Ben Pasmore

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Is now a bad time to buy in Austin?

Asked Thu Jul 17 2008, 13:52 by Paul Martinez - Austin - Home Buying - 41 answers

Ben Pasmore answered:

Paul,
Of course all the realtors are optimistic about buying in Austin, it is their job and their bread and butter. A couple of facts that say that Austin is overpriced, rental price to sales price ratio is at 20 to 25 in many parts of Austin. This is at the high end and either means that Austin rental rates will increase or that house prices are way overvalued. Additionally, I would be concerned about your situation as you do not seem to have much savings in reserves. This means that if the economy does tank and it were to impact either you or your fiance's income, you would have very little cushion to protect yourself from losing a house. If you cannot have 6 month's (or more) worth of mortgage payments in savings after the purchase of the house, you should wait and save more.
Renting is not fun, but you are putting your financial future in jeapordy by moving too quickly to buy a house without sufficient savings. - Sat Jul 19 2008, 16:01

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