Any election year brings uncertainty, and 2016 exhibited that with homesellers and buyers waiting until after Nov 9, to make the largest purchasing decision of their family.
Single-family home sales rose 15.8% in November, the biggest year-over-year jump in 3 years. Several chief economists say the post-election rise in interest rates helped folks jump off the fence and capture those 4% and below rates. Same rates now are 4.38% and higher, expected to go to 5% by end of 2017. This affects the purchasing power of every buyer, and the affordability for buyers affects what sellers get for the homes they sell.
Another factor in Austin is the creation of 32,100 jobs in 2016, compared to 39,200 jobs in 2015, and expectations for 28,200 jobs in 2017…
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