Navigating a Hot Housing Market

austin housing marketHow to Navigate a Hot Housing Market

According to a recent article about the 20 hottest housing markets on Realtor.com, Austin ranks among the top 20 for hottest and fastest-selling housing markets. It’s no wonder how often I hear friends, colleagues, and strangers lament how hard it is to find a home.

My Personal Tips

Though it may be a “challenge,” I suggest that all hope is not lost. I have lived in Austin for over 25 years. Subsequently, I have seen my fair share of booming and sluggish housing markets. Here are some personal observations and tips for navigating a hot housing market.

Stay positive.

You are right if you believe you will never find the home you are looking for! Undoubtedly, the attitude has a lot to do with being able to see and seize the opportunities available to you. Think of it this way: When you are driving down the road if you look at a tree, keep looking at the tree, and think you are going to hit the tree, chances are likely that you will indeed hit the tree.

Keep your eye and mind on the goal. If you believe you will find a great home, you are more likely to do just that. Above all, make a plan to achieve your goal.

Make a plan.

Make sure you visit with professional realtors and an experienced mortgage banker, like me, to discuss the next steps and review the loan checklist to ensure you have the financing to pursue a home purchase quickly. A good realtor knows the market dynamics and can advise you on the timing and steps needed to ensure you don’t miss a beat. Research and check the reviews to confirm that you are in good hands.

Get on the inside track. 

Look for realtors who have pocket listings. Oftentimes, there may be sellers who have not officially listed their homes. There are many reasons for this. Find realtors who are networked with sellers and can provide you with listings that are currently not on the market.

Networking can go a long way in helping you find a home. Many realtors utilize Facebook and Twitter to pre-announce upcoming Multiple Listing Service (MLS) listings and open house events. Find them and “like” their pages to get their updates.

Be flexible.

While it is essential to make a plan, it is important to stop waiting for the perfect scenario. In planning, it is vital to list your top three to five non-negotiable needs and then be flexible with the rest of your requirements. If you find a house you like but have a bunch of concessions, know that this may create a drag factor and make your offer less appealing.

Renting

Additionally, remember that flexibility may require your plans to take longer to execute than anticipated. Considering a rental if your house sells quickly or even a temporary change in home lifestyle, like a downtown condo, can be a fun experience.

Fixer-Upper

Finally, some homes on the fringe of the inventory require more work before they are move-in ready. Consider buying a home that needs renovation. Great loan programs, like our One-Time Close, both conventional and jumbo, make it possible to buy a home and remodel it simultaneously with just one loan.

Be ready.

Many buyers these days are “cash” buyers. Therefore, if you are not a “cash” buyer, plan to work with your mortgage banker to go beyond a pre-qualification and have a pre-approval. It is important to take the necessary steps to ensure your financing is ready. Sellers and listing agents want to go with a sure thing and don’t want to waste any time in a competitive market.

The Right Mortgage Team

Also, choose a mortgage team that understands the importance of an on-time close. With this purpose, they will keep your home loan on track. Additionally, it is crucial to have all the documentation and any items requested by the mortgage banker and realtor turned in to them as quickly as possible so that they can help you achieve the purchase of your home.

If you have any questions about how you can be more nimble and competitive on the financing side, contact me for a complimentary and confidential consultation. As an experienced and professional mortgage lender in Austin and nationwide, I am happy to answer any questions you might have.

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