512-297- 3442 – www.LetsMoveAustin.com – Austin, TX Real Estate and Investment Specialists.

 

Hunger Games: How to be a First Time Home Buyer in Austin without Becoming a Tribute

 

So you have decided to stop throwing away money on rent and put down roots in

our awesome town of Austin. You’ve spoken to a lender and found out what you

can afford. Maybe even talked to a parent whose going to help with the down

payment (although since most first time buyers can put down as little as 3.5% of

the home’s purchase price, you may not even have had to do this step).

Congratulations on taking this giant leap into homeownership, the most

consistent form of wealth building this country has ever experienced.

But wait! If you are a first time home buyer in Austin, TX this year the enthusiasm

can wear off pretty quickly. Because with low inventory, lots of people moving

here, and prices rising, being a first time home buyer in Austin can feel an awful

lot like being a Tribute stepping into the Arena in the Hunger Games.

You have to watch carefully for tricks, you must stay alert at all times, and you’re

going to need a team you can rely on to reach your goal.

 

Let’s talk about tricks: Many first time home buyers in Austin fall for the trick of

calling the agent who is listed on the sign in front of a home they like. This is a

mistake! The agent on the sign already represents a client – the seller. As a first

time buyer you are going to have a lot of questions and you need someone who is

advocating for your interests through the process. Just as the Tributes in the

Hunger Games were each assigned an escort to help them avoid mistakes and

prepare for the Arena, your buyer’s agent will help you navigate the home buying process.

At the minimum, things your buyer’s agent should do for you are to help you

analyze the prices of homes in the areas you are interested in, anticipate what

repairs/updates might be needed in properties you’re considering, explain the

details and timeline involved in a real estate contract. The best thing is, you don’t

have to pay for the buyer’s agent’s services – this person will be compensated by

the seller of the property you purchase. So it makes sense to choose someone

you feel great about working with, not blindly calling an agent from the sign or an

online ad.

 

Click here for a list of questions you can ask an agent to determine whether you’d

be a fit to work together.

Let’s talk about staying alert: Just as the Tributes in the Arena had to be on guard

for traps and challenges throughout the Games, first time home buyers in Austin

and their agents must constantly be on the lookout for properties coming on the

market that meet their criteria. In Austin, we have a shortage of homes in the

areas and price ranges that are most popular among first time buyers. And the

competition for these homes is fierce, with multiple offers being the norm. the

multiple offers situation, which for first time buyers can feel a lot like the

bloodbath in the onset of the Hunger Games – out of control and scary. Having an

agent who is well-connected and makes YOU a priority is key to avoiding this.

There are multiple networking groups in which Austin Realtors share “coming

soon” listings. Some of these homes never even hit the open market, because the

Realtors involved in these groups understand the value of networking with other

professionals. If a first time home buyer in Austin has an agent who can find them

one of these pre-MLS properties, it can be a very good thing.

 

This brings us to the team approach: In many Austin neighborhoods and price

ranges, you and your agent need to be able to drop everything to tour a home

that comes available, because it simply won’t be on the market long enough to

wait a couple days until your schedules can fit it in. At Let’s Move Austin, we work

as a team so that if one of our agents cannot be available on short notice for a

priority client, there is someone else who can step in and make sure that buyer

gets to see the property. We also have a trusted network of related professionals

such as mortgage brokers, home inspectors, and service providers such as

plumbers and electricians that we make available to our clients, much as the

Tributes in the Hunger Games have a whole array of Escorts and Sponsors. This

kind of expertise is especially important for first time home buyers in Austin, TX.

 

Theresa Bastian and the team at Let's Move Austin are ready to help you buy, sell,

lease, or invest in real estate throughout Austin and Central Texas. Call 512-297-3442 to get started today.

 

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