Austin Real Estate Questions & Answers
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How it works
Your questions are valuable in that the real estate answer you’re searching for is the same question someone else wants to know! By helping you, we’re helping others make informed real estate decisions!
What can I ask?
You can ask anything related to Austin Real Estate, even if it is of a personal issue regarding credit or other problems you may be facing in reaching your goals. Your question’s local answer may be the key to a problem another Austin home buyer, seller, investor, renter is having…
So read through these questions already asked, making sure to give a rating along the way. You’ll find your question form just below the answers! “No question is a stupid question!” So just ask!
Home Seller & Buyer Q&A
- I have a 1 year old house in Cedar Park Town Center and might need to sell it. I am looking at the builders pricing which are now higher than what I paid a year ago. I’m wondering if and when I list it if their price is what I should expect?
- I am from California and am thinking of moving to Austin and would like to buy in an area that is up and coming. Which areas are going through redevelopment?
- I went into contract on a home and was supposed to close a week ago. It has been nearly 45 days, should I back out?
- I put $1,000 up as earnest money on my new house and I am wondering if I should get that back in cash at close of apply it to my down payment being paid by the seller?
- I was looking at living in Cedar Park a few years ago, but because I work downtown thought that it would take forever to get to work. I decided to wait until the toll road was finished on 183 and I am wondering if you’ve found it to be any faster?
- I lived in Cedar Park and moved out of the area recently. I had a really great realtor that encouraged me, when I did not think I could afford a home, and helped me buy my first home there. We are thinking about moving back sometime in the next few years. My question, can you see any areas for future building that would be good for retirement?
Happy Homeowner Questions
Austin Home Buyer Questions
- What’s the new FHA loan limit?
- How many builders do you work with?
- What type of incentives are builders offering?
- How are you allowed to use builder incentives?
- How do I know I am not overpaying for my new home?
- Do you sell Resale homes as well?
- How do you know if it’s a buyers market?
- Do you do trade in homes?
- I keep hearing that there is a credit crunch, does this mean I won’t be able to get a loan?
- How long does it take to learn my credit standing?
- My husband an I are doing the open house thing this weekend and aren’t really sure how to act. We’re not using an agent for this process and get really nervous when the agent approaches. How should we act?
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I really love this house in north Austin, but I saw on my agent’s printout “DOM 98″ and asked what it was and was told it meant “Days On Market.” That seems so high, I’m worried something’s wrong with the house but I really like it, what should I do?
Home Sellers Questions
- How do I know if it’s a good time to sell?
- What is Single Pointe’s average listed days on market?
- Do you really do custom listings on your Premium listings?
- Do you really guarantee your listings?
So… What’s your Austin Real Estate Question?
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Home Seller & Buyer Answers
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Rating: +7
I have a 1 year old house in Cedar Park Town Center and might need to sell it. I am looking at the builders pricing which are now higher than what I paid a year ago. I’m wondering if and when I list it if their price is what I should expect?
A few facts you should gather before you can really answer your question:
A. are the amenities in your home the same they are putting in the same model now? What are the upgrades compared to yours…
B. what are the incentives they’re currently offering? The actual sales price is often lower than what is advertised because of built in buyer incentives.
C. did you go zero down when you purchased? you may have paid more than the ‘actual’ sales price if you did.Based on these factors you may find that the increase you’re seeing may be for good cause. In my experience unless you put money down, and the amenities are identical or you’ve made vast improvements in the upgrades in your home versus theirs you may find yourself in a break even position with a now lived in no longer brand new home. I say this, but getting your money back on your home can be done but timing is everything.
If I’m going in to compete with a builder I’m going to evaluate what I’ve already asked you, and then:
A. look at their days on market and their selling price (which we track here at sp)
B. look at the incentives they’re offering and can we game plan something equivalent
C. how polished is your home, and are you going to occupy while selling
D. how are the neighbor homes selling and how do they appear on the curb (in other words, how valuable is your street)
E. how patient can you be. Patience is at times the key to getting your asking price.The key will be pricing it at or under the builder with incentives that make buyers happy. All of the above is tricky, but like I said, it can be done. Having been in the home only one year and if you paid at or around asking price, getting out without bringing money to the table may be the “win.” Your best approach may be to lease the home for a few years and allow the builder to close out. This goes for almost any builder project.
Sorry for the long answer, but you asked a big question! Keep’em coming…
Benn -
Rating: +3
I am from California and am thinking of moving to Austin and would like to buy in an area that is up and coming. Which areas are going through redevelopment?
This is a brilliant question but one that is often asked. Before I give you an answer I’d like to say that your question is very broad as “Austin” is expanding in almost every nook and cranny.
Typically when a client calls me with a similar interest I step off the sales track and into a tour guide mode. I’ve perfected what I like to call “the drive.” In this drive from the airport I take my client through each and every area I believe fits within their criteria- Without any motivational factors here to go on it’s difficult to take you on such a visual journey in this setting.
