Market Data

March 2020 Market Report

Year over year for March, property prices have skyrocketed. The median price for homes in the Austin area in March 2020 was $335,200. Last March the median sale price was $305,000, a 9.9% increase in property prices year over year. More homes sold this March than last, with homes staying on market on average 10 days fewer than they did in March 2019.

The Austin area is seeing consistent growth and home sales, and we’re still in a seller’s market. Seller’s can expect to receive market value prices for homes, and buyers can expect some inventory shortages.

march 19 to march 20

April 20, 2020

Buy | Resources

Should You Refinance During COVID-19?

First, a quick update. Homespace has gone virtual! I am now offering virtual tours to all present and future clients. Click here to read more and learn about some additional options available for those who plan to buy or rent real estate during the pandemic.

Now, let’s talk about refinancing! Currently, interest rates for both new purchases and refinancing are near all-time lows. I recommend that homeowners with an interest rate above 4% consider talking to a lender about refinancing.

Refinancing FAQ’s

What is refinancing?

Loan refinancing is the process of obtaining a new loan to pay off an already existing loan. Homeowners typically refinance in order to receive a lower interest rate so that they can reduce their monthly mortgage payment.

Are there any downsides?

There are fees associated with refinancing and depending on the length of the new loan you term you select, you could end up paying on your house for longer than initially planned. Ask for a side by side comparison of your current monthly payment and amortization schedule vs the quoted refinanced option.

What’s the first step?

Reach out to myself or a loan officer to discuss your options, get a rate quote, and see if refinancing makes sense for you. I’m happy to provide references for some excellent lenders who have some of the lowest rates right now.

What should I know about refinancing during COVID-19?

Many lenders are double and triple-checking employment status’s which can make the refinance and/or purchase process take a bit longer than usual. Jumbo loans (loans larger than $424,100) are also temporarily suspended in many areas. Otherwise, it’s business as usual on the lending side.

If you’re considering refinancing and have any additional questions, please call, text, or email me for more info. If you’ve been thinking of purchasing in the near future, let’s talk too! Rates are great right now and the Austin market is showing no signs of slowing, even amidst the pandemic.

I’d love to be your resource on all things real estate, so reach out any time!

Announcement | Resources

Buying Real Estate during COVID-19

In this ever-changing time where the only certain thing is uncertainty itself, many businesses have been faced with a choice: shut down, or pivot. We’ve seen beloved restaurants close their doors but turn on their ignitions for delivery or curbside. Alcohol suddenly became deliverable, and cinematic releases are now streaming on home televisions. 

Homespace is not shutting down; it’s going to pivot. Until further notice, the following options will be available to clients:

1. Zoom/phone call consultations
How it works: All initial consults will be conducted over email, phone, or Zoom call.

2. Virtual tours of vacant properties.
How it works: I’ll help put together your tour schedule as normal, but will do a virtual video tour of the homes you’re interested in. Homespace has invested in top of the line video-stabilizing products to increase the quality of your tours and will deliver an in-depth video tour of each house or rental via Google Drive. There will also be a followup call to discuss any questions or concerns.

3. Zoom tours of occupied properties.
How it works: For the respect and safety of all involved parties, tours of occupied properties will be done via Zoom or Facetime with the current tenants/owners showing their home. Homespace will coordinate these calls in advance and be on the call to help direct any questions.

4. Zero-contact tours.
How it works: In situations where a client must see a vacant home in person or has narrowed virtual tours down to the final one or two top choices, I will be conducting zero-contact tours on a case by case basis. Clients must adhere to all CDC guidelines in order to schedule an in-person tour.

5. Remote inspections, negotiations, paperwork, and closings.
How it works: Much of the renting and buying process post-tour is done remotely already, so things won’t look too different once a house has been decided on. Home inspectors have been sending digital reports for years and will continue to operate that way during the pandemic. All negotiations will take place via phone call, text, or email per usual, and all paperwork will be digitally signed. 

This is a challenging, ever-changing time for everyone, and your patience is greatly appreciated as we all learn how to navigate the “new normal”. The good news is that the real estate market in Austin has remained largely unaffected by the pandemic, and Austin is still one of the fastest-growing cities in America. My goal is that with the above precautions in place, Homespace can continue to offer the same services you know and expect and together we can pivot and keep moving forward.

Stay healthy. Stay positive. Stay in touch.