Daily Archives: February 27, 2018

What Should I Consider When Buying A Home In Austin?

The home buying market in Austin (and the Austin-Rock Round Metropolitan Statistical Area) reached record levels to close out the year 2017. According to information provided by the Austin Board of Realtors, the following is a snapshot of the housing markeHomebuyingAustinTxt for Austin:

  • Single-family homes reached 2,653 for December 2017, a 12.6 percent increase over the same-month sales in 2016.analyze
  • Homes for sale spent, on average, 71 days on the market before being sold.
  • The median price of homes for the Austin-Round Rock MSA was $310,000 as of December 2017, an increase of 7 percent over December 2016.

There is no better time to begin the process of buying a home than today. Working with a local realtor and their team of qualified associates can help you discover your forever home, a place to raise your family and create lifetime memories.

What are some of the important considerations to account for when searching for your dream home? Here are several important things every homebuyer should consider:

How Much House Can I Afford?

A determination needs to be made as to the amount of home you can comfortably afford without going into too much debt. A home represents one of the largest single assets Americans own and too much mortgage can turn a dream home into a long-term financial burden.

texasflagAn analysis of your monthly income (before taxes), expenses, loan type (i.e. fixed, ARM, 15-, 30-year, etc.), down payment, and other debt information can give you a good sense of the mortgage you can apply for. Another tip: pre-qualify for any mortgage you seek before discussing a home purchase with a realtor.

Should I Fix-it-Up or Buy New?

The proliferation of home improvement shows on media such as HGTV and the DIY channel have fed a desire in many to attempt to buy and renovate older homes. Words like ‘open concept’ and ‘cathedral ceilings’ seem to capture an inspire a desire to tear down the old and rebuild new.

What you choose should be based on living where you want to live, the type and style of home you desire, and the cost to renovate. As an example, a recent report put the cost of renovating a pre-1950 home of 2,000 square feet at $320 per square foot versus $280 a square foot for a post-2000 built home, a difference of $80,000.

Location: How Close/Far Can I Be from Work?

Choosing your new or next home should account for the distance and amount of time it takes for you to get to work. Sitting in traffic for an hour or more doesn’t make for a pleasant start of the workday. Nor does it add to your quality of life when rushing out the door at 5 or 6 pm, to catch a child’s school event or spend quality time with the family. If you are not one of the fortunate work-from-home or telecommuters, your daily work commute is a factor to consider.

 What’s in my Neighborhood (Stores, Restaurants, Community Centers, etc.)?

In addition to choosing the right neighborhood for your commute, you also need to consider the proximity of certain amenities to your new home. Are you ok with driving a mile or two to do your grocery shopping or visit your favorite restaurant? How close to the city’s cultural center do you need to be and how important is that proximity? The answers to these types of questions, which should be discussed with a realtor, can make a difference in where you choose to live.