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What’s the Housing Market Doing in Austin and Central Texas?Currently: The Austin Housing Market is starting to see more activity. With Interest Rates now in the 6.74% range (1.8.24), Buyers are starting to take advantage of the amount of residential properties available in Central Texas. For the resale properties that are priced accurately, we are seeing increased activity as far as in-person tours, online visibility (number of views, saved properties, etc.). We just went under contract on a property in 8 days! In addition, we are seeing multiple offers occur on specific properties. Meanwhile, for those resale properties that are not priced according to the market conditions, they are experiencing more time on the MLS (averaging over 68 days). New Construction Houses are extremely popular due to competitive interest rates, upgrades, and other savings. These offers are quite attractive and several buyers are trending with the newly built houses. Forecast: According to National Association of Realtors (NAR) and KXAN.com, Austin is expected to see be one of the “Hottest” Markets in 2024.&nbsp; As of the middle of December 2023, the Federal Reserve has decided to maintain interest rates at their current level. This strategic move sets the stage for potential rate cuts in 2024. As I do not hold a crystal ball, several economists anticipate mortgage rates to hover in the low to mid 6% range. Conclusion: Right now, the market favors buyers to where they have more time to find the property that best fits their needs with less competition. Sellers are offering incentives such as rate buy-downs, assumable loans (FHA), and offering cash to close. Whether you are considering buying or selling, I will love to serve you as your REALTOR. My team &amp; I are dedicated to understanding your unique goals, creating a strategic plan to fit your timeframe, and guiding you to success from start to close. With expertise in the Austin/Central Texas market, I leverage my full-time commitment and platform to secure the best possible deal for you. If you are interested learning more, please let me know and we can schedule a Complimentary Consultation. I’m passionate about Real Estate and I’m here for you!<figure id="figure-3olhieaeiplr5ggq78"><img id="3olhieaeiplr5ggq78" src="https://cdn.durable.co/blocks/6Kz0lYzIAM8pGCk2IYNJEioAeASQb9YNWzeE6p3S8j2AsQi6RtB2HnawSryyLgE9.jpg" alt="" class="object-cover bg-gray-100 " style="aspect-ratio: 16/9; object-position: undefined undefined;" data-corners="no-rounded" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-mce-src="https://cdn.durable.co/blocks/6Kz0lYzIAM8pGCk2IYNJEioAeASQb9YNWzeE6p3S8j2AsQi6RtB2HnawSryyLgE9.jpg" data-mce-style="aspect-ratio: 16/9; object-position: undefined undefined;"></figure> Realty Austin and Compass have joined forces!Realty Austin (the largest independently owned Real Estate Brokerage in Austin) was acquired by Compass in late 2023. Here’s how joining the Nation’s #1 Residential Brokerage will allow me to provide you with the best possible service: Cutting Edge Technology that will provide real-time data to help you make informed decisions. Coast-to-Coast coverage will enable you to have support no matter where you are or where you’re going. You will have personalized service from us every step of the way. <figure id="figure-3q4d2bgu8glr5gp1gs"><img id="3q4d2bgu8glr5gp1gs" src="https://cdn.durable.co/shutterstock/20DuelFIo6pwtg0NId3bBMq9TmlEhTxURbTpmdiJZVvAzRLRmu7drQN6vXGmGWfx.jpeg" alt="Old craftsman tool on wooden table." class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: undefined undefined;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-mce-src="https://cdn.durable.co/shutterstock/aZe0E224jrPHqp6MGzekwDzSDlWzEq3yiRUp1cik6LGoHE0kJ5ImejhpE57tALof.jpeg" data-mce-style="aspect-ratio: 16/9; object-position: undefined undefined;"></figure>PRO TIPS: HOME MAINTENANCE Replace batteries in your smoke &amp; carbon monoxide detectors Check Fire Extinguisher(s) &amp; clean out dryer vent Filters that need to be cleaned or replaced on a Monthly Basis: 1) HVAC - Replaced 2) Washing Machine - Cleaned 3) Dishwasher - Cleaned 4) Refrigerator (if you have waterlines) - Replaced<figure id="figure-uk5k6hlwrulr5grhri"><img