Roundup of Recent Real Estate News
The New Home of Tesla
Austin’s strong economic base just got stronger with the new Tesla Gigafactory. Elon Musk made the announcement late last month that Austin would be the new home for the factory. The new factory will be open to the public, and there will be a boardwalk and hiking and biking trails. Tesla will also be hiring up to 5,000 employees!
Austin Continues to Grow as a Tech Hot Spot
Another billion dollar tech company follows Tesla expansion into Austin. Hippo, a property insurance company, will be doubling the size of their Austin workforce. Rick McCathron, the company’s chief insurance officer, said “Austin really fit Hippo’s mentality of a modern tech center…”
New 133-acre Apple Campus Site Begins to Take Shape
Apple’s new $1 Billion campus in Austin, Texas is under construction. The new campus will eventually have space for 15,000 employees across 10 buildings and will now have a 192-room hotel.
ADU’s (Accessory Dwelling Units) Are Increasingly Popular Across the Country
A new Freddie Mac study, using the 1997-2019 Multiple Listing Service transactions data, identified 1.4 million properties with accessory dwelling units (ADUs). Close to 8,000 ADU rentals were leased in 2019, equaling 2.9% of total homes leased on the MLS—less than 1,000 ADU rentals, or 1.2%, were leased in 2000.
Record Profits for Home Seller
Home sellers who sold in the 2nd quarter amid peak market uncertainty due to COVID-19 netted record profits. With a housing market already in short supply of homes, the pandemic only fueled this shortage creating high profits for sellers.
Housing affordability is Up
Due to record-low mortgage rates—homeownership is the most affordable it has been since 2016. According to Freddie Mac, those shopping for a home can afford 10% more than they could 1 year ago while keeping their monthly payment unchanged. This equals nearly $32,000 more buying power!
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