The Austin Real Estate Market Is On Fire – Should You Buy Now Or Wait?
Are you planning on buying a home for the first time in the Austin Texas real estate market? Or maybe you’re planning on moving on to a bigger home but you’re not sure if now is the right time for you to move forward with your plans or wait? If so, you’ve come to the right place!
There’s no doubt that the Austin Texas real estate market can currently be classified as being “on fire” because of the simple fact that it seems like everyone right now is either buying or selling a home.
What’s crazy about the 2020 real estate market is that all of this is happening even while the world still is technically in a pandemic.
The big question is should you wait to buy a home? Or should you move forward with buying a house?
If You’re Ready To Buy A Home – Do It Now
Let’s say that your job remains stable during the pandemic, you have money saved for your down payment, and your credit is in great shape. If this is the case, you should move forward with buying a home in Austin Texas right now because interest rates have never been lower and money has never been cheaper.
Yes, home prices continue going up and the median home price for a house in the Austin TX area is around $400,000 but, the reality is that if you purchase a home right now, you can easily lock in an affordable 30-year mortgage interest rate and that savings could translate into tens of thousands of dollars during the lifetime of your mortgage loan.
What should you do if you recently lost your job to the pandemic, were laid off, or you’ve been going through a financially shaky time over the recent months? If this is the case, you should take the time to step back, review your finances and postpone buying a house until you’re ready to buy right.
If you currently own a home in the Austin area, but your job was recently affected by the pandemic, instead of buying a bigger home, you may want to spend this time refinancing your mortgage loan at more affordable rate and then postpone buying a bigger home until at least one year from now.
Taking the time to get your finances together during a period of economic uncertainty, is going to benefit you when it comes to getting pre-approved for a mortgage loan.
Contact Real Estate in ATX
For more information about the Austin real estate market, or to speak with me about buying a home in this area, contact me today by calling (512) 944-7378 or click here to connect with me online.