Ok ok, I know what you're thinking. Concrete cancer? Must be from all those cigarette butts i threw on the ground in my backyard🤔🤔. Even though that may be a valid assumption that isn't exactly how concrete gets cancer! On this weeks episode I'll dive further into what concrete cancer is and how it might affect your life! I'll also cover some much awaited news from the federal reserve and interest rate updates. And lastly we will talk about why the Austin, TX market is still the place to be!
So what the heck is concrete cancer?! Ok so this is actually some pretty interesting local news that could be affecting thousands of homeowners in the Central Texas area in the near future who have in-ground swimming pools. Concrete cancer is a symptom of "Alkali Silica Reaction" or ASR. According to a KVUE report that can be found Here (a local news provider) "hundreds of lawsuits have already been filed, and experts predict thousands of pools are impacted" By this issue all over Central Texas. The concrete that lines the inside of most pools has to be mixed with certain ingredients in order for it to remain durable and intact as the pool ages. Well, the concrete in the pools that are being affected are missing a key ingredient called Fly Ash. Fly Ash helps resist cracking in the concrete. AJ Miller and his Wife Debra Miller were one of the unlucky Austin homeowners to have experienced this concrete cancer issue firsthand. According to the lawsuit, their pool costed 115K and within a month of completion of their new pool, they noticed "cracking, distress, and leaking in the walls of the pool". It didn't take long until the whole entire pool shell was riddled with cracks. The millers said calcium built up around the cracks in their pool and parts of the pool began to leak, flood and detach from their patio! What a nightmare! And even worse, the only way to properly remedy ASR also known as "concrete cancer" is to demolish the entire pool and rebuild it which costs double and sometimes triple the amount of the original pool install cost. This issue is a recent one and new cases are still being discovered. One of the pool companies that were known to have these issues are KB custom pools. The problem seems to be a combination of things. most pool companies do not pour their own concrete. Usually they sub-contract the pour. And the concrete is sourced from a third party. Unfortunately insurance companies are not paying up so the pool owners and pool companies are the ones taking the hit. So if you recently had a pool installed or bought a home with a new pool, make sure to Hire your local Screamin Eagle home inspector so you can rest assured you are in the know when you make your next investment.
If you have been on the fence about buying your new home because you just cant afford it, now might be your chance. The Federal Reserve just announced on Sep 24th a 50 basis point cut! This is a pretty big deal because the interest rates have not been cut since the year 2020! That makes the new average interest rates to be closer to 5.75%-6.25% depending on your loan type and other factors. Now, you may be worried that this new lower rate will cause house prices and competition to sky rocket. Well nobody can predict the market or else we would all be buying at the perfect time. But, many experts are not expecting much of a change in home prices because inflation is still pretty bad and many people still cant afford a home. Not only that, but experts and the Federal Reserve are still expecting the rates to drop just a little bit more as we get closer to the end of 2024. In conclusion, its never a bad time to get into real estate! And even with the rates still being on the higher side, remember, date the rate and marry the home!
This brings me to the last bit of news for this episode. I'll make it quick. Austin TX has a Another BIG player coming to its small little town of Bastrop. X, formally known as "Twitter" has began building its new headquarters there! This means more growth for Austin and unfortunately probably more traffic 😒. But hey! We need all the big names as we can get! In other news, Texas State University just announced a new enrollment record for fall 2024! That's right, 40,000 students! compared to its previous record of 38,849 in 2016. If that doesn't tell you where Austin is headed then I don't know what will! I hope you all have a great week and don't forget to keep an eye out for Elon in Bastrop! Stay tuned next week for Episode 3!
Comments