Austin Real Estate Market – Spring 2021

Austin, Texas is loved for its unique culture, food, music, and numerous outdoor activities. Due to the influx of companies moving to the city, Austin’s population continues to grow in size and it is projected to be the hottest market in 2021.

Being a buyer in today’s market is extremely competitive. Finding your dream home will not only be hard, but the price tag that comes with it may be higher than you expected. Since November 2019 there has been a 19.7% increase in median home price with the current median home price being at $365,000. That is a new all time high for Austin and it is expected to continue to go up. Here are three takeaways to keep in mind when starting the process.

Takeaways

• Using a loan to finance your home may make it more challenging in certain price points. You must have cash if you’re competing against other cash offers.
• Houses are going into multiple offer situations so you should be prepared to offer over asking price and make your terms as attractive as possible in the contract.
• Getting pre-approved would be the best way when submitting an offer. Sellers find the offer more promising as it takes the question out of whether the loan will go through or not. It also allows you to put a short timeline in for a loan approval on the contract.

In all, don’t let this difficult market discourage you from buying. Finding your dream home can be done with patience and a good realtor. At Cottage + Key Realty we are here to make this process as seamless and stress-free for you and your family. Reach out to get started!