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How To Buy a Home In Austin

The appraisal is the key The mortgage company will not lend you the money unless an appraisal is done that meets the contract price. They will especially look at recent comparable home sales in the immediate area. With increasing home prices in Austin, the “for sale” price on a home may exceed recent comparable sales in the same neighborhood. This is a significant problem in getting loans for houses in the hot local market and may cause the sale to fall through, or you may find yourself renegotiating the price of the home or agreeing to come up with more cash down payment. Ask about owner financing If buying a resale home, ask if the owner will “owner finance” a portion of the home price. Many sellers who have lived in their homes for a long time have a considerable amount of equity in their homes due to the recent increase in Austin home prices. If they sell and don’t reinvest their proceeds, they have to pay taxes on a portion of the gain, so the seller might consider financing a portion of the sale price to you, explains Welsh. Don’t forget home insurance Home insurance protects you from financial devastation if you home were to be destroyed or damaged. It also protects your from lawsuits if someone gets injured on your property and tries to sue you, and pays your living expenses if you need to move out of your home when it’s being repaired. In order to get a good rate on home insurance your need to compare home insurance rates. Make your best offer It’s not uncommon for a seller to receive multiple offers, some even higher than the original asking price. If you want the house, you probably won’t get a second chance, so make sure your offer is one you'll feel good about if someone else’s offer is accepted. You don’t want to say, 'I wish I had' after another offer has been accepted because by then it is too late, explains Wheeler. Buy in a hot neighborhood This could be the hottest year ever for Austin home sales. Look for the hottest neighborhoods that still have housing availability. Remember, the three rules of real estate are still “location, location, and location,” says Wheeler. There are a number of mid-city neighborhoods that are jumping in popularity because of their close-in locations, access to a growing number of hot restaurants and good neighborhood schools. Your broker can help you find one that’s right for you. Consider the schools Even if you don’t have kids, the quality of the schools will make a big difference when it comes time to sell your home. Districts like Lake Travis, Leander, Westlake and Round Rock are standouts, but there are great schools located within all districts. Check out the schools in your target area at www.greatschools.org advises Welsh. Here are some more tips you can use when purchasing a home: Reports anticipate that 2016 will be a healthy year for the real estate market, so if you or your clients are considering buying or selling a house this year, here are some tips from professional realtors. The tips can help guide everyone from house-hunting virgins to flipping fanatics through the market specifics for the next year, cutting through the clutter of real estate advice to highlight what is most important for buying or selling a home in 2016. "The 2016 housing market is forecasted to be mainly a seller's market, filled with increasing home prices, relatively low inventory and fierce competition between buyers," said Jonathan Smoke, chief economist for Realtor.com. "Buyers looking to close this year need to keep an open mind and be prepared to move quickly when they find a home that meets their needs. For sellers, it's about understanding the ins and outs of their local market so they can optimize the price of their home and close quickly." The top tips for 2016 home buyers include: Be the early bird. Over 85 percent of buyers who plan to purchase in the next year intend to buy in the spring or summer of 2016, according to our most recent Realtor.com survey. With roughly 50 percent more listings inventory relative to the number of potential home sales expected in January and February, buyers who start their search early face less competition with nearly the same number of homes.   Continue reading this article from cpapracticeadvisor.com

NEWS

Our Economist’s Top Tips for Buying a

Home in 2016

Here are some buying tips from Realtor.com. It looks like a great year to buy a home. There’s a lot of tried-and-true advice out there for would-be home buyers (including our own). But the housing market is changing all the time, and if you’re on the hunt for a home, you need to stay aware of the latest trends—and how they’ll hit you where you live (literally). In order to help buyers land their dream home in 2016, the realtor.com® economic data team has done its homework on the stats that matter to come up with a short list of its best advice. “Buyers looking to close this year need to keep an open mind and be prepared to move quickly when they find a home that meets their needs,” says Jonathan Smoke, our chief economist, citing “fierce competition among buyers.” Start your search early The No. 1 tip that his team came up with, Smoke says, is to kick off your home search early. “If you’re intending to purchase, based on the volume of house hunters who are just like you, consider doing it sooner rather than later—you’re likely to get a better price and a better mortgage rate,” he says, pointing out that there’s far more inventory available relative to the number of sales in the off-peak months. More than 85% of buyers who plan to purchase in the next year intend to buy in the spring or summer of 2016, according to the most recent realtor.com survey. With roughly 50% more listings inventory relative to the number of potential home sales expected in January and February, buyers who start their search early face less competition with nearly the same number of homes. Comparison shop for mortgages “Work as hard on the mortgage as you do on finding a home—this will pay dividends over the life of the mortgage that you have,” Smoke says. “Don’t just assume that the 30-year fixed mortgage is the best for you.” Mortgage rates are expected to reach 4.65% by the end of the year (while prices are predicted to rise 3% year over year), but many consumers aren’t aware of the variety in mortgage products that can affect what they pay, Smoke says. A lower interest rate can make the difference in qualifying for a loan to buy a certain home—not to mention saving you thousands over the life of the loan. So make sure to shop around! Click on the link below to get more home buying tips:
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Austin Homes provides information about buying and selling homes in Austin Texas. You can contact us at Admin@austin-homesk-real- eastate.com or 265-4798