The #1 Central Texas Market Report
OH, Happy Goodbye 2020!

Happy New Year and it's finally over, that's been the theme I've been hearing all week. I started writing this weekly Market report in February when 2020 looked to be the best year ever for many. See the Archive for every week here. Things changed, but for Austin 2020 wasn't all bad. Austin was the #2 Real Estate Market, one of the safest big cities, in the top 10 for best cities to work from home, the fastest growing city since 2010, Hottest US Job Market, A top 10 places to Buy a house and a barrage of other accolades and industry recognitions.

The outlook for 2021 in the greater Austin MSA forecasts home prices will continue rising for the foreseeable future. A recent prediction from Zillow suggests that home prices in Austin will continue to climb throughout 2021, but possibly at a slower pace.

According to the most recent data, the median home value has risen by 11% over the past year, hitting an all-time high of $427,116 (as of November 2020 Stats). 
A recent forecast predicts it will rise by another 8.8% in the next year. Which I believe may be on the low side, but pretty darn close.

As the lack of housing inventory across the metro area has been the number-one factor driving home price gains. As we approach the end of 2020 that problem has been exacerbated with the holidays. There just aren’t enough properties on the market to meet the demand from buyers. Not even close, making it one of the Best Seller markets in the history of record-keeping for the area.

New Project Dubbed "The Domain on Riverside" is on steroids!

Developers of the newly rebranded River Park mixed-use development in Southeast Austin are really beefing up this already massive development by expanding the size to 109 acres and more than 10 million square feet.

Developers of River Park have now tacked on the 12-acre Parke Green retail center, to the project’s site and have plotted more than 10 million square feet of space. The previous plan for the project envisioned over 5 million square feet of space.
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What a Difference 2020 Made for Homeowners
Especially in Central TX

Over the past year, mortgage rates fell more than a full percentage point, hitting a new historic low 15 times. This provided some huge benefits. The influx of companies, builders, and people, in general alone is evidence that the Central Texas market is on fire!

While the rates are predicted to stay low the Big 3 markets all saw an advantage, and in 2021 all three can still take advantage in 2021.
1. The Move-up or Downsize Market: Many Central Texans are moving into new homes, now more than ever, putting the equity gained towards a brand new home that better met their needs. Something that’s a perfect fit, especially when lifestyles have changed for many in 2020.

2. The First-Time Homebuyer Market: There are many financial and non-financial benefits to owning a home, and the most important thing is to first decide when the time is right for you. Everyone determines that on their own, but know that now is a great time to buy if you’re considering it. Just take a look at the Historic Intrest Rate Levels and the cost of renting vs. buying.

3. The Refinance Market: If you own a home, you may want to really consider a refinance. It’s one way to lock in a lower monthly payment, save more over time. Pull out Equity for a Vacation or Rental Property. However, it also means paying some closing costs, too. If you want to take this route, you have to answer the question: Should I refinance my home?
Thank you for your time today!
Stay safe and let me know what in the world I can do for you!