Are you excited about relocating to Austin but have no idea how you’re going to find the perfect Home in this popular City? I’m going to share with you my top 3 tips for buying a home in Austin so you can have confidence you didn’t miss anything when selecting your new home.
Ok, let’s begin with my Tip #1. Its RELAX… I want to talk to you about Option Periods-God Bless Texas for giving homebuyers this peace of mind when purchasing. What is an option period and how can it help you to relax?
An option period is a negotiated period of time that allows you to cancel the contract FOR ANY REASON during that option period. Yes, you heard that right-for any reason! Maybe you got caught up in the frenzy of over-bidding and realized this home was actually not what you wanted, or maybe you live out of town and made an offer based on a video walkthrough but when you came to see the property in person you decided it wasnt right for you-as long as you are in your option period-you just cancel the contract.
How does it work? I could really get in-depth on Option Periods but the short version is this. You pay a nominal amount (typically .1% of the purchase price) up front for the right to cancel during the option period. If you don’t cancel-you get your money back, if you do cancel you forfeit it. If you have questions on how option periods work, I’m always happy to have a conversation but just remember, an Option Period helps you to RELAX when buying a home in TX.
Let’s move on to Tip #2. Consider buying a Brand New Home from a Builder. A lot of buyers don’t realize that Builders in New Home Communities typically have a small supply of brand new homes they build just to sell to people who don’t want to wait 8-12 months to have a new home built from scratch. In our area these are called “inventory” homes. In many cases, you don’t have to compete with multiple offers when buying this type of home and they are option to more financing options along with offering incentives at times.
The trick with buying an inventory home is in finding them- because there is not a central database that is available to the public. The availability of these types of homes changes rapidly. So this tip involves working with a Realtor who knows how to access the tools available to them as an agent for finding this inventory. It takes skill, time and effort but a great Agent can find you many options and save you the hassle of calling or visiting scores of builder sites only to find out there is nothing for sale.
My third and final tip for you is going to give you an advantage over other buyers in the market. In a low inventory market you are going to need to find homes that sell “off market”. Simply searching for homes online just won’t open you up to this segment of the market to you-you’ll never find them. We call this the Silent Market. The Silent Market is homes that potential Sellers have told their agents they would be willing to sell if their terms were met. They are not publicly advertised for sale. Again, you will need a skilled, experienced Realtor to find these opportunities for you but believe me-they are out there.
So those are my top 3 tips to help you may not have been aware of to help you actually Buy a Home in the Austin area. Let me know in the comments what you found most helpful. Also if you are relocating to Austin and you’re just not sure what area would fit your lifestyle, be sure to watch my video “What part of Austin should I live in” to give you some guidance.
If you’ve got more questions about relocating to Austin and simply want to have a conversation with a real person who loves this City-you can check out my relocation page and even book an online tour!