Congrats on starting your journey to becoming a first-time homeowner! If you’re feeling overwhelmed or unsure of where to begin, don’t worry – the competitive Austin real estate market can be intimidating for even the most experienced buyers. This article covers five tips for buying your first home in Austin. With this knowledge and a seasoned Realtor on your side, you’ll be equipped to take on the market and score your first home.
Start Saving Now
If you’re considering buying a home anytime in the future, start saving money for a down payment now! Ideally, you should save a down payment of at least 20% of the purchase price of your new home. But with the right credit score and the right lender, you may qualify for a much lower down payment. Either way, it’s important to get some “skin in the game” when purchasing your first home.
Get an Expert on Your Side
For first-time homebuyers, a real estate agent is essential. With an agent, you have an expert on your side to help you navigate the hot Austin housing market and make a solid investment decision in choosing your first home. It’s important to be selective about who you hire. Make sure you find someone you feel comfortable with and someone who has your best interests in mind. And because Austin is such a competitive and diverse market, you want a realtor with plenty of local knowledge and experience.
Figure Out Your Finances
Your budget is a big deal when it comes to buying your first home. So, one of the most crucial steps is figuring out how much money you can afford to spend. In Austin, the median home price is north of $300,000, and home prices are on the rise. And because the Austin housing market is hopping, you’ll want to get pre-approved for a home loan. Check out the resources at the end of this article to find the best lender for you.
Write Out Your Wish List
Before you get too deep into house hunting, you need to know exactly what type of home you’re looking for. What are your deal breakers and must haves? Do you want a big backyard for your four-legged kids? Do you need a large attic for storage? Is energy efficiency important to you? Make a list of priorities to save you time in the future – after all, the hottest listings in Austin fly off the market fast!
Narrow Down the Neighborhoods
This goes with figuring out your priorities, but because Austin is so diverse, deciding on a neighborhood deserves a place of its own. First, keep in mind things like your commute to work, schools in the area, and recreational activities nearby. Do you want to walk to the weekend farmers market? Take your kids to the park? Be near your favorite brunch spot? In Austin, the possibilities are endless! Your realtor is a great source of insider advice on which area best suits your lifestyle.
If you’re looking for a knowledgeable Realtor to guide you through your homebuying journey, let’s chat. With years of real estate experience right here in Austin, I’d love to be the expert on your side!