id="uk5k6hlwrulr5grhri" src="https://cdn.durable.co/shutterstock/247YpdYxaPtz9k9EVPGW5azUSE3xe1RsrhfOzrqdDkdiNFfhc8TBvbSQfZUkwZNe.jpeg" alt="Mortgage concept by money house from the coins,Business Finance and Money concept,Saving concept to buy a house.mortgage loading real estate property with loan money bank concept." class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-mce-src="https://cdn.durable.co/shutterstock/221Du1ZuHZ7zgWtnuiHGjhT8au1MH04FXMuUOlw05eCTFQ7dXFX4YMNseq56xx3R.jpeg" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>HOMESTEAD EXEMPTIONS What is it? Homestead exemptions are granted by the county appraisal district where the property is located. The exemption reduces a homeowner’s property tax bill by removing part of the home’s value from taxation. all Texas homeowners may receive a general residence homestead exemption on the vlue of their property for school taxes upon application. other taxing entities may also offer exemptions of some percentage fo the home’s value. Who Qualifies? 1) You must reside at the home as your principal residence and not claim any other property as homestead. 2) Only Individual homeowners (not corporations or other entities) may receive a homestead exemption. 3) A homestead can be a house, condo, or manufactured home. It can include up to 20 acres, if the land is also owned by the homeowner and used as a yard, or for another purpose related to the residential use of the home. Timing - We suggest that new homeowners apply after closing as soon as you have obtained your updated Texas Drivers License. As of 2022, homeowners can apply at any time throughout the year. the exemption will only apply to that tax year if filed prior to the annual deadline: April 30th. Once your county’s chief appraiser approves your application for a homestead exemtpion, you do not need to reapply for the exemption unless the chief apppraiser sends a new application and requests that you apply. How to apply - 1) file online or download residential homestead exemption application for your county of residence 2) Include a copy of your Texas Drivers license or ID card and the address must match the homestead address: Travis county - <a href="http://www.traviscad.org">www.traviscad.org </a>Hays county - <a href="http://www.hayscad.com">www.hayscad.com</a>Williamsoncounty-www.wcad.org Bastrop county - https://bastropcad.org/exemptions&nbsp;

Luke's Letter (AKA - Newsletter)

Greetings to all my valued clients and fellow real estate enthusiasts!Happy Holidays and I hope you are doing well. I wanted to share some crucial information that could impact your buying or selling decisions.🔍 Federal Interest Rates Update:
As of yesterday, the Federal Reserve has decided to maintain interest rates at their current level. This strategic move sets the stage for potential future cuts in 2024, a development that can significantly influence the real estate landscape.📉 Implications for Buyers and Sellers:
For those contemplating a real estate move, whether it be buying or selling, the current economic climate and potential rate adjustments provide an excellent window of opportunity. Understanding these changes is vital to creating a tailored roadmap that aligns with your unique goals.💬 Let's Create Your Roadmap:
If you are in the market to purchase or sell, I invite you to reach out to me via direct message (DM). Together, we can craft a personalized roadmap that maximizes your real estate investment in light of these shifting economic dynamics.🌐 Why Work With Me:
My commitment to understanding my clients and their unique real estate goals is unwavering. I tirelessly fight to maximize your investment and provide you with unparalleled service. I am here to guide you every step of the way.📰 Stay Informed:
Stay tuned to my website for regular blog posts and updates on market conditions. Informed decisions are key, and I am dedicated to keeping you up to date with the latest developments in the real estate world.🤝 Let's Connect:
Your dreams and goals are at the heart of my mission. Don't hesitate to send me a DM or reach out through my website. Together, let's navigate the exciting opportunities that lie ahead in the dynamic world of real estate.Here's to your success in real estate!&nbsp;

Market Update: Federal Interest Rates Held Steady with Future Cuts Anticipated

