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Mon, Sept 21 – Austin Metro Area Real Estate Update

Posted by Jill Leberknight on September 21, 2020
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161 new homes emerged on the market in the past 7 days. 76.3% decrease from last week.

573 homes went under contract in the past 7 days. 24% increase from last week.

450 homes sold and closed in the past 7 days. 2% increase from last week.

81 homes withdrawn or temporarily taken off the market. 4.8% decrease from last week.


Austin Metro Area Market Overview from Agent Jill

Boy, the Austin metro area saw a dramatic decrease in new active homes this past week. We haven’t seen this steep of a decrease in active emerging homes all year. It’s too early to tell the cause but as we can see from pending sales buyer traffic is still out in strong numbers so homes will find a buyer in this market if sellers choose to venture out this Fall.

Weekly Snapshot on Interest Rates, Loan Refinancing & Loan Qualification

September 21st 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.

PREFERRED LENDERS

Take a look at the news about the Fed’s new approach to inflation and thoughts on how that might affect mortgage loans.


Halloween Decorations? Is it too early?

With this change in weather I am finding myself ready to lean into the Halloween decorations sooner than we usually do. Our neighborhood is having a Halloween decorating contest and organizing a safe touring system for kids to still get candy and show and share their costumes.
This is my new dream for this year’s Halloween decorating  What are your plans?

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