The 5 Biggest Real Estate Myths:
- Sellers are desperate
- Don’t buy before prices have bottomed
- You can’t buy a home unless you have 20% down
- Now’s the absoulte worst time to sell
- Before you refinance, shop around
There are great deals to be had out there right now, but it doesn’t mean that every seller is desperate just because their house is on the market now. Financing is still out there for consumers, it’s corporations who are feeling the crunch. Unless you are a very high risk, sub-prime lendee, you should have no problem getting a loan. Selling now doesn’t mean you’ll have to take a huge hit, especially in Austin. And waiting for prices to bottom is like waiting for a stock to be at it’s absolute lowest. You can never know for sure when that will be, but if you look at Austin’s numbers, that time has already passed you by. All numbers are on the up including average sales price, sales volume, median sales price… except for months of inventory, which is now approaching the 4-5 month range (same we saw in 2005).
Although homes are taking longer to sell, sales are up, and the average sales price in Austin is also up (see statistics).
So if you are STILL waiting and STILL on the fence, stop waiting and fulfill your goals before this opportunity slips away.
Thank you to Ines Hegedus-Garcia at Agent Genius for bringing this video to my attention.
This is one of the top 3 questions we are getting right now. The answer is simple… probably. I work with some of the best lenders in town, and if you have a mortgage at a rate greater than 6% APR, chances are that you can save money with a refinance.
