🤠🏡 Selling Austin #28

Buy Today With A 2.5% Rate

Author

Kirtana Reddy
August 16, 2024

Welcome everyone! Happy Friday!

If we haven’t met, hi! 👋 I’m Kirtana, an ex-dentist turned Realtor. Thinking about buying a house, listing your home for sale or renting?

Let’s work together! Email me here ✅ 

Pay attention to how you can buy today with a 2.5% interest rate.

WHAT'S INSIDE

👀 DEAL OF THE WEEK

We know rate cuts are forecasted for September but it won’t be anywhere near pandemic levels.

What if you could buy a property today at a 2.5% interest rate?

You can. This Sweetwater home in west Austin comes with an assumable VA loan at 2.5%.

Tell me about assumable VA loans.
Ok, here’s the TLDR:
- you do not have to be in the military to assume a VA loan
- fewer fees than a traditional loan
- not a standard % down - you owe the equity the owner has in the property at closing. this can be covered via cash or loan (this loan will likely be counted as debt by lenders in your debt to income ratio)

5813 Gunnison Turn Rd, Austin, TX 78738

2482 square feet
4 bedrooms and 3 bathrooms

www.zillow.com/homedetails/5813-Gunnison-Turn-Rd-Austin-TX-78738/119625469_zpid

Check this out -

  • assuming 20% down and a 6% interest rate - with a VA loan you are:

    • saving $1,000 a month

    • saving almost $350,000 in interest over the lifetime of the loan

Loan 1

VA Loan

Principal

$468,000

$468,000

Interest Rate

6%

2.5%

Years

30

30

Monthly Payment

$2,805

$1,849

Total Interest

$542,122

$197,699

Read more about Assumable VA loans: here

🔢 THE DATA

Speaking of falling rates - home loan refinance applications have jumped +35% from last week.

And they’re up +118% from a year ago.

New mortgage applications are up 3%.

Lot of numbers - TLDR:

  • Huge spike in refinance applications

  • Small bump in new mortgage applications - signals that some buyers may be waiting for the Fed’s September cut to buy.

⁉️ WHAT THIS MEANS FOR YOU

If you’re a buyer/seller/investor/renter or just interested in real estate - this weekly newsletter will help guide your decision making and help you better understand the market.

Buyer
- Inventory is beginning to slow as we getting into late summer/fall

- Summer is historically the highest activity

Seller
- Price your home to SELL. Do not let your home sit on the market.

- Stage your home

Renter
- If you’re living in a high rise downtown - NEGOTIATE

- Seeing big complexes offer 6-8 weeks free

🤤 HOUSE WORTH DROOLING OVER

I hear you, “it’s not even in Austin” 

TRUST ME the drive would be worth it, take a look:

4002 Tyx Trl, Spicewood, TX 78669

14215 square feet
5 bedrooms and 10 bathrooms

www.zillow.com/homedetails/4002-Tyx-Trl-Spicewood-TX-78669/2146107922_zpid/?utm_source=sellingaustin.beehiiv.com&utm_medium=referral&utm_campaign=selling-austin-12

Thank you for being here! Reply to this email if you have any questions or just to say hello! 👋 

P.S. If you think your friends would like this newsletter, I’d love for you to share it with them!