Negotiating Space when buying a Austin Downtown Condo

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Downtown Austin
Many buyers are looking to live in the downtown area of Austin. Downtown condo buyers enjoy going to the Town Lake Hike and Bike Trail, the convenience of living a close distance to a variety of eateries and entertainment venues and can often walk or bike to work.

Buyers choose living in an Austin condo because they don’t want the maintenance of a house and the yard that typically accompanies it. Every buyer is moving from somewhere, whether it is from an apartment, a house, a condo or even mom’s house. Knowing how much space you need can be challenging for some especially when downsizing.

Downtown Austin Condos for Sale

There are different types of space to consider too when deciding if condo living is right for you, specifically for living, storage and for guests. For most buyers, living space is easy enough for gauge especially if a unit is already staged. How does your couch or TV compare to the size that is there? How big is your table? Do you need a table? In other words, living space has parameters and within every given space you can either make it work – or you can’t.

Storage space is subjective which makes it a little harder to determine. This is when knowing thyself really well comes into play. Some of us are pack rats so unless a zen moment comes along, paring down is going to be a challenge. Sometimes we want that challenge. Downtown condos in Austin often have limited closet space but additional storage space may be available or assigned to a particular unit in the parking garage.

Downtown Condominium Amenities in Austin

Guest space is another thing to consider when moving into a downtown condo in Austin. There are some condominium communities that have a suite available for out-of-town guests. The suite is an amenity for residents and can usually be reserved several times a year at a rate less than a hotel room. The guest suite takes the question of where visitors might sleep when space is limited.

The typical Austin downtown condo buyer wants convenience and often enjoys the simplicity of limited space. Living with less space and more convenience is often a bit a negotiation. For those who can make it work – the trade-off is worth it.

Home Improvements and Accessories

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360-2006_10_15_(5)_kitchen_viewThe difference between a house and a home is you.  The memories, the pictures, the furniture, even the paint color combine to create a unique blend that reflects your own personality and style.  Improvements and accessories personalize, improve and/or allow for added functionality that a home may not have had before.  Consider them enhancements when it is time to sell an Austin home because they add appeal whether it’s monetary or simply enhances the functionality of a room.

So what items convey with the property and what items move with you when selling your home?  There are often many assumptions made here by the seller but make no mistake, the opposite thought process is often made by the buyer.  When I have a listing appointment I try to go through items I see and review a contract since many of the items are noted.

Austin Homes for Sale

When buying an Austin home Improvements generally affixed to the dwelling or property are considered permanently installed and built-in so they convey with the sale as real property.  They include items like: shrubbery, plumbing, light fixtures, wall-to-wall carpeting, garage door openers, shutters, mounts and brackets for televisions and speakers.

Accessories include items like stoves, curtains and rods, blinds, draperies, artificial fireplace logs, above ground pools and pool equipment.

Sometimes there are items Sellers want to take typically because they have some sort of personal attachment to them.  Grandma’s chandelier is hanging in the dining room, there are bookcases in the living room or maybe you just really like the curtains.  If it is yours and you want to take it with you, the best thing to do is to remove the item before we list it.  Removing grandma’s chandelier and replacing it with another fixture is simple enough to do and avoids discussions or assumptions later on.

If there is something that is going to stay visible that a Buyer would expect is staying, the best thing to do is to post of little sign on it so that potential buyers know up front that the item is not conveying.  Later on when an offer arrives any improvements and accessories that will be retained by the Seller should be listed into the contract under the exclusions section.  This way it is crystal clear to both parties.

Surfing for Homes in Austin

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Surfer on a WaveI know we don’t do a lot of surfing here in Central Texas, but I’m from Jersey so indulge me for a minute here on my analogy.   Catching a wave is a lot like buying a house in Austin right now, you paddle really hard, wait, ride the wave and then do it all over again.  Buyers need to hurry up when a house comes on the market and then wait for the next one if it’s not the right house or if they lose one due to multiple offers.  Understand, there is a bit of rush and then waiting in any market because once you are under contract time is of the essence during the option period.  Once the option period is over, much of the time is spent waiting for the lender to get things in order for the closing.

