Low interest rates, little inventory and plenty of buyers have made it a busy winter. The biggest mistake a buyer can make right now is to not have a plan and thorough understanding of the home buying process. If a home comes on the market these days, that is better than most – whether it is because of features or price, rest assured there are plenty of buyers that are going to go see it – and they all have similar wants and needs in a house. As soon as a new home pops up – everybody runs to it. Like houses attract like Buyers.
Buyers need to be prepared to act quickly when viewing a house they are interested in.
Know your Numbers
Get pre-qualified or pre-approved for a loan before you ever step foot in a home – it will set the bar and/or comfort zone on what your price point should be. An offer will not be accepted without a pre-approval which could take days. Waiting for a pre-approval is valuable time to waste when you see a home you really want to act on in Austin.
Moving in Austin
Buying a home in Austin if you already own one can be tricky. Sellers are not eager to accept an offer if your current home is not under contract and will be less eager if your current home is not already on the market. Austin is in a very strong Seller’s market. You need to be a ready, willing and able Buyer.
Understand the contract up front…what is option money, earnest money, a MUD, how does a back-up contract work? Having an understanding of the contract and the home buying process will save time and maybe a bit of frustration before you actually purchase a home.
Make a list of contacts you will need once you are under contract. The option period goes by very fast once you are under contract. Knowing who you are going to call for an inspection is helpful. How much hazard insurance might cost, even how much common upgrades like having a room painted, replacing carpet or installing granite might be helpful to know upfront, so that you have an idea.
Preparing before looking at homes will give the buyer a leg up on the competition and the ability to act quickly when the ideal home becomes available.