Monday, Jun 23 – Austin Metro Area Real Estate Update
HIGHEST SINGLE WEEK NUMBER OF ACTIVE, PENDING, AND SOLD TRANSACTIONS FOR 2020!
724 new homes emerged on the market in the past 7 days. 46% increase from last week.
1360 homes went under contract in the past 7 days. 70% increase from last week.
794 homes sold and closed in the past 7 days. 85% increase from last week.
70 homes withdrawn or temporarily taken off the market. 65%% increase from last week.
Austin Metro Area Market Overview
RECORD BREAKING WEEK FOR AUSTIN – I was curious to run market numbers today to see if the stats captured the busy scene I experienced out in the field this past week. Open houses and home tours had lines waiting to get in and negotiation consults were happening on sidewalks in front of homes. Active homes were booked for tours 48 hours out with new homes emerging hourly for many of my buyers. Well, indeed the market movement in Austin last week seemed to reflect the frenzy that I saw out-and-about with clients. Across the board we had a record breaking week for 2020. If you have been following along with my weekly market updates you already know that we have been on a 8 week trend of increased activity but this past week’s numbers exploded and blew past all of our 2020 highs!
“Why is this happening now?” is a question on many peoples minds. My answer is threefold. 1) Pent up demand, 2) historically low interest rates, and 3) an urgency to complete big investment purchases before Fall. The urgency to get into a home before Fall is a mix of economic concerns due to COVID and the regular concerns that occur during Presidential election years. Yes, COVID cases are on the rise and we are still dealing with the uncertainty of the pandemic as well as high unemployment but there is growing confidence that this is a prime window to take advantage of investment opportunities. So buyers are out and sellers recognize the opportunity and are listing with greater confidence. And here we are with record breaking activity 9 days before the start of July. This is unusual for Austin’s typical early summer season.
Interest Rates & Loan Qualification Updates
Interest rates remained steady this past 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 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 FIVE of the Plant Tower – With our first round of new herbs and plants in hand we set out to introduce them to their home this week and begin the design phase of our plant tower. As fun as it is to put hands to soil I DO NOT like the unexpected discovery of worms. I would NOT do well on a farm, I know, but thanks to my husband and son our new herbs are set in place and ready to grow and blossom. We’ve got mint, basil, fennel, garlic, chives, spinach, and thyme. And we planted the base for our fairy garden on top. I’ve already determined I need more mint for my at home summer beverages. We are going to order seeds this time to explore the full growing experience.
I am worried about our back yard critters and their interest in these aromatic new treats. I am keeping a close eye on the squirrels and birds and may have to devise a cover or protection for the plant tower. Stay tuned next week to see.