It's no secret that the real estate market is skyrocketing. Austinites are looking at a market that’s growing across the board. From the median house price to the inventory, the increases have been staggering year after year. Our city has become a permanent home to many new residents, and for those who want to put down roots, this can mean buying their very first home with a few more challenges than normal.
On top of learning about the real estate investment process and making the biggest purchase of their lives, first-time buyers now need to be savvy enough to compete in one of the nation’s hottest markets. How do you buy a home for the first time in a market that’s constantly growing in price? Read up, get a helping hand, and stick to your guns.
1. Arm yourself with knowledge
Whether it’s the ins and outs of financing or what to look for in a home inspection, the more you know the better. This insight into each stakeholder’s role during the process prepares you for what to expect, and most importantly, what questions need to be asked. Ask to setup an education meeting with your agent, who can give you an overview and let you know where you stand in the current market.
2. Set your goals
Just like any big project, you should set out a roadmap for success. Start mulling over what it is you want out of your home, or better yet, make a list of what you don’t like about your current living situation. Not only will this help your agent find the right listings for you, but it will give you a checklist for when you’re house hunting. There’s a lot to look at when viewing potential houses!
3. Stay positive
It may be a tougher market for the first-time home buyer, but it’s well worth the extra effort. Certainly don’t settle for anything less than thrilling; a great agent will help you find a home that you’re excited to invest in and live in for years to come.
What else can you do to beat out the competition? When it comes time to get approval, have a larger down payment and secure employment. Take stock of who you’re up against when the bidding wars start and consider ways to make yourself more appealing. Pre-approval and flexibility can go a long way!