There’s no denying that now is a great time to buy a home in Austin Texas because interest rates are increasing and buyers want to lock in a low interest rate before the next rate increase.
Even though you may think you’re ready to buy a property, the reality is that there are several ‘unexpected challenges’ that come from home buying in 2022 including the following:
Outbidding The Other Buyer May Not Be Enough
Even though you may get into a bidding war on an Austin Texas home, the reality is that outbidding the other buyer still might not be enough.
The seller may agree to a lower bid especially if the buyer is willing to do something like agree to a 2-3 month leaseback option or maybe they are willing to purchase the bulk of the sellers furniture.
One thing you should do before bidding is to do everything you can to find out the sellers story, and what their motivation is because knowing these things upfront will make it possible for you to be more flexible with the buyer and their situation.
The House Might Fail Inspection
Buying a home can be an adventure and one thing that you may encounter during the buying process is the possibility of the home not passing inspection.
If you fall in love with the home, you may be required to put down a larger deposit and cover those repairs yourself so if you’re not willing to do that, its best to have a contingency plan in place for how you will handle this situation.
Your Offer May Be Over The Appraisal Value
Let’s face it, competition is white hot for homes in the Austin area right now and it’s possible that you may submit an offer that’s over the appraisal value of the home.
To avoid this happening, make sure that you work with an Austin realtor who works with the best tools to provide you with the comparable data that you need to submit an informed offer.
To learn more about the Austin Texas real estate market, or to speak with me about buying / selling a home, contact me today by calling (512) 944-7378 or click here to connect with me online.