Greater Austin Insider - Week of November 7th, 2022

Posted by Miranda Nicole on Monday, November 7th, 2022 at 4:11pm.

Events This Week:

Veteran's Day

When: Friday, November 11th

Thank you Veteran’s! In honor of all who have served, check out these Veterans Day 2022 events in Austin – Parades, Live Music, and other celebrations near you!

 

 

Holiday Bazaar Arts and Crafts Show

When: Saturday, November 12th from 9:00 a.m. to 4:00 p.m.

Where: Clay Madsen Recreation Center, located at 1600 Gattis School Rd, Round Rock, TX

The Holiday Bazaar is an opportunity for local and surrounding city exhibitors and crafters to sell and display their unique, hand-crafted and creative merchandise. This event is hosted by the Clay Madsen Recreation Center, Round Rock Parks and Recreation Department. (Source: Holiday Bazaar Arts and Crafts Show)

Walk to End Alzheimer's

When: Saturday, November 12th

Where: Lot N - Circuit of the Americas, located at 9201 Circuit of the Americas Blvd, Austin, TX

Held annually in more than 600 communities nationwide, the Alzheimer's Association Walk to End Alzheimer's® is the world's largest fundraiser for Alzheimer's care, support and research. This inspiring event calls on participants of all ages and abilities to join the fight against the disease. (Source: Walk to End Alzheimer’s)

Click here to register or donate

   

In The News:

 

 

 

 

 

   

Real Estate Market Update:

Are We Headed For a Downturn? 

Where is the market headed? Will my house be worth more next year? Is now a good time to buy? Here’s what the experts are saying:

Median home prices decreased 5.25% from $496,039 in August to $470,000 in September, likely due to rising mortgage rates and an increase in housing inventory. Inventory increased to 3.1 months in September, a 6.9% increase from August, and a 210% increase from this time last year! With rising interest rates and more homes on the market, the recent decline in sales prices has led some to wonder if the housing market is headed for a downturn. However, economists generally agree that homes will continue appreciating year over year. Even the most conservative estimates still predict a 3.6% average annual growth. 

Supply and Demand

Here’s why you can expect homes to continue appreciating:

1. Supply- There are numerous factors influencing housing supply. One such obstacle is Austin’s high development fees. According to a Texas A&M University Research Center Study, Austin’s new development fees were 187% higher compared to other metros such as Dallas, Houston, Fort Worth, and San Antonio. Additionally, we’ve seen a nation-wide decline in the number of houses being built. Since the mortgage crisis in 2008, we’ve been building HALF as many homes as we did in previous decades... So, while it’s true that we have recently seen more homes being listed, inventory remains relatively low overall, at a modest 3 months supply. A healthy market has at least 6 months of supply, for context.

2. Demand- That brings us to the demand side of things. There is a massive influx of jobs coming to Austin, as well as people. More than 40,000 people moved to Austin in 2021. Of course, there are also many first time homebuyers, investors, and many other buyers as well. Demand is expected to remain high.

The Good News

With relatively low inventory and high demand, experts generally agree that we will continue seeing home values appreciate year over year. Remember that a neutral market holds about 6 months of housing inventory. So, as we transition from an aggressive seller's market into a more modest seller’s market, the good news for buyers is that there are more options to choose from, and more room for negotiating benefits such as seller-paid rate buy-downs. There's good news for seller’s too, because we’re still in a seller’s market!

         

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