May 2021 Market Update

Home Prices Continue to Rise

According to the 2021-Q1 Edition of the Texas Quarterly Housing Report by Texas Realtors, median sales prices for homes in Texas increased by 13.4% compared to 2020 and the median price reached $274,300. Prices continue to climb upwards as supply remains low and buyer demand continues to increase. Many houses continue to attract multiple offers and are selling for thousands above asking price. Additionally, listings are spending an average of 47 days on the market in the first quarter of 2021 which is 20 days less than the first quarter of 2020.

If you are thinking of selling your home, contact Uprise for your free home valuation report. You may be surprised by how much your home is worth in this market as prices continue to climb due to the high demand. Summer is traditionally the busiest time of the year in real estate and listings fly off the market even faster during June, July, and August. Schedule your listing appointment today so your house may go on the market just in time for the increased demand of the summer season.

Preparing to Sell Your House

Is it TIME to sell your house? The decision to sell your first home, the place where you created many memories with loved ones, can be a difficult decision. Yet, the news of the high sales prices in this market may be luring you to sell your home. Before you make a decision it is important to consider a few things: your end goal and your timeline. What do you hope to accomplish by moving? Are you considering downsizing or have you outgrown your current house? How soon do you have to move? Getting your home ready to sell takes time and the selling process can also take a few months. Once you make the decision to sell it is important to interview realtors and have them conduct a listing appointment. If you are still unsure about selling your home, you may still conduct a listing appointment with a realtor to determine if selling is a good option for you.

At a listing appointment, an Uprise agent will discuss your goals and develop a pricing strategy for your home. They will look at the condition of your home and make recommendations to help you get the property ready to sell. Some properties will simply require decluttering and a deep clean while other properties may require repairs to be market ready. The agent will discuss the marketing strategy for your home and how the entire listing process works. Ultimately, the purpose of the listing appointment is to help you make an informed decision about your property that places you and your family in a position to accomplish your goals.

Buying Real Estate with Cryptopcurrency: Is That Even Possible?

You might have heard about Dogecoin after Elon Musk tweeted that it was his favorite cryptocurrency. Dogecoin and other cryptocurrency continue to make news especially since they are now more widely used for regular transactions than when Bitcoin initially came out. As we continue to hear more about cryptocurrency, the question arises, can real estate be purchased with cryptocurrency? Surprisingly, a home in Austin, Texas was purchased using Bitcoin in 2017. Additionally, as of February 2021, there were at least 11 homes across the United States that were available to purchase with Bitcoin. Currently, any properties to be purchased using cryptocurrency must be paid in full as there is no mortgage service for cryptocurrency. There is risk involved in accepting cryptocurrency as payment for real estate due to their fluctuation in value. As mentioned earlier, a tweet by a billionaire like Elon Musk can cause a quick spike in a cryptocurrency’s value. Before purchasing a property with cryptocurrency or choosing to accept cryptocurrency as payment for real estate, make sure to do your research and assess your risk.

Buyer Beware:
New Home Builders Cancelling Contracts

As lumber prices continue to rise, buyers are beginning to see builders shake up some home sales. Some builders have opted to limit sales and put potential buyers on waitists while other builders continue business as usual. However, some builders have resorted to something entirely different. According to MySA.com, a couple in Austin, Texas, placed their home under contract in August 2020 and chose to use the builder’s lender even though they were approved by outside lenders to purchase the home. Normally with new home sales, the builder’s lender is able to provide more incentives than an outside lender so many buyers will opt to go with the builder’s lender. The couple submitted payments to the builder for several months as they waited for their house to be built to then learn the builder canceled their contract because the in-house lender did not approve their loan. The family now finds themselves without a place to live since they sold their current home and the house they were going to purchase is now priced $100K more than their initial contract.

If you are interested in purchasing a new-build home, it is always best to have a realtor represent you and go over the contract with you. The language in builder contracts are geared in their favor and the language can be overwhelming to someone not familiar with industry terms. Additionally, realtors are able to negotiate different items and have them added to the contract to protect their client. Uprise also recommends for buyers to obtain a pre-approval by an outside lender as well as the builder’s lender. While an outside lender may not be able to provide as many incentives as the builder’s lender, working with an outside lender protects you from what these people experienced. Additionally, outside lenders tend to provide much better customer service and more transparency regarding your loan status and creditworthiness.

Tired of your old carpet? Is It Time For A Change?

With all the rain San Antonio experienced this month, your furry loved ones may be tracking more mud inside your house leaving their paw prints stained on the carpet. Your carpet may already be looking old and matted, and now it has more stains. The 100 degree Texas Heat is just around the corner so your four legged friends will be shedding more and leaving pet hair all over the place. As you increase your vacuuming, you’ll inevitably find some burr stickers lodged into your carpet as well. Your frustration with the carpet continues to grow, but is there a solution in sight? Changing out your carpet for hardwood or vinyl plank flooring could be the solution you need. You could give your yard a makeover by adding mulch to certain areas or keeping up your regular landscaping/lawn service to keep stickers at bay and those little paws protected. 

Uprise’s Project Management Services can help ease these frustrations, contact us for a quote on your next home project or landscaping service.

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