Monday, May 11 – Austin Metro Area Real Estate Update
417 new homes emerged on the market in the past 7 days. 17% percent down from last week which was high but remain stronger than shelter in place numbers in April.
486 homes went under contract in the past 7 days. 5% down from last week but also higher numbers from April stats.
175 homes sold and closed in the past 7 days. We saw a big decrease here but this will rise again when the steep increase of pending contracts from 2 weeks ago hit at the end of the month.
68 homes withdrawn or temporarily taken off the market. This is a 10% decrease in homes withdrawn from the market since last week.
Week Two – Texas Reopening/ Austin Extended Stay Home
While Texas enters into its second week of phase one reopening during COVID-19 Austin and Travis County extend their stay at home orders through May 30th.
Our delayed Spring market continues to deliver healthy numbers of new and pending listings for a third week in a row. Buyer and seller confidence remains optimistic despite the dramatic changes in the home mortgage scene. Again, our low housing inventory is a driving force in this scenario with more buyers needing homes than available properties. Real estate activities continue with safety procedures and precautions for customers and community health. All in all this is an encouraging market overview, right?
Well despite this healthy market report there is a growing restless uneasy feeling all around like the “where am I going?” song in the middle of a musical when the leading actor, having already been through a challenge, still doesn’t know how to solve the BIG QUESTION. If you didn’t already know I see most of life through the filter of a big Broadway musical so apologies if this analogy doesn’t work for you. I am always happy to sing it if that would help?! 😀
I think the doctors, economists, and experts are our best guides. Also, until we have a vaccine, more testing, or both we will not know how this story will end and what kind of finale song this musical features. I know I’m hoping for a “Music-Man-style” finale with 76 trombones and a town-sized marching band that brings us all together to honor the lost and celebrate our new beginning.
Interest Rates & Loan Qualification Updates
As of 3pm on Monday rates are still resting at 3.25% for a 30 year Conventional loan and 2.875% for a 15 year conventional Loan. Refinance rates are between 3.5 & 3.75%. This is the third week of stable rates and a continued sign of confident for both buyers and sellers.
The big news that emerged last week was the addition of self employment overlays to the home loan qualification process. These are above and beyond those of Fannie Mae requirements and may provide a new challenge for anyone that relies on independent contracting work for the majority of their annual income. Our local lenders are saying that issuing loans for self employed persons may become very difficult in the near future until we are past this crisis. New employment verification along with increased credit score for FHA loans may go down as the most significant changes to the home mortgage scene during COVID-19.
As always our preferred lenders are available to discuss changes in the mortgage scene and answer your questions. You can connect with them at the link below.
TEXAS RESIDENTS DON’T FORGET – Property Appraisal Protest Deadline is coming up May 15th.
It’s property appraisal season and this is your reminder to file a protest if you so choose.
Agent Jill always recommends a check in this time of year to evaluate values and ensure your county is not over valuing your home for the current year. Email Jill today if you need help or want to check in on your 2019 property value.
PROTEST DEADLINE REMINDERS
Reminders for 2020 Property Appraisal Deadline to Protest
The deadline to file your protest for the 2020 protest season is May 15, 2020.
To learn more about protest procedures visit the following link
Due to COVID-19, WCAD is offering extended deadlines on the following:
Business personal property renditions without penalty – May 15th
To Learn more about Williamson County Appraisal procedures visit the following link
Deadline for online protest is May 15th.
To learn more about the protest process in Hays County visit the following link