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Home sales got off to a strong start in the Austin-Round Rock market in 2020.
On Jan. 2, Zillow declared Austin the nation's hottest market due to the city's affordability, low unemployment, attractiveness to young people and booming tech industry. Even March sales figures were in the black, showing a 2.2% increase over the previous March, as the coronavirus pandemic grew.
Austin homes were rapidly appreciating, with median sales prices up 11.7% over the previous March. It was a bubbling sellers' market.
"March was a hangover from a fast start," said Romeo Manzanilla, president of the Austin Board of Realtors (ABoR) "Everything that was in the pipeline closed. We will see in April the true effect of the pandemic."
Romeo Manzanilla, president of the Austin Board of RealtorsRomeo Manzanilla
Of course the COVID-19 outbreak has had more deadly consequences, but it came at a bad time for sellers and buyers. The peak time for home sales is April through August.
Depending on shelter-in-place and restrictions on travel, Manzanilla predicts the Austin market will recover in the fourth quarter, perhaps active even in the holiday season. "Being both optimistic and realistic, there will be a lot of pent-up demand," he said. Sales numbers could be in line with last year, he added.
Manzanilla, 47 years old, moved to Austin in 1999. He is the broker-in-charge of Realty Austin, which is owned by Jonathan and Yvette Boatwright. The business has 560 agents and reported $3.45 billion in total sales in 2019. Manzanilla and his wife Monica live in Avery Ranch.
This still could be a good year for you if you're a certain kind of buyer. Mortgage interest rates are low, ranging from 3.2 to 3.9%, depending on the duration of the mortgage. Yet, jumbo loans—those exceeding $510,400 in Texas—have all but vanished.
Favored in today's market is the luxury real estate buyer who is liquid. "Instead of competing with 10 offers, they may find three or four offers on a home," said Manzanilla.
Not favored is the highly-leveraged borrower with drooping stock holdings and an unsteady job situation. "It's still a sellers' market," said Manzanilla, "just not quite as unbalanced [in favor of the seller] as it has been."
Sellers are more likely to negotiate extensions on closings, with appraisal and approval processes slowed by shelter-in-place and heavy demand for refinancing.
ABoR is advising agents to comply with social distancing, foregoing open houses and individual house calls in favor of pictures and virtual tours on web-based listings. Drones are being used for flyovers to substitute for walk-arounds. Online research by buyers has picked up, said Manzanilla. Realtors "should follow the CDC guidelines to minimize exposure to clients," he said, "and anything that puts you in a precarious situation."
Among his own clients, he added, a lot of prospective sellers are withholding their homes from the market, and those who have listed are holding firm on asking prices. Sellers know that there is a diminished pool of homes.
In good times and bad, Manzanilla loves real estate and interacting with clients. The best and worst of real estate? "Some clients you absolutely love. Some clients you absolutely love when a transaction ends."
Summertime sure does fly by, doesn't it? It's time to jam-pack as many summer activities as you can while there is still about a month left before school starts up again and the grind gets going. Luckily, Austin is full of places to visit that will fill your season full of memories.
To get you started, check out some of these seasonably-fit museums, galleries and snacks.
Beyond Van Gogh, 9201 Circuit of the Americas Blvd.
Like the name suggests, Beyond Van Gogh Austin takes visitors deeper into the Dutch painter's work by surrounding them in his post-impressionist world. Aptly taking place at the Starry Night Pavilion at the Circuit of the Americas, this immersive exhibit allows Vincent Van Gogh's masterpieces to be "freed from frames" as they are projected onto the walls and floors for guests to explore. Van Gogh's thoughts, dreams and words are set to a symphonic score to drive the narrative as you walk through the rooms, giving visitors insight into the tortured artist's swirly world. Adult tickets start at $46.99, children at $28.99 and it offers student and military discounts while the museum runs through Sept. 5.
