First-time home buyers struggling to close deals in Austin

Home prices in Austin above state average

If you’re looking to buy a home in Austin, you may notice two things; the homes are expensive, and the market is aggressive.

A new report shows Austin has the most expensive homes on average in the state.

“It’s a big investment, we are putting our life saving in it,” said Nidhi Singh, a home buyer.

She said she has been looking for the perfect home since July.

 “Our main aim was to look for a good community, good school district and good neighborhood, less crime, and all these things we had in mind, big backyard,” said Singh.

Singh moved from California to Austin for her job and to live with her husband. She looked at countless homes, and finally made offers for two homes, but with no luck, and she’s not alone.

 “I had a first-time homebuyer that we made offers on 12 different houses, before we really got one, under contract,” said Aaron Farmer, Austin Board of Realtors president.

Singh said her husband are now burnt out.

“We just plan to take a break right now, because it got a little exhausting, going to open house every day, and it gets really emotional too because it takes a lot of time and effort. You put your heart in a house and you don’t get it,” she said.

The 2016 Coldwell Banker Home Listing Report shows Austin by far tops the average house prices list in Texas.

“Houston is having a downturn with the oil industry, and we’re really not affected by that, so our tech industry is booming, it’s growing, it’s a fun place to live, a young place to live, it's vibrant,” said Mara Macone, Real Estate Agent.

According to the list, here are the costs for an average 4-bedroom, 2-bath home:

  •  $414,000 in Austin
  •  $362,000 in Boerne, TX
  •  $354,000 in Georgetown, TX

Due to the high demand, realtors are now trying to think outside the box to help their clients find their dream home.

“So what a lot of people do, they cold call, they send postcards to homeowners, who have been in their homes for five years and more to say, 'hey, you’ve got equity in your home, you know, the market’s booming. Would you consider selling?'” said Macone.

The biggest advice from experts is to not get emotional and to be patient. They said it can be a grueling process, and home buyers should expect to make multiple offers, before finding a match.
 

(© 2016 KVUE)


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