Cash is king, but I can tell you that things are interesting in this price range. I office in downtown Georgetown and have closed 35 deals so far this year with an average price in the $400's. I work the market hard and know it. My listings that are in this price range have been mobbed with showings, and the last two have sold for full price. It really depends on the unique selling proposition of the individual property, as well as how they priced it to begin with....stuff that is priced right is selling. I know this is a bit ambiguous, but there's no general answer. What you need is a CMA on the individual property.
Appraisals are having a little bit of a tough time keeping up with rising prices lately too. It's an interesting time to buy, and being a cash buyer will take away appraisal fears a seller may have.
The good news is that this kind of money gets you a very nice custom home here, and many will be on an acre or more.
I promise I'm a no-pressure REALTOR(r) but would love to be of assistance if I can!
You can check my website at http://www.CarlaPennington.com or give me a call (512)635-2117.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
If you're betting on appreciation...you can forget about that. The market won't likely turn toward anything remotely resembling a typical market until 2015 or 2016. You will make your money when you buy and collect it when you sell, so make sure you buy well below market.
Sales will likely start to slow after late August through February of 2012.
Guy E. Gimenez ABR, CRS, GRI
Broker / Owner
The PowerHouse Group
Now is as good a time as any to purchase. I understand you intend to pay cash, but if not, interest rates are about as low as you will ever see them.
Because the climate in Central Texas during the winter months is fairly moderate, we do not see major price fluctuations during different months of the year. Naturally spring and summer are the "selling season", meaning more activity in the market, but that doesn't affect prices.
As far as anticipating price increases, decreases, etc. there are still short sales and foreclosures in the pipeline, but that large affects prices in houses under $200,000. Higher end homes are less affected by those issues.
Mary Jo Schoppa, Broker Associate
Lackey Real Estate, Inc., Georgetown
That's potentially worth more than any savings on price.
It also depends on what you are doing now for living accommodations.
Buying later for example may save you significant taxes if you have a free place to stay now.
Buying later may allow you to invest the cash at a higher rate of return than is likely to happen in the house.
Will prices go up or down? That's probably what your asking and I don't think anyone can accurately predict what will happen with that regards. If any of us knew....we'll we probably would not share the info.
You can see for 2010 prices for the entire market were essentially flat.
but there are pockets and neighborhoods and price ranges that beat or lag the averages.
What I am seeing in our area is a shortage of great homes staying on the market for long periods of time like they were in the not too distant past. I wouldn't say that home prices drop in the fall. Sometimes we see homes that went on the market in the spring, still on the market in the fall and they may have lowered their prices from when their homes first listed. These houses may not have sold earlier in the year because they were priced too high to begin with or there may be other physical reasons.
My advice is this... find a great Realtor first who can advise you on different areas in Georgetown. Zero in on a couple of neighborhoods or parts of town that you really love and buy the right house when you find it, whether that's tomorrow or later in the year. Don't wait, the good ones go fast!
Let me know if I can assist you in your search!
Keller Williams Realty