Luxe Austin Homes - homeowners

"Housing market hits highest inventory since 2019 as sellers flood the market"

The New York Post writes, "The housing market is finally giving buyers some breathing room.

After two years of skyrocketing prices and shrinking inventory, the number of homes on the market just hit its highest level since 2019, sparking hope for frustrated buyers across the country.

In October alone, available homes surged 29.2% from last year, marking a full year of growth in listings, according to an analysis by Realtor.com.

Homeowners nationwide are throwing up “For Sale” signs in droves, especially in former pandemic hot spots like Austin, Memphis and Orlando.

These “boomtowns” are making a comeback in a big way, with Austin inventory jumping a staggering 40.1%, while Memphis and Orlando posted gains of 39.2% and 26.6% respectively.

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"Despite Inventory Rise, Home Buyers Remain Cautious"

Realtor Magazine writes, "Home buyers may finally be finding more inventory options this fall, but they’re still being cautious about entering the real estate market, the National Association of REALTORS® reported Wednesday.

“Home sales have been essentially stuck at around a 4-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” says NAR Chief Economist Lawrence Yun. “There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy. Perhaps, some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.”

Total existing-home sales—which reflects completed…

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"Mortgage Rates Rise to 6.54% as Homebuyers Decide Whether To ‘Act Before Winter’"

Realtor.com shares, "mortgage rates climbed from 6.44% last week to 6.54% for a 30-year fixed home loan for the week ending Oct. 24, according to Freddie Mac.

“The continued strength in the economy drove mortgage rates higher once again this week,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “Over the last few years, there has been a tension between downbeat economic narrative and incoming economic data stronger than that narrative. This has led to higher-than-normal volatility in mortgage rates, despite a strengthening economy.”

Unfortunately for would-be homebuyers—and sellers—this uptick marks the fourth week in a row that mortgage rates have risen.

“This rapid run-up in mortgage rates has sapped some of the burgeoning…

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"Mortgage rates finally fell, but homebuyers still face a big problem"

Austin Business Journal writes, "The Federal Reserve may have cut interest rates last month, but homebuyers still face a challenge when assessing the current market for real estate: home prices.

Prices were up 5.9% in the third quarter this year over the same three-month period in 2023, according to data from Fannie Mae. While that increase is down from a 6.4% spike in the second quarter, it’s still a substantial jump for buyers who are looking for a home.

Mark Palim, Fannie Mae senior vice president and chief economist, said the “robust” growth is because of a lack of supply. Many current owners don’t want to sell their homes and give up the low interest rate they obtained earlier only to step into a high-interest rate environment.

“Even though…

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"Why mortgage rates may not continue to drop"

Austin Business Journal writes, "Relief on housing costs from interest-rate cuts issued by the Federal Reserve last month may not be as straightforward as some would-be homebuyers might expect. But some areas of the country are poised to feel the impacts of rate cuts more significantly than others.

A recent analysis by Realtor.com found 60.2% of homeowners in the U.S. lived in homes with a mortgage while 39.8% of owners owned their homes free and clear. But the share of mortgaged homeowners versus those who owned their homes outright vary — sometimes significantly — by state.

And, of course, areas with a higher share of homeowners that have a mortgage are more likely to be affected by rate movement than those where more people own their homes…

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"Austin makes new list of 10 easiest cities to pay off a mortgage"

CultureMap Austin writes, "Whether a homeowner's mortgage lasts for 15 or 30 years, paying off such a large debt can be an arduous process. But luckily for homeowners living in the Austin area, paying off a mortgage is much easier than it is in many other large metropolitan areas in the country, according to a new report by SmartAsset.

Austin-Round Rock-Georgetown ranked No. 10 in SmartAsset's new study analyzing the top 40 large U.S. metros where it's easiest to pay off a mortgage. Rankings were determined based on the principal and interest payments for conventional 30-year fixed rate mortgages issued in 2023, relative to the median income of new homeowners.

Leading the nation as the No. 1 easiest place to pay off a mortgage is Pittsburgh,…

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"2024 Q4 housing market trends: Rate relief arrives"

Bankrate.com writes, "Leaves aren’t the only things falling this autumn: Mortgage rates are finally heading down, too. And that, combined with a seasonal dip in home prices, is causing some end-of-year excitement among homebuyers and sellers.

The median existing-home price was $416,700 in August, per the National Association of Realtors — a record high for August, but still down from $422,600 a month earlier. And average rates for the benchmark 30-year fixed-rate mortgage loan have dropped from a high this year of 7.39 percent in May to 6.24 percent in late September.

With rates already down more than a full percentage point and more Fed interest-rate cuts on deck, many market-watchers are asking, what do the final three months of 2024 have in…

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"This is how committed Austin homeowners are to keeping up curb appeal"

CultureMap Austin writes, "Austin's tremendous growth over the years has brought a boom in residential development. There are beautiful homes to be found throughout the area, and Austin homeowners are among the best in the country at maintaining their curb appeal — or at least the most committed.

So says Thumbtack's 2024 list of the top 10 cities with the best curb appeal in the country, which ranks Austin No. 2 for the second consecutive year. The study was based on an analysis of curb appeal projects from August 2023 to August 2024, which was ranked by project frequency.

Maintaining beauty doesn't come cheap. Thumbtack, a home services website, found that Austinites should budget nearly $3,600 for their autumn outdoor projects – such as gutter…

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"Slight Uptick in Home Sales as More Listings Hit Market"

Realtor Magazine reports, "Home affordability conditions are improving slightly, which helped to fuel more real estate transactions in July. Existing-home sales, which account for completed transactions for single-family homes, townhomes, condominiums and co-ops, saw their first uptick in about four months, rising 1.3% in July compared to June, NAR’s latest housing report shows.

“Despite the modest gain, home sales are still sluggish,” says NAR Chief Economist Lawrence Yun, adding that sales are still down 2.5% from a year ago. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”

The 30-year fixed-rate mortgage averaged 6.49% as of Aug. 15, down from 7.09% a year earlier, which is…

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"Homeowners and developers can now build on smaller lots under HOME Phase 2"

Austin Business Journal reports, "Developers can now build on smaller lots as part of an effort to allow denser and more affordable housing throughout Austin.

Beginning Aug. 16, homebuilders and homeowners can apply to participate in the second phase of the HOME Initiative, a city of Austin spokesperson confirmed, which allows homes to be built on lots as small as 1,800 square feet — down drastically from the previous minimum lot size of 5,750 square feet.

Many density and affordable housing advocates in Austin have long pushed for smaller minimum lot sizes for single-family homes, calling the change one of many code updates that could move the needle for affordability and housing stock concerns. HOME Phase 2 also establishes new rules for lot…

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