Luxe Austin Homes - June, 2023

"Austin's housing market continues to normalize as options grow for buyers and sellers, new report says"

CultureMap Austin writes, "the real estate environment in Austin is continuing to normalize and become more favorable, leading to greater opportunities for both buyers and sellers.

Faith in the housing market can be seen through May's active listings, climbing up to 8,960 homes, which is nearly 1,000 more than in March 2023.

"Last month’s housing market activity demonstrates not only a stable market, but one where optimism for the months ahead continues to grow," said 2023 ABoR president Ashley Jackson in a release. "Real estate remains the most powerful long-term investment and having a trusted expert in your corner is crucial."

Pending sales slid ever so slightly by half a percentage point, to 3,243 pending sales. Housing inventory has…

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"U.S. Pending Home Sales Fall but the Housing Market Is in Recovery Mode"

Realtor.com writes, "the numbers: U.S. pending-home sales fell in May, the National Association of Realtors said on Thursday but the housing market is still showing signs of being in recovery mode.

Demand for homes is still strong, despite mortgage rates hovering near 7%, but buyers are finding few properties for-sale to choose from as homeowners hold out on selling.

The shortage in housing inventory has become so dire that it’s pushed pending home sales down in the spring, which is generally the peak season for home-buying.

Sales fell by 2.7% from the previous month, according to the monthly index released Thursday by the National Association of Realtors (NAR).

The figure fell short of expectations on Wall Street. Economists expected…

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"What Is an Assumable Mortgage? Major Savings If Your Loan Makes the Cut"

Realtor.co shares, "true to its name, an assumable mortgage a type of home loan where the buyer takes over the seller’s mortgage, rather than applying for a new loan. Assumable mortgages offer an array of advantages over traditional loans, but not all mortgages can be passed along in this manner. Here’s how to tell if an assumable mortgage is something you should consider, as a homebuyer or seller.

What to know about an assumable mortgage

Conventional loans are not eligible for assumption; they require the loan be paid in full—and a new one issued—whenever a property is sold or transferred to a new owner.

The three types of loans that are assumable include the following:

• FHA loans: These loans are backed by the Federal Housing…

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"Family-owned developer plans North Austin townhomes"

Austin Business Journal shares, "luxury townhomes could soon be coming to North Austin from a local, family-owned builder and developer.

Cedar Park-based PrimeHaven Homes LLC is navigating the permitting process for its Sonora project on Kramer Lane but leaders hope to break ground at the start of 2024, said Naeem Mahesania, one a partner in the company.

Sonora would rise on four acres at 1517 Kramer Lane and 10620 Macmora Road. Each lot is occupied by a single-family dwelling, and the homeowner at 1517 Kramer also operated a chiropractic office on the property.

"The homeowner was a chiropractor for our family, and we’ve been asking him to sell it to us for years," Mahesania said. "Finally, he decided to retire this year, and I’m thankful he…

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"Homebuilding starts to pick back up as buyers adjust to new pricing norms in tight market"

Austin Business Journal reports, "after months of slowdown in the wake of weaker buyer demand, homebuilders are starting to pick back up on construction — and feeling more confident about the housing market since mortgage rates surged last year.

Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1.63 million, a 21.7% increase from the April estimate of 1.34 million, the U.S. Census Bureau reported this week. Meanwhile, privately owned housing units authorized by building permits last month were at a seasonally adjusted annual rate of 1.49 million, 5.2% higher than in April but 12.7% less than the May 2022 rate.

The jump in home starts observed last month is notable, said Kelly Mangold, a principal at RCLCO Real…

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"The Top Real Estate Companies in Austin"

U.S. News reports, "known for its growing tech presence and booming live music scene, Austin is a great city to call home. With the slogan “Keep Austin Weird,” this laid-back Texas city has a contagious vibrancy and enthusiasm.
The average home value in Austin is about $568,000, according to Zillow. That's about an 8% decrease from a year ago.

But if you're going to buy a home in Austin, it's important to team up with the right real estate agent. Here are some of the top firms in Austin you may want to work with:

• The Heyl Group
• The Speed & Neuren Group
• Austin Real Estate Experts
• DMTX Realty Group
• Deane Residential
• The Holm Team
• The Grossman & Jones Group
• The Veritas Group
• STRÜB Residential Group
• The…

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"Is an All-Cash Offer on a House Always a Good Idea? The True Risks and Rewards"

Realtor.com writes, "ah, the all-cash offer. If you’re a home buyer with this ace up your sleeve, you probably have a swagger in your step as you tour homes, looking for the perfect property. And in light of today’s rising mortgage rates, the thought of saving all that monthly interest on a loan makes paying in cash that much sweeter.

Home sellers swoon over all-cash offers for one simple reason: It means there’s no doubt that you’ve got the coin to close the deal.

All-cash home buyers have a distinct advantage over those who need a mortgage, because there’s no guarantee that lenders will fork over the money. A lot can get in the way of that happening, from a subpar credit score to a poor home appraisal and beyond. All these what-ifs are…

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"Yay! Mortgage Rates Just Dropped—and Now There’s Even More Good News"

Realtor.com writes, "mortgage rates have finally dipped, after three panic-inducing weeks of climbing upward.

For the week ending June 8, the average 30-year fixed mortgage rate sank to 6.71%, down from the previous week’s 6.79%, according to Freddie Mac.

And that’s not where the good news ends.

Home price growth, which has been spiraling skyward since the COVID-19 pandemic, has also “slowed to a halt,” according to Danielle Hale, chief economist for Realtor.com® in her recent analysis of the latest housing data.

Indeed, median listing prices came in a mere 0.2% higher for the week ending June 3 compared with this same week last year. That’s the lowest level in the history of Realtor.com data, which goes back to 2016.

Yet despite this…

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"Austin has the 3rd most active real estate market in the U.S. within the last decade"

CultureMap Austin writes, "a new report has discovered Texas cities hold the top five most active real estate markets in the country, with Austin landing in third place. The study by storage marketplace StorageCafe reflects the city's resiliency over the last decade after a recent reported plummet in Austin's quality of life.

Austin had the third highest number of single-family home permits between 2013 and 2022, totaling 37,000 units. At the same time, the city also permitted over 98,700 new multi-family/apartment units. The massive influx of housing ultimately adds up to an impressive national surge.

On the industrial end, the Texas Capital also took the No. 3 spot in the country for the most square feet of new industrial space construction.…

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"A $50 Million Lake Austin Compound Could Become the Priciest Home in Texas"

Mansion Global writes, "with an asking price of $50 million, a lakefront compound in Austin, Texas, could set a record for the state, according to listing agent Bridget Ramey of Kuper Sotheby’s International Realty. 

The roughly 6-acre estate on Lake Austin is directly adjacent to a large ranch owned by technology magnate Michael Dell, Ramey said. It comprises a roughly 7,000-square-foot main house and three guesthouses, plus a private boat dock with space for two boats, Ramey said.

Owner Brett Ames, a real-estate developer, and his wife, musician Carolann Ames, acquired the land in 2014 and built the home for their family, he said. He declined to comment on how much he paid for the land; there are no public records since Texas is a…

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