Our CEO, Garrett Martin, sat down with the Austin Business Journal to talk about the near future of Austin real estate, recent trends, and how MileStone Community Builders have helped buyers find their next home despite the circumstance.
We know that home is now more important than ever—especially when you have one with space to move around. This shift to the indoors has created a new wave of homebuyers. But here in Austin, homeowners have not been selling. Nationwide trends show the lowest home supply since 2016. And, with interest rates at their lowest in over three years—15- and 30-year fixed-rate mortgages are sitting between 2.5-2.7%—these hopeful homeowners have more than one reason to want to buy now.
Interest rates that low ensure you won’t pay tens of thousands in additional interest over the life of the loan. And every percentage point matters, as even a seemingly small difference (say from 2.5% to 3.5% on a $200,000, 30-year mortgage) can result in you paying more than $100 more each month and almost $40,000 more over the life of the loan. But, while the demand is high with those wanting to lock in a low-interest rate, there aren’t enough homes in the market to meet it.
The answer to this is new construction. With communities in ideal locations across the Austin area, from Cedar Park to Kyle, MileStone has been working to create the homes buyers want to call their own. Larkspur, in the hill country just outside Leander, and Vistas of Austin, south of U.S. Route 290, are both popular communities that recently began new phases of construction, currently selling in the mid $200s—perfect for the first-time homebuyer. Now is also a great time to buy in our boutique communities, Wilson Trace (Cedar Park) and Summerrow (South Austin), where there are few homesites left, but will be move-in ready by the end of the year. There will also be other new-build communities delivering in the coming months, so be sure to sign-up for our VIP lists to receive first-to-know information on floor plans and pricing.
With that many opportunities and extremely low-interest rates, there is no better time to buy. As Garrett put it, “the market has come back and then some,” so take advantage of the moment! Become one of the many Austinites who have more MileStone homes to choose from to call their own.
To read the full interview with our CEO and see how else MileStone homes are helping the Austin market, click here.