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Hi Austin Texas, it is time for your housing market update for the week of November 1st, 2022.
Welcome to the Austin Weekly Market Update where we’re going to dive deep into the Housing market – Let’s dive into the numbers!
austin market report stats Highlights Include:
- As of Monday morning there were 10,021 homes for sale in Austin Texas. Let’s get in the numbers and the housing market conditions because the media around the globe is having a field day creating story and boosting their ad revenues.
- There are 784 new listings that came to the market up in the week prior.
- There are 1969 home price decreases (154 more houses had price decreases vs last week).
- There are 133 home price increases down from 191 last week which tells me Sellers are starting to understand the effects of mortgage rates and economic forecast.
- There are 197 properties that fell out of contract now back to the market that is up from the previous week.
- There are 342 properties that went Under Contract.
- There are 371 Pending properties for Sale.
- When we add up the “Under Contract” and “Pending” 713 homes are currently in the process of being purchased.
- We saw 679 homes Sold which is almost flat from the previous week (2 more).
- 333 were withdrawn which means they are no longer for sale.
- 237 homes had listings that expired (up from last week when 45 home listings expired). Expired means that the house was for sale for a specific period and that it did not sell. It is currently off the MLS. This tells us that Sellers and their Agents who are not following the market closely did not adjust for the market.
- 120 Homes are now on hold. (slightly up for homes on hold vs last week).
Austin Housing Prices?
Yes there’s a dip. Yes, we’re seeing the effects of the global economy. And, our housing prices remain strong. Some price decreases are less than 0.5%. Translation on a $500,000 that’s a reduction of less than $2,500. I’m all for saving every dollar!! Any price reductions are reflective of a particular house and where it was originally priced.
A house that is priced right for today’s market it selling! 713 houses went under contract last week. That’s 102 houses per day.
Are there opportunities for you in this current real estate market? Heck yes! Sitting on the sidelines or running the ball?
Mortgage Brokers – Preying On Consumers?
Mark shared a story this week about a Buyer who was offered a “deal” aka an opportunity for her to save money with a Mortgage Lender. What Mark uncovered was that the upfront (out-of-pocket) money was not the same as what she was originally considering and that the so-called deal for this mortgage was no deal at all. Tune in for more information. And, BEWARE.
Due diligence is your rite!
And, having a trusted Mortgage Lender who understands your personal goals, current cash position and long-term wants/needs can save you thousands, if not hundreds of thousands of dollars.
Builder Incentives for New Construction Homes?
1 in 3 home price decreases are those posted by Builders of new homes who are determined to sell inventory homes (homes being built for Buyers as ready to move in without any or very few presonalized or custom considerations… like picking your paint color).
Every year during Q4 (October/November/December) Builders give a final push to complete sales prior to January 1st in order to avoid taxes that will then be levied in the subsequent new year.
This year is no different in that regard.
However, there’s additional savings that you may achieve when working with a well connected and experienced Agent. Remember, the Builder works for the Builder. You want someone advocating for YOU from start to finish. There’s a lot that happens before you get your keys and call that house “home’.
Have questions? We’d love to hear from you!
I’m Jennifer S. Goodman Living in Austin Texas. And, whether you’re thinking about moving in 7 days, 7 weeks or 7 months, I’d love the opportunity to help you make your next best move.
Mark Karetskiy is a Mortgage Lender at Movement Mortgage. You can find him at Mark10k.com.
Thanks so much for tuning in, we’ll catch you next time!
