Home Buying in Austin>Question Details

Amy MacKenzie, Home Buyer in Austin, TX

what is the best time of year to buy a home in austin, tx?

Asked by Amy MacKenzie, Austin, TX Thu Aug 18, 2011

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19
Buytember?

Truly, it depends on when you find the house that resonates with you at a price you are comfortable with. Generally there is more inventory in the spring and summer, but they tend to move faster. In the fall and winter, there tends to be less inventory, but it moves slower. But you never know when the right house for you will manifest itself. Your best bet is to have a REALTOR set up an MLS search for you, get yourself pre-approved with a reputable lender and keep your eyes open.

Peace in your home,

Doug Vogelsass
512-739-0457
2 votes Thank Flag Link Thu Aug 18, 2011
The best time to buy is when you are ready and financially able/prepared. It is a big decision and commitment.

It is impossible to perfectly time the market, but generally speaking - for a buyer it is best to buy when the market is on the way down versus after it has hit the bottom. Why? Because you lose bargaining power with sellers once market is recovering. That doesn't mean you can't get a good deal on the way up, it just means you give up a little bit of negotiation power.

In addition...even though we keep beating the drum of the "best rates in history"...they really are. And we know that once inflation begins to show signs of inching higher, mortgage rates will begin to move higher.

If rates go up by 1%, a home's value and sales price would have to decline by 11% in order to keep the same mortgage payment you could have had by buying right now, at current home values and current home loan rates.
1 vote Thank Flag Link Wed Aug 24, 2011
amy,

I like the answers by Torquil Creevy, about waiting till December time frame, it seems supported by another gentlemans answer from Nov - Feb. However, something to consider is the interest rate, As rates hit a RECORD low, which is shocking because it seems the Mortgage Interest Rates are "always low" but record of 4.15% a home purchased at $150,000 mortgage would be $730(that is Just mortgage, not taxes, or insurance) now assume the rates climb to 4.65% house $150,000 = $774 Mortgage. NOW if the prices drop 5% from now till December or to price of $142,500 then your mortgage rate would be $734 Mortgage. Long story is, if prices drop more than 5% from now till december then you are better off holding, if NOT, the NOW is better.

i used http://www.mortgagecalculator.org/ to run the scenarios. best of luck
Web Reference: http://house-guy.com
1 vote Thank Flag Link Tue Aug 23, 2011
Hello Amy

If you are in the market for a new house, I have found that the best time to buy is mid/end december. This is when most of the builders year ends. They give great incentives to move their inventory, so they dont have to pay taxes on unsold homes. If you can wait that long!!
The really great deals, like cars, are the last few days of december.
Hope this helps!

All the Best
Torquil Creevy
Realtor
1 vote Thank Flag Link Fri Aug 19, 2011
Generally speaking, Nov. to Feb. when the fewest sales are taking place.
Web Reference: http://www.phgbrokers.com
1 vote Thank Flag Link Thu Aug 18, 2011
Amy,

The best time to buy a house in Austin or anywhere else is when you are good and ready to buy in other words when you think it is the time to buy and you qualify for a mortgage.
1 vote Thank Flag Link Thu Aug 18, 2011
Hi Amy,
The sort of buying frenzy we have for people to get in their new how before school starts is pretty much over. So we have about 4 to 6 weeks of people getting adjust ed to back to school, last minute or end o summer vacations plus the heat this time of year people aren't usually looking unless they just HAVE TO buy. That being said there are not as many people looking and sellers that need to or want to sell aren't getting as many showings as they would like therefore some get a little anxious and may be more willing to negotiate. About the end of September though most of October usually more buyers are out trying to get in before the Holidays or end of the year. Then about Early November it slows down again during the holidays possibley creating a little better opprotunity for buyers. Anyway I hope this helps and if i can be of any assistance you can reach me at 512-656-8771 or email ddseeds@aol.com. Good Luck to you and Welcome to Austin. Dan
1 vote Thank Flag Link Thu Aug 18, 2011
Amy:

Hello and congratulations for considering the purchase of a home. Great question that really depends on multiple factors:

1. Current interst rates
2. Your personal situation
3. Availability of homes in the area that you desire
4. Your Ability to move

Overall, it can be a great time of year - anytime. As an example, interest rates now are at all time lows and inventory is realtively good in most areas. These two drivers make it a great time to consider purchasing a home.

Working with your Realtor you can review these items as they relate to your particular situation and decide what makes snese for your family.

If you need someone to help with this process, I would be glad to. I am a full time REALTOR and love working with people to find and purchase their dream homes.

Best Regards,
Ritch Haenke, REALTOR
Realty Austin
512.633.3909
ritchhaenke@realtyaustin.com
1 vote Thank Flag Link Thu Aug 18, 2011
Everyone will have a diferent opinion, but it is my belief that late fall through early winter are the best times to purchase a home in Austin.

I purchased my own home closing in January of this year. I was able to secure my home below market, and it was new construction.

If you would like to sit down and discuss a strategy to secure a property at the best price, I can meet with you and your family and discuss specific strategies to improve your purchasing power.

I am an independent real estate broker and investor in Austin.

