4/14: Insider Tips For Purchasing A Home In Austin

Ask The Experts
Saturday, April 14th

Aaron Levy with Townbridge Homes and real estate agent Brittany Ward join us with tips you need to know before purchasing a home in Central Texas.

Townbridge Homes - https://www.townbridgehomes.com/
Brittany Ward with The Moats Team @ Keller Williams - http://www.austinhomes.forsale/team/brittanyward


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Thank you for joining us on another episode of ask the experts right here on talk thirteen seventy. This is a show about your health your life and much more with our rotating cast of experts. To catch a bomb past episodes he can visit talked thirteen seventy dot com slash experts and of course if you will like questions answered on our show. Feel free to email us. Ask the experts have talked thirteen seven. Today will be discussing all the things you need to know before purchasing a home. Since joining me in the studio today as president uptown bridge homes Erin Levy. Aaron is a conscious land developers Andy Green home builder here and sunny Austin, Texas. Also in the studio is for any war to a local real estate agent for a theme moats team act Keller Williams. Britney Aaron walk into the program thank you ain't. Would you all like to start off way it may be a little bit more about your cells are listeners it's no human who you are what you do in the Austin community. Sure. I've been here in Austin about a decade now my background my educations actually an architecture. And then I just discovered that I'd rather be more hands on in the field and moved into. An opportunity with my father in law actually so it's a family business before him his father in law. So we've got about six decades of building experience in the company. Great ember and. Gas side and an Austin about a decade as well Miami University of Texas graduate I have been in real estate now for about five years and work with and a top and pretty fresh teams here in our stand as EPH and on our real estate team. Well that's great in my SM and Clinton having guys in here. I think your issue one of the first people that we have now on the show to speak about buying homes. So with that said what are some of the things. Our listeners should consider when buying a home. Well first and foremost. Same thing when I build a custom home for somebody like to tell them that it's you gotta know your end game. Where your goals where you need to be financially is it something that's feasible for you you really need to do some. Digging in and your finances and make sure that you are prepared and this is a Smart decision. Sometimes the right decision may be just doing a remodeling your own home. If you're feeling that you need some change but making that decision to purchase is really one of the largest investment he can make in your life. Also old. Become familiar with the market. You can do studies on your own obviously with the Internet there's a plethora of information I like to say you should always engage professional. Even though there's so much information out there. Somebody like Britney can attest to that really the ins and outs of the purchase you really want somebody who knows what they're doing. Yeah absolutely. And to that you know when your when your first starting to. Decide aaron's. Right and then it is one of the biggest financial purchases most anybody makes in their lifetime says he wanna make sure finances are in order you wanna make sure you know specifically. What you're looking for and what the end goal is. And in yes in Gary is the Internet is everybody's friend and there's so much information out there and it's great and now more than ever you can truly. Do you a lot of your market research ahead of time before you contact somebody thank you really wanna make sure you're speaking Lance. Builders and lenders and real estate agents as they are the key experts in their market in their industry to know what they're looking for. What is something. That someone should look for definitely if this is their first how much they've rented their entire life and now they're gonna make this purchase to make sure it's their right home okay. Well there's a number of things to consider. You really need to know is for any kind of point out your needs your wants verses your needs. And and and when you make an investment sometimes you really have to put yourself in check because a lot of times people are driven by the wants. And not their needs and ultimately. You reached most satisfaction when your needs are met so. Get real with that with your partner if you have a partner if you doing this on your own. Get real with yourself on what those true needs are for what a home these provide for you. And needs of course are and go for space station old. You know. That the brooms themselves are there certain rooms that you know you need in your home do you work from your house. Storage in anticipation of storage growth are you gonna grow as a family as a partnership whatever your situation may be. One of the things that I watch a lot of first time diners to you is especially in the Austin area. Because it osment can be scary and eaten it can seem not affordable to a lot of first time homebuyers and it it is but will end up happening is people start looking. More into the suburbs into outs or communities because they lions. Three or four bedrooms when they may not have its and they would be think for resale value I need to be an increase school district nineteen which after remember and commute time and travel to work is super important and that's where use index and change anywhere from an hour to two hours of your day depending on where you live in TU I also tried her mind first time homebuyers. You need to let it in you need to know what you need that on average and the first time home buyer only stays in their first house. Five to seven years is that so it's easier to hit thickly not buying your forever home so don't get so locked into thinking you have to have every single thing on that chocolate. Straight or some kind of dream home I mean that's not your first home purchase. Yeah dream home is something that she gets there eventually nearly two or three download you have to be so with that said what what makes a good lender out there. So I am. I highly recommend when you were first starting to did I am starting to cast her in the wheels on purchasing a house. You meet with trajectory lenders there's a few different things and it will help understand how they are all going to be competitive and rate interest rates and even nano you know they're set federally and