Luxe Austin Homes - Buyers

"‘There Is No National Housing Market’: Why Location Matters Now More Than Ever"

Realtor.com writes, "the longtime mantra of the real estate market, “location, location, location,” may never have been so true.

During the COVID-19 pandemic, a national frenzy seemed to permeate the housing market as buyers spent previously unimaginable sums on homes just about everywhere. The real estate market was fairly monolithic as the number of available homes dried up and prices shot up around the country.

However, what’s happening in the national housing market might no longer resemble what’s going on in local markets across the country. As mortgage interest rates have risen, some markets have slowed while others continue to speed up. Home prices may be falling in one city but accelerating in another. Bidding wars may be fierce in one…

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"Are bidding wars coming back to the housing market?"

Austin Business Journal shares, "although the spring 2023 housing market has little resemblance to the frenzied 2021 buying and selling season, there's evidence some markets and types of houses are starting to become more competitive, owing mostly to a lack of inventory.

Forty-eight percent of homes sold nationally during the four weeks ending April 30 went under contract within two weeks, down from 51% a year earlier but up from 46% a month prior, Seattle-based Redfin Corp. (Nasdaq: RDFN) recently found.

While demand for housing among buyers exists, a key reason for increased competition for certain homes is because inventory remains extremely tight. Owners who locked in record-low mortgage rates during the pandemic are hanging onto their…

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"Have Home Prices and Mortgage Rates Both Peaked? A Hopeful Look Ahead"

Realtor.com writes, "America’s home prices are still rising, currently hovering at a median of $430,000 in April. But at long last, these sky-high housing costs seem poised to fall, perhaps as early as this month.

That’s according to a new report from Realtor.com®, which found that April’s listing prices had ticked up a mere 2.5% compared with a year earlier. That’s the slowest yearly price growth seen since April 2020, when COVID-19 quarantines forced the real estate market to grind to a halt.

Once markets opened up again, the pandemic unleashed a steep and unprecedented ascent in home prices, culminating in a record-setting high of $449,000 last June. But the latest data suggests that this raging seller’s market might have finally reached its…

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"Roughly 1 in 4 Homes for Sale in Austin and Seattle Cost Less Than They Would Have a Year Ago"

Redfin News reports, "one-quarter of homes for sale in Austin, TX (25.8%) have lower estimated monthly housing payments than they would have if they had been for sale a year ago. That’s a higher share than any other major U.S. metropolitan area Redfin analyzed and more than triple the nationwide share of 7.1%. 

Seattle is close behind, at 23.6%, followed by San Francisco (18.8%), New York (18.3%) and Pittsburgh (15.6%).

This is according to a Redfin analysis of U.S. single-family homes, condos/co-ops and townhouses for sale as of April 11, 2023. We estimated what a homebuyer’s monthly housing payment would be on those homes using the Redfin Estimate of the homes’ value in April 2023 and the average U.S. mortgage rate in March 2023. To estimate what…

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"U.S. New Home Sales Surge 9.6% in March as Home Buyers Turn to Builders"

Realtor.com writes, "a lack of inventory has pushed U.S. home buyers to purchase new homes, prompting a surge in sales in March.

The strength in new home sales was also driven by a massive jump in sales in the Northeast. And overall, new home sales are trending higher as buyers have a low number of options with previously owned homes.

U.S. new home sales rose 9.6% to an annual rate of 683,000 in March, from a revised 623,000 in the prior month, the Commerce Department reported Tuesday. That’s at the highest level since last year.

The number is seasonally adjusted, and refers to how many homes would be built over an entire year if builders continue at the same pace every month.

The jump was better than what economists on Wall Street…

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"More inventory signals stabilizing Austin housing market, says latest report"

CultureMap Austin writes, "in what looks like signs of normalizing for both homebuyers and sellers, the Austin-Round Rock metro area now has three months’ worth of housing inventory with active listings soaring to over 8,000.

The latest housing market report from the Austin Board of Realtors (ABoR) stated nearly 4,400 homes hit the market in March, which is a 6.6 percent year-over-year increase from last year. While pending and completed home sales in Austin decreased by about 19 and 25 percent, respectively, there was a spike in both new and active listings.

2023 ABoR president Ashley Jackson said in a press release that the past quarter has “ushered in a sweet spot for both buyers and sellers” exploring the current market.

“There are three…

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"Dripping Springs may grow, add 300-plus homes"

Austin Business Journal reports, "Dripping Springs City Council will this week consider annexing and rezoning nearly 100 acres, clearing the way for hundreds of homes to rise in the fast-growing city west of Austin.

The property in question is a 97.4-acre slice of land located along U.S. Route 290 just east of Dripping Springs, according to the meeting agenda. If the annexation goes ahead and the land is rezoned as a planned development district, the project, known as Gateway Village, could have 307 single-family homes with lot widths of 50 to 60 feet. Plans also call for 7.2 acres of commercial land and 22.36 acres of open space.

The landowner is Cannon Family Ranch Partnership Ltd., which has owned the property since December 1999, according…

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"Lake Austin luxury development employs VR to place owners in homes before they're built"

Austin Business Journal writes, "the Four Seasons Private Residences Lake Austin is still a few years away from completion on Bridge Point Parkway near the Pennybacker Bridge.

In the meantime, prospective buyers can experience the luxury residential development's homes and amenities through virtual reality, an example of how new technology is changing the marketing of real estate.

Site work began Feb. 8 on the project but, by donning a pair of VR goggles, one can already walk around the 145-acre Lake Austin property's sprawling homes and more than 100,000 square feet of amenities.

Jonathan Coon — partner at Austin Capital Partners, which is co-developing the project with Four Seasons Hotel and Resorts and Hines — believes the use of VR to…

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"RentSpree Partners with Austin Board of REALTORS® MLS to Serve Central Texas Housing Market"

PR Newswire reports, "RentSpree, the industry's premier end-to-end rental management software provider, today announced its latest partnership with the Austin Board of REALTORS® and its 20,000+ member MLS, the Austin/Central Texas Realty Information Service, to facilitate the instant creation of an ApplyLink™ for rental listings. 

With over 25,000 total residential leases closed through the ACTRIS MLS in 2022, this full integration helps Central Texas REALTORS® generate more leads, reduce transaction time, and lower operating costs.

"Over half of Austin households are renter-occupied, and our region's rental market is just as fast-paced and in-demand as residential home sales at large," said Emily Chenevert, chief executive officer of ABoR and…

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"Housing Market Predictions For 2023: Are Home Prices Finally Becoming Affordable?"

Could a housing recovery possibly be underway?

In March, mortgage rates ended the month over 30 basis points lower than where they started and more buyers returned to the market. Home sales prices fell year-over-year in February—the first time in nearly 11 years—and total home sales saw their largest monthly percentage increase since July 2020. However, many economists remain mixed about how much more home prices will drop this year.

For one, the nation’s housing supply remains limited. Those who purchased homes in recent years at record-low interest rates are staying put. Tight inventory issues, in part, are also keeping prices from dropping off, which is perpetuating affordability challenges for many, especially first-time homebuyers.

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