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Explore key details in the October 2023 Austin real estate scene, from a surge in homes for sale to changes in buyer demand. This report provides essential guidance for both buyers and sellers navigating the evolving landscape.<figure id="figure-cth2i1t36lpk33t4q"><img id="cth2i1t36lpk33t4q" src="https://cdn.durable.co/blocks/1g8i3ySjfPnkKaOFYdTdbpdu8Du1nV5bbsFE8uduuqyM43RMUCNJNP2LNabfF5aA.png" alt="" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 1/1; object-position: center center;" data-corners="default" data-aspect="1:1" data-caption="" data-positionx="undefined" data-positiony="undefined" data-mce-src="https://cdn.durable.co/blocks/1g8i3ySjfPnkKaOFYdTdbpdu8Du1nV5bbsFE8uduuqyM43RMUCNJNP2LNabfF5aA.png" data-mce-style="aspect-ratio: 1/1; object-position: center center;"></figure> <div class="sc-bdnxRM ftrwjg"><div class="wysiwyg-styled__BaseContent-sc-1so587j-0 eCIaCx">In October, the Austin housing market experienced key shifts, presenting both opportunities and challenges for buyers and sellers. Despite a 7% year-over-year drop in the median home price to $435,000, residential home sales increased by 4%, suggesting a market where buyers have more bargaining power.Let's explore the main points from the October 2023 Austin real estate market:Increased homes for sale&nbsp;– The number of&nbsp;<a href="https://www.realtyaustin.com/listings" target="_blank" rel="follow noopener" data-mce-href="https://www.realtyaustin.com/listings">homes for sale</a>&nbsp;increased by 5%&nbsp;compared to the previous year, giving buyers a broader selection.Extended time on market&nbsp;– Homes now stay on the market for an average of&nbsp;68 days, up by 3 days from the previous month and 21 days longer than a year ago.&nbsp;Tip: For sellers, patience is crucial. Pricing correctly and presenting the home well are essential for attracting buyers.Decline in new listings&nbsp;– New listings&nbsp;decreased by less than 1%&nbsp;compared to last year and 12% from the previous month, a trend we typically see in the late fall months.Shift in buyer demand&nbsp;– Buyer demand&nbsp;dipped 2%&nbsp;from last month, indicating slightly less competition. However, compared to last year,&nbsp;12% more&nbsp;homes went under contract.Fluctuating home sales&nbsp;– Home sales&nbsp;increased by 4%&nbsp;compared to last year but&nbsp;decreased by 2%&nbsp;from the previous month, showing a return to normal seasonality.Housing supply and inventory&nbsp;– Housing supply currently sits at&nbsp;3.9 months. This time last year, housing inventory was at 3.2 months.Current market snapshot&nbsp;– Currently, there are over&nbsp;<a href="https://www.realtyaustin.com/listings" target="_blank" rel="follow noopener" data-mce-href="https://www.realtyaustin.com/listings">11,000 homes</a>&nbsp;for sale, with more than&nbsp;<a href="https://www.realtyaustin.com/listings?mlsstatus=Active&amp;lastpricereduction=90&amp;ourlistingsfirst=false&amp;maxlat=30.908410657694393&amp;minlong=-98.31023873437499&amp;minlat=29.703858934005783&amp;maxlong=-97.18963326562499&amp;z=10" target="_blank" rel="follow noopener" data-mce-href="https://www.realtyaustin.com/listings?mlsstatus=Active&amp;lastpricereduction=90&amp;ourlistingsfirst=false&amp;maxlat=30.908410657694393&amp;minlong=-98.31023873437499&amp;minlat=29.703858934005783&amp;maxlong=-97.18963326562499&amp;z=10">5,000 homes</a>&nbsp;seeing a price reduction in the last month. The median home sale price decreased by 7% compared to the previous year, now at $435k. Pricing the home correctly is imperative to avoid potential price reductions. <figure id="figure-j0lo4gqvwalpk37mef"><img id="j0lo4gqvwalpk37mef" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 1/1; object-position: center center;" src="https://cdn.durable.co/shutterstock/28n3XOyuhlz5m1IG8HEpS2ZruAPm5DZWWsnZXq12h5Z0htsBwqRevBguV4Dg0Us8.jpeg" alt="A successful business concept" data-corners="default" data-aspect="1:1" data-caption="" data-positionx="undefined" data-positiony="undefined" data-mce-src="https://cdn.durable.co/shutterstock/7A6XZNiehgxrHCxWsN3JBNmPXSypfidFMWqbh2tdIpTJ1l2VYC1PR4wDPp9KcU9o.jpeg" data-mce-style="aspect-ratio: 1/1; object-position: center center;"></figure> 2024 Housing Market ForecastExperts from&nbsp;<a href="https://www.fanniemae.com/media/49326/display" target="_blank" rel="follow