482 new homes emerged on the market in the past 7 days. 18% percent increase from last week.
653 homes went under contract in the past 7 days. Same number of pending sales as last week which was a 2020 single week record. Interesting right?!
282 homes sold and closed in the past 7 days. 30% decrease from last week.
59 homes withdrawn or temporarily taken off the market. 16% decrease from last week.
Austin Metro Area Market Overview
The first week of June is when Realtors typically start seeing our first signs of a summer slow down. Realtor message boards and social media sites start “calling the end of the Spring hot season” as active sales take more days to receive offers and first round of summer price reductions pop up in our reports.
As we all know 2020 is moving to a different beat and we are now charging into summer with a second hot season that’s seeing increased active sales, increased buyer traffic and multiple offers everywhere. Sellers are able to push price right now and buyers are having to jump through the same hoops they’ve had to for the past 8 years in Austin.
Interest Rates & Loan Qualification Updates
Interest rates dropped a bit towards the end of last week but bounced back up today to where they were last week. Right now you can get a 30 year conventional loan for 3% with a .25 of a point discount. 2.625% for a 15 year Conventional Loan. Refinance rates are now resting at about 3%.
Our lenders are communicating that they still expect to see these rates go down this year so it is best to keep an eye on things if you have plans to purchase before 2021. Mortgage qualification rules have changed throughout this pandemic with new Fannie Mae credit score, employment, self-employed and income review regulations. A consultation with one of our local lenders can help you identify how to navigate new financial options for a home purchase so you can plan accordingly.
As always our preferred lenders are available to discuss changes in the mortgage scene and answer your questions.
Agent Jill Summer Project Journal
Phase Three of the Plant Tower – The delivery of worms from Uncle Jim’s Worm Farm arrived last week… AND to my surprise this step in the process wasn’t as “icky” as I was imagining and now we have a working compost system! The new activity of saving kitchen compost for our new worm family has been unexpectedly fun and now we move onto the next phase of selecting plants. In true Jill style, I am as indecisive as ever. I keep thinking I should have edible plants but then discover some herbs and veggies are better to plant in the fall than during the summer Texas heat. So for now I am researching and staring at dirt. For those of you who are more experienced yard farmers please feel free to jump in and throw out suggestions. Basil, mint, and chives are as far as I’ve gotten.