The out-of-date duplex across the street from me is currently listed at $775,000. The run-down shanty across the street, which is almost definitely a tear-down, listed at $460,000 and sold for asking price the first day on market.
|Just listed at $1.2M. It cool- it’s close to Franklin Barbecue. Kidding. Courtesy of fineartamerica.com
I’ve said it before: You can describe the Austin real estate market in three bullet points.
- Everyone wants to move here.
- No one wants to leave.
- Property is expensive.
Of course, these are generalizations. There are some crazy people out there who don’t find Austin appealing and they wouldn’t move here if you paid them. And there are surely a few residing in Austin who would jump at the chance to leave. Additionally, there are deals to be had if you know where to look, you know how to structure an attractive offer, you are willing to be a little creative/industrious, and you are flexible with your criteria.
I get the question quite a lot: “Barrett, we are obviously in a seller’s market. Shouldn’t I wait to buy my first home or investment property and let the market cool off a bit.” I say, “Sure!” Don’t do what you’re not comfortable with. However, sales price is only one component that will factor into your monthly house payment. In this short video, I give my 2 cents on the topic and touch on an additional component. Check it out on my YouTube Channel if the video doesn’t show up below.
Check out this link for some interest rate history.