Low rates, low inventory and plenty of buyers have made for a busy 2012 Austin Real Estate season. 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. In fact, many buyers all view the same houses, because a new one pops up in a popular subdivision or school district they want. Like houses attract Like Buyers. My last 2 listings had multiple offers and the last offer I wrote did as well. Multiple offers are the norm right now, so buyers need to be prepared to act quickly when viewing a house they have interest in.
Steps to Home Ownership in Austin
Get pre-qualified or pre-approved for a loan before you ever step foot in a home – it will alleviate disappointment and an offer will not be accepted without one.
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.
Who are you going to call? I have yet to call in the Ghost Busters, but knowing who you are going to call these days for an inspection is helpful. Knowing 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.