and state why didn't they are and they can be negotiated their can be some flexibility. So you wanna talk with three different people you also won and now what incentives that lenders offering. And the Linder is truly one of the key people in a real estate and residential real estate purchase. In this transaction meaning that I am. And means you don't get to by the house of that loan it doesn't go through underwriting all the teasing cross an ice indicted come from the lender side of the business say you want to make sure somebody. Eighty year comparable list. Indeed it's going to be a good communicators you don't wanna be the one that's having to reach out constantly saying hey where we honest what are we doing you know make sure when you're in you're dealing with lenders are asking that lender. What are your communication preferences how often are you going to be reaching out to me how am I gonna know. What part of the transaction my loan currently is and and and things like that. If the lender could be the factor that makes it fall apart is especially even close to the end when you think you're hurting there. And considerations of like being shopped. Vs something local to you really do want something personable now. Company's larger banks over into it for Webber's gut you know these loan offers that they are really gated advertising putting out there. Yeah you you may wanna compare them to shop it but you also do wanna go to the smaller ones go to credit unions go to. Mortgage mortgage lenders who are not a bank themselves but maybe are handling of the Vietnam transaction of the mortgage. Somebody who's gonna help you see that through. I was definitely important. And I think Aaron hit it with and local lenders and wineries and those guys can be Sochi. And Dane know the local market and was from the big banks are sending their appraisers and different people out ages ten at a market in Austin market and certain areas can be a hard one to. Understand and know and and the house teens who praise if you wanna diet so and build local lenders are really the local market well salute. Well hey before we go any further I would like to let our listeners know how to get ahold of you saw Aaron and Brittany would you mind leaden as nose on the web sites that we can reach you that. Sure our website is town bridge homes dot com. Let's go over information on their communities. Available Holmes to star history stories like that. Yeah it and am our company website is Austin homes dot for sales. It's offends basic as you can and shop anything that's on the market and Austin on their learn a little bit of an hour a little bit about our team here and cost and. And and start your journey there. Are inciting we have time for one more question before we take our first break. What are some of the best questions to ask when you find a home July. You know it kind of depends on what you're looking at if you're looking at a new home verses or resell so. On the new home side's. You know things that I would point out because as the builder. I'm aware of these things and I like to make it clear to the people that are purchasing our home. Is it in an H oh wait is there an association Q you're do you're research read through that understand what you're signing onto because HO ways do have responsibilities or limitations possibly. On the things you can do with your property. Parking what's the situation with the parking in your driveway same thing with the new home. You may be you may look at it and then might be the last thing you're looking at and then you buy your home you move any new discover wait a second worm my guess gonna park there's actually no provide a parking for these people. Those are things you let's think about other things. You may wanna test out for yourself is what is your commute you know operating at point this out before but. Is if this is the rate home for you do you know what your commute looks like tested out one time you know go over their 1 morning before your normal commute time and drive it. See if that works for it. I'll talk primaries of yes active and so when you're looking to purchase a home that is not brand new and usually need be and things that we advisor I advice buyers sign to let me start the process you know landed the first questions is has there been any remodeling or updates sent to house. If there has been remodeling done was at permit. And that they pull everything course this is due to city or did somebody just Iman and flipped it and had to the city Witten catch them because at the end of the day once you take over ownership of that house. That becomes your issue not the and contractor that came in and at the Flint so he just Wendy your due diligence there how long has the current donor list in house. One important question this is more for negotiation tactics than anything it. Why are they selling is it because there's it's at because their movie and is it because they did unless something about the house. Things like that and added and I really did think she wanted to avert. Why does the age Chile el Al is there and ancient if there is wine and what doesn't know what does it restrict you from getting canyon park here. RV and they drive most likely probably not an entity in Boston so I'm and it's a beautiful place to be outdoors a lot so things like that. And another is senior day. Can help you be a little more competitive as a buyer when you are looking. And they resell hump I thought is this seller needs at least acts so are they selling because they need to purchase another house that they may need an extra thirty days after the house closes. To Livan and a little bit longer those are all questions at France they can help you decide. Does this property makes sense for me. And it looks like it's time for break don't go anywhere we have more ask the experts coming up right here on talk thirteen seventy. Welcome back to ask the experts right here on talk thirteen seventy where speaking with the Erin Levy. For a way town bridge homes and Brittany ward the local real estate agent from the most team act Keller Williams. Now air and and Brittany continuing our conversation on all the things our listeners should know before purchasing a home. Could you let us know how to identify a good builder or contractor. Sure. You know it's really important. Just like when you're talking about the lenders and you know do your homework get references do some research. Interview. As many people as you can and the same thing and I'm building a home I don't sign a contract with the contractor without having bid it up to five different people. You