Monday, July 20 – Austin Metro Area Real Estate Update
441 new homes emerged on the market in the past 7 days. 10% decrease from last week.
578 homes went under contract in the past 7 days. 12% decrease from last week.
409 homes sold and closed in the past 7 days. 5.2% decrease from last week.
73 homes withdrawn or temporarily taken off the market. 17.5% decrease from last week.
Austin Metro Area Market Overview
Our summer market continues to remain active and busier than normal. Pending sales are outpacing our active sales with more buyers ready to purchase and buy than available homes. This trend will continue if more homes do not emerge in our market. Interest rates continue to remain historically low and the pandemic is leading more people to desire the stability and control of home ownership over renting. Yes, employment has presented challenges for the self employed and those who have faced employment disruptions but the lowered interest rates are leading buyers to finding unique alternatives to make a purchase happen sooner than later.
IMPORTANT UPDATES ON – Interest Rates, Loan Refinancing & Loan Qualification
Despite national news interest rates remained steady and unchanged this past week. Throughout this pandemic news outlets have issued articles from time to time reporting news of lowered interest rates. Oftentimes this news is just an overview and reminder of the overall scene and doesn’t accurately reflect true to time changes that occur in the field. Right now you can get 2.875% for a 30 year conventional loan and 2.62% for a 15 year Conventional Loan. Refinance rates are a little bit higher now at 3.125%. So it is always important for you to get accurate data from a mortgage lender if you are curious about the current rates. I am encouraging clients and customers to connect with your lender sometimes before the end of the year for a brief consultation to review your current mortgage and to determine if a refinance is recommended. It is important to note that some home mortgage institutions are not prioritizing refinances so they may be offering higher rates so be careful to get second opinions especially when dealing with larger banks and institutions.
Our lenders are still communicating that they expect to see interest 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 not seen any significant changes in the past month. We still have adjustments to the Fannie Mae credit score, employment verification, 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.
Austin Realtors Request to City of Austin – Hold the Line of the Budget & let the Housing Industry Lead Local Economic recovery
From Emily Chenevert, CEO of the Austin Board of realtors, “The Austin Board of REALTORS® have a strong message for Austin and the surrounding cities looking at their budgets this year- don’t overburden property owners anymore than they are so housing can play the role it’s meant to and help us recover from the recession we’re in”“Housing is the most crucial infrastructure we have. Just look at how the meaning of “home” has changed as it has become our refuge under the siege of COVID-19. Keeping Austinites in their homes and making home ownership accessible to help lead the economic recovery can be done only if we continually pass policies and budgets that enable a more affordable Austin today and tomorrow.”
Agent Jill Summer Projects Journal
We homeschool our son and I have the great privilege of having my father-in-law who is an AP English teacher lead my son in his literature curriculum. I have never considered myself a big pleasure reader. I mostly read personal or business development books and love learning of course but I have never considered curling up with a book to be a favorite pastime. But at the beginning of this pandemic I was feeling a little bit bored and my son was working through one of his assignments for granddaddy so I decided to jump in.
My first read was Fahrenheit 451 and while it took some time to get into the book it was a transformative experience that left me wanting more. So last week I sat and sifted through bookshelves that I haven’t looked at in years to continue this journey. Mostly books collected by my husband who IS an avid reader and I finally found my stack of stories that I want to enjoy this summer.
I’ve always been a little disappointed by my high school literature experience and that I wasn’t encouraged to read more classics during my education so it feels really healing to be doing this now. I’ve spent time with Victor Frankenstein, the crew on the Hispaniola in Treasure Island, Mr Utterson and Dr Lanyon in Dr Jekyll and Mr Hyde, and so many more wonderful characters in some new works. And I’m even finding time to delve into some history and non-fiction. So tell me what books are you reading and taking time to explore this summer?