Luxe Austin Homes - December, 2024

"Building Boom Forecast for 2025: Number of Affordable New Homes Set To Soar, but Expect Them To Be Smaller"

Realtor.com writes, "Builders are working to fix America’s critical housing shortage—and while the number of new homes is expected to top 1.1 million in 2025, expect them to be built slightly smaller.

But, homebuyers can expect them to be more affordable, too, according to the Realtor.com® 2025 Housing Forecast. This is especially good news for first-time homebuyers, who might find new homes easier to access in areas that are growing.

New construction will help ease the housing shortage

In 2025, new-home sales and single-family housing starts are expected to improve compared with other types of homes. Builders plan to construct about 1.1 million homes, which is a 13.8% increase from 2024.

Builders are working to make homes more affordable,…

523 Views, 0 Comments

"What Does Mortgage Pre-Approval Mean? A Major Advantage When Buying a Home"

Realtor.com writes, "Getting pre-approved for a mortgage before you make an offer on a house is a smart idea. Why? For one, it can help you get a handle on how much house you can afford. Pre-approval can also help you stand out from the sea of other homebuyers in a competitive housing market. In short, it ups that odds that your home-buying journey will be smooth and successful.

Here’s why mortgage pre-approval matters, and how it can give you an edge when shopping for a home.

The meaning behind a mortgage pre-approval

Mortgage pre-approval is a commitment from a lender to provide you with home financing up to a certain loan amount—basically, the stamp of approval that you have the money, credit history, and other credentials to buy a home up…

327 Views, 0 Comments

"The Earnest Money Deposit: How It Helps Buy a Home"

Realtor.com explains, "Depositing earnest money is an important part of the home-buying process. It tells the real estate seller you’re in earnest as a buyer, and it helps fund your down payment.

However, the earnest money check is different than the downpayment. It is typically cashed and held in a title company trust account, or in the broker’s escrow company account. You get a receipt from your brokerage when you hand in the earnest money.

Without the requirement of earnest money, a real estate buyer could make offers on many homes, essentially taking them off the market until they decided which one they liked best. Sellers rarely accept offers without the buyers putting down earnest money to show that they are serious and are making the…

672 Views, 0 Comments

"Construction to gain steam at luxury Lake Travis master-planned community Thomas Ranch"

Austin Business Journal reports, "The expansive Thomas Ranch luxury housing development on Lake Travis has secured $106 million in financing for construction of infrastructure and initial homes in the master-planned community.

Thomas Ranch developers Areté Collective and the Wasatch Group will use the loan, underwritten by D.A. Davidson’s Development Finance Group, to complete roadwork, water and wastewater treatment plants and other infrastructure at the 2,200-acre development along State Highway 71 near Spicewood, according to a Dec. 3 announcement. The financing also will support construction of the first homes in Loraloma Private Club & Estates, a luxury enclave within Thomas Ranch where homes and homesites are now available.

At full…

592 Views, 0 Comments

"2025 could bring some relief to one major housing challenge. Here's what to expect in the new year."

Austin Business journal shares, "More rate volatility, more affordability challenges — but slightly more inventory.

Those are some of the predictions among housing economics for the 2025 for-sale housing market. Beset by continued home-price appreciation, scarce inventory and a mortgage lock-in effect — not to mention sweeping industrywide changes — buying and owning a home continues to be out of reach for many.

Here's what to expect in the U.S. housing market next year.

Inventory and home sales

The biggest potential for relief in 2025 could come from an uptick in inventory.

While many existing homeowners are carrying a mortgage rate of 4% or less, life events and a broader acceptance that rates likely won't drop down to those levels…

491 Views, 0 Comments

"Here's a look at changes Austin made to development regulations in 2024"

Austin Business Journal shares, "It has been a year of change in Austin for regulations around homebuilding, with many new policies enacted that are meant to boost the supply of residences. 

They include new density bonus programs that enable developers to build taller buildings if they include affordable units, as well as modifications to rules governing lot sizes and how many homes can be built on them.

Here is a look at some of the changes enacted in Austin in 2024, in addition to proposals that the City Council may consider soon.

HOME Initiative 

One of the most debated undertakings was the implementation of the HOME Initiative, which altered the rules regarding how many homes can be built on single-family lots and also reduced the…

3318 Views, 0 Comments

"The Unsung Power Players of Real Estate: How Gen X Carves Up a Significant Slice of the Market"

Realtor.com writes, "The real estate market seems to be constantly buzzing about baby boomers, Millennials, and Gen Z, but what about Gen X?

Born between 1965 and 1982, Gen X is the smallest age cohort by population, but they’re no less mighty when it comes to the housing market.

As a sandwich generation wedged between Millennials and baby boomers, Gen Xers are increasingly stepping up to keep their parents and children afloat while redefining how we live, buy, and move in today’s real estate landscape.

How exactly?

Though Gen X accounts for just 19% of the U.S. population, a new National Association of Realtors® report reveals they represent 24% of recent homebuyers—a significant slice of the market. Around 60% of Gen Xers own their…

488 Views, 0 Comments