First, let's address the main problem and the only thing holding home buyers back right now: interest rates. Although they are still lower than they have been historically (my father tells me about the 14 and 19% interest rates they had when they bought a house in the early 1980s and, honestly, I can't even imagine it), they are higher than in the last 15 years. The main reason to wait to buy a home is if it's not within reach financially. Interest rates, increased homeowners insurance, and property taxes have changed monthly payments.
You want to really know what your payment is like and make sure you have enough left over to have a life outside your home. A good mortgage professional can give you an idea of what you can afford with what you can budget monthly. Once you have that number, head over to our Austin home search tool and enter your price and size parameters to see what you can buy. If you see homes that you would like to see, it makes sense to explore buying a home. If there's nothing in your budget that's appealing, then maybe it's best to wait.
And since thousands of potential homebuyers move to the Austin region every year, knowing the right time of year to buy a home in Austin can help you get the most out of your money. Despite being widely recognized as the best time of year to buy a home, the spring market has some drawbacks. In reality, the only time when money will allow you to get a better offer is when the seller, usually the builder, wants to close on a certain date and is willing to accept less money to do so. While the Austin Board of Realtors (ABOR) doesn't comment on third-party real estate reports, such as that from Zillow, ABOR president-elect Kent Redding said that undecided sellers and buyers should seize the opportunity now to put their home up for sale or make a purchase. On top of that, the current Austin real estate market is now characterized by increased inventory for buyers, decreased multiple offers, and sales prices, mostly equal to or lower than list prices.
And for many real estate experts, the best time to buy a home in Austin is usually late summer or early fall, when home prices are low and inventory is high. Another benefit of buying a home in Austin during the winter months is that home prices tend to be the lowest all year round. Once you've found a home in Austin, your real estate agent will advise you on the best price you can offer and how to respond during negotiations. While cash can give you an advantage if it's December 10 and you need to close before December 31 to get a good deal, you can get the same offer if you start a little earlier in the year and give the lender enough time to process the documentation. If you're planning to get the best deal on housing in Austin as a buyer, it's best to partner with a real estate agent who works in your area, as they'll be the local expert.
This gives you time to do inspections and decide if you really want to buy the house or not. However, if you need to buy a home before this time, expect to pay a lot of money and move forward quickly with your offer.
