Hello everyone my name is Alfonso Rodriguez and I'm licensed in real estate and in mortgage. This post is going to go over the data for the month of May 2022 & my thoughts on the state of the central Texas real estate market & mortgage.
Below is a video I made that goes into more details on that date. Please keep in mind that this is only a general sample of all single family residences listed in the MLS. If you want a more detailed & personalized analysis of your home or the area you want to purchase a home in then fill out the contact field below the video. Either myself or someone from my team will get in contact right away.
You can also call or text me directly @ 512-809-0091.
A Disclaimer Before We Start
Below you'll see data for the months of May 2021 through May 2022. This data only reflects single family homes listed the MLS during that time.
One thing to keep in mind is that we're looking into the past at each month. When the data is calculated for any month it is a representation of events that happened at least 30 days before. As an example, the most recent data you'll see is for May 2022 which includes events that happened at least the month before.
I mention this because this info is a good indication of which direction we're headed but does not reflect what's going on right now. In the world we live in things do change quickly & the same has proven to be true in real estate & in mortgage.
Average Close Price & Close-To-List Ratio
This chart below shows the average close price for the past 12 months along with the average close-to-list price ratio. Notice how we had a dip in the close-to-list price ratio during the off peak fall & winter season? This is completely normal & it will be interesting to see how the month of June will look. There was a small dip from April to May 2022 & this is when the Federal Reserve has a 50 basis point increase in interest rates.
The table below is the hard data used to create the graph above which represents the average close price & average close-to-list ratio for May 2021 through May 2022.
Average Days To Sell & New Listings
The chart below is showing the average days to sell & the number of new listings submitted to the MLS for the months of May 2021 through May 2022. The average days to sell is the number of days it takes from when a listing goes live to when it goes under contract. The number of new listings is self explanatory.
The table below is the hard data used to create the graph above which represents the average days to sell & the number of new listings submitted to the MLS for May 2021 through May 2022.
How do things look as a home buyer?
There a lot more homes to choose from with the abundance of listings in the resale & new markets. Homes are taking longer to go under contract & I believe we're going to see prices stabilize with sellers being more willing to accept accept a lower price as competition starts to decrease.
If you're in the market to purchase a home you will have some leverage negotiate better terms. With increase in homes prices that we've seen I recommend you seriously consider a home built at minimum 2+ years ago to save on the amount of property taxes you will be paying. Also, with the increase in interest rates, you will want to plan out what's affordable to you as a mortgage.
I offer a free, no obligation consultation to help you plan so that you can confidently make the best decision possible. I'm licensed in real estate & mortgage which is very helpful to streamline the entire process. Call or text me directly @ 512-809-0091.
How do things look as a home seller?
If you have a home to sell I believe that your best chances to get a premium price is in the next 2-3 months while the summer peak season is going on.
There is still demand for homes with all the people still moving to the area but with the increase in prices, increase with interest rates, inflation & the economy, buyers are being extra cautious on making a decision so it's important to develop a plan of success in advance.
I offer a free, no obligation consult on what you could sell your home for in today's market listed with a Realtor or what you could get with one of those buy it now cash home-buyers that you hear about on the TV or radio. Most people don't really understand how that all works & it's important to consider which options work best for your situation. You'll receive great information that will help you make the best decision possible.
Feel free to get in direct contact with me at 512-809-0091.
Make sure to consider today's mortgage interest rates
When it comes to financing your next home you should expect to see a higher interest rates from what we saw just six months ago. To give you a general idea I saw rates in the high 2% to the low 3% in the late part of last year. For a well-qualified borrower today it can range anywhere between a low 5% to a 6% rate.
You can also play around with my online mortgage calculator to get a better sense of how the interest rate effects your payment.
When you see mortgage companies quote or advertise a rate you will want to ask yourself, how much is that going to cost me? There's a lot of teaser rates out there they may either be an adjustable rate mortgage (ARM), those have to be disclosed when being advertised, or it's a rate that looks super attractive but you have to pay points to get that rate.
My mortgage company is a lender and a broker. This means we will shop different lenders, investors & credit unions on your behalf then present to you the best mortgage options.
To learn about how this can benefit you, simply call or text me directly at 512-809-0091.
I'm available to you as a resource
The information covered is just a very general, surface level analysis of what I'm seeing when I'm out there working with buyers and sellers. Right now in the real estate market things are changing rapidly on what seems like a daily basis so please stay tuned for future market updates.
If you want a more focused analysis of your home or the area that you want to purchase in then please get in touch. I'd love to get a few minutes of your time to learn more about your situation, what your goals are, explain how I can help and give you all the information that you need to make the best decision possible.