We have been looking to "ride the wave" with either an add-on via Home Equity, or just rolling our current equity into a different home. Tough part is staying in the same neighborhood. We've got kids in school and don't want to uproot that.
Wow, now that's how to ride the Austin wave! Well done! Crazy to think there was ever a time you could by a house in Bryker for $85K.BeowulfShaeffer said:
Our 1st home was bought in 1992 in Brykerwoods (2 Br, 1 bath--smaller square footage than the apartment we moved out of) for $85K. Sold it four years later for $150K and rolled that into a home in Steiner in 1996 bought for $270K. Sold that for $385K in 2000, and bought new construction in Westlake for $470K.
It was on a street that parallels MoPac (fortunately, at least on the east side of the street), and it, um, needed some work. But, yeah, it was still on the lower end of "typical" for the houses that size in Brykerwoods. Most of the homes there in the early 90s were pre-renovation. Much of the valuation increase came from people fixing up the old 2 bedroom pier and beam homes and making additions, renovating kitchens and baths, etc.austinaggie2003 said:Wow, now that's how to ride the Austin wave! Well done! Crazy to think there was ever a time you could by a house in Bryker for $85K.BeowulfShaeffer said:
Our 1st home was bought in 1992 in Brykerwoods (2 Br, 1 bath--smaller square footage than the apartment we moved out of) for $85K. Sold it four years later for $150K and rolled that into a home in Steiner in 1996 bought for $270K. Sold that for $385K in 2000, and bought new construction in Westlake for $470K.
I think it's a variety of folks that are buying these. A lot of people from California are able to just pay cash for this after selling there house out there. Plus there are a lot of people that just live above their means. Wait until the next recession and you'd be shocked how many for sale signs pop up. I certainly don't think the majority of those people are doctors and lawyers.evan_aggie said:
I realize that I may sound like an "old", but there are a few things I'm not fully understanding about what's happening with the Austin housing market.
I realize people are flocking here in the droves...I get that, and yes I do understand many come from areas where houses are $600K-1M already. However, Texas has higher property taxes than most because we don't have state income tax. The property taxes in a lot of Austin central neighborhoods is ~2.5%.
I took a drive around east Austin between 10th street and 28th+, and couldn't believe how many homes we found listed at $600+. Then we went over to Barton Hills and Bouldin Creek and found other crazy prices for smaller homes. Who is it that is buying these houses?
20% down on a $700,000 house with a 3.9% 30 year note + 2.5% property tax still results in a $4100/monthly payment. I thought I made pretty good money, but after all of my 401K contributions and savings funds...that would eat up the majority of my take-home pay. Are all of these folks successful business owners, doctors, lawyers? I'm pretty sure we are in the top 7-8% by house hold income. I know the housing market for $600K+ homes are not limited to top earners like that, so what gives? Folks just plunking more dollars into their home?
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Wait until the next recession and you'd be shocked how many for sale signs pop up. I certainly don't think the majority of those people are doctors and lawyers.
Round Rock, Cedar Park, Leander, Liberty Hill. Georgetown.AggieDoc31 said:
So based on this conversation, where would you guys say is the best option?
My family and I are currently looking into making a move to Austin and I'd be working some in Round Rock and in Austin.I think Avondale or Northwest hills makes the most location sense, but I'm not ok spending $600k on a 3/1 house.
Potcake said:
I think you can get into Brentwood/Crestview for under 600.
SteveBott said:
I have two clients in Wells Branch and they really like the area. Scollfield is just south of that area and looks nice in a drive through it
SteveBott said:
Let me know if you want to work with a local Ag mortgage guy.
Sorry forum I just can't help myself
AggieDoc31 said:
So based on this conversation, where would you guys say is the best option?
My family and I are currently looking into making a move to Austin and I'd be working some in Round Rock and in Austin.I think Avondale or Northwest hills makes the most location sense, but I'm not ok spending $600k on a 3/1 house.
AggieDoc31 said:
Thanks for the input everyone. Just got back from the interview and it looks more like they need me at locations further south including downtown and a location off 290 west. Thoughts on places closer to those areas?
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But to the lawyer/Dr. comment, its not just lawyers and Dr.s who have household income of $250k+, in fact I would suspect that is fairly common these days.