399 new homes emerged on the market in the past 7 days. 9.4% increase from last week.
577 homes went under contract in the past 7 days. 15.3% increase from last week.
482 homes sold and closed in the past 7 days. 47.2% increase from last week.
75 homes withdrawn or temporarily taken off the market. 23.8% increase from last week.
Austin Metro Area Market Overview
We are past our fourth of July celebrations which is typically the bookend to our busy real estate season but, as I have been sharing in these weekly blog updates, this year is an exception to our “seasonal” norm. With interest rates historically low and uncertainty over this Fall’s economic scene buyers are out in full force this summer. So the big picture out in the field right now is that as soon as homes emerge on the market in the Austin metro area there is an active buyer audience ready to fight for the opportunity to purchase it. Our weekly active versus pending stats are highlighting this week after week.
Just as our initial shelter-in-place orders did not stop buyers and sellers from their housing needs our latest surge in cases has not affected consumers from working to take advantage of these historic low interest rates and accomplish their dream of home ownership in 2020. This pandemic has reminded me that housing is essential and whether you are dealing with an unexpected life event or a planned one nesting and finding your home is fundamental.
Despite the national stories that we are hearing in the news with concerns about waiting to enter the real estate market, the scene is very different in the Austin Metro area. Our local story is that WE NEED MORE INVENTORY. We have more buyers than available homes which is rapidly increasing home values. Low interest rates are helping buyers right now but if we continue to see $20,000 – $40,000 over ask price to win multiple offers it may price some buyers out of neighborhoods by the end of summer.
The Agent Jill Team will continue to track the story and share our perspective and insight into our local market.
Reminder of the Metro Area Mask Regulations
Executive orders by the Governor’s office last week placed new limitations on some businesses with direct links to infectious spread. In addition, most Austin metro area cities have now issued ordinances requiring face coverings in business establishments. These steps will all help our businesses and communities stay safe and continue to limit the negative effects of the spread of COVID-19.
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 SEVEN of the Plant Tower – This week was all about slowing things down and going old school with my summer farming project. It was fun to plant already established herbs and flowers but now I had to explore the soil and seed journey. So, I set up my indoor growing garden because they need 10-21 days indoors before they can head out into our Texas heat and sun. I have 7 varieties of teas and herbs all nestled in their organic soil inside their protected container sitting by the window for ultimate sunlight. Each morning I wake up and scoot them closer to the window, talk to them, water then, and just sit and watch. It’s my new morning meditation time just being with my seeds and wondering when they will emerge and what joy they will bring. For those who have heard me speak about my Daydream Initiative you will understand when I say this is a great new daily daydream activity.