350 new homes emerged on the market in the past 7 days. .5% decrease from last week.
587 homes went under contract in the past 7 days. 1.8% decrease from last week.
373 homes sold and closed in the past 7 days. 10% decrease from last week.
141 homes withdrawn or temporarily taken off the market. 70% increase from last week.
Austin Metro Area Market Overview from Agent Jill
This week saw a noticeable shift in withdrawn and temporarily taken off the market homes. We have been running an average of 70 homes per week and last week more than doubled. Although active and pending sales continued at the same pace as we have seen in the last few weeks there seemed to be a shift in focus wi24 back to school distractions. Homes that may have been over priced or taking a bit longer to sell decided to hit the pause button and start fresh later in the Fall. I even saw a slower pace out over the weekend at open house and in scheduling buyer tours. The large percentage of withdrawn listings has me concerned when it comes to our already critically low inventory.
Weekly Snapshot on Interest Rates, Loan Refinancing & Loan Qualification
August 17th Update – RATES ARE STILL LOW!
Right now you can get 2.5% for a conventional loan. 2.5%. These are historically low rates. Now I want to reiterate that consumers are not quite seeing these kinds of rates for home mortgage refinances. The reality is that demand is so high for refinances right now the only way to lessen the demand and help unclog the system is to discourage through higher rates. So, Please shop around and be patient if you are looking to refinance.
Remember that mortgage qualification rules have changed during covid so if you know you are needing to shop for a home mortgage provider in the next 6-12 months set aside time to let our lenders educate you on the scene. A consultation with one of our local lenders can help you identify how to navigate the 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.
Shifting Gears for Fall and Back to School
The Agent Jill Team is winding down on some of our summer family activities and shifting gears to back to school at our house. We’ll look forward to sharing news of upcoming projects and at-home activities soon. We’d love to see pictures and stories of your favorite summer activity!
Stargazing was our favorite and most memorable thing we did together as a family. I think the picture below that my husband took of us looking at the Neowise Comet will serve as our 2020 book cover. I feel like it captures so much of our discoveries during this pandemic. Learning to slow down, spend quality time together and discover the beauty and wonder already around us.