Mortgage rate changes happen all the time. Sometimes it’s a full percentage point over a period of time, and sometimes we’re talking about a change of just .10%.
But what do those numbers actually mean to a buyer’s monthly budget?
Let’s put some real numbers to it using the Austin-area housing market. We’ll use a $435,000 home, roughly where the Austin-area median home price has been hovering, with 20% down and a 30-year fixed-rate mortgage. Continue reading
Real Estate is LocalMarkets are local.
If you’ve followed me for any length of time, you’ve probably heard me say that real estate is local. Sometimes it’s local down to the street.
Traveling through Turkey only reinforced that belief. Continue reading
Why Does the Market Feel So Slow Right Now?
If you’re a seller, you may be wondering why we’re in the middle of June and the market feels a little quieter than expected.
The answer isn’t that buyers disappeared.
The answer is that life happened. Continue reading
Until death do you part. That’s how many homebuyers think when when they buy their first house. Meaning, it will be their last house. Life has a way of throwing in some curve balls though. Homebuyers choose homes based on their needs at a specific moment in time. Sometimes those change.
Sellers sell homes because the needs they once had changed.
And the property itself? That changes too. This is why due diligence matters in real estate.
Why Austin buyers are taking their time right now. This dynamic that may be happening in a market near you. Global events like war don’t directly change home prices in Austin, Texas or anywhere overnight. They do, however, influence the decisions behind the decisions.
Right now, the impact isn’t direct—it’s psychological and financial.
Austin real estate market news for January 2023 is here. The Central Texas housing data shows that the Austin Round Rock MSA experienced a decrease in residential homes sold down 8.9% year-over-year to 2,295 total sales that resulted from a drop in demand. The decline in inventory turnover leveled Austin home prices a bit, with interest rates playing a key role in cooling off the market in 2023.
According to the Austin Board of REALTORS® December 2023 Central Texas Housing Market Report, the Austin-Round Rock MSA, experienced an increase month-over-month in closed sales by about 230 units. Sellers met the market where it was as buyers were challenged by some of the highest rates of the year. Pending sales month-over-month were also up by about 20 units but seasonally comparing year over year, December was up by 13%.
Austin real estate market news for December 2023 is here. The Central Texas housing data shows that the Austin Round Rock MSA dropped 8.4% to $424,450 last month. The market is now illuminated with an abundance of homes, lower interest rates, and more attractive price tags. If you’ve been dreaming of owning a piece of Austin magic, now might be the time to step out of the cold and into a warm, welcoming home.