Buying in Austin
Why Buy With The Groove Realty?
Our agents at The Groove Realty give you the comfort and confidence you need to make the biggest purchase ever; your home. You’ll get specialized one-on-one time with your Agent every step of the way.
From the initial consultation to determine what your wants and needs are in a home and neighborhood to making sure you’re staying out of trouble and minimizing your risks throughout the purchasing process. The Groove Realty’s expertise will do the hard work, you just need to fall in love with a home.
Our agents possess industry and contract knowledge that goes far beyond the average Brokerage. This in-depth knowledge will help determine ideal offer and negotiation strategies based on local market and economic trends. Even more importantly, our team’s technical savvy puts our agents in a position to surpass the skill level of the agent on the other side of the deal. Having the ability to “out-agent” our competitors ensures that your interests are well-protected and you have the edge. Additionally, we hold several specialized real estate designations earned through focused education on Buyers, Sellers, Negotiations, Military Relocation, and Affordable Housing to name a few.
$435,000
The median sales price has increased 2.4% YOY
2.2%
New Listings 2,570 have decreased 2.2% YOY
4.8 Mos.
Monthly Housing Inventory increased 1.1 MONTHS YOY
Austin Market Buyer Prep
Pre-Approval from Local Lender
Your offer will be stronger and more competitive when presented with a pre-approval letter from a local lender. Some listing agent require proof of pre-approval before even viewing a home. In addition, working with local lenders has shown to help mitigate appraisal issues and has proven to be quicker/easier in communication. We need to be able to speak with your lending team at all times, every day of the week!
Speaking with a local, referred lender will determine how much you can afford to spend on a home, taking into account your income, expenses, and debts. This includes not only the mortgage payment but also property taxes, homeowner’s insurance, HOA dues, and home maintenance costs.
Buyer Representation
A signed Buyer Representation Agreement is required by the National Association of REALTORS® for all Buyers prior to viewing any homes; this includes virtual home showings.
The buyer representation agreement clarifies expectations, establishes a formal relationship, protects interests, and provides legal documentation.
It is important to clearly and thoroughly understand the role of the Buyer Agent, what they do for you, and how they are compensated.
Scheduling Showings
A signed Buyer Representation Agreement is required by the National Association of REALTORS® for all Buyers prior to viewing any homes; this includes virtual home showings.
Once the Buyer Representation Agreement is signed, we will schedule as early as you tell us you love a home, as allowed by the seller. Both virtual and in-person showings are commonplace. We will accommodate for whatever the situation.
The Offer
Once you’ve found a property you’re interested in, work with your real estate agent to submit an offer to the seller. Your offer will include the purchase price, contingencies, and any other terms and conditions you want to include.
Terms and Negotiations
We often win with our terms even when we’re not the highest offer.
There are many not-so-obvious areas within the contract that can make your offer very appealing to a seller and give you the edge to win. It takes working with an agent who is very experienced and savvy to get you the deal and keep you protected. We know these contracts inside and out and know exactly how to advise you on a case-by-case basis depending on the home you’re offering on. Term considerations we’ll be discussing with you might be appraisal waivers, option period and fees, title policy negotiation, HOA information negotiation, and several other contingency removals to name a few.
The seller may counter your offer with a different price or terms. Be prepared to negotiate and work with your agent to come up with a counteroffer. Negotiations may require some give and take. Be open to compromise and consider factors such as the condition of the property, market trends, and the seller’s motivation for selling.
Short Appraisals
Speak with your lender about how different appraisal shortage scenarios can play out for you and your specific financial situation, up front. Other than simply paying the shortage in cash (on top of your down payment), lenders can often restructure your loan if needed so that your cash-to-close does not change or is significantly reduced. These changes would need to be made very quickly so it’s important that you’re prepared and able to be decisive when and if the time should come.
Plan to pay for a “rush” appraisal which will likely cost between $800-$1,000. Your agent will speak with you about the strategy involved here. If no rush is needed, which is very unlikely in our current climate, the regular rate is around $600.
Purchasing New Construction
- Most communities are sold out, so get on every waitlist. We have a spreadsheet like no other with a list of communities in the areas you’re looking so we know exactly who to call and how to get you on the list.
- You must let your agent contact the builders first. Otherwise, they will not pay the buyer agent commission and it will become a buyer fee. It’s crazy; We know it, you know it, they know it. Alas, they have a specific process and we need to follow that process.
- When a home becomes available, you must make the decision to sign right away. They will not wait for you to think about it. They will simply go to the next person in line. Keep in mind that builders have waiting lists of hundreds, if not thousands, of people. No joke.
Formal Buyer Representation
When you have signed the Buyer Representation Agreement with your agent, it is their duty (and pleasure!) to present every house they come across that meets your criteria. Please know that if you and your agent have chosen not to sign a Buyer Representation Agreement, it is the Brokerage’s and Agent’s obligation to first present these homes to other Clients prior to presenting to unrepresented buyers.
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