What I hope you’ll take from my answer is that you’re going to need to come here and experience Austin with someone who knows and understands Austin’s diversity. Austin really does not fit within any particular mold as all of Austin is gorgeous and tucks neatly within almost any budget and desire.
Again, great question, and I’m really hoping for a follow-up question here- I love to show Austin off… Benn
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Rating: +4
I went into contract on a home and was supposed to close a week ago. It has been nearly 45 days, should I back out?
It depends on the circumstances. Because of the recent problems with the lenders it seems we are in a period of adjustment. We have had to give lenders some breathing room when it comes to meeting lending guidelines that seem to almost change daily.
If your loan is in process and you’ve been told that your approval is nearly a guarantee then I would extend some patience. If your credit was shaky and a lot of work has been put into your loan and your lender is hopeful then I would remain vigilant and steadfast.
If however, you’re being blown off, ignored, and feel that your lender is not being straight with you, then I would advise you be absolutely upfront with them about how you’re feeling. Set the expectations with your lender on how you wish to be updated and kept in the loop. Your agent (not Single Pointe in this case) should be able to help you in this situation. I would trust the advice given to you by him or her.
As I said, some things happening in lending as of late are sincerely out of our control. We’re having to rely on the professionalism of the lender to get things done as quickly as possible.
Home sellers are advised to take this under advisement as well as your buyers may be more than qualified but the situation is simply not theirs to control.
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Rating: +2
I put $1,000 up as earnest money on my new house and I am wondering if I should get that back in cash at close of apply it to my down payment being paid by the seller?
I am assuming you are going zero down on your home, and my advise is always that if you need the cash to move or other expenses then sure, ask for what ever is left over to be paid back to you at closing. If you do not need the cash, it is always best to go ahead and apply it to your down payment.
It most cases (not all) the money will likely be returned to you at closing unless you have a shortfall in your funds to close. I would ask your lender or agent about this now if you haven’t already.
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Rating: +6
I was looking at living in Cedar Park a few years ago, but because I work downtown thought that it would take forever to get to work. I decided to wait until the toll road was finished on 183 and I am wondering if you’ve found it to be any faster?
Actually yes. We had very much the same questions and waited eagerly for the tollway to open up. It really gives you a faster alternative to the original 183.
The greatest side effect to the 183a (toll way) was that it relived a great deal of traffic on 183. So either option has made the morning exodus from home to work much easier.
Our offices are right off of hwy 620 & 183 and I live in the Cedar Park area. I take the toll way from Crystal Falls (2243) to 620 and get to work in under 7 minutes, shaving off 12-15 minutes.
Great question!
Benn -
Rating: +4
I lived in Cedar Park and moved out of the area recently. I had a really great realtor that encouraged me, when I did not think I could afford a home, and helped me buy my first home there. We are thinking about moving back sometime in the next few years. My question, can you see any areas for future building that would be good for retirement?
Sir it is an honor not only to represent you, but to call you a friend- we miss your bbqs and look forward to your quick return to Cedar Park. Now to answer your question I see several opportunities for you here in Cedar Park, but the landscape is changing weekly if not daily. 1431 is in its expansion with retail and new subdivisions are in the works. By the time you move towards retirement I am sure there will be a nice selection for you and yours still left, but don’t take to long!
We miss you guys, Benn
Happy Homeowner Questions
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Rating: +5
I bought a house a year ago, and have noticed that my neighbors are getting a little relaxed. We’re a new community (about 4 years old) and I am really not sure how to curb this problem before it gets out of hand. I keep my lawn and yard in immaculate condition year around and I would like my neighbors to do the same. What should I do? I don’t want to look like the bad guy, but I can’t help but think that their poor lawn maintenance reduces my values. Problems on my block are poor landscaping, shaggy lawns. I know it is winter, but come on!
Ah! Great question.
You do have options that will keep you squeaky clean with your neighbors! Since you are a newer community there are several ways to go about this.
1st, because you are in a new home community, you can formally or informally complain to your HOA. They love sending out those little notices to your neighbors.
2nd, while you’re on the line with them, ask they they be more diligent in curbing the problem! It’s their job!
3rd, Attend your local members meetings. This is your job as a property owner. Failure to do this is just as bad as having a four ft. lawn!
4th, If the builder is still building in the community, ask them for help. Remind them your street is still important even if they’ve completed all of the homes in your section. The sales agents in your neighborhood can offer more local solutions to your problem.
5th, Get to know your neighbors! I’ve found the more the Joneses rub their lawn in the faces of the other Joneses, the more competitive they become with their lawns!
6th, Ask your Realtor to do a mailer to the community on reminders for spring lawn readiness. Your agent would love a tip like this!Take care, Lani (keep these great questions coming!)
Austin Home Buyer Answers
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Rating: +4
What’s the new FHA loan limit?
It is our understanding that the new guidelines allow a purchase price not to exceed $288k. This is a dramatic improvement!
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Rating: +3
How many builders do you work with?
We work with over 35 builders all around Austin. From the largest (DR Horton) to the smallest independent builders- we can help.
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Rating: +11
What type of incentives are builders offering?
