Luxe Austin Homes - sale

"How Long Does It Take To Buy a House?"

Realtor.com writes, "how long does it take to buy a house? While estimating a timeline for homebuying will depend on many variables, real estate experts estimate that the average time required is around four months.

This timeline is important for buyers to keep in mind for a variety of reasons. Many buyers might hope to time their home purchase with when their rental lease is up. Other buyers might want to pace their house hunt so that they are settled in their new home before the start of school. Still other buyers might also be home sellers who first need to close on the sale of their old house before they can buy their next house.

In short, homebuyers might need to fit their home search into any number of time-sensitive situations, so knowing…

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"Home Price Growth Is Cooling Fast—Does It Spell a Big Break for Homebuyers This Year?"

Realtor.com writes, "December brought good tidings to homebuyers in the real estate market.

Nationally, median home list prices dropped about 11% from their peak over the summer to hit $400,000 in December, according to a recent Realtor.com® report. While prices were still up by about 8.4% year over year in December, this was the first time in a year that they rose by only single digits.

In another holiday gift for home shoppers, the number of properties for sale nationally shot up more than 50% compared with a year ago. And homes are sitting on the market for longer, giving buyers an opportunity to think about whether this is the right home for them instead of having to put in an offer on the spot.

Mortgage interest rates even dipped from…

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"15 Austin ZIP codes now dominated by renters not homeowners"

Austin Business Journal writes, "if you live in either the 78727 or 78744 ZIP code, odds are you’re renting.

That's according to an Oct. 24 study from RentCafe, which found that from 2010 to 2020, those two ZIPs transitioned from having a majority of homeowners to a majority of renters. There are now 15 ZIP codes in the Austin area with renting majorities, signifying how the evolution of Austin into a big city is changing its economic makeup.

North Austin’s 78727, which eats up a large part of town north of The Domain neighborhood, had a population consisting of about 51% renters in 2020. Its 2020 renter population of 16,285 was a 21% jump from the 13,413 who called the ZIP code home in 2011, RentCafe found. The rental search platform used data…

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"Austin homebuyers regain power as active listings reach decade-plus high"

Austin Business Journal reports, "there's more evidence that Austin's housing market is correcting itself after years of overheating.

The Austin Board of Realtors'latest housing market datafound that September saw 9,671 active listings on the market — the most since 9,909 in July 2011 — and total inventory hit 3.1 months for the first time since July 2017. Median home sales prices also dropped more than $25,000 from August, helping the city push back on what's widely considered the biggest threat to the economy: affordability.

Though 3.1 months of inventory isn’t enough to transform Austin into a buyer’s market, there are winds of change.

“Homebuyers have not had this much leverage and this many options in over a decade,” ABOR President Cord…

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New-home market 'at a crossroads' amid uptick in canceled contracts, incentives

Homebuilders across the U.S. are shifting their strategies and financial outlooks amid changing consumer demand for housing.

But where the jury is still out is whether the trend toward elevated canceled contracts, more incentives and lower demand for housing is settling out to pre-pandemic levels — when demand for homes was still higher than historic norms — or will continue to worsen.

The nation's publicly traded homebuilders, in earnings calls reporting their most recent quarter's financial performance, are seeing similar trends and patterns across their portfolios as the housing market shifts amid higher interest rates and fears of a recession. The three-month period that ended in June is the first full quarter that illustrates how…

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