Because of the fluctuating economy, many buyers and sellers are scratching their heads wondering what’s next in real estate.
The Austin real estate market is super-heated right now. However, available homes for sale in Austin fall far short of the demand. This means that buyers need a bit of patience and may need to temper their expectations if they want to win the competition for an available home.
On the other hand, as a homeowner, this is a great time to sell your house. Prepare your home for sale with the help of an experienced real estate agent and wait for offers to rain down. But, keep in mind the super-heated sellers’ market won’t go on forever.
Whether you’re considering buying or selling, we’ve compiled a list of lessons learned for both, so that you can put the knowledge to work for you.
Buyers, Do Determine Your Needs Before You Begin Your Housing Search
According to the Austin Board of Realtors, the average cost of a home in Austin is $485,000. So, it’s important to do some research with your realtor prior to looking at homes outside your budget or that don’t meet your needs.
Visit your preferred lender to get a pre-qualification letter. Your Realtor may have recommendations for reputable local lenders. A pre-qualification letter streamlines the closing process and helps you secure a property over unqualified buyers.
Sellers, Do Dream Big, Utilizing Your Home’s Equity
If you own a home but wish to relocate to a more suitable property, you could have more buying power than you think. If you have at least 20% equity in your current home, you can refinance or apply for an equity line of credit. You can use the money for a down payment on a new home or to prepare the house for sale.
In the current market, your equity may have jumped up to 29%, the average price increase in Austin over the past year. What could you do with the profits you make on your home?
Sellers, Don’t Discount a Change of Scenery
The average income in Austin grew by $21,000 to $72,000 from 2010 to 2019. Numerous businesses moved to Austin during this timeframe, sparking an accompanying population growth. If you enjoyed the ride but would like to cash out and find a cheaper home in a nearby community (or one in another state), now is the ideal time to do so.
Buyers and Sellers, Don’t Let the Competitive Market Outpace You
According to the Washington Post, the spike in demand slowed down from April to May on the national level. This could mean that demand will slow in the local Austin market as well. If you’re a seller, take this into account when setting a price for your home. Your Realtor can help you determine a competitive price that moves your home quickly while still lining your pockets with a healthy profit.
For buyers, it’s important to keep up with the ever-changing landscape in Austin real estate. Choose a savvy real estate agent who knows the market well and can spot a great opportunity that meets your needs.
Buyers and Sellers, Do Hire a Realtor to Help You Through the Process
If you’re looking for a realtor that knows the Austin market inside and out, you’re in the right place. The Homes With Hall Realty team will help you understand the price point of your home and comparable properties in the neighborhood. Whether you are a buyer or seller, our proven track record will allow you to rest easy during your home buying or selling process.
When you meet with us, we’ll ask the right questions regarding your real estate goals. Whether you’re a first-time buyer, a homeowner ready to get into a larger or smaller property, or a seller looking to cash out on the current hot market, as savvy realtors, we come prepared with a competitive market analysis that helps you meet your needs.
Contact us today to learn more about how we can help.