How to Identify the Right Property For Your Lifestyle in Austin, Texas.
Choosing The Right Property For Your Austin Lifestyle.
Welcome to video one in our four-part series: Buying While Selling in Austin Texas. Choosing the right property is an important first step, especially when you're buying while selling. In the video below we'll outline the steps you should take to identify your future home.
How Should You Choose Your Property?
Ryan Rodenbeck: Have you ever wondered how to tackle the project of selling your home in Austin and then buy one right after? Well, I'm Ryan Rodenbeck, the broker at Spyglass Realty and this is my associate Matt Edwards and we're going to go over this topic today, so stay tuned.
Welcome back to the channel where we talk about all things in the real estate market in Austin. This is Matt Edwards. I'm Ryan Rodenbeck and this is our show.
Matt Edwards: Why are we here today? Why are we doing these videos?
Ryan: The reason we're doing this video is that a common subject that we've come across in Austin is that we have very low inventory in Austin. People are very overwhelmed with the thought of buying a home when they have to sell their home first, so we wanted to line out a series of four videos to cover each particular step in the process. This first video is going to be determining the home that you want to buy-
Ryan: -and getting that process rolling. Before we begin, I just want to tell you that we have a lot of this lined out in a E-book guide, the five essential tips to sell your home for top dollar in Austin and you can get that in the description box below. It will guide you to our free E-book.
The very first thing you're going to want to do is to find out what type of property you're going to want to buy and the way that you do that is before you even begin starting for your home search, you need to get pre-approved with a reputable lender.
Matt: Pre-approved with a lender. Ok, we have that done. Should they go ahead and then make a list of say, three to five things that are must haves?
Ryan: If you're living in the home already and this, that's what this is about. Your selling went home buying another one. You kind of have an idea of what you're wanting to buy. What I would recommend is that you want to target the areas you want to move in and you want to do that by price, by square footage, of your proximity to work and get all that lined out.
Matt: You've sold a lot of homes, you've helped clients buy a lot of homes. What are, you know, two, maybe three of the key things that you've seen over and over again?
Ryan: One of the biggest challenges that homeowners have that I found is they don't know if they're going to find a home that would theoretically work for them. So I've developed this exercise I think is very helpful and what do you do with that?
Have your agent hold a list of homes that sold in the past 12 months, ok? Now the reason you're doing this is it you are able to see that, if there's 20 homes that are sold in your criteria range, five of them may have been good candidates. That way you're able to know that, look, last year, 20 homes on the market, I would have bought five of them. If none of them were, well then you might need to change your criteria.
Matt: The agent will pull sales data from the previous 12 months to see if any homes that meet that criteria sold-
Matt: -because there is you know, there is a chance that maybe homes in this particular area, are at a higher price point than what they're qualified for and therefore, what they then cross that area off--
Ryan: They make adjustments and I've done this several times in the past, but we, what you don't want to have happen is, is put your home on the market and get a contract and not have a plan. Find out that what you're looking for doesn't exist. Right? So you're going to go out there and you're going to do your homework based on, you know, active listings on the market, which is, you know, if your time in this the right way, then you know you're going to get prepared before the spring moving season. So what you're going to do with this exercise is it, you're going to make sure that your criteria, that it actually exists, and if it doesn't, then you need to modify it.
Matt: We've got our neighborhoods, there's homes that have been sold in the past 12 months that meet the criteria.
Matt: What's the next step?
Ryan: So the next step is your agent is going to put together an MLS auto search, ok?
Ryan: That's one of the things that you are going to do. They're going to show you what's on the market right now, ok? They're going to, also, you know, what we do for our clients is we pull list of coming soon properties from our network of other agents. We have Facebook groups that we belong to that source other properties and then you're going to go onto a property tour, ok?
Ryan: I want to be real clear about this is that the-- if you have to sell your home before you buy another home, this is just another exercise and making sure that you're crossing all the basis, right? You’re going to go out there and now you've already done your homework to see that there's certain properties that probably would've worked out but you want to go look at one or two properties, maybe looking more than that, but you want to take one property tour, get to know your agent, get to know the process and get to know the process of searching.
Matt: We've got the MLS search, so I'm getting emails every week. Should I favorite the homes that I like? And then if so, how does that help the agent?
Ryan: Yeah, that’s a great question because you know, favoring the homes, sends a notification to the agent, in addition to that, it's always helpful when you're doing continued correspondence with your agent saying, you know, I like this home because of the kitchen. I didn't like it because of the backyard, right? This is a process and one thing I've found when people are looking for a new home, the process evolves. They may end up buying something that was slightly different than what they started out looking for him for.
Matt: Getting a property tour, what should the homebuyer people are looking for?
Ryan: You know they're going to be looking for objections. They're going to be looking to see if their family fits there. They're going to be looking at the price. They're also going to be educating themselves on the market. How many days is this property been on market, you know, if it goes on the first weekend, you need to be prepared so that when you sell your home and let's say you found one that was perfect, right? And that property went on the very first weekend and you know, you're having idea in your mind, this is the criteria that I can see myself and my family in and you want to be prepared and you want to be able to know that, ok, if this comes around again, once my properties under contract, you're going to pounce on it and then that way you're communicating with your agent.
Matt: So the property tour or so in that kind of situation, the property tour would really kind of get the client the right mindset knowing that, that if another property like that came up in that area, it was most likely going to go quick and they needed to be ready to pull the trigger and they needed to have that proper mindset.
Ryan: Absolutely, yeah and what I found before is the homeowner or the buyer that's buying the property doesn't really know the process unless you take the steps that we're laying out right now. If you don't know the steps, they're not going to know that this property, that there's a really hot property that they needed to like really give up there with full force and so what you're doing as a buyer is educating yourself on the market as well as digging out of what you really want property.
This is the first video of four. Tune in for the next video. We've got a link right up here and there's also a link in the description, a box and the next video that we're going to is preparing your home for market. OK? We do a lot of work with selling homes for top dollar. We want to go over some of our best tips for you to sell your home at top dollar.