Buying A Home in Austin 2021: How to buy in a booming market. Living in Austin Series

Buying Real Estate
The Austin housing market is on fire. Homes are selling quickly in the Austin area. Living in Austin is great, and everyone wants to live here. We have extremely low homes for sale and twice as many people wanting to buy a home. Because of Covid people from across the country with remote working people can live anywhere and there are a lot of benefits to living in Austin. The benefits of living in Austin are low taxes, great quality of life, beautiful scenery, and affordable housing compared to the East and West coast.

Since homes available to sell are scarce in Austin, be prepared to meet high standards in order to purchase. You’ll need at least 20% down payment to purchase a home, plus an additional $100k cash. This is because most homes end up in a bidding war and many will sell for over $100k what you’ll be able to get a loan from the bank.

Whenever I’m representing the buyer I usually get on the phone with the selling agent and ask them a lot of questions to get as much information as possible. I’ll ask them how many offers they have. Generally, it’s not uncommon for homes to have at least 10 offers. The winning offer is usually over $100k the asking price.

Let me give an example. Recently, I represented a client for a home listed at $600k. We submitted an offer for $720k. This means that we were able to pay over $120k in cash over the asking price of the home.

There are also some other things I do to help win the bidding war. Sometimes we’ll offer to pay the title fees. When a seller sells a home they have to get a title policy to ensure the title is clean. The title policy is about 0.5% of the total price of the home. Offering to pay the title fee is a way to show the seller that you’re serious.

Another thing we’ll do is we make serious option period fees. Normally when you put an offer in on the house the buyer will pay an option fee. This usually something small like $200-300. However, to win a bidding war, we’ll usually pay up a much higher option fee or have an extremely short option period in the contract.

The good part about buying in Austin now is the appreciation value of homes is growing and will continue to grow. So if you’re lucky enough to buy a home now, you’ll more than recoup your investment.

If you’re looking to buy or sell a home in Austin I’d be happy to help you. Feel free to reach out to me via YouTube, Instagram, Phone, or Email.

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