Looking for a home in the northern burbs in the sub 250k price point = nearly impossible (Austin: for sale by owner, apartment complex)

[riaelise]

So I may be a tad hyperbolic here but we're (me and realtor) are trying to find a small (less than 1800 sq ft), one story home in the northern suburbs that isn't new, yet isn't old, and in a good neighborhood for under $250k. It's a savage market, especially in Pflugerville...homes are under contract in less a few days, if that much. There are multiple cash offers too. My mother just lost out to a cash buyer. Even though she has perfect credit, is putting 40%-50% down, the seller chose the cash offer. My mom is getting really discouraged and regrets selling her house up north :/ Any helpful tips to survive this? It was bad two years ago when we purchased, but not like this. Thanks ~

[kev_in_atx]

Unfortunately, you're experiencing what every other buyer in the sub-300k marker is experiencing. It's incredibly competitive and you really need to be prepared to present a strong offer within 24 hours of a home hitting the market. Your mother is working with a lender and does have a preaoproval (preferably underwritten) letter in hand, correct? If not, that needs to be step one. Make sure your agent is keeping an eye on coming soon and off market listings. It also never hurts to write a sincere, personal letter to submit with an offer. Anything that may give you an upper hand is worth the effort. If you're doing all of these things and your agent is working hard for you, eventually things will work out in your favor.

[TexasHorseLady]

When I was running into that with a client last year (one house we put in an offer on had 40 offers in), I started looking for houses that hadn't gone on the market yet. One popped up that was right for her and she's living in it now. That was in Cedar Park. I've also had some success in past with having clients identify houses that from the outside look like possibilities and then contacting the owners to see if they would consider selling. Also, your agent should be checking out the For Sale By Owner (FSBO market). The market is heating up right now so your agent is likely going to need to think outside the box.

[eirenecat]

Have you looked into 78729? Is that not North enough, given where you live? Our market is hot too, but I do see houses that meet your criteria coming up every now and then.

[Troy&Katie]

This isn't good news for us as we're plotting a move from MPLS to Austin - - > starting a new thread about the expectations I should set for this move.

[RunninJT]

Oh good, maybe 78753 will finally start going back up in price. I was deathly afraid of the new housing development on Dessau tanking the local prices here. Some of those are listing for $160k for a brand new home and it is making me very nervous.

[eirenecat]

RunninJT, do you know what they are building along N Lamar near Walnut Creek Park? It looks like it might be a new subdivision--signs for something there say "Walnut Park," though I suppose it could also be an office park. Lots of land clearing taking place there.

[eirenecat]

Oh, nevermind, I answered my own question--it's a huge apartment complex. Larry Peel Company | Future Properties

[RunninJT]

Originally Posted by eirenecat

Oh, nevermind, I answered my own question--it's a huge apartment complex. Larry Peel Company | Future Properties

Which will be right next to the best park North East Austin has to offer, making it even more crowded than it is now.

I get the feeling my edge of the woods is about to get a serious shakeup. It is making me very nervous.

[COCUE]

Originally Posted by riaelise

So I may be a tad hyperbolic here but we're (me and realtor) are trying to find a small (less than 1800 sq ft), one story home in the northern suburbs that isn't new, yet isn't old, and in a good neighborhood for under $250k. It's a savage market, especially in Pflugerville...homes are under contract in less a few days, if that much. There are multiple cash offers too. My mother just lost out to a cash buyer. Even though she has perfect credit, is putting 40%-50% down, the seller chose the cash offer. My mom is getting really discouraged and regrets selling her house up north :/ Any helpful tips to survive this? It was bad two years ago when we purchased, but not like this. Thanks ~

We bought 2 houses (Cedar Park and Round Rock - Brushy Creek area) in that price range in the last year and also faced a lot of competition. I believe for each of them, we possibly for the 10th or so house that we made offers on. My realtor and I would drive around the target areas looking for coming soon and try to submit offers before they got to the market. Turns out other buyers were doing the same.

Many of the sellers did this - submit your best and final offers in 3 days and then find would even come back and get you to up your offer because" you are in the top 3 or some malarkey like that". We just kept looking. Had all of our paperwork in hand and submitted complete offers as soon as we saw a place we liked and we were firm with ourselves on the absolute maximum we could offer to still make sense financially because it was so easy to get carried away. We got the right houses for us.

Hang in there. You will get it!