Mon, Aug 31 – Austin Metro Area Real Estate Update
318 new homes emerged on the market in the past 7 days. 9.5% decrease from last week.
564 homes went under contract in the past 7 days. 13.9% decrease from last week.
433 homes sold and closed in the past 7 days. 14.8% increase from last week.
88 homes withdrawn or temporarily taken off the market. 46.2% decrease from last week.
Austin Metro Area Market Overview from Agent Jill
New active listings are down for the second week in a row. This is common in late August as back to school interruptions occur for students, parents, and teachers. We usually see an increase mid-to late September so we will be tracking this closely. We also have a holiday weekend coming up so some sellers might be waiting to put their home on the market until there is “off from work”/ “holiday” buyer traffic. But the pending contracts data continues to show us that buyer traffic has remained strong despite any obstacle or challenge this year or this market has thrown at us. Pending sales have been outpacing active listings since early Spring so the multiple offer scene will continue to be the norm in Austin until there is a noticeable increase in active listings.
Weekly Snapshot on Interest Rates, Loan Refinancing & Loan Qualification
August 31st 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.
Take a look at the news about the Fed’s new approach to inflation and thoughts on how that might affect mortgage loans.
Shifting Gears for Fall and Back to School
The Agent Jill Team is shifting gears to back-to-school at our house. We look forward to sharing news of upcoming projects and at-home activities soon. We’d love to see pictures and hear stories about your back to school or Fall plans!
Our family is working to re-organize our family room/school room/home gym. I’ll spare you the photo of its current condition and just let you know that I am letting Pinterest inspire our adventure.
Not our house below – but inspiring! Would I work out here, or just gaze out the windows…?