House Hunters: If you bought a home today, where would it be? (Austin: low crime, houses)

[PhillyVBoy]

Hello.

Moving to Austin next month from Chicago. Fortunately my significant other's family is letting us stay with them in Central Austin to save up.

If you were to buy a home in Austin in the next 6 months, where would it be? Things that are of value to us are investment potential (5-10 years), outdoor space and a reasonable proximity to downtown.

Price: $200-$300k. It would be my preference to purchase a property with investment potential (kitchen & bathroom reno's) on the lower end of the range. So keep that in mind when recommending locations as I don't want to remodel a home that doesn't fit the neighborhood.

I've been tracking the market in Southwest Austin (west of 35 and north of Slaughter) for about 6 months. Prices have been increasing and homes aren't lasting two weeks lately, curious if this is a seasonal thing or a trend.

Anyway. Excited to be in Austin after visiting dozens of times and she's excited to be back. Bye bye winter.

Thanks everyone.

[Gorfml]

I think a bubble is forming...

[Kosmonaut]

Look south of Slaughter if you want nicer houses. The area east of 35 also has houses in the 200K-300K range.

[BatWing]

Originally Posted by kosmonaut

look south of slaughter if you want nicer houses. The area east of 35 also has houses in the 200k-300k range.

this

[hound 109]

Where is your job?

Do you care about schools?

[TexasHorseLady]

Right now there is very little inventory on the market and many, if not most, areas are seeing houses fly off the market with multiple offers (with a few exceptions, of course). The market has turned from a buyer's market to a seller's market, started about last June and ramping up the last few months. Looking at the pendings and solds on the MLS in the area you describe (which isn't all Southwest Austin), in the last 90 days most of them have gone pending in 0-5 days.

Which is to say, it's not seasonal, but it is a market swing. Predictions are that it will continue for a while, even with interest rates going up some. (I laugh when folks on the news freak out about interest rates going up to the 4% and a little above range, when I remember when we purchased our first house and the interest rate was north of 10% and had come DOWN to that shortly before.)

[txgirle]

I would further zero in your search to the SW area West of MoPac and around Slaughter. There is still value to be had and great room for investment potential. Circle C likely is out of your price range but there are still properties in Western Oaks and Legend Oaks that fit your criteria. These areas have large, mature trees, low crime rates, good schools, and many nearby amenities and shopping options that make them attractive for home buyers of all ages.

[PhillyVBoy]

Thanks for the great insight so far.

To answer some questions:

• I'm interviewing for a job in near south Austin and one in north Austin near Mopac and 183.
• Schools aren't a huge deal, perhaps Elementary schools, as we do not have kids yet

Some new questions:

• Gorfml suggested a bubble. Does anyone feel this is correct? When will it burst?
• What is the commute like south of Slaughter? Seems like it may be a little too far from downtown for our preferences.
• What is the commute to downtown like from the southern end of Mopac? Thanks txgirle, I haven't looked west of Mopac much.

Again, I'd prefer to be closer to downtown with a fixer upper with investment potential then go far out for a new(er) construction.

[Kosmonaut]

I'd go for 78741. That whole area is going to get pushed up over the next 5 years.

[BatWing]

Originally Posted by Kosmonaut

I'd go for 78741. That whole area is going to get pushed up over the next 5 years.

Listen to this Man. My buddy just purchased a nice home for $300,000 with 4,200 sq ft in De Valle. granted it's near the juvie jail, he got it cheap and sitting on half acre.