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Everybody wants to live in and around West Austin, Texas. We’re one of the fastest growing areas in America, and right now it’s a buyer’s market. With median home prices around $200,000 and median family incomes at about $70,000 (more than enough to qualify for a loan), the real estate market is still alive and well.
Buyers are hoping this change in the market will last forever of course, and things do look good for the next few months. Last week mortgage rates fell to yet another six month low, prompting more buyers to get out there house hunting. At the same time, sales and new construction have slowed, which is not surprising given the frantic pace of the market over the past few years.
There is still activity out there for sellers, however. Plenty of buyers want to make their move before the weather changes and the holidays settle in. Buyers are simply taking advantage of greater inventory—and in some cases, lowered prices—to choose from.
Investors are also eyeing the Austin area with interest. As much as the market has slowed over these past months, real estate in and around West Austin, Barton Creek, Westlake and Lakeway has continued to inch forward in appreciation. Moderate prices compared with other major cities of the United States, a strong economy, and higher family incomes mean excellent potential for future returns. All this makes the Austin area one of the best markets in the country right now for both buyers and sellers.
One thing buyers should keep in mind is that tighter underwriting controls have been instituted on mortgage loans. Because of the flurry of home loans over the past few years, new regulations have come into play that prevent buyers from stretching too far beyond their means. Buyers need to be especially diligent right now about gathering together all the paperwork that proves your income and repayment ability.
If you’re a potential seller, give yourself the greatest possible advantage. Consider these factors as you prepare your house:
--> Fall is a great time for a major yard clean up. Call in professional landscapers if necessary to take care of overgrown trees and bushes. That first sighting makes a huge impression on prospective buyers.
--> Remember to clean out the garage. Why not sell off some of the things you’ve got stored in there and make a few bucks?
--> Make sure all windows and screens are clean, mended, and in place.
--> Inside, consider if a coat of paint would uplift the look and feeling of your home. Would switching to a lighter color allow more light?
--> Above all, make sure your home is correctly priced. Especially at this time of abundant inventory, over-pricing can drastically lower your viewings and cause your home to sit too long on the market. A Realtor® can help set the price according to current market rates, and negotiate the best possible deal.
Let us help if you’re buying or selling a home or property in the West Austin, Barton Creek, Westlake and Lakeway, Texas, areas!
