Buying a home in Austin is unlike buying a home in any other city. And if you’ve already completed a home search here, you understand a few things about the market that home buyers in other markets don’t get. If this is your first search, you might be looking for some insight. Our 5 Things Only Austin Home Buyers Understand will share insights from seasoned Austin home buyers to help with your search.
Another insight from our monthly market reports is that foreclosures aren’t really an option in Austin. Foreclosures accounted for 0.1% of the total market home sales in November 2017 and only 2 new foreclosures were listed that month.
This means the supply for foreclosures is very limited. And exactly what we learned in economics is true, a limited supply means that the seller generally has more power. This makes the dynamics of the foreclosure market unlike any other in the United States.
In other markets around the country, Detroit being one of the most notable in national news, there has been a healthy foreclosure market. That has not been the case in Austin so it’s important not to take facts from other markets and try to apply them to Austin.
While one of those homes might be your dream home, the probability of that is incredibly low. So foreclosures can really only be one of your home buying strategies, not the only one.
Thinking of Buying a Home in Austin in 2018? Start Your Search Now
Our team of buyer’s agents has a combined 58+ years of experience representing buyers. We can help you avoid all of the mistakes and negotiate a great deal on your behalf. We believe home buying should be about counseling you to find the right house for you and your family, not hard selling you the most expensive house you can afford. To learn more about our team, check out our Austin Home Buyers page. Then, fill out our Buyer Survey, email us at mailto:info@11OaksRealty.com or call us at (512) 827-8323 to schedule a no obligation consultation. Remember, hiring a Buyer’s Agent costs you nothing!
This one is an well researched article and I got to know a lot why foreclosure is not an option. This is informative and I would like to read a lot more about it.