know that goes for or your builder or contractor for having some I do work on your own home if it's a remodel or addition. You know there's also resources the Better Business Bureau obviously yell horror and g.'s list and things like that as well. And and then you know you also did is trust your gut. Because there's something about intuition that's really important that people sometimes seem to forget about what you should know if you have a certain feeling. Whether it's a good or negative feeling that that's probably something you want to hold on to. In the process. Something else I would consider is transparency and in you know we make a really strong effort with numbers homes to be as transparent as possible causes really important. When somebody's making such an investment that they know the truth as to what they're getting. It's sometimes easy to just think things get covered up inside the walls or in the process without knowing for sure. You know and there are ways whether. You know whether it's just through what they tell you or there's certain systems we use something that support let's call builder trend there's also co construct there's other programs out there that allow you to kind of get into the process through you know photographs. Scheduling stuff like that she can really start to see that they're actually getting the job done and getting the job done right. I mean there is always the consideration you don't always wanna know how the sausage is made right on the you know because I can be daunting for people it's a lot to handle when you're building a home or your pre modeling or doing an addition but. It is good to kind of keep your finger on. Polls. I can honestly say buyers and of town bridge products they truly see what's and the walls they use and that programs insistence that Aron has been pleased to actually see fedex's. What is going in a Los nowadays they choose to looking Karen and is totally on the fire but the transparency is completely there. We'll what is currently training in us and socially vs economically in terms of buying a home I know we spoke a little bit about this on the break but. He has an elaborate on that from me a little bit. Yeah so and I'll speak to in terms. And economically since I actually just went to the forecast unchanged here about a week ago when is cyclically. He we should see downturn in any real estate market every seven to eight years. Austin's going on ten and it's a lot of people have. This thought that we're any real estate bubble are a market bubble and and really and that Austin chamber of commerce. And stats still say that we have ever I think it's like a 168. Quote me on the at a 160 people daily. Moving to this city and we just don't have the inventory to supportive say of went to great things about new construction and and it really gives buyers opportunity that doesn't exist in resale. And to have a healthy real estate market. You really need an average of about six months worth of inventory on a market Austin the last probably five years is only averaged about. Three to four months and truly we thought we were gonna eat that shift a little bit act that six month mark. I'm coming into Tony eighteen. And believe it or not we were only had about a month and a past president and green in January and and that's an investment schemes and right here we just did buyers just keep had been meaning keep coming in and you have to I'd you've got it in me hands and it's on the markets it's still heavy sellers market bad buyers are getting smarter which is a bit. The and economically to Austin's pretty much one of the few anomalies there's certain things that keep Austin a little safe from what would be a typical downturn. In the mark because we've got a capital you know we've got of a large university which as you know the big set of population here. With the industries have really improved here as far as you know especially on the on tech tech industry. But you you put some of these factors together and really kind of pads Austin from you know that the concern that most other people would have across the nation. Of and then also socially and there's a lot of trends happening here I mean. You know the east side has been trending for the last few years and it's getting a little for saturated you'll find that lake. If you you can't buy a lot for under 300000 dollars a mean that you know it's not affordable. And that's the that is an issue here in Austin you know affordability like how to recreate affordability and find affordability. In Austin. You know over the last few years there has been a major. Flocks out towards the suburbs as Brittany had said before. You know to to create more affordability. There is consideration their quality of life obviously because then you get into what's your commute time look like what is here. Accessibility to some of the necessities as far as amenities are concerned groceries. Yet schools like all those kinds of things you need to think about as well. But you know socially there's also that the consideration of you know new urban is an in this in the in the turning back into cities as well and Austin's been making major push. Into mixed use development you see it in a happy you know all the major thoroughfares where there's commercial and then for residential above. You know in the and we can make more efforts Austin's about soon be releasing its you know next round of land development code and that's kind of introduce a lot of changes as well. To help. Helpful on the infill side of things and it should help ideally with the affordability. 20 yes definitely a city that if you moved here like me about a decade ago you wouldn't. If it's hard to recognize that today especially the east side yep yep and it just certain parts of town. So even if here is say you're ready to buy a home we talked a little bay and the first segment about identifying a good contractor. Well what about a good real terror. I'll take charge on the essence I am aerials course and I me highly recommend first off as a buyer it cost nothing for you to work with their real estate agent sale and use it it's free that is what our. And industry and our knowledge our expense for those who don't know that's because those commissions come off on the sales side is exactly. So that being said no different being used shop for a lender and and you shop for a new builder or contractor interviewed two to three people don't it's it's always great task your friends like you Dave worked with in his they've had success with and YE. But there's thirteen thousand real estate agents and costs and don't take a first