Austin, TX is one of the fastest-growing cities in America for it has seen dramatic growth in population numbers. Austin is a place where anything is possible. The city is well known for its progressive culture and high-tech industries, as well as its live music scene and beautiful scenery.
It’s no surprise that so many people are making the move to Austin. In a 2021 Relocation Report published by the British Personal Finance Platform, Money, Austin, Texas is the #1 Best City in the World to Relocate To based on their global rankings.
From 2019 to 2020, an influx of large companies expanded their operations and relocated their headquarters from California to Austin including Apple’s new campus, Tesla’s Headquarters and GigaFactory, Oracle Corporation moving their headquarters from Silicon Valley to Austin, and Samsung’s $17-billion investment for the Samsung Semiconductor factory in Austin.
With people relocating to the area for career growth or job opportunities, homes have become more in-demand and the Austin housing market continues to be competitive. In Q3 of 2020, the median home sale price was $365,000, a year later, it shot up to $470,000 while the average days on a market for a home also decreased from 33 days to 22 days for the Austin-Round Rock Metro.
How Can You Find Your Dream Home in the Austin Housing Market?
Buying a home can be a challenging process for many, especially if you’re buying in a competitive market such as Austin’s housing market. If you are ready to buy your dream home but aren’t sure where to start, here are some tips to keep in mind for you to smoothly find the home you desire in Austin, Texas.
1. Create a List of Must-Haves
Create a list of your wants and needs for your ideal home whether it needs to have a home office, a large yard, a patio, pool, or a gorgeous picturesque view. List down the features you’d like to have in your Austin home. If you’re always thinking of specific features your dream home must-have, it’s worthy to add it to your list and look for a home to accommodate it.
Style is another factor to take note of. Whether it’s a craftsman bungalow, a two-story craftsman home, a modern-contemporary condo, you have to understand that the type of home you’re in must make you feel comfortable living in it.
2. Talk to an Austin Real Estate Agent
By working with the right Austin real estate agent, you’ll be guided, updated with the latest local market information, reduce financial risks, and purchase a home in any market condition. A skilled and experienced real estate agent is trained in the art of negotiation and can go the extra mile by sourcing off-market homes using their network.
Your local Austin real estate agent will navigate you about the home buying process, costs, communication, and will take the heavy workload of home buying from your plate for a successful buying experience.
3. Know Your Finances
Before you begin house hunting, talk to your lender. If you’re struggling to find a trusted lender, your real estate agent will recommend some lenders to you. Good agents recommend good lenders with whom they’ve worked in the past. It’s highly recommended to get pre-approved by your lender before you search and tour homes. Not only does it make you a qualified buyer, but it also saves you time in identifying how much you’re eligible to borrow to buy your dream home.
Don’t forget to stay within your budget. There will be more posts throughout the home buying process and staying under or on your budget will tremendously help most especially towards closing costs.
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4. Know the Neighborhood
Explore different Austin neighborhoods as you search for your new home. Whether it’s a single-family home in the suburbs or a condo located in downtown Austin, it’s ideal to take a trip around to familiarize yourself with the area. Do you need to be close to essential stores, banks, and hospitals? Do you have kids that go to school? Is your dream home’s location near busy streets? How’s the distance between the neighborhood and your dream home?
School districts, accessibility, and location are a few of the factors that can also affect the home’s value. If you love going to the gym or prefer outdoor workouts on hiking trails, take your lifestyle into consideration in finding a neighborhood that will meet your needs.
5. Be Flexible
There can be instances where you have found the home you desire but are missing one of the features on your list. It can either feature, the price point, neighborhood, or accessibility, be flexible and open to compromise. You might encounter situations where a property checks off almost everything in your list except for one. A survey done by the National Association of Realtors (NAR) in the US revealed that 31% of home buyers did not compromise while the majority had to.
How to Find the Best Home Builders in Austin, TX?
If you are thinking of building your home, one of the biggest decisions that you'll make is finding the home builder with whom you'll partner in your quest for building the perfect home.
You want to make sure that the home builders are going to use high-quality materials and contractors when doing your project. It is always a good idea to check references for any company that you are considering working with. You can also ask your local Austin real estate agent for references for they are experienced when it comes to working with different home builders in the area.
When looking for the best home builder in Austin, list down the builders that you've considered to build your home. Take a look at their portfolio and their past builds. After you've listed down your potential builders, it's time to begin asking them questions. You may also ask home builders for a tour of their model homes to give you an idea of the space they'll create.
What Can You Do if You Can't Afford the Austin Housing Market?
If you are getting frustrated by the rising prices in the Austin housing market, you’re not alone. A 2019 Q4 Home Survey by NAR mentioned that 64% of renters believed that the prices in their community have increased in the past 12 months. In Austin’s sizzling market, it can be challenging to find a home that will fit your budget, but there are some options to consider so you can buy the home of your dreams.
Eyeing living in a walkable area downtown but the price points exceed your budget? Expand your search. Look for neighborhoods near downtown such as Brentwood or North Loop, these neighborhoods offer a small-town feel with proximity to transit options and popular entertainment venues and outdoor activities.
Revisit your list and take a look if you can reset your expectations. A newly built 4-bedroom home with a pool that is out of your price range can hurt your finances while an existing 3-bedroom home with a simple backyard can be the right fit. Now if the housing market’s price points are off your budget, speak to your real estate agent who can refer you to a lender for they can offer recommendations about different loans.
Are you ready to find the home of your dreams? View properties here on our Austin Area Communities page! If you have questions or concerns, speak with one of our consultants and let us help you find your dream home!