Museum of Ice Cream, 11506 Century Oaks Terrace
The runaway hit from New York City has made its way to Austin, complete with a rainbow sprinkle pool, banana forest and bright-pink-everything exterior. The Museum of Ice Cream is a favorite of major celebrities—Beyoncé, Ryan Reynolds and the Kardashian Krew have all been spotted at the New York Location. The whimsical museum promises an undisclosed "Texas twist" at its new Austin location, which also has an on-brand café that serves Museum of Ice Cream original treats. You didn't think you'd leave without ice cream, did you? Tickets run $39 per person.
The Selfie Galleries, 3220 Amy Donovan Plaza
Looking for a place to get that perfect summer selfie? Look no further, because the newly-opened Selfie Galleries has 20 wildly decorated different rooms to roam through, capturing an unforgettable photo of yourself and your faves in each one. The backdrops were made so you can flex your creative muscle and make some documented memories at the same time. The gallery also hosts mixers for all age groups so you can meet local Austinites in a safe setting. Tickets start at $20 for an hour, $40 for two, depending on how many people you bring along.
Wonderspaces, 1205 Sheldon Cove
The self-proclaimed "new home for extraordinary art," Wonderspaces is an interactive art gallery like you've never experienced before. With rotating exhibits that you can touch, Instagram and ogle, the artwork is designed for everyone to create their own unique experience when visiting. Virtual reality, a house of mirrors, anonymous conversations and a dragon made of teabags are just a few of the wild installations that make this museum what it is—plus, you can enjoy some local brews at the Wonderspaces Bar. Adults can visit for $24, kids for $15 or you can get an annual pass for $99 and visit each new piece.
Milk Bar Bakery, delivery only
Maybe you want an experience without the outing. Thanks to ghost kitchens, the brainchild of Christina Tosi came all the way from The Big Apple to the Lone Star State. The well-celebrated Milk Bar Bakery is now available in Austin through third-party delivery only, meaning you can get the full line of milk bar cookies, bar pie, truffle crumb cakes and its famous layered birthday cakes through UberEats, GrubHub, DoorDash and Postmates only. If you haven't had these rich cookies yet, it's time to fire up that delivery app and get to ordering!
Soak up the rest of summer while you can!
- 1 1/12 oz sweet pepper-infused Tito's Handmade Vodka
- 3 oz soda water
- 1 oz grapefruit juice
- 1/2 oz lime juice
- 1/4 oz simple syrup
The Biden administration is asking cities and states to use pandemic relief funds to pay residents $100 to get vaccinated. Meanwhile, Texas Gov. Greg Abbott reaffirmed prohibitions on pandemic protocols in a new executive order issued on Thursday.
The order emphasizes that "the path forward relies on personal responsibility rather than government mandates," according to a press release. It outlaws government entities from requiring employees to be vaccinated or individuals to provide proof of vaccination and upholds previous orders restricting government entities' ability to impose pandemic protocols.
Local public health and elected officials have asked all Austinites to wear masks indoors, regardless of vaccination status, and unvaccinated individuals to avoid nonessential trips last week given the rising number of local confirmed cases and related hospitalizations in recent weeks. But it is not enforceable under Abbott's order.
The seven-day moving average of new hospital admissions in the five-county Austin metro has more than quintupled since the beginning of July and is now 47.4. The threshold for Stage 5 is 50, according to Austin Public Health's risk-based guidelines.
Despite these trends, Abbott stands firm in his commitment to avoid new statewide mandates and to prohibit local government entities from issuing any of their own.
"Texans have mastered the safe practices that help to prevent and avoid the spread of COVID-19," he said in a statement. "They have the individual right and responsibility to decide for themselves and their children whether they will wear masks, open their businesses and engage in leisure activities."
Public health officials have attributed the current spike to the more contagious Delta variant and unmitigated spread among unvaccinated individuals. Abbott encouraged Texans to get vaccinated if they haven't already but affirmed that it would never be required by the state in his statement.
An increasing number of Austin-area employers—including Ascension Seton, Baylor Scott & White Health, Facebook and the Department of Veterans Affairs—have announced new vaccine requirements in recent days. Austin Mayor Steve Adler asked the city manager to enact a similar requirement on Wednesday, but the city is unable to do so due to an executive order issued by Abbott in April.
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