When should you look for your Dream House? The Austin TX real estate market has many different price ranges in many different eclectic neighborhoods and communities. The average person moves every 6-7 years, which is up from 4 years just a few years ago.
For the most part, when someone buys their first house, it's not going to have everything they want in a house. Most first time home buyers are typically in a lower end price point, and as they build equity in their first house and save money over the years, they can then do what we call "move up". Is this "move up" house the dream house? Usually it's not.
On average, someone will buy 7 houses in their lifetime. I'm already on my third.
Just last month, I received an email from an Austin TX Home Buyer wanting to buy a new house with her husband as they now have an infant and needed to get out of their 1000 sqft first house. She had picked out three houses to look at, and they were in a nice area and good prices for the size. They definitely wouldn't be cramped anymore.
After scheduling the appointments, she canceled the next day. I received the following email, "I started second-guessing my whole "interim house" plan. I think we would be better off to bide our time and wait for the change to buy our dream house--less risky and more practical. Now to invest in more closet organizers!!"
I can't make this stuff up! She's in her mid-20s and wants to go immediately to her Dream House. Is this realistic? She has an infant in 1000 sqft. Yes, I know people in LA and NY do that