Searching for Homes in Austin

Waiting for the next house or the right house to hit the market can be very frustrating for a buyer right now.  The housing inventory in all of Central Texas is very low and that includes Elgin, Manor and even Georgetown.  I have clients on custom home searches from Kyle to Georgetown and everywhere in between with price points ranging from $125,000 to $1 million.  Out of the 40 custom searches I have created for my buyers, about 10% receive an email on any given day which lists a new home in their inventory.  I have some buyers who only get a new link once every 2 weeks, which is why everything is going so fast and into multiple offers.  There are a lot of ‘Evan’s out there and ‘Lisa’s looking for the exact same house.

About 150 people move into the greater Austin area every day and about 50 people leave

Although it can be somewhat daunting, the clients that I have been working with for awhile have settled into the pace. We do a lot of waiting for the house, then we hurry and then we wait again.  These clients are going to be great surfers.  For a new buyer, it’s hard to believe until you have experienced it first hand.  In the beginning I get a lot of “what do you mean it’s gone? – it’s only been 3 days!”.  Yes, Evan #1, Evan #5, or Lisa #10 bought it.  So, we paddle out and wait for the next one. When it’s meant to be – it will be. Just like a wave, when it’s the right one – we’ll take it all of the way to the closing.

What kind of a home are you?

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bungalowThey say you are what you eat.  What kind of home you purchase can say something about you as well.  Austin is known for being weird.  The eclectic mix of politics, religion and style are as unique as the tastes in architecture, landscaping and design of Austinites who call this city home. There is quite a mix of homes for sale in Austin.

Homes for Sale in Austin offer a unique blend of vintage and modern designs

I have a client looking in South Central Austin right now, specifically in zip code 78704. We have discussed how you can just turn a corner and be in a different neighborhood with a completely different vibe.  I’ve had clients in the past who refer to master planned communities as ‘Disney Word’, because all of the homes conform to the same aesthetic tone. Other neighborhoods here look like something out of storybook with bungalow style homes and lemonade porches.

Bungalow Homes for Traditional Buyers in Austin

I have found, more often than not, that who you are, as a buyer, has a lot to do with what type of home you pick.  Buyers who like antiques, nostalgia or tend to like structure, tend to like colonial and bungalow style homes.  These buyers don’t care if the floors creek, have no finish and are original from the 1940’s.  To them, the floors as real wood and they appreciate the history and authenticity they represent.  These traditional buyers also like defined rooms. They like a formal dining room, separate from the kitchen and other rooms, because to them every room has a unique purpose and therefore should have a unique identity, which may simply mean a different paint color.

Dated homes ready for a remodel attract creative types in Austin

Unlike traditional, progressive buyers roll with the times.  In my experience these buyers tend to be creative, artist types who don’t always look at a house for what it is… but rather what it could be.  These buyers are deciding what walls they are knocking down and how they are going to expand the kitchen.  These are the dreamers who know very well they may never get to every project they envision, but see the potential and possibility.

Modern Austin homes for buyers who think out of the box

Lastly, modern buyers are similar to progressive type, but have a flare for drama.  These buyers are drawn to open floor plans and like mid-century, contemporary and modern design.  They feel boxed in with too many walls.  They like vaulted ceilings with a uniform tone between living areas.  To some people, these homes look like office buildings, but to modern home buyers, they are dramatic and unique – a work of art in their own right.

The funny thing is that you typically don’t like what you grew up with.  For example, I grew up in a mid-century modern single story home, but my brother, sister and I have always lived in 2-story traditional homes.  I find this to be the case with more of my buyers than not.  Maybe it’s the rebel in us or simply that we know deep down change is good.

Austin Inspection in Home Buying Process

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searchPart of the Austin home buying process is a home inspection which takes place during an option period and typically signifies the mental transition of stepping off cloud 9 for a minute. Buyer’s remorse, if it’s going to happen, usually occurs within the first 24 hours of signing the contract to purchase. If the buyer is not having second thoughts, the inspection puts emotions aside and brings the buyer back to earth to explore the data.

Austin Home Inspection Process

A home inspector will test systems like heating and air, review construction and materials. If present, the inspector will review some of the highlights in person with the buyer and will then email a copy of the full report typically that evening.

An inspection report is generally about 40 pages long and can be overwhelming partially just due to building code changes. Like anything else, we all learn more overtime so technology changes along with construction because there are simply better or safer ways of doing things then there were years ago. GFCI outlets are a perfect simple example of this – many older homes don’t have them.

