Luxe Austin Homes - homebuyers

"NAR Forecasts 4.71 Million Existing-Home Sales, Improved Outlook for Home Buyers in 2024"

Austin, Texas named top real estate market with most pent-up housing demand next year

WASHINGTON (December 13, 2023) – "NAR Chief Economist Lawrence Yun forecasts that 4.71 million existing homes will be sold, the housing market is expected to grow, and Austin, Texas will be the top real estate market to watch in 2024 and beyond. Yun unveiled the association's forecast yesterday during NAR's fifth annual year-end Real Estate Forecast Summit: The Year Ahead.

Yun predicts home sales will begin to rise next year – by 13.5% compared to 2023, and the median home price will reach $389,500 – an increase of 0.9% from this year.

"Metro markets in southern states will likely outperform others due to faster job increases, while markets in the Midwest will…

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"Median home prices down almost 8.4% in Austin-area year-over-year"

 Austin American-Statesman shares, "there was good news for homebuyers in the latest monthly report from the Austin Board of Realtors last week.

With rising inventory and lower prices, Central Texas' cooling housing market has provided more choices and leverage for buyers, board officials and other experts say.

Here are some key takeaways from the November report.

Median price

• Across the Austin Round-Rock region from Georgetown to San Marcos, the median price of the homes that sold in November fell 8.4% year-over-year to $424,450, indicating Austin’s housing supply is becoming available at lower price points, board officials said. They were quick to point out, however, that prices remain "considerably elevated relative to pre-pandemic…

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"Reports: Austin home prices dropping, housing demand cooling off"

"The Austin Board of Realtors says buyers are willing to enter the market, despite higher interest rates. However, Zillow says the demand for houses is cooling off."

KVUE reports, "home prices are dropping in Central Texas, and the housing market overall is cooling off. That's according to new reports from both the Austin Board of Realtors (ABoR) and Zillow.

According to ABoR's October report, the median home price in the Austin-Round Rock area is $435,000. That's a 7.5% drop from a year ago.

The report also shows residential home sales are up about 4%, which experts say shows buyers are still willing to enter the housing market, despite higher interest rates.

In October, homes spent an average of 68 days on the market,…

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"Foreign buyers boost Texas housing market"

TheRealDeal reports, "an influx of international home buyers is providing a boost to Central Texas’ housing market. 

Over a 12-month stretch that ended in March, foreign homebuyers spent $609 million in Central Texas, accounting for 3 percent of sales dollar volume in the Austin region, the Austin American-Statesman reported, citing a study by the Austin Board of Realtors. 

“The Central Texas region continues to be a magnet for international homebuyers and investors,” Ashley Jackson, president of the Austin Board of Realtors, told the outlet. “One in six new Austin-area residents come from abroad.”

India was the primary source of international homebuyers for the second consecutive year, accounting for 21 percent of transactions among foreign…

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"Despite challenges, international homebuyers juice Central Texas' real estate market"

Austin Amerian-Statesman shares, "Mandar and Asmita Shinde are international homebuyers from India who, after seven years of living in Seattle, now call Austin home. 

Mandar Shinde, a tech business developer for Amazon, originally came to the U.S. from Nagpur, India.

He said Nagpur has similar weather to Austin, so "it literally feels like home here."

Since January, he and his wife, both 40, have been leasing a home in Liberty Hill. They are paying $2,375 a month in rent for a three-bedroom house with about 1,900 square feet, including a study.

But by next summer the Shindes and their 4-year-old son, Jai Shinde, plan to move into a new home in Leander once the house, which Perry Homes will start building soon, is completed. They expect to…

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"What Is a 5/1 ARM? (And Should You Get One To Snag a Lower Mortgage Rate?)"

Realtor.com shares, "housing costs have skyrocketed as of late, with median home prices near historic highs and mortgage rates hitting levels not seen in 23 years.

So, it’s little wonder that the overall affordability crunch in the real estate market has cash-strapped homebuyers exploring potentially riskier financing options with the promise of a lower mortgage rate.

Enter the 5/1 adjustable-rate mortgage, or ARM. This type of loan—the most popular ARM out there—has what’s called an introductory “teaser” rate that’s lower than what you’ll get with a fixed-rate mortgage.

Locking in a 5/1 ARM for your mortgage might be suitable for specific circumstances or a terrifying financial roller-coaster ride you can’t wait to exit. If you’re…

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"First plots sold at 1,000-acre luxury residential community near Lake Travis"

Austin Business Journal reports, "the first 50 homesites have been sold at Travis Club, an incoming luxury neighborhood on Lake Travis. It's set to rise on more than a thousands acres 15 miles west of downtown Austin.

These first homeowners are being recognized as the “50 founding memberships” of the resort-style community that is being developed by Menlo Park, California-based real estate developer Haas & Haynie Corp. and Austin-based real estate investment firm Castle Hill Partners Inc., according to a Nov. 1 announcement.

This marks a notable step forward for the project that has been planned for more than a decade on the undeveloped bend of Lake Travis between Thurman Bend Estates and the Briarcliff community. This area, and just about all…

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"Homebuilders turn to incentives to draw in priced-out buyer pool"

Austin Business Journal writes, "homebuilders continue to see sales momentum — despite surging mortgage rates and persistent affordability challenges — in part because they're pulling out the stops to lure buyers and ensure deals cross the finish line.

While a growing share of buyers have been locked out of the housing market because of rising mortgage rates, persistent home-price appreciation and a lack of existing-home inventory, the current environment also is creating some tailwinds for builders that can offer more competitive financing.

Housing starts increased 7% in September to a seasonally adjusted annual rate of 1.36 million units, according to the Department of Housing and Urban Development and U.S. Census Bureau data.

In fact, 31%…

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"September data shows Austin metro housing inventory hit 8-year high"

Community Impact Austin shares, "housing inventory in the Austin-Round Rock Metropolitan Statistical Area hit the highest levels in more than eight years in September, according to the Austin Board of Realtors’ metro data for September.

The overview

According to ABoR officials in a news release, in September, Travis County and Hays County both had more than four month’s worth of inventory while Williamson County had slightly more than three months worth. Bastrop County had the highest inventory in the MSA with five months worth.

In addition to high inventory, data shows that year-over-year home sales and median home prices dropped across the MSA—by 18.2% and 4.3%, respectively—while active listings increased by 7.8%. Homes also spent an average of 65…

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"Austin-area housing inventory rises as affordability challenges mount"

Austin Business Journal reports, "the Austin metro’s housing inventory is the highest it’s been in more than eight years.

Inventory in the region hit the four-month mark in September, according to the Austin Board of Realtor’s monthly market data. Inventory represents how long it would take to sell all of the homes on the market if new listings stopped, and housing experts say six months of inventory typically represents a healthy balance between supply and demand.

While that may sound promising for a region that's experienced a dearth of new homes, it takes some pain to have the gain. The number of closed sales is notably down. ABOR housing economist Clare Losey said this could be caused by a number of factors, including high interest rates and…

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