Mon, Sept 14 – Austin Metro Area Real Estate Update
360 new homes emerged on the market in the past 7 days. 12.3% increase from last week.
450 homes went under contract in the past 7 days. 21.3% increase from last week.
441 homes sold and closed in the past 7 days. 1.8% increase from last week.
85 homes withdrawn or temporarily taken off the market. 3.5% decrease from last week.
Austin Metro Area Market Overview from Agent Jill
Well, two things are clear with the real estate market over the past two weeks.
ONE we always have a little bit of a distraction with new home sales as the school year starts and TWO these interest rates are keeping buyer traffic strong no matter what the distraction.
We saw a slight dip in new active listings over Labor day weekend but this week it popped back up. We have lower numbers than we were seeing in the summer and they may plateau as we head into Fall but buyer confidence has remained strong and we don’t see any signs of a change through the rest of the year. Multiple offers continue to raise prices so we are seeing buyers getting priced out of areas and having to adjust search criteria to accommodate. So we are truly in a market of “buy while the opportunity is present.”
Weekly Snapshot on Interest Rates, Loan Refinancing & Loan Qualification
September 15th Update – RATES ARE STILL LOW!
Right now you can get 2.5% for a conventional loan. 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.