Wow, can you believe July is already wrapping up? ⏳ This month has just flown by! Kristin and I had a little adventure last week without AC—definitely not the summer fun we were hoping for! 😅 Fortunately, our upstairs unit was still working, so we made do.
We always keep a Home Warranty for just such emergencies, and it really paid off. Thanks to our warranty, we were able to replace the major components of our HVAC system (condenser, compressor, thermostat) for a fraction of the cost. 💨💰 If you’re considering a Home Warranty, I highly recommend Fidelity Home Warranty. Reach out to Elaine Maxey at (512) 699-1387 for more info. 📞
June 2024 Market Overview
Our local real estate market through June 2024 is showing some interesting trends! 📉 Median sales prices are dropping, the number of closed sales are dropping, while the days on the market are slightly rising. 🏡🔄 I've attached the latest stats below for your review. 📊
In other news, let’s dive into how Texas mortgages compare to other states. 🏠💼 Homeowners in states with narrow lock-in gaps will see less of a cost increase if they sell their homes and buy at current mortgage rates. 📈
Here’s how Texas stands out:
- Texas has the narrowest mortgage rate lock-in gap in the country. 🇺🇸
- Homeowners in Texas are holding mortgages with an average rate of 4.3%, which is among the highest in the country. 📉
- Current mortgage rates in Texas (as of July 2) average 6.85%, the lowest of any state. 🏆
- This creates a spread of 2.55 percentage points between rates on new and existing mortgages. 📉🔄
- For Texas’ average loan amount of $336,000, a monthly payment at 4.3% would be $1,862, which increases to $2,202 at 6.85%. That’s a difference of $340 per month. 💸
New York, New Mexico, Michigan, and Rhode Island follow Texas with the narrowest lock-in gaps. 🌍
As always, we appreciate your referrals; let us know if you, your family or friends have any real estate needs! Feel free to reach out if you have any questions! 📞✨