noopener" data-mce-href="https://www.fanniemae.com/media/49326/display">Fannie Mae</a>, the&nbsp;<a href="https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/2023/mortgage-finance-forecast-oct-2023.pdf" target="_blank" rel="follow noopener" data-mce-href="https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/2023/mortgage-finance-forecast-oct-2023.pdf">Mortgage Bankers Association</a>, and the&nbsp;<a href="https://cdn.nar.realtor/sites/default/files/documents/forecast-q4-2023-us-economic-outlook-10-26-2023.pdf" target="_blank" rel="follow noopener" data-mce-href="https://cdn.nar.realtor/sites/default/files/documents/forecast-q4-2023-us-economic-outlook-10-26-2023.pdf">National Association of Realtors</a> predict a rise in home prices, emphasizing real estate as a sound investment. Increased sales activity offers optimism for potential home buyers. Monitoring supply and demand, mortgage rates, and potential price pressures are key. The housing market is still normalizing, and as we get closer to the end of the year, teaming up with my Team is the best way to succeed in this market.Housing Market Resilience Amid Rising Rates“Year-over-year comparisons show an upward trend in sales activity. Assuming stable mortgage rates, modest year-over-year gains in home sales are likely in early 2024,” noted&nbsp;<a href="https://www.realtyaustin.com/agents/tom-thornton" target="_blank" rel="follow noopener" data-mce-href="https://www.realtyaustin.com/agents/tom-thornton">Tom Thornton</a>, Agent Success Manager at Realty Austin Compass.Changes in&nbsp;<a href="https://www.realtyaustin.com/blog/will-mortgage-rates-come-back-down" target="_blank" rel="follow noopener" data-mce-href="https://www.realtyaustin.com/blog/will-mortgage-rates-come-back-down">mortgage rates</a>&nbsp;significantly impact the buying and selling dynamics. The Federal Reserve's decision to&nbsp;<a href="https://www.bankrate.com/mortgages/federal-reserve-and-mortgage-rates/" target="_blank" rel="follow noopener" data-mce-href="https://www.bankrate.com/mortgages/federal-reserve-and-mortgage-rates/">maintain rates</a>&nbsp;provides a more predictable borrowing environment for home buyers.&nbsp; <figure id="figure-cxx3hi5rgilpk3bmfe"><img id="cxx3hi5rgilpk3bmfe" src="https://cdn.durable.co/shutterstock/2cFwYm1ZeINsF7f2CfykoSaepFoDMqvRRHbd6asylTurfLAwuTMdA7gVf5UpdUcQ.jpeg" alt="Image of young businesswoman walking upward on the business property graph" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-mce-src="https://cdn.durable.co/shutterstock/1eYWsqJO86yWfL4yDDPZLbvcIUjzmpOS4zXnhTMvwPofvopBIa28So5qN0Kj0DiQ.jpeg" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure> Housing Supply Growth This YearHousing supply grew 44% from the beginning of the year. Factors such as mortgage rate fluctuations, normal seasonality, and demand dynamics contribute to the ebb and flow of inventory.&nbsp;</div></div><div class="sc-bdnxRM ftrwjg"><div class="wysiwyg-styled__BaseContent-sc-1so587j-0 dguWrC"> </div><div class="wysiwyg-styled__BaseContent-sc-1so587j-0 dguWrC">Conclusion:</div><div class="wysiwyg-styled__BaseContent-sc-1so587j-0 dguWrC"> </div><div class="wysiwyg-styled__BaseContent-sc-1so587j-0 dguWrC">With the Housing Inventory where it is, now is still a great time to get with me to where I can learn what your unique situation is. There are numerous properties on the market, and that gives you the opportunity to find a property that fits your goals, situation, and needs without too much competition.&nbsp;</div><div class="wysiwyg-styled__BaseContent-sc-1so587j-0 dguWrC"> </div><div class="wysiwyg-styled__BaseContent-sc-1so587j-0 dguWrC">Even though Interest Rates are in the low 7% range, I am able to negotiate Rate Buy-Downs to help decrease the Interest Rate you get locked-in on.&nbsp;</div><div class="wysiwyg-styled__BaseContent-sc-1so587j-0 dguWrC"> </div><div class="wysiwyg-styled__BaseContent-sc-1so587j-0 dguWrC">If you are considering purchasing, please send me a DM to where I can learn your unique situation, and help you find your next home.</div></div>

Austin's Housing Market Report for October 2023

a large building with a lot of windows on the side of it

<h2>A Pause on Rate Hikes</h2>Introduction:
