OWNERS NEWSLETTER - OCTOBER 2020

OWNERS NEWSLETTER – OCTOBER 2020

COVID-19 DEATH – According to the Texas Property Code 5008 (c), there is no requirement that a seller or seller’s agent disclose if someone died of COVID-19 in a house that is listed for sale. Further, there is no requirement in Texas that a seller or seller’s agent disclose a death from natural causes, suicide, or an accident unrelated to the property’s condition. In Texas, a seller must disclose if a murder occurred in the home, even if the murder happened before the seller took possession of the home. A death in the property, even accidental, must be disclosed if it was caused by the property’s condition, and even if the condition was remedied. (Source: Attorney Kerri Lewis, former general counsel for the Texas Real Estate Commission, Tierra Grande Magazine Oct 2020)

PROPERTY TAXES – Property taxes became due this month. For most owners with properties that are mortgaged, your mortgage company will pay your property taxes from your escrow account, which is also the same account from which your annual insurance premium is paid when it becomes due. If you own property that is no longer mortgaged or if your mortgage company does not maintain an escrow account for you, don’t forget to pay your tax bill this month. Most counties are set up to accept on-line payments. Unless you have updated the county in which your property is located with your current mailing address, it is unlikely that you will receive your tax bill in the mail. Simply go to your county’s tax appraisal district’s web site to view your property’s tax appraised value and the amount due for 2020. 

BOOMERS – According to Rentcafe.com and the National Multifamily Housing Council, new renters over the age of 60 are on the rise, growing 43% from 2007 to 2017. Millennials have been the largest growing segment in multi-family rentals in recent years, but Baby Boomers account for one-third of current rental applications in urban areas. Downsizing from larger homes and less maintenance requirements are among the list of factors driving this trend. 

MILLENNIALS – According to Rentcafe.com, Austin, Texas has become the most sought-after city among millennials this year. Millennials are the country’s largest generation in the U.S. presently, and make up most of the workforce. Half of all rental applications in Austin this year have been by millennials.

INTEREST RATES – According to Freddie Mac, mortgage rates fell this week, setting a new-record low for the tenth time this year. The 30-year fixed rate mortgage averaged 2.81%, the lowest rate since tracking began in 1971. Now is an excellent to buy or refinance an existing mortgage. 

David Gerke

Broker