452 new homes emerged on the market in the past 7 days. 6.4% percent decrease from last week.
653 homes went under contract in the past 7 days. Same number of pending sales as last two weeks. I rechecked this several times because that just is unusual and well typical for 2020 to throw out something unusual.
322 homes sold and closed in the past 7 days. 13.2% increase from last week.
70 homes withdrawn or temporarily taken off the market. 17%% increase from last week.
Austin Metro Area Market Overview
As weird as it is, pending sales have remained exactly the same 3 weeks in a row. I double checked and triple checked because this is unusual. But it appears the system isn’t broken; we have just hit a very uniform and steady offering of contracts for our active home inventory. Out in the field in the Metro area with clients this weekend buyer traffic was strong. Open houses were well attended and homes were booked up for tours with lines outside waiting to get in. Multiple Offers are the story as we head into summer with again more buyers than available homes. The continued inventory shortage will likely lead to strong price increases through the end of the year making up for any cool down we saw during our initial shelter-in-place time in March and April.
The key for buyers in Austin right now is proper planning in preparation for any home purchase. This is a difficult market to jump into without a strategy and plan to succeed. Our Agent Jill Team custom buyer curriculum is serving our clients well. And for sellers our staging services, storytelling marketing and photography are setting sellers up well for strong offers and easy turn around on the market. With the lender scene being as it is right now tight inventory doesn’t mean easy sell but it does demands skilled vetting of offers and buyer qualification. But we have found a rhythm in this adjusted COVID market and with our high level of education and guidance things are running very smoothly.
Interest Rates & Loan Qualification Updates
Interest rates dropped a bit at the start of this week. Right now you can get a 30 year conventional loan for 2.78%, 2.5% for a 15 year Conventional Loan. Refinance rates are still resting at 3%.
Our lenders are still 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 Four of the Plant Tower – SHOPPING AND DESIGNING – This phase was fun not just because I got to get out of the house and explore options but because it opened my imagination to the possibilities of what this plant tower could be. I think I was really stuck in the Farmer Jill story of only edible plants. But visiting Green n Growing nursery in downtown Pflugerville I realized it didn’t have to be one thing. I got ideas for flowers that could bring a splash of color to the herbs and vegetables.. I saw a variety of fairy gardens that could be fun for the top section of the tower. So we bought a few of each to start and will continue to let the creativity flow with our new home project. I will continue to admit I am having more fun with this project than I thought I would.