As a dedicated REALTOR who prioritizes keeping my clients informed about market conditions, I want to bring you the latest and most relevant information in the real estate world. In this blog post, we'll dive into the recent decision by the Federal Reserve to pause mortgage rates and explore how it may impact both first-time home buyers and sellers.Understanding the Pause:
The Federal Reserve's recent announcement to pause mortgage rates is significant news for anyone considering buying or selling a home. This pause is part of their strategy to manage the economy and stabilize interest rates. Let's take a closer look at what it means for you.<figure id="figure-oyk859m7xploiv07wx"><img id="oyk859m7xploiv07wx" src="https://images.unsplash.com/photo-1604689598793-b8bf1dc445a1?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw1fHxGZWRlcmFsJTIwUmVzZXJ2ZXxlbnwwfHx8fDE2OTkwMzA2OTF8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="Federal Reserve" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1604689598793-b8bf1dc445a1?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw1fHxGZWRlcmFsJTIwUmVzZXJ2ZXxlbnwwfHx8fDE2OTkwMzA2OTF8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure>Impact on First-Time Home Buyers:
If you represent first-time home buyers in your clientele, this news is particularly crucial for them. The pause in mortgage rates can mean more affordable financing options, making the dream of homeownership closer to reality. In your role as a REALTOR, you can guide them through the opportunities this pause offers.Benefits for Sellers in Your Neighborhood:
For those looking to sell their homes in our neighborhood, the pause in mortgage rates may attract more potential buyers. Lower rates can motivate buyers to enter the market, increasing the demand for available properties. This can translate into a more competitive and advantageous environment for sellers.<figure id="figure-ocx7hdv793loiv0leq"><img id="ocx7hdv793loiv0leq" src="https://images.unsplash.com/photo-1672627170267-fca17bb54156?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyNHx8TW9ydGdhZ2UlMjBSZWZpbmFuY2luZ3xlbnwwfHx8fDE2OTkwMzA3MDh8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="Mortgage Refinancing" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1672627170267-fca17bb54156?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyNHx8TW9ydGdhZ2UlMjBSZWZpbmFuY2luZ3xlbnwwfHx8fDE2OTkwMzA3MDh8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure>Your Mission: Maximizing Investment: At the core of my mission as a REALTOR is understanding your unique real estate goals and tirelessly working to maximize your investment. This Federal Reserve decision aligns with that mission, as it provides new avenues to help my clients reach their real estate goals.<figure id="figure-94wt3epyveloiv0ydr"><img id="94wt3epyveloiv0ydr" src="https://images.unsplash.com/photo-1472224371017-08207f84aaae?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw4fHxIb21lJTIwQnV5aW5nfGVufDB8fHx8MTY5OTAzMDcyNXww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="Home Buying" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1472224371017-08207f84aaae?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw4fHxIb21lJTIwQnV5aW5nfGVufDB8fHx8MTY5OTAzMDcyNXww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure>Conclusion:
In conclusion, the Federal Reserve's decision to pause mortgage rates presents an exciting opportunity for both first-time home buyers and sellers in our neighborhood. If you're considering a real estate transaction, now might be the perfect time to act.If you have questions or want to explore how this pause in mortgage rates can work for you, please don't hesitate to reach out. Your real estate goals are my top priority.<figure id="figure-7zh6ktsoq9loiv15yi"><img id="7zh6ktsoq9loiv15yi" src="https://images.unsplash.com/photo-1609191466883-a7b0990391fc?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw5fHxIb3VzaW5nJTIwTWFya2V0fGVufDB8fHx8MTY5OTAzMDczNXww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="Housing Market" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-mce-src="https://images.unsplash.com/photo-1609191466883-a7b0990391fc?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw5fHxIb3VzaW5nJTIwTWFya2V0fGVufDB8fHx8MTY5OTAzMDczNXww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>

Feds Pause Mortgage Rate Hikes