General and specific inspections in Austin should be done during the option period in order to protect the buyer’s earnest money

Think of an inspector as a general practitioner. An inspector may not be able to pin point what is wrong with a specific system like a dishwasher, but will help the buyer determine whether a plumber is then needed to further diagnose the problem. Time is of the essence here to bring a specialist in the look at the item of concern. Yes, there is an added cost, but the onus is on the buyer to determine whether or not they want the home. That does not necessarily mean pay for the repair, but if the buyer still wants the home, the buyer needs to bring specific knowledge to the seller. Understand, it is in the buyer’s best interest to understand what needs to be done.

Getting to Yes

If a buyer comes up with a list of 20 items they want repaired or a concession for them, the seller is going to be overwhelmed very quickly and will more often than not say just say no. A seller is often more emotionally tied to a home than a buyer is. The message that the buyer is sending is that he isn’t even ‘in like’ with the house anymore and doesn’t really want it.

I tell buyers to pick the top 3-5 areas of concern along with estimates to support what those concerns equate to, if significant, and those are the items we go back and discuss with the seller. Understand it is still the seller’s home and he can do whatever he wants. He can still simply say no. He can also ask to extend the option period to protect the buyer and allow time to do his own inspection. How the repairs are handled is often based on what the cost will be or how invasive the repair is.

The outcome of an inspection amendment is as unique as the people involved. When the right match of seller and buyer come together, the universe has a way of working things out. Everyone feels good which is how you get to a place of yes.

 

How to go from being a Tenant to being a Home Buyer in Austin

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money houseThe transition from leasing an apartment or house to buying a permanent residence can be tricky.  It’s often a careful dance in terms of the timeline, so planning is key.  The first thing I ask a buyer is when the lease is up or due to renew.  If a buyer is calling six months in advance my approach is often to have a lender be contacted so that monthly payments and overall affordability can be established.  If a buyer has never owned a home before, budgeting for taxes, HOA fees and often utility bills are often new considerations.  The second question I ask potential buyers is how much notice needs to be given to the existing landlord.  Often, tenants don’t always know how much notice is required which is typically in the existing lease.  Required notifications can vary greatly.  I have seen anywhere from 30 to 60 days and sometimes there is leeway even if the lease has hard terms.  If there is a waiting list to get into an apartment complex the timeline typically stands, but if there isn’t and there are already vacancies available, a landlord may allow for a tenant to transition to a month to month lease or even week to week.  Like anything else, it is all about communication, so having that conversation early on (and in writing) will help with the plan to keep a roof over a buyer’s head during the process.

It may take time to find a home in Austin

Once the timeline is established and a lender is contacted, I typically create a custom home search to start reviewing inventory.  With time on a buyer’s side, they have the ability to start looking casually at what they can expect for their money.  When the planning is early, it is not too late to just keep renting or expand the location criteria to start seeing homes that meet with a client’s expectations.  The Austin Real Estate Market is very low on inventory right now, so it often takes some time for homes that meet that criteria to even come on the market.  Even when that ideal home comes on the market, it would be hard to get a seller to accept a contract with it is more than 45 days to the closing date.  Houses are selling and if an owner has their house on the market, they generally want to sell it as soon as possible, so they typically won’t wait 2 or 3 months when they can get an offer that can close in 30 days.

Transitioning from leasing to buying in Austin can be a careful dance when managing the timeline

The time to start physically looking at places to purchase in the greater Austin area is when you are about 60 days out from the end of your lease.  A buyer is not going to like every home they see, but they also need to be in a position to write an offer for a 30 – 45 day close in order to get it accepted.  Like I said, it is a careful dance, but with proper planning a buyer won’t feel rushed and won’t be homeless either.

Buyers are Guests too

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happy familyBuyers come back for a second showing when they really like a house. If buyers don’t like a house the first time, they don’t come back. It’s important, for a seller, to make every showing count and not to let anyone in until they are 100% ready. It is often about the little things that make a good first impression. Replacing burnt light bulbs, lampshades, throw rugs, sweeping the walkway and cleaning the windows can give a house a mini face lift and really show pride of ownership. One of the benefits of selling a home this time of year is that many of those things happen anyway.

The Austin Home Buying Season is Year Round

Real estate does not slow down in Austin anymore during the winter months.  When selling a house any time of the year, you want to make it clean enough for company. This time of year getting a home ready to sell is easier since owners often have guests over, which adds some needed motivation to get a home spic and span. Making a buyer feel like a guest, will make them want to stay – which is exactly what you want them to do.