Builders are offering anywhere from $5,000 to $25,000 depending on where and what you’re buying.
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Rating: +6
How are you allowed to use builder incentives?
If the home is not complete, they can be used for upgrades, price reductions, and even applied to your down payment and closing costs.
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Rating: +19
How do I know I am not overpaying for my new home?
Several ways actually!
We generally know the markets you’re buying in very well. Applying our knowledge of what we’ve sold, shown, and track, we can tell if pricing has increased or decreased even before an appraisal is ordered. However, we will use the appraisal to compare our findings. If the home is priced above appraisal (has never happened) even after appraisal, we will take appropriate action.
This is happening in some areas of the country but Austin has been insulated for the most part. We are watching all area builders and communities even before you shop, so we can avoid potential problems.
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Rating: +2
Do you sell Resale homes as well?
Absolutely! Resale homes can be tricky as many in the business can attest. But based on your price range and needs in your home, we can pinpoint hot neighborhoods for the best deals.
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Rating: +23
How do you know if it’s a buyers market?
The best way to gauge is current inventory of homes on the market. We can access this information in seconds and give you an accurate answer.
Single Pointe goes to great lengths to make sure that our buyers are buying in optimal areas in and around Austin. It may very well be a buyers market in Hutto, while in Cedar Park inventory may be in tight supply.
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Rating: +4
Do you do trade in homes?
No, we’re aware of this recurring fad that in some markets has become a necessity, but there are many risks involved. We advise proceeding cautiously when engaging in a ‘home swap.’
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Rating: +14
I keep hearing that there is a credit crunch, does this mean I won’t be able to get a loan?
The so-called credit crunch is very real, however, this should encourage you to allow us to gauge your buying power. We have solutions for every buyer and can help even if your credit isn’t so sexy.
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Rating: +6
How long does it take to learn my credit standing?
We can generally let you know within five hours. If we cannot meet this expectation, we’ll at least call you with an update. We don’t leave our buyers stranded!
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Rating: +8
My husband an I are doing the open house thing this weekend and aren’t really sure how to act. We’re not using an agent for this process and get really nervous when the agent approaches. How should we act?
Act like home buyers! The agent at the open house is not a villan. Engage them, and be friendly. Ask them to let you browse alone if you’re more comfortable, and if the homeowner is okay with that, they’ll surely let you.
Once you’ve toured the home, don’t rush out the front door. Say thank you! Let the agent talk for a minute, especially if you really like the neighborhood. This gives you an opportunity to learn any nuggets of information the agent has stored up in their head. It may be news not worthy of much to the agent, but to you, it could be a gold mine.
I always suggest a friendly approach. It really is true about sugar getting you more than vinegar!
Good luck! Benn
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Rating: +4
I really love this house in north Austin, but I saw on my agent’s printout “DOM 98″ and asked what it was and was told it meant “Days On Market.” That seems so high, I’m worried something’s wrong with the house but I really like it, what should I do?
Days On Market is not necessarily an indicator that something is wrong with the house. If it was put on the market before it was ready and people saw it before it was cleaned, or the family never made the home available, it may have been overlooked but has since been rectified which is why you like it so much.
Endless reasons can exist for Days On Market and I would take it all with a grain of salt. If you love the home, then just love it- it may be a home that only you like! If it seems perfect and you feel that something is up, ask the seller for the disclosure notice which would reveal more about the home.
Naturally, as a follow up measure, I always advise an inspection because the inspection can reveal what the disclosure does not! One of the reasons for having a great agent is to vet these issues and advise you if they are negotiating points.
Home Seller Answers
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Rating: +10
How do I know if it’s a good time to sell?
That’s the question we’re asked on a daily basis, and the answer truly is- a CMA. A CMA is a thorough market analysis that takes into account inventory levels in your neighborhood, recent solds, and current days on market, or DOM, and several other factors.
We also do several tests of your market that we’ve developed to sincerely compare your market competitors to your existing home to make sure that we’re evaluating apples to apples.
A CMA at Single Pointe is one of the most in depth around, as we do not just rely on MLS statistics we take in many factors in our evaluation.
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Rating: +26
What is Single Pointe’s average listed days on market?
We average a first offer at around 28 days. We accomplish this in several ways. We pride ourselves on properly pricing homes, and doing it more quickly than many.
We use a variety of technologies (to flood buyers with your home more quickly) that can help us to assess whether your home is properly priced. The measure we use is how many physical tours you’ve received versus how many potential buyers have been reached with your listing.
Our Premium listing package will help you reach your selling goals or it’s free- it’s that simple.
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Rating: +40
Do you really do custom listings on your Premium listings?
Actually yes! We assess each and every listing on its on merits and determine with the Seller exactly what the home will need to sell. More complicated market conditions in your area may require the big guns, and other hotter areas may require less- we let you be the judge.
Every listing we do requires this unique assessment in order to be listed at Single Pointe as we do not take every listing offered to us.
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Rating: +21
Do you really guarantee your listings?
Every listing is no hassle.