlewood CTR

Are you looking for an exceptional property in Austin, Texas? Look no further than 2506 Candlewood CTR! This stunning home boasts a spacious 1/3-acre backyard that is perfect for pets and entertaining. With a large patio and storage shed, this backyard is truly a rare find. Inside, you'll find a recently updated home with new luxury vinyl plank flooring throughout the downstairs, fully remodeled bathrooms, new granite countertops, new light fixtures, and new exterior and interior paint. It's clear that no expense was spared in making this home a true gem. But what sets this property apart even further is its location. Just 1.5 miles from Congress Ave, 2 miles from Town Lake, 3 miles from downtown, and 3 miles from East Austin, this home is in the center of all that Austin has to offer. It's also only 4 miles from ACL (Zilker Park), 6.5 miles from the airport, 7 miles from McKinney Falls, and 11 miles from Formula 1 (Circuit of the Americas). And if all this isn't enough, the buyer will receive a $5,000 credit at funding to use towards new appliances. This truly is an incredible opportunity to own a one-of-a-kind property in an unbeatable location. So why wait? Don't miss out on your chance to call 2506 Candlewood CTR your dream home. Contact us today to schedule a showing and see this property in person.

Buyers Are Finding More Space in the Luxury Home Market

A year ago, additional space and extra amenities had a very different feel for homebuyers. Today, the health crisis has brought to light how valuable more square footage and carefully designed floorplans can be. Home offices, multi-purpose rooms, gyms, and theaters are becoming more popular, and some families are finding the space they need for these upgrades in the luxury market. The Institute for Luxury Home Marketing (ILHM) explains: “With quarantine concerns still top of mind for many luxury buyers, we see large, sprawling estates making their comeback.For instance, the last six months have seen a resurgence in the buying of mega mansions and estate-size homes – specifically properties that offer space (both inside and outside), separate home offices, gyms, and private amenities such as swimming pools, yoga studios, and recreation rooms.” This was not the case at this time last year, as the most recent Luxury Market Report from ILHM emphasizes: “Exactly one year ago, we reported that demand for large properties, mega mansions, private estates, and luxury ranches had reduced significantly over the previous few years; especially from the younger generation of luxury property buyers.” For today’s buyers looking for larger homes, steady increases in equity might be what makes a move possible. Leveraging home equity makes it easier to afford the down payment on a luxury home, and current low interest rates are making mortgage payments more affordable than they have been in years. The report from ILHM also notes: “Luxury real estate prices may continue to strengthen further into the third quarter, as the affluent continue to see large investment returns from the currently strong stock market.Coupled with the low interest rates, the policies granting (and insisting) on working from home implemented by many employers, and the concerns of the pandemic, all translate to the affluent increasingly trading in their city lifestyle for a home that has it all.” Clearly, today’s strong gains in home equity paired with record-low interest rates make fall a great time to move up into the luxury market to meet those changing needs. Bottom Line If you’re ready to gain some breathing room in a larger home, let’s connect so you have the guidance you need to find more space in the luxury home market.