Robert H. Nelson
The Associates Austin
512.517.4432
robert@highway290west.com
1 vote Thank Flag Link Thu Aug 18, 2011
All these answers are helpful but you shouldn't forget that Austin is a college town and that will effect your experience. Do you want a quiet neighborhood or do you like the hustle and bustle that the students bring with them? You need to consider where the students live and how you feel about that. If you buy in the summer when most of the students are away and haven't considered what the neighborhood will be like when the students are back in town you might be in for an unpleasant surprise. I am looking in Boston and I know I can't really make any decisions until the students are back in town so I can consider what environment around the property will be really like. Go over after work on a week night, go on a weekend and make sure you go during a home football game and other big school events too.
0 votes Thank Flag Link Fri Aug 26, 2011
Best time to buy a home is when you found a home your truly love, and a price you can afford with the lowest interest rate possible. Its really about you. The best time to buy is when all the above factors are in line. Whether it is today or in december, it ulitmately whats best for you. Don't let any realtor tell you otherwise. Hope this advice helps.
0 votes Thank Flag Link Wed Aug 24, 2011
Hey Amy,
It's always best to keep your eye open all the time. You never know what will pop up. I don't live in that area so I dont have the answer. My advice always has been start educating yourself on property's that have sold, How long they been on the market, price drops, and comparables. Congratulations and Good Luck.
Deeley Chester
0 votes Thank Flag Link Tue Aug 23, 2011
It would depend on what area of town. Some areas on market 365 days a year OTHERS are market from April - August.

Keep in mind you receive annual tax benefits

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sat Aug 20, 2011
Amy,

The best time is when you are ready and financially prepared. Despite what all the hype says. The ultimate factor is you and how it fits into your life. If you would like to entertain the idea, I have a great mortgage banker you can speak with, no obligations, it just helps put the purchase into perspective. Contact me if you would like to have an open discussion, 512-750-5716 or email me vanessanunez.realtor@gmail.com

Warmest Regards,

Vanessa Nunez
VOX Real Estate, LLC
0 votes Thank Flag Link Sat Aug 20, 2011
That answer only depends on you. There is never a set right time to buy. As of today interest rates are at lows not seen since 1971 and property values are down. Will they continue to decline? We won't know that until property values start to increase. Different areas of Austin and the surrounding neighborhoods have all been impacted differently. Look at situation and buy when you are ready to move forward.

If you have any questions or need any assistance. I am a licensed Realtor and Mortgage Broker so my team and I can help you in all aspects of the mortgage lending process. The rates and fees I can offer are far lower than what any retail bank can offer. As of this response my 30 year rates are at 3.875% with lenders like Wells Fargo. Because I am a wholesale lender my rates are much better and with lower fees than going to Wells Fargo directly.

Please feel free to call me to discuss your options regarding real estate and mortgage. I would be happy to assist you and answer any questions.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Thu Aug 18, 2011
Dear Amy,
The best time is when interest rates are low, your job is solid, and you are ready to move. Talk to a few Realtors and find one you like and have them help you to find the perfect home. I wish I had bought my first home sooner, so I would have had more equity sooner. It seems the only difference in waiting is that the prices keep going up. Only you will know when the time is right for you. I wish you the very best on your home search!
Sincerely,
Betina

Betina Foreman- Realtor, C.N.E.
Austin Home Girls Realty
512.771.6318
0 votes Thank Flag Link Thu Aug 18, 2011
Amy,

The best time to buy is when it fits into your life. I know the market says now, the rates say now, investors say now. But the truth is your timing is the best time for you. With said, Austin is in a great situation for any buyer or seller at this time because our market keeps ticking right along. So ask yourself what you would like out of owning home such as location, neighborhood, bed and bathrooms, do you want to renovate or find one that has been renovated, buy new construction. All are choices that really come down to your lifestyle and there are plenty of homes in all criteria. If you want some help in deciding I would love to help. I have a great Mortgage Banker Jason Lewis with Supreme Lending who can guide you into you mortgage if you do not already have someone and here is my contact below. Have a great day!

Warmest Regards,

Vanessa Nunez
VOX Real Estate, LLC
512-750-5716
vanessanunez.realtor@gmail.com
http://www.escapesomewhere.com
0 votes Thank Flag Link Thu Aug 18, 2011
Hi Amy,

If you have the luxury of looking for a home while you are renting, you can work with an agent to identify the neighborhoods, price range and type of home that you are looking for without rushing to select a home. Many times out of town buyers who are relocating must choose from exisiting inventory in order to meet their move deadline.

If you are just starting your search it would be great to sit down to determine how we can best help you with your search. If you are a first time home buyer we have excellent resources that we can share with you so tht you can go into the process as an educated buyer.

Current homeowners have gone to great lengths to prepare their homes for sale because the market is very competitive in Austin. It is a good time to buy in order to take advantage of the upgrades and improvements many homeowners have made in order to compete!

Please feel free to search for a home on my website or give me a call so that I can provide additional information about the timing of your home search in Austin.


Heather Kight
Keller Williams Realty
512-789-1871
heather@heathershomes360.com
0 votes Thank Flag Link Thu Aug 18, 2011
Hi Amy - Best time is when you are ready. Inventory levels have been up and down all over town just depending on where you are trying to live.

a lot of activity evolves around the start of school as a lot of folks are wanting to get the kids into a new school setting as early in the year as possible. Inventory and prices in some areas are very tight as the rush has left a few people w/out options.

If you have a specific area and orice range in mind and can get pre qualified with a lender than you should find it right time to buy. Mortgage rates are very affordable at the moment and if you have the abllity to lock in at these rates and ready to make the move than now would be a great time to be looking/buying

Would be glad to assist you in a more specific way if you would like the assistance.

Bob Kenney
Turnquist Partners Realtors, Inc.

robertkenney@turnquistpartners.com
0 votes Thank Flag Link Thu Aug 18, 2011
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