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Lake Travis Real Estate News

U.S. Real Estate Overview

Note: June 2019 data below are the most recent released by the National Association of Realtors.

Existing-home sales rebounded in May, recording an increase in sales for the first time in two months, according to the National Association of Realtors®. Each of the four major U.S. regions saw a growth in sales, with the Northeast experiencing the biggest surge last month.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) dropped 1.7% from May to a seasonally adjusted annual rate of 5.27 million in June. Sales as a whole are down 2.2% from a year ago (5.39 million in June 2018).


National Association of Realtors June 2019 DataNAR's chief economist, Lawrence Yun, said the nation is in the midst of a housing shortage and much more inventory is needed. “Home sales are running at a pace similar to 2015 levels – even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country." "Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices.”

 

The median existing-home price for all housing types in April reached an all-time high of $285,700, up 4.3% from June 2018 ($273,800). June’s price increase marks the 88th straight month of year-over-year gains.

Total housing inventory at the end of June increased to 1.93 million, up from 1.91 million existing-homes available for sale in May, but unchanged from the level of one year ago. Unsold inventory is at a 4.4-month supply at the current sales pace, up from the 4.3 month supply recorded in both May and in June 2018.

Properties typically remained on the market for 27 days in June, up from 26 days in May and in June of 2018. Fifty-six percent of homes sold in June were on the market for less than a month.

Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.80% in June, down from 4.07% in May. The average commitment rate across all of 2018 was 4.54%.

First-time buyers were responsible for 35% of sales in June, up from 32% the month prior and up from the 31% recorded in June 2018.

How's your selling strategy?

Sellers, you have an excellent opportunity to sell your home this season -- if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale.

It is very important to price your property at a competitive market value at the signing of your listing contract. In some places, the market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell. And in some of today's particularly hot markets where we're seeing bidding wars, you still want to work with your agent to set the right starting price from the outset to give yourself every advantage.

An Overpriced Home:
· Minimizes offers
· Decreases agents response
· Limits qualified buyers
· Decreases showings
· Decreases prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

Round Out Summer WIth These Top Austin Attractions

Looking for some more great ways to spend time with your family before summer ends? Austin is full of so many great things to do, it can be hard to pin down that perfect day out on the town. So here's a few ideas for some of the best ways to spend the day with your family in Austin.

Congress Bridge Bats

If you love bats, then this is the place to see them. The Congress Bridge is home to the largest urban bat colony in North America at an estimated 1.5 million bats.  Hot August nights bring them out into multiple columns, so now is the perfect time to view them. It's even more stunning to view them from a boat as they contrast against the evening sky. Or you can get even closer and watch them from the bridge.

Austin Duck Adventures

This is the only land and water tour in Austin, and it will give you great views of the Texas Capitol and then on to Lake Austin where you drive straight into the water and float around before heading back. 

The Escape Game

How good are you at breaking out of prison? Test your escape skills at the top escape room in Austin.Work together with your friends to complete the mission and escape from 5 different adventures - The Heist, Gold Rush, Playground, Classified, and Prison Break.

Austin Detours

This is a great way to explore your new city if you just bought a home here. This tour gives you the scoop on living life in Austin as a local. You'll also enjoy the Live Music Crawl that shows you why Austin earned the reputation as the "Live Music Capital of the World."

Austin Wine Tours

Visit select top vineyards for a great afternoon with friends as you discover why Austin wines are some of the best in the country.

Visit our blog every week for more things to do in Lake Travis and Austin. Selling your home in Lake Travis or Austin? Get a FREE Home Evaluation of your home's value today!