Overall, the Austin market is still in a seller's market, and has been for the last 3 years. This means that sellers can sell their homes usually easier, faster and for more money. Several contributing factors to the seller's market include a low inventory of homes for sale, and the fact that Austin is a population-booming city. New home inventory is increasing slowly but surely, which is helping, but many times buyers find it difficult to "win" the home of their dreams due to being outbid by another offer on a resale home. Multiple offer situations are more common than not in many price ranges.
What to do?
First, hire the right agent. You'll want someone with experience in transactions with multiple offers and with your type of financing, and also knowledge of the market you are interested in. Just as important is hiring someone who has the right level of urgency, responsiveness and availability, especially when properties are hot. Compatibility also counts...how compatible are you with them, and are they with other agents? Talk to their clients to get reviews. Don't be fooled by just a bunch of certifications behind their signature. Education is necessary, and experience is the best teacher. Hiring the best has never been more important.
Second, make sure all your finances are in order and you have spoken with a local lender who knows the urgency of our market. Check their reviews. Make sure your lender can answer all of your questions, and is easy to reach. Many great lenders give out their cell numbers in case an emergency question arises. Get a pre-qualification letter from the lender which specifies how much you are qualified to spend AND decide for yourself if that amount is too high for you, or if it works for your budget. A lot of times people qualify for more than they "really" need to spend. Be honest and up-front with your lender and they can usually work out any issues.
If you do these two things right, you will set yourself up for a successful purchase of a home, and a buying transaction experience, you will love!
Congratulations on your decision to purchase a home! May your journey be joyful!
Based on information from the Austin Board of REALTORS (alternatively, from ACTRIS). All information provided is deemed reliable but is not guaranteed and should be independently verified. The Austin Board of REALTORS, ACTRIS and their affiliates provide the MLS and all content therein "AS IS" and without any warranty, express or implied. Copyright © 2018 Austin Board of Realtors
Updated: 22nd September, 2019 9:21 PM.