30 year Mortgage rate average falls below 3 percent for the first time EVER! One year ago, a $300,000 loan had a monthly cost of $1,400 (30 year fixed loan). That same $1,400/mo payment would pay for a $333,000 loan today. 11% more house for the same price! (Taxes, insurance and HOA costs are not included.)
With historically low interest rates, the always dynamic Austin real estate market is rebounding quickly. Not only are first time buyers jumping in the market to take advantage of the low rates but many move-up buyers are also actively trying to find more accommodating homes to what they think will be a new normal.
Several buyers we’re working with expect to spend more time working from home, even after Covid-19. Between Austin’s high office rent, growing commute times and businesses optimizing their remote work processes, many remote workers realize it’s not necessary to go to the office every day.
Up until now, most buyer’s primary consideration was a place their families could relax after returning from their daily routines. Now, I hear more buyers looking for flexibility from their homes where they can have dedicated and quiet work/study/exercise space AND comfortable family areas. A few of the features that are growing in popularity are private home offices, personal gym space, an extra room for relatives to stay, and in general larger homes with extra elbow room.
There are plenty of homes out there that fit this new work/play lifestyle and I’d love to find the perfect one for you! Message or call me at 512-576-1504 to take advantage of these low interest rates along with our exciting Zero Plus loan program with Zero lender and origination fees PLUS $1,000 credit at closing (terms and conditions apply).