Do I Have to Sell a Home in Austin Texas Before I Buy a New One?

For some, there really is no need to sell their home before purchasing a new one. They may have the financial capital necessary to buy a new house while maintaining the old home they have already purchased. However, if the costs associated with maintaining two homes are out of your range of affordability, it may be best to sell the one home prior to making a new Austin home purchase.

Similarly, if the home you currently reside in is considered a “hot” property that can be easily sold, then it may not be necessary to wait for a sale to be completed prior to making a new purchase. Granted, there are no guarantees that any property will sell quickly but depending upon certain circumstances, some properties will definitely sell faster than others.

What if you are worried about the potential that the home does not sell quickly enough and you are unable to afford maintaining both homes? The straight answer is that if you have any doubt that you will be able to make a sale, you would probably be best served by simply not buying prior to selling. When you have doubts, it is best to take the path that will probably avoid any potential calamities or problems. Really, you will want to avoid making any purchases that will end up costing you a great deal of money in the long run. So, when in doubt, take the most conservative path.

Here is one important piece of advice that needs to be understood under all circumstances: when you are looking to make a purchase you need to make sure that the home you currently residing is in the proper condition to sell immediately. If it is not, then there will be scores of needless delays in the sale of the house which will yield significant expenditures that could be avoided. The amount of effort needed to get a home in its proper shape can be employed in a short period of time provided you are organized and still occupying the home. To try and get the home ready for sale after you have bought another simply delays the ability to actually sell it.

So, should you sell your home before you buy a new one? Assess your situation first and then make the proper determination. It is as simple as that.
Article provided courtesy of Automated Homefinder, your reliable source of information on homes in Longmont CO.

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Central Texas Real Estate Trends

The end of government tax credits and subsidies is a new trend, the results of which are yet to be observed. Homeowners continue to lose equity on their houses and one in seven are delinquent or in foreclosure. The amount of foreclosures will remain elevated. It is increasingly difficult to obtain a home mortgage, which continues to affect the amount of home purchases possible. These factors have contributed to another trend: people view renting as a more practical option.

There is a low cost of living in central Texas and there are job openings. However, despite available labor, one in six people are unemployed or underemployed. Small business failures have increased by almost fifty percent. These uncertainties in the economy and the potential changes in laws, regulations and taxes, will continue to affect the real estate market into 2011.

Housing prices have continued to drop by about twenty-five percent and commercial real estate has seen a fifty percent dip. Although the plunge in the market is a negative trend, it has also helped to promote central Texas as a desirable place of residence. The combined factors of land prices, housing prices and cost of living, are making the state one of the most affordable and attractive option for prospective home buyers. The region is also becoming a popular retirement option.

So, there are some encouraging signs that things may be turning around and the fate of many industries hangs in the balance. It will become clearer further into 2011 whether the real estate market has bottomed out. Either way, there will be a long and slow recovery process. Predictions are that the housing market will return to a “normal” state between 2013 and 2014, but it will take 5 to 10 years for the market really pick up. A rise in the housing market would benefit many industries aside from real estate, from contracting to moving companies. Luckily, 2011 should see a rise in more positive real estate trends.

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Disclaimer

This site is intended for clients that are not currently registered with a Broker. If you have a current Buyers Representation Agreement signed with another Texas real estate Broker, please contact your Agent or Broker. Texas Real Estate Commission Consumer Protection Notice