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The impact of a shifting market can be felt differently in the same city or even in the same neighborhood. This is experienced both at a micro and macro level. The National Observer: Real Estate Edition, published an article entitled How the US housing market is shifting, by region this week. The article highlights how in-migration, job growth, and inventory play a role in how a market will stand up against inflation and interest rate increases. Here’s what I’m watching in Austin.
Today Freddie Mac’s benchmark rate for a 30-year fixed rate mortgage is 5.51%, up 0.21 percentage points from last week. We expect mortgage rates to land in the ~6% range if there are no surprises from the Fed. We’re already seeing mortgage companies react with buy down programs and other incentives to keep buyers in the market. With more inventory to choose from and innovative loan options, buyers can finally jump in!
The June numbers are in and we continue to be in a sellers’ market. We have 2.3 months of inventory, a normal market is closer to 6 months. We are expecting to see even more inventory come on the market so things will likely become more balanced in the coming months.
Relocations and expansions mean more jobs and people. Not all of these newcomers can buy as rising prices and interest rates have put some on the sidelines. However, demand for the hottest Austin neighborhoods remains strong with continued price increases. Other areas of the market are starting to correct.
Let’s talk about your summer real estate plans.
📞 Courtney 512-809-5495
NATIONAL ICE CREAM DAY
WHOLE FOODS MARKET – LAMAR
The Marble Falls Pro Rodeo will be held on Friday, July 15th – Saturday, July 16th, 2022 in Marble Falls, Texas. This Marble Falls rodeo is held at Charles Taylor Arena. Get your jeans starched and your boots polished, it’s Rodeo Time! MORE
BROOKLYN BAGEL SHOP
7800 S. FIRST AUSTIN TX
In 2017, Ryan and his wife Jessica made the decision to leave New York and move to Austin. During his time working at the Peached Tortilla, Ryan became inspired by owner Eric Silverstein’s own story and it sparked the idea to open a breakfast sandwich trailer. In 2019 that dream became a reality. YUMMY!
5413 Meg Brauer Way
Village of Western Oaks | 3 BD | 2 BA | 1624 SF
908 Nueces #28 | Celia’s Court
2 BD | 2 BA | 1249 SF | $750,000
Rim Rock View
LOT 1 | 3.69 Acres | $575,000
3602 S. 2nd Street
Galindo | 3 BD| 2 BA | 1399 SF | $915,000
2516 Simond Ave #A | Mueller
Buyer Representation | New Construction
Check out 1135 Gillespie Austin TX 78704. Call me to schedule an appointment to see it!
Can’t wait for y’all to see the next episode!
AUSTIN AREA MARKET STATS: For those who love a good spreadsheet, here are latest Austin market stats broken down by month and zip code. MAY 2022 MARKET DATA
FINAL JUNE 2022 REPORTS coming soon
BUYER GUIDE: It’s not easy buying in a market with rising prices and limited inventory. We can help you through the process. BUYER GUIDE
SELLER GUIDE: How do you make sure you get the most money for your home? From pricing to marketing, we’ll customize a plan to ensure you get the most money for your home. SELLER GUIDE
© Compass 2022 | All Rights Reserved by Compass | Made in NYC
The information contained herein does not purport to be complete nor, necessarily, accurate and should be independently verified; nor does it represent or constitute a legal analysis or financial advice. All of the financial projections and/or conclusions are provided for illustration purposes only. Compass and its agents disclaim any and all liability for representations and warranties, express or implied, contained in, or for omissions from, the information contained herein or any other written or oral communication transmitted or made available to the recipient. This represents an estimated sale price for this property. It is not the same as an opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice.