Happy Thursday!

We hope everyone is gearing up for a great Thanksgiving holiday, this weekend we are hosting one of the biggest pickleball tournaments in the USA right here at our own Polo Tennis and Fitness Club in SW Austin, The Kitchen Open! So if you are into free beer, great sporting vibes, and pickleball come out the festivities will be Grande!

I'm going to try and shorten this report, and hopefully, the new more concise format will make for a much quicker and easier read.

We're going to break down the official October Market report from the Austin Board of Realtors, and for investors, we have intel on Biden's plans to transform commercial office space into residential...

We also saw a big dip in interest rates last week, wondering if we've turned a corner. The hope is there but is that realistic or wishful thinking? We'll provide the report with the expert opinions.

Happy Thanksgiving and enjoy the report, feel free to share it, and let us know how we can help you!

This Weeks New Listings

Local Market Update

Buyers Continue to Buy in Austin Despite The High-Interest Rates

Let's delve right into ABOR's report. The spotlight shifts from the affordability concerns to Buyers continuing to enter the market despite interest rates.

October saw a notable 4.1% surge in homes sold in the MSA!

The consistent monthly drop in prices continues as we enter into the late fall and early winter we are now sitting at a $435,000 Median sale price—a 7.5% decrease from last year.

The increased sales and a rise in pending sales signify buyers are maintaining a strong presence while gaining more leverage because of the increase in inventory.

Each area and county is unique so take a look at the info graphs and reports below to see how your area performed.

Central Texas Market Report 

Believe it or not, median home prices are 44% higher than in September 2018, and the current price decline is minor compared to the future equity homeowners will accrue.

The value of homeownership is a pathway to generational wealth, while yes, reforms to housing accessibility across income levels are still needed, the current market remains a great opportunity to Buy with huge long-term upside!

Get the Zip Code Detail Report

Buyers!

Hey buyers! Get ready for some Black Friday vibes in real estate. The holiday season usually slows down the market, and this year is no exception. While your dream home might not have a sale tag, chances are you'll spot some sweet deals during this festive time. Happy house hunting! 🏡🎁

If you're a Seller...

While we wish you a festive season, we know selling during the holidays can be a challenge, as most folks are wrapped up in family and festivities, not home hunting. If you're set on selling, nail every detail, and price competitively. It might feel a bit intense, but a solid strategy will ease the holiday stress.

Local Market Area Report

New Listing Activity

Investor Insights

Can Biden's Proposal to Convert Commercial Spaces into Residential Properties Succeed?

Last month, the Biden administration announced a series of actions designed to facilitate the conversion of specific properties to improve affordability in several metros. Here are the details.

Decline in Mortgage Rates During Economic Concerns: Signs of a Turning Point?

Mortgage rates fell last week for the first time in a while. Without another federal interest rate hike and recession on the horizon, should we expect rates to keep falling?

Mike & Steve Cossette

(512) 299 5904

[email protected]

Do you know anyone who may need my services? Feel free to pass this email along so I can chat with them about their real estate needs!

CLICK HERE TO SEE THE MARKET REPORT ARCHIVE

Share This Email