The median price of homes in Travis county is now at $335,000. If you want to buy in central Austin that number goes up to well above $400,000. I am seeing prices per square foot in my neighborhood of Rosedale reach 400+/square. In Bryker Woods and Tarrytown they can go over $500/square. This means a 1500 square foot home will run you over 600k.
Many people prefer the convenience of being a few exits from their offices to driving 30-45 minutes per day. Buyers are willing to pay higher prices for much less house and they need options. Most people I am meeting are more than capable of purchasing they just think they need 20% down along with 2 years of tax returns.
We now have a program that we can off one year of returns and you can put just 10% down. So here is how it works.
Purchase price: $650,000
First lien: $421,100 (this is the max conventional loan amount)
Second lien: $163,900
Down payment: $65,000
We can currently go up to 900k with 10% down. You can keep those extra funds for upgrades to your new home or keep the funds for a rainy day.
Please feel free to call or email me any time with questions. I have a passion for real estate and especially real estate in central Austin. I would love to hear your plans and help get you and your family into your new home.