Plant Growing In Savings Coins. Money coin stack growing graph for the Real Estate business. Investment and Saving Concept

The Austin housing market experienced a notable shift in September, with housing inventory reaching its highest level in over eight years at 4.0 months supply and the average time homes spent on the market increased to 65 days. Closed sales saw an 18% year-over-year decline, and the median sales price dropped by 4% to $452K. These changes are primarily attributed to rising mortgage rates, underscoring the importance of engaging with an&nbsp;<a href="http://realtyaustin.com/agents" target="_blank" rel="follow noopener" data-mce-href="http://realtyaustin.com/agents">experienced REALTOR®</a>&nbsp;for successful transactions if you’re planning a move. While these shifts present challenges, several bright spots and opportunities are emerging.&nbsp; <figure id="figure-87brsnj27vlo7bcdr5"><img id="87brsnj27vlo7bcdr5" src="https://cdn.durable.co/blocks/1faNfZ6YPZYFEZiUW7icQSKQTQxuAqWF4rtbbG7mXK3i8MKiTVuxZWlqXIZXJGCR.png" alt="" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 1/1; object-position: center center;" data-corners="default" data-aspect="1:1" data-caption="" data-positionx="undefined" data-positiony="undefined" data-mce-src="https://cdn.durable.co/blocks/1faNfZ6YPZYFEZiUW7icQSKQTQxuAqWF4rtbbG7mXK3i8MKiTVuxZWlqXIZXJGCR.png" data-mce-style="aspect-ratio: 1/1; object-position: center center;"></figure> Let's start by taking a look at the key points from September 2023:1) The number of <a href="https://www.realtyaustin.com/listings" target="_blank" rel="follow noopener" data-mce-href="https://www.realtyaustin.com/listings">homes for sale</a>&nbsp;increased by 7%&nbsp;compared to the previous year, with a 2% increase from last month.&nbsp;2) The average days a home stays on the market increased by 5 days&nbsp;from the previous month, now at&nbsp;65 days, and is&nbsp;24 days&nbsp;longer than a year ago.3) The number of new listings entering the market went down by 7%&nbsp;compared to the previous year and&nbsp;decreased by 10%&nbsp;from last month.4) Buyer demand waned from last month falling 13%, however, compared to last year,&nbsp;7% more&nbsp;homes&nbsp;went under contract.5) Home sales decreased by 18%&nbsp;compared to the previous year and&nbsp;decreased by 18%&nbsp;from the previous month.6) Housing supply reached 4.0 months of inventory, the highest level in more than eight years. This time last year, housing inventory was at 3.1 months.7) The median home sale price decreased by 4%&nbsp;compared to the previous year, now at&nbsp;$452K.&nbsp;8) Right now, there are over <a href="https://www.realtyaustin.com/listings" target="_blank" rel="follow noopener" data-mce-href="https://www.realtyaustin.com/listings">10,000 homes for sale</a>, and more than&nbsp;<a href="https://www.realtyaustin.com/listings?mlsstatus=Active&amp;lastpricereduction=90&amp;ourlistingsfirst=false&amp;maxlat=30.908410657694393&amp;minlong=-98.31023873437499&amp;minlat=29.703858934005783&amp;maxlong=-97.18963326562499&amp;z=10" target="_blank" rel="follow noopener" data-mce-href="https://www.realtyaustin.com/listings?mlsstatus=Active&amp;lastpricereduction=90&amp;ourlistingsfirst=false&amp;maxlat=30.908410657694393&amp;minlong=-98.31023873437499&amp;minlat=29.703858934005783&amp;maxlong=-97.18963326562499&amp;z=10">5,000 homes have lowered their price</a>&nbsp;in the last month.<figure id="figure-alvu59yh2slo7bh15e"><img id="alvu59yh2slo7bh15e" src="https://cdn.durable.co/shutterstock/3auWXm0Qb4rU3yVPaxlS89dKLsMOqjUHfR6fP7Fa8eXmUib9bSFHy0E9IJvhrhyG.jpeg" alt="Business Signing a Contract Buy - sell house, Man sign a home insurance policy on home loans, insurance agent analyzing about home investment loan Real Estate concept." class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-mce-src="https://cdn.durable.co/shutterstock/3auWXm0Qb4rU3yVPaxlS89dKLsMOqjUHfR6fP7Fa8eXmUib9bSFHy0E9IJvhrhyG.jpeg" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure> Creative Solutions for HomebuyersAmid concerns about high mortgage rates and affordability, buyers are getting creative. Some are exploring unconventional options, such as co-buying properties or&nbsp;<a href="https://www.realtyaustin.com/blog/affordable-housing-resources-in-austin-getting-started" target="_blank" rel="follow