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Hi Austin Texas, it is time for your housing market update for the week of October 10th, 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 weekly market report stats Highlights Include:
- As of Monday morning there were 10,148 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 954 new listings that came to the market up in the week prior.
- There are 2033 home price decreases (188 less houses had price decreases vs last week).
- There are 146 home price increases up from 110 last week which tells me Sellers are starting to understand the effects of mortgage rates and economic forecast.
- There are 185 properties that fell out of contract now back to the market that is down from the previous week.
- There are 367 properties that went Under Contract.
- There are 386 Pending properties for Sale.
- When we add up the “Under Contract” and “Pending” 753 homes are currently in the process of being purchased.
- We saw 810 homes Sold which is down from the previous week (171 less).
- 265 were withdrawn which means they are no longer for sale.
- 71 homes had listings that expired (down from last week when 160 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.
- 104 Homes are now on hold. (slightly down for homes on hold vs last week).
WANT TO SAVE HUNDREDS of THOUSANDS of DOLLARS on MORTGAGE PAYMENTS?
Imagine waking up in the morning and finding out that your Mortgage Lender just saved you $340,000 In one day with a single conversation ?
You can save yourself hundreds of thousands of dollars by restructuring your down payment.
The common way that Buyers are told to “get the best rate” for their mortgage is to put down a bigger down payment ie 20%+ when they purchase their home. Who doesn’t want the best mortgage rate? BUT this strategy actually makes the lending institutions a ton of money because it’s only a fraction of the lending equation – this is the fraction that makes the lending institutions rich (not you).
How we create affordability is super important. YOU want the least out of pocket option to get to that affordability at the lowest cost.
$800,000 house purchase with 40% down payment.
30 year mortgage with $640,000 in total interest.
$800,000 house purchase with 20% down payment + 20% first payment = 40% total payments
16 year mortgage with $340,000 in total interest.
You’ve just cut out 53% of the lending payments.
This is why your real estate team matters. Because the last time I checked, not very many of us wake up in the morning and earn $340,000 in a day.
I highly encourage you if you are considering buying a new home restructuring your mortgage. Anything, please, by all means you want to talk to your mortgage provider. And in this case, Mark is an economist at heart. And, he is always looking at how to make your money go further.
Austin Price Decreases Are Happening? Who is Affected?
61% of Austin homes For Sale are $350,000 – $749,900.
1 in 5 Austin MSA homes have price decreases this week.
Clients are more aware now then ever of overpriced homes and market conditions. The Austin Texas market has not lost momentum. The pent up demand will continue based on the incoming workforce alone let alone those of us who live here and wish to buy real estate. If you’re thinking about timing the market. Don’t. It’s not possible. And, if you want to sell quickly for the best terms for you, then pricing and marketing strategies are more important now than ever.
1 in 10 homes listed for a MILLION DOLLARS+ saw price decreases this past week.
Is your Mortgage Assumable by a Buyer?
This is a possible selling feature.it’s a great strategy for marketing and for getting your listing out in front of more eyeballs. But the reality is, is Fannie and Freddie and conventional financing, they don’t allow it. VA and FHA, are really what you’re going to be seeing down there. They technically do allow it. let’s talk about veterans, because they’re near and dear to my heart. With the VA, it is assumable. That’s what the government says we have to do probably a good thing overall, if you want to borrow money to probably show that you can repay it, right?
Can Investors afford to buy and hold in Austin?
It’s a long game and there are several considerations. We break a few down, including structuring your mortgage.
How many companies and workers will Elon Musk eventually bring to Austin?
Hint: The Universe is his oyster.
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!