The Austin Real Estate (www.austinre.com) Blog provides information and resources to assist you in locating a place to live in Austin and it's surrounding areas.
Austin Real Estate Median Home Price Rises
Defying the national trend, the median price of existing homes in Central Texas rose last month by 7 percent, figures show. But the U.S. housing and econominc downturn still has the region in its grip, as sales fell 25 percent, the steepest monthly decline since May 1997, according to the Austin Board of Realtors.
Some Central Texas sellers are reducing price.
"It's a buyer's market," said Moreland Properties agend Cord Shiflet, who specializes in homes priced at $1 million and up.
In October, 9,944 homes were on the market, 5 percent more than a year earlier. Sales scheduled to close in November were down 37 percent.
Nevertheless, the Austin market is still fairly strong with people employed and moving to Austin from elsewhere.
Austin is seeing a consistent drop in the prices over the entire spectrum of the market.
Finding a Broker
If you are a first-time home buyer, you will probably want to work with a broker. Brokers know the market and can be a valuable source of information concerning the home buying process. Ask lots of questions, but remember that most brokers are working for the seller, and in the end, their primary obligation is to the seller and not to you. An alternative is a so-called buyer's broker. This indivdidual does work for you, and therefore is paid by you. Seller's brokers are paid by the seller.
Make sure that the broker has access to the Multiple Listing Service (MLS). This service lists all the properties for sale by most major brokers across the country. Brokerage commissions average 5 percent to 7 percent and are split between the listing broker and the broker that eventually sells the home. Don't be surprised if your broker is eager to sell you their own listing since they would then earn the entire commission.Home Buying Costs
Down Payment 0% - 20% of purchase price
Home Inspection $200 - $500
Points $1000 and up for 1% - 3%
Adjustments 3% - 8% of purchase price
Once you've determined a price range and location, you're ready to look at individual homes. Remember that much of a home's value is derived from the values of those surrounding it. Since the average residency in a house is seven years, consider the qualities that will be attractive to future buyers as well as those attractive to you.
Although it can be difficult, try to remember that you will probably want to sell this home someday. The more research you do today, the better your decision will look in the years to come.
Labels: austin real estate, broker, buyer