Fall season is buyer season! Last week we closed a first time home buyer who purchased a remodeled 3 bed, 2.5 bath home in south Austin, north of Slaughter, for only $233,500. That buyer only brought $8,000 to the table (earnest money, downpayment, inspection and appraisal) and left with a 3.5% interest rate and $1600 monthly payment. Still think Austin isn’t affordable?
This graph shows the number of sales and the percentage of original list price sellers received by month in 2015. Consider that though the sales numbers dip in the fall, buyers very clearly have negotiation strength as sellers discount more during this time of year.
The low rates and increase in seller concessions translates to opportunity for prospective home buyers this fall. Sellers, don’t be intimidated by this message but truly, I’d be eyeballing 2017 for a listing date.