How To Buy A Home In Austin's Competitive Market

By Ashley Smith

As the likes of Tesla and Qualcomm continue to expand their presence in Austin, thousands of homebuyers flock to the city with them, creating an extremely cut-throat and competitive housing market. Additionally, many people are relocating to Austin from other parts of Texas. In a normal market, there is roughly 6 months worth of inventory available in Austin. However, as of this month, the amount of inventory has fallen to 0.9 months worth. This means that we are operating in a seller’s market, and in a seller’s market, the seller will have the majority of the negotiating power in the transaction.

That being said, our agents at Williamson Group have years of experience in multiple-offer situations, and we are prepared to help you make the right moves so that your offer is the one that is accepted. Here are some of the major differences that will set you apart from the competition. 

Choose the right lender

Dealing with your lender and getting all necessary loan documents completed is usually the most lengthy part of the homebuying process, which means that who you choose as your lender is critical in getting to closing in a timely manner. While many city banks offer mortgage loans at lower rates, they can take up to 40-45 days to close. However, if you choose to go with a mortgage broker, you will most likely pay a slightly higher rate, but they will usually be able to close in 25 days. Most closings need to take place in around 30 days, so your lender can actually make or break your deal. 

Choose the right agent

In a market like Austin’s, choosing your agent is critical to finding homes available for sale. On average in Austin, homes are only on the market for less than 30 days, but most homes receive offers within a weekend. Williamson Group agents have access to exclusive listings through Keller Williams and other agent-only networks. Additionally, our agents go out of their way to create opportunities for you. For example, we write buyer letters to homeowners in targeted neighborhoods to inform them that we have clients actively looking to buy a home in their area. In this way, we are able to create demand and subsequent supply. This tactic has proved successful for many of our past clients.

Make a competitive offer

When in a multiple-offer situation, is it essential to have a competitive advantage. Our agents are well-equipped to advise you on how to submit an offer that has high chances of success. There are multiple contingencies that you can waive so that your offer is more appealing to the seller in comparison to other basic offers. For example, you could shorten the option period, waive the financing or appraisal contingency, among other things. These moves show the seller that you are serious about your offer and will increase the likelihood of your offer being accepted. 

Ultimately, speed is the most important factor in getting your offer in on a home in Austin right now. Our agents are available at almost any time to counsel you on the best choice to make so that you can win and become a proud homeowner in this competitive market! Williamson Group is here to help you before, during, and after you buy a home.

Learn more about our team by attending one of our monthly webinars.