noopener" data-mce-href="https://www.realtyaustin.com/blog/affordable-housing-resources-in-austin-getting-started">financial assistance solutions</a>&nbsp;to help overcome affordability challenges. The Texas State Affordable Housing Corporation (TSAHC) provides fixed-rate mortgage loans, down payment assistance, and mortgage interest tax credits for homebuyers through their programs. Another program to help buyers achieve their goal of owning a home is&nbsp;<a href="https://sf.freddiemac.com/working-with-us/affordable-lending/guide-to-home-possible-mortgage" target="_blank" rel="follow noopener" data-mce-href="https://sf.freddiemac.com/working-with-us/affordable-lending/guide-to-home-possible-mortgage">Home Possible®</a>&nbsp;from Freddie Mac. This affordable lending program allows down payments starting at 3% and more credit flexibilities.&nbsp;September Demand for HomesIn September, homes going under contract witnessed a 7% year-over-year increase in buyer demand, signaling that buyers are actively engaged in the market. However, there was a 13% monthly decrease in pending listings from August to September, which is a normal seasonal cooling trend expected to continue through the year-end.<figure id="figure-1pmzthwvudlo7bjh15"><img id="1pmzthwvudlo7bjh15" src="https://cdn.durable.co/blocks/3vQyAaa5B7EIjxLQcfy8Rm7vTVtKjTryhPIzpAvg1ilBiHpnX7Tb1HTxc0v1RqE4.png" alt="" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 1/1; object-position: center center;" data-corners="default" data-aspect="1:1" data-caption="" data-positionx="undefined" data-positiony="undefined" data-mce-src="https://cdn.durable.co/blocks/3vQyAaa5B7EIjxLQcfy8Rm7vTVtKjTryhPIzpAvg1ilBiHpnX7Tb1HTxc0v1RqE4.png" data-mce-style="aspect-ratio: 1/1; object-position: center center;"></figure>Housing Supply Keeps Prices SteadyDespite the Austin housing supply reaching 4.0 months of inventory, demand in our area continues to limit supply, consequently maintaining home prices at a stable level. This should reassure potential sellers that they are in a reasonable position.Positive Home Price Growth PredictedDespite concerns about rising mortgage rates, experts generally project positive home appreciation. Most&nbsp;<a href="https://www.fanniemae.com/research-and-insights/forecast/forecast-monthly-archive" target="_blank" rel="follow noopener" data-mce-href="https://www.fanniemae.com/research-and-insights/forecast/forecast-monthly-archive">forecasts indicate growth</a>, alleviating concerns of a market downturn. This should provide confidence to potential buyers and sellers as they navigate this market. Home prices in Austin have stabilized after the last two years of post-pandemic frenzy. The median sales price in Austin moderated to $452,000, only a 4% year-over-year decrease.Price Reductions by SellersSome sellers are accelerating price reductions to entice buyers, potentially offering opportunities for homebuyers. Partnering with an experienced real estate agent can help guide buyers on how to navigate such scenarios to their advantage.<a href="https://www.realtyaustin.com/agents/john-coake" target="_blank" rel="follow noopener" data-mce-href="https://www.realtyaustin.com/agents/john-coake">John Coake</a>, Head of Sales at Realty Austin, notes, "In Austin, we continue to see a month-over-month increase in the number of homes that are reducing prices. The industry norm for price reductions is typically around 35%. Austin was up this month with a 90-day average coming in close to 58%. Sellers are recognizing that pricing matters in this market, and buyers are eager to see price normalization in this higher mortgage rate environment."Austin's Business Growth and Job CreationRecent data from the&nbsp;<a href="https://opportunityaustin.com/2023/10/12/business-dynamics-statistics-firm-startups-related-measures-october-2023/" target="_blank" rel="follow noopener" data-mce-href="https://opportunityaustin.com/2023/10/12/business-dynamics-statistics-firm-startups-related-measures-october-2023/">U.S. Census Bureau's Business Dynamics Statistics</a>&nbsp;program reveals that Austin's business startup density stands at 144% of the national rate, ranking seventh among the nation's 50 largest metropolitan areas and third among major metros for startup job generation. Austin remains a thriving hub for entrepreneurship, displaying consistent growth and providing a robust environment for startups.