If you're considering remodeling your home in preparation for putting it on the market, a new report from the Texas Association of Realtors suggests that your money may be best spent on smaller upgrades.
The 2014 Texas Remodel Valuation Report, which was released on April 1st, analyzed the project recoup costs and recoup cost growth in 2013 for over 20 different remodeling projects nationwide, in the South Central U.S., and in Austin, Dallas, El Paso, Houston and San Antonio.
From October to this March alone, the City of Austinâ€™s Planning and Development Review Department received between 3,000-5,000 permit applications each month.
Just more than a year ago, the city had to hire more employees to help clear its permit application backlog.
â€śWe definitely have to tailor the design to work with whatâ€™s there,â€ť said Dana Ambs, who runs Make Modern Home, an interior design company. She works with investors and homeowners to renovate properties.
I think it was just 2-3 years ago that everyone was complaining about the shortage of hotel rooms and how it was restricting the full utilization of the downtown Convention Center. It just doesnâ€™t feel that way anymore.
Seem like daily that we are now hearing about or seeing a new hotel going up. Itâ€™s also probably helped by news reports highlighting Austin as a global travel destination.
Vacation home sales rose strongly in 2013, while investment purchases fell below the elevated levels seen in the previous two years, according to the National Association of REALTORSÂ®. NARâ€™s 2014 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2013, shows vacation-home sales jumped 29.7 percent to an estimated 717,000 last year from 553,000 in 2012. Investment-home sales fell 8.5 percent to an estimated 1.1 million in 2013 from 1.21 million in 2012. Owner-occupied purchases rose 13.1 percent to 3.7 million last year from 3.27 million in 2012.
The city of Austin is looking for a development adviser to offer real estate, financial and development consultation as the city's staff and facilities expand to meet the needs of its new residents.
Indicators on consumer attitudes, based on a Fannie Mae survey, have continued to move in a positive direction during the past year, which may point towards a pickup in home buying and selling activity this spring â€¦ in areaâ€™s other than Austin, as well, where we continue to see high demand and extremely low supply!
TripAdvisor has examined millions of travelers' reviews posted on its website to come up with the top U.S. and worldwide destinations for this year.
And the winners are: New York City for top U.S. destination and Istanbul for top worldwide destination.
The sixth annual Traveler's Choice Destination awards honored nearly 500 locales across all continents. TripAdvisor weighs users' rankings for hotels, attractions, and restaurants at the destinations over a 12 month-period as well as the number of times the city is pinned as a favorite.
Austin Named Number 10 Most Economically Segregated Metro Area In Country
Austin was named the No. 10 most economically segregated metro area in the nation by urban theorist Richard Florida. The study found that a high proportion of Austin-area residents with household earnings above $100,000 tend to reside in neighborhoods where a majority of the households are also earning top dollar and vice-versa.
Sparefoot, a storage unit company, recently released a list of the top â€śboom towns for apartments,â€ť basing its rankings on factors such as the availability of apartments as well as economic and population growth in the 100 most populated metro areas. The company culled data from the U.S. Census Bureau and U.S. Bureau of Economic Analysis.
According to Sparefootâ€™s analysis, these cities are seeing their multifamily business booming:
1. San Jose, Calif.
2. Austin, Texas
3. Houston, Texas
4. Grand Rapids, Mich.
5. Nashville, Tenn.
6. Dayton, Ohio