Planning on buying a home in Austin Texas? If so, now continues to be a great time to buy Real Estate in ATX.
Before moving forward with buying a home in Austin Texas, there are several things that you must know about the real estate market including the following:
Be Prepared For Rising Monthly Costs
2020 seems like 10 years ago now considering that back then, rates were as low as 3% for a 30-year mortgage, while in 2022 they are now over 5%.
This means that home buyers can expect higher monthly costs once they do purchase a home, so it pays to shop around for the lowest mortgage rate possible.
Yes, There’s Going To Be A Lot Of Competition
There’s going to be a lot of competition for homes in Austin, especially in 2022. This is why buyers must be ready for that competition by researching the real estate market, knowing home values in the area, and being ready to act quickly when properties become available.
Buyers who wait too long to tour properties or submit offers will only find themselves missing out on finding that one property that could have been their dream home.
Home Prices May Cool A Little, But They Won’t Drop
If you’re waiting for prices to drop before purchasing a home in Austin Texas, you shouldn’t keep waiting because prices may cool a little, but you’re not going to see a big price drop as we saw in 2008.
This market is different than it was back then and with the combination of continued demand for real estate in ATX, along with new homes hitting the market, we can expect to see prices remain steady.
Search For A Home In Austin Texas
Don’t wait on the sidelines to search for a home in Austin, let me help you find your dream home by starting your home search today.
Get started by contacting me at (512) 944-7378 or click here to connect with me online