Luxe Austin Homes - purchase price

"Foreign investment in US homes declines as buyers face tight inventory, high prices"

Austin Business Journal reports, "International buyers bought fewer U.S. homes in the past year but are paying more for residential real estate than ever before.

Foreign homebuyers purchased $42 billion in U.S. residential properties between April 2023 and March 2024, a 21.2% decline from the prior 12-month period, according to the National Association of Realtors. The approximately 54,300 existing homes sold to international buyers marks the lowest 12-month total on record since the NAR began tracking such transactions in 2009.

At the same time, both the average and median home-purchase prices paid by foreign buyers — $783,300 and $475,000, respectively — were the highest ever recorded by NAR.

International or foreign homebuyers as tracked…

48 Views, 0 Comments

"Buda's Sunfield is metro's fastest-growing neighborhood"

Austin Business Journal reports, "Buda’s Sunfield is the fastest-growing neighborhood in the metro, nabbing the top spot after leapfrogging from the No. 8 position in 2023. See the list below this article.

Scarborough Lane Development’s Sunfield, a 2,795-acre master-planned community, earned first place on Austin Business Journal’s latest list of fastest-growing neighborhoods with 470 home starts last year. The list is based on data from real estate company Zonda.

There are eight homebuilders active in Sunfield, where homes can be purchased at prices much lower than the average home in the metro.

While Sunfield’s 470 home starts was an increase over the 291 home starts reported on our 2023 list, many neighborhoods saw a decrease in home…

90 Views, 0 Comments

"Is a Mortgage Pre-Approval Letter Necessary to Make an Offer on a House?"

Realtor.com explains, "the short answer is no. However, if you want your offer to be taken seriously and to stand out from any competing bids, this little piece of paperwork can really give you the edge.

“While you do not ‘need’ a pre-approval letter from your lender in order for your offer to be accepted, I highly recommend all of my buyers present it,” says Denise Shur, a Realtor® with 1:1 Realty in San Jose, CA. In fact, “I do not look for homes with my buyers until they have a pre-approval letter from their lender. To me, it’s that important.”

What is mortgage pre-approval?

Basically, a mortgage pre-approval letter is a guarantee from a lender that it’s willing to finance your home purchase up to a certain dollar amount, based on…

116 Views, 0 Comments

"Texas is the 3rd hottest state for international homebuyers, new report shows"

CultureMap Austin writes, "the trend of international buyers purchasing homes in Texas shows no signs of slowing down, as revealed in the latest Texas International Homebuyers Report.

Released September 6 by Texas Realtors, the report shows that the Lone Star State remains the No. 3 hottest U.S. destination for international homebuyers. Texas ranks behind Florida and California for the fourth consecutive year.

From April 2022 to March 2023, 9,900 Texas homes were purchased by buyers from outside the U.S. These homes make up 11.7 percent of the total number of Texas Realtors sales transactions.

For comparison, Florida (No. 1) accounted for 23 percent of purchases, with California (No. 2) at 12.2 percent.

"Texas has long been one of the most…

179 Views, 0 Comments

"Austin Is The New Austin"

National Mortgage Professional writes, "there’s no such thing as a perfect housing market, but Austin is trying to check off all the boxes for would-be buyers. Young and savvy tech professionals are flocking to the funky metro known for its music scene to scoop up jobs and take the plunge into homeownership.

Since Austin is attracting new buyers and transforming long-term renters into prospective homeowners, LOs aren’t having trouble wrangling customers to buy loans. And it helps that 25.8% of homes in Austin have lower estimated monthly housing payments than they would have if they had been for sale a year ago, according to Redfin. Year-to-date home sales price data from the Austin Board of Realtors show a 12.6% decline in the median price for…

213 Views, 0 Comments

"What Is an Escalation Clause in Real Estate and When Should You Use One?"

Realtor.com shares, "when you’re deciding on what price to offer on a home, the situation might call for a single price or, in some cases, numerous prices via an escalation clause.

In a fast-paced, competitive market, having an escalation clause as part of your offer on a house can benefit the homebuyer and seller alike. But it does come with some downsides, so it’s important to know the pros and cons before you include one in an offer (or accept one as a seller).

Here’s what to know about an escalation clause, and when it’s a smart tactic for your real estate deal.

The basics of an escalation clause

An escalation clause is a real estate contract, sometimes called an escalator, that lets a home buyer say: “I will pay X price for this home,…

242 Views, 0 Comments