name and it's given TU and without stacking it up against somebody and. Well a lot of people sometimes may think oh you know I've got a good friend who's a real turn my age you know my cousin or my mom or whatever the case may be and and and while those people may be good in the census. You may want to trust them with you know making these kinds of decisions yourself to be a little bit careful too because this is a very sensitive. Process. And just like completely you know if if you're gonna do a build. Or remodel you know in your married couple it's always a big gets a little sensitive because like things start to come up in you don't wanna you don't want affect any relations that the ships you have with people. Even if they're going to be your realtors will also sometimes in May be Goodson to not necessarily just go to your. Your best friend or relative. A really great statistic that I like to share with my clients is that and you know there's thirteen thousand real estate agents and Austin and of those at 20%. Of those agents do 80% of all the business and Austin says that 20% of agents we deem as though working agents. You may know spy people that have their real estate license it's very easy to do an cost and they UN make sure you were working with somebody. It literally treats this industry is a full time job because there's people are gonna come with the expertise. And the market knowledge and a communication and everything you need to make fast and transaction as successful as possible. Yeah in I'll get you successfully from contract to close because there is a full process there that if somebody who's not working agent on the constant. You know maybe needs to grease the wheels a little bit to get back to that point. You mentioned market conditions in I think we maybe talk about a little bit about building and Austin's own waters some of the current market conditions right now. All of you know Austin is still really I would still caught a hot I know that people are you know may think oh this is and what it was because they're not getting. You know the same night he goes on the market eight multiple offers all the above asking price. You know no matter how you look at it Austin is still on the up who we haven't even hit close to a plateau yet. And there's things to consider there you know like Britney said it is a seller's market so you have to just take your time and be a little bit more serious. Before you just pull the trigger because being a seller's market means that you know. You have to be more consider about what those expenses are that you're going to be making a what you're getting yourself into before Regis before parliament is an hot market you know everyone thinks they can build a house several things they can beer realtor. You know and that's not the case and in what happens when market shift as those people get flushed out because they can't survive the shifts. But that being said you know like I was saying as far as I know what you're getting into something may look good on the surface and may have great lipstick but the reality is it's more about the bones of the construction of whether it's. Resell or new construction and so. Again in in a hot market you'll see people pricing out things just because that's what the market is showing bitter reality may not have that value. And we have time for just one more question or so what is a process like from making an offer on a house up until closing day. I've had a few friends I supplant homes. I hear it's not. This move this right possible Cingular let's marvelous. You know it is it can be tricky in in you know like we were saying before a lot of it has to do with. Doing all your research and making good choices of front who's going to be your lender who's going to be your realtor who were you buying from all of those things could really help you get through the process more smoothly. Because the lender needs to take all these multiple steps in the need to start from day one if you're gonna hit the mark especially fits. A resale or new construction or their homes completed you know you're talking about anywhere from thirty to sixty days closing on a house unless you're buying with cash. So it you know all these things need to be. Prepped and ready to go that's including your own paper working need to make sure that you've pulled out all your financial stuff that your lender needs. So they're not calling you and asking you when your three weeks out from closing in ever I was wondering are we got Leo to make this happen or not. In general all the same way and it from start to close it look from search and closing that it looks and on paper you make an offer to sell there you go back and forth on negotiations. And offered its executed eventually you agreed on terms. He made into what's called the option period that's when the buyer has time to do their due diligence. When try to box him period you move on to appraisal. And so long as the house appraised is see your fine and you move forward and closing of the house doesn't pray she go back to the table they're Smart negotiations there and then you get it close and new different and Aaron mentioned and it is about thirty days standard is thirty days in Austin new construction and neither expect home or or something that's to be built. And that can take a bit longer depending on building time lines and things like that. But again there's there's other things I would recommend to people. In you wanna get a home inspection it's it's a given even when your buying a new home even when people buy homes from us like I've. Totally recommended having a third party put their eyes on a walk around the entire us inspect the entire thing provide notes on things that need to be resolved fixed. Added whatever the case may be. You know and and another thing it would just be also just. The communication I mean that's the if that's what keeps this all going you know and and you can you're your your best advocates so if you're not hearing from people than you need to follow up. 100%. Communication is key in this business. While Brittany and Aaron I think you again for joining us on the program and nom I will deceive thaksin great thanks Alina sent. Again that's Erin Levy the president of town bridge homes and for any award. The local real estate agent with the modes as Keller Williams to get a hold of aryan you can visit its website Tom bridge homes dot com. And for bringing you can visit us in homes dots for sale. That about wraps it up for this segment of ask the experts but don't go anywhere we have more coming up right here on talk thirteen seventy.