If you’re looking to buy to occupy or invest, then right now is the perfect time to take advantage of current deals in the Austin area market.
Demand typically slows down in September and October so you’ll start to see home prices drop this time of year. If your purchase timeframe is flexible, we recommend buying something in the next month or two.
Looking for more handy buying tips? We’ve got tons of ‘em! Here are some of the best tips to keep in mind when it comes to the buying process:
Of course you’ve been socking pennies away for your nest egg, but we cannot stress the importance of having a sizeable down payment for your home. The amount you put down affects the interest rate on a loan and could make a more your bid more attractive to the seller.
You’ll also want to have enough cash to cover closing costs and any appraisal, loan, attorney or inspection fees that could crop up. But don’t stop there! You should have a separate savings account for emergency funds, too. You’ll need this money for items that a home warranty if negotiated, doesn’t cover, such as a when a water heater breaks or, in case the house needs a new roof sooner than you thought.
Assess thoroughly, but be able to act quickly
Buying a new property is a huge decision—and for many it will be the biggest purchase they make during their lifetime. In the Austin market, you want to cover all bases, but to get what you want, you often must decide and act quickly.
Look at as many properties as your Realtor® narrows down for you, then weigh out all the pros and cons and review the market analyses of anything that sparked your interest.
Set a price range
It’s easy to fall in love with a home that’s outside of your means, so having a budget will protect you from getting too attached. Go over your finances with an accountant and a mortgage broker, and come up with a realistic budget to stay within. Also, make sure your Realtor® knows your amount so they can find properties that are within your range.
Shop for a mortgage
If there’s one thing we agree with Smokey Robinson about, it’s that you better shop around.
Get estimates on mortgages from a few banks, credit unions and/or lenders. This will allow you to compare rates and features to get the best program based on your needs. Your agent can provide you with some suggestions.
Find a good agent
It’s best to work with a licensed, experienced real estate agent who is also a Realtor®, knows the market and has access to finding properties the moment they’re listed for sale. A good Realtor® can help you through every step of the buying process—from putting in a bid to handing over the keys.
Here at Habitat Hunters, we know where the deals are, often before they even hit the market. Contact us today if you’re ready to get your hands on some in-demand Austin property.