With a diverse economy, a thriving job market, tons of amenities, beautiful outdoor scenery, and world-class entertainment spots, it’s no wonder that Austin has become an ever more popular place to find the perfect work-live-play balance. For those who want more spacious homes and quieter residential neighborhoods, the suburbs can accommodate what you’re looking for. Just outside of downtown, Tarrytown features a mix of historic and contemporary architecture, plus tree-lined streets, abundant green spaces, and stunning views. This neighborhood is highly sought-after, making its housing market very competitive.
For those who are buying and selling a home at the same time, there are numerous factors to consider. There may be an overlap between the transactions, meaning you’ll be maintaining both houses and paying two mortgages simultaneously. You’ll be submitting offers as a buyer while receiving and responding to offers as a seller. While it can all be pretty overwhelming, there are ways to more easily navigate the journey. Here are real estate industry secrets to buy and sell your home more quickly.
Understand the local real estate market
The real estate market is constantly in flux, changing significantly over time. Researching the local market will help you understand property values, price your home appropriately, and negotiate offers more effectively.
There are two main types of markets in real estate: a buyer’s market and a seller’s market. In a buyer’s market, the inventory of homes for sale is higher, and there aren't as many buyers out seeking properties. In this kind of market, home buyers have the advantage. They have more homes to choose from and fewer competing offers, if any. They have more flexibility in negotiations and can ask for more favorable terms.
In a seller’s market, however, the demand for homes is high, while the inventory of available homes is quite limited. This means more people are searching for properties than there are homes for sale. The inventory shortage creates heightened competition among buyers, and a home seller will typically receive two or more competing offers on their home.
Your real estate agent will help you understand the current housing market conditions and predict where the market may be headed. They will help you time your sale correctly with a solid pricing strategy that takes into account similarly priced homes in the area. If you’re buying a home, they will evaluate the market to help you devise strong offers.
There are two main types of markets in real estate: a buyer’s market and a seller’s market. In a buyer’s market, the inventory of homes for sale is higher, and there aren't as many buyers out seeking properties. In this kind of market, home buyers have the advantage. They have more homes to choose from and fewer competing offers, if any. They have more flexibility in negotiations and can ask for more favorable terms.
In a seller’s market, however, the demand for homes is high, while the inventory of available homes is quite limited. This means more people are searching for properties than there are homes for sale. The inventory shortage creates heightened competition among buyers, and a home seller will typically receive two or more competing offers on their home.
Your real estate agent will help you understand the current housing market conditions and predict where the market may be headed. They will help you time your sale correctly with a solid pricing strategy that takes into account similarly priced homes in the area. If you’re buying a home, they will evaluate the market to help you devise strong offers.
Work with a network of professionals
The real estate industry is made up of real estate agents, mortgage lenders, brokers, home appraisers, inspectors, home builders, contractors, interior designers, photographers, and a host of other professionals. Working with a strong network of professionals means you’ll have a team of experts to advise and support you along the way. Keep in mind the wide range of services you’ll need. Especially when you’re buying and selling a home at the same time, working with professionals can make the process easier and more efficient for you.
Networking is essential in real estate because it’s such a people-centric industry. Working with different professionals in real estate can give you a leg up over the competition. The more professionals you work with, the more opportunities you may unlock that you otherwise wouldn’t have had access to.
Be flexible and willing to negotiate
To help achieve your real estate goals, you need to be open-minded and willing to negotiate with the other party. As a buyer, being flexible can increase your chances of finding a home that suits your needs perfectly. This means you should be open to different property types, amenities, and features. Negotiating when you’re buying a home is crucial as well. It can lead to more favorable terms and even a lower purchase price.
As a seller, being flexible will help you attract more potential buyers to your home. Buyers may have different preferences, and being flexible with the price, closing date, and contingencies can expand your buyer pool and increase the number of offers you receive. Negotiating is an essential part of the home-selling process. While you have a specific asking price in mind, engaging in negotiations and addressing buyer requests can actually help you maximize the sale price of the property and achieve a more streamlined sale.
As a seller, being flexible will help you attract more potential buyers to your home. Buyers may have different preferences, and being flexible with the price, closing date, and contingencies can expand your buyer pool and increase the number of offers you receive. Negotiating is an essential part of the home-selling process. While you have a specific asking price in mind, engaging in negotiations and addressing buyer requests can actually help you maximize the sale price of the property and achieve a more streamlined sale.
Know your finances
Planning the financing aspect of your home purchase can help ensure a much smoother transition. Speak with a mortgage lender in advance to know what your financial options are. Getting pre-approved for a loan will help you understand what your budget will be so you can make better decisions when buying a home.
As a seller, determine how much equity you have in your current property. Equity is the difference between the actual market value of your home and how much you still owe (or the remaining balance on your mortgage). For example, if your home is currently worth one million, and you still owe $400,000, your equity is $600,000. Understanding how much equity you have will factor into your entire financial situation.
As a seller, determine how much equity you have in your current property. Equity is the difference between the actual market value of your home and how much you still owe (or the remaining balance on your mortgage). For example, if your home is currently worth one million, and you still owe $400,000, your equity is $600,000. Understanding how much equity you have will factor into your entire financial situation.
Consider your contingencies in advance
Consider the contingencies you want to include both as a buyer and a seller. As a buyer, contingencies that can protect you include the home inspection contingency, the home appraisal contingency, and the title contingency. This means that if particular problems or issues are found in regard to the property, you can request further negotiations or withdraw your offer entirely. If you’re selling your home first, a home sale contingency means you will only complete the purchase of a new home after your current home has been successfully sold.
While most contingencies in real estate are meant to protect the buyer, they can also benefit you as a seller. For example, a seller may include a home purchase contingency stating that they must first find a suitable replacement home. This means you can withdraw from the contract if you fail to find another property.
While most contingencies in real estate are meant to protect the buyer, they can also benefit you as a seller. For example, a seller may include a home purchase contingency stating that they must first find a suitable replacement home. This means you can withdraw from the contract if you fail to find another property.
Work with an experienced local agent
The Weiss Group is a top-producing team of Realtors specializing in homes for sale in Tarrytown, Austin, TX. When it comes to navigating the real estate market, having a passionate and knowledgeable expert on your side will make the home buying and selling process go more smoothly. Reach out to The Weiss Group when you’re ready to get results.
