My New Blog

As most anyone living in our area knows, our market has changed considerably from just five or six months ago. And while the doom and gloom media types overstate the significance of the market here in central Texas, many buyers are finding bargains to be had.

So, you might also be asking…is it a good time to buy real estate in Austin? And my answer would be a resounding yes. For anyone who has been sitting on the sidelines to see what the market was going to do, here is a short list of reasons why I think it’s a great time to buy.

1. Selection: There are lots of homes from which to choose.

2. No Multiple Bids: You will seldom have to contend with bidding against other buyers for the same property.

3. Reasonable Offer: Now you can make a reasonable offer and won’t have to worry about offending the seller. Many times they’ll be happy just to see someone with interest in their home and are much more conducive to compromising on a whole list of things.

4. Time: Now time is on your side. Only months ago, everything had to be rushed for fear of losing your dream home, but not anymore. Buyers now control the pace.

5. Due Diligence: Gone are the days when buyers were forced to forego inspections in order to keep the seller happy and meet the seller’s time frames. Now buyers will have plenty of time to get all their due diligence completed before committing to the purchase.

6. Builders Are Your Friend (Again): Buyers no longer have to deal with pushy builder representatives who thought they were doing you a favor by selling you a “spec” home. Again, buyer’s are in control and can pick and choose the spec they want and the terms under which they will buy it.

7. Repairs: Sellers are now much more open to requests for repairs or updates to be completed in order to finalize a sale.

8. Fewer Investors: Along with the subprime market meltdown, investor loans have also begun to dry up or at the very least require significant down payments and other conditions be met, something that has removed a large portion of the “pseudo” investors to pull out. Now buyers who intend to live in a home are the prime buying market.

9. Location: With fewer homes selling, buyers are able to find homes closer to their work or within their preferred communities and school districts.

10. Loans: Interest rates on loans are dropping as mortgage companies are shutting their doors. Fixed rate loans are once again the norm and rates are already in the upper 5% range for borrowers with good credit. And since few buyers have good credit, there are fewer buyers competing for loans and ultimately for homes.

Yes, it is a good time to buy in Austin!