<a href="https://www.realtyaustin.com/agents/amanda-dudley" target="_blank" rel="follow noopener" data-mce-href="https://www.realtyaustin.com/agents/amanda-dudley">Amanda Dudley</a>, North Agent Success Manager at Realty Austin, highlights, "Austin’s business startup and job generation hold significant importance for those interested in buying or selling homes in the area. This economic vitality not only indicates a thriving local economy but also drives higher demand for housing. As Austin's startup landscape continues to expand, more individuals will flock to the city, intensifying competition in the real estate market."Conclusion:Despite challenges in the housing market, positive indicators and opportunities exist for both buyers and sellers. Real estate agents play a crucial role in helping clients navigate this evolving landscape and make informed decisions tailored to their individual circumstances and goals. Let's begin your real estate journey and achieve your goals with the assistance of my team. You can get in touch by calling me at 512.788.2629 or by emailing me: lukeeskew@realtyaustin.com.

Austin Housing Market Report - September 2023

In the ever-evolving world of real estate, it's crucial to keep an eye on market trends that can greatly impact both buyers and sellers. One of the latest developments that's been causing quite a stir is the significant increase in home inventory, reaching its highest point in over 8 years. In this blog post, we'll take a closer look at what this surge in inventory means for prospective buyers, especially for those who are looking to purchase their first home. We'll also explore how my real estate services can help guide first-time buyers through this exciting yet often daunting process.Why Home Inventory Matters:For first-time home buyers, understanding the concept of home inventory is essential as it directly affects your journey to homeownership. Here's why the current high inventory levels matter:1. More Choices for First-Time Buyers: With a surplus of available properties, first-time buyers now have a broader range of options to choose from. This abundance allows for greater flexibility and the opportunity to find a home that fits your budget and lifestyle.2. Easing the Financial Burden: Increased inventory can provide a competitive advantage for first-time buyers. More options mean you're more likely to find a property that aligns with your financial goals.How I Can Help First-Time Buyers:I understand that purchasing your first home can be both thrilling and overwhelming. As a REALTOR with a mission to understand my clients and their unique real estate goals, here's how I can assist first-time buyers in navigating this exciting journey:1. Personalized Guidance: My approach to working with first-time buyers is to provide personalized guidance. I take the time to listen to your needs, preferences, and financial situation, ensuring that the properties we explore are a good fit for your unique circumstances.2. Educational Support: I believe in educating my clients throughout the process. I'll walk you through the steps of buying your first home, explaining concepts such as down payments, mortgages, and closing costs, so you can make informed decisions.3. Team of Loan Originators: Buying your first home often involves securing a mortgage. I work with a dedicated team of Loan Originators who specialize in helping first-time buyers find loans tailored to their needs.4. Maximizing Your Investment: Even for first-time buyers, it's essential to think about the long-term value of your investment. I'll provide guidance on selecting properties with potential for appreciation.Conclusion:The current surge in home inventory offers a unique opportunity for first-time home buyers to embark on their homeownership journey. With my experience, personalized guidance, and a dedicated team of professionals, I'm here to help you navigate this process with confidence. Don't miss out on this fantastic market situation. Contact me today, and let's work together to make your dream of owning your first home a reality. Your ideal property is within reach, and I'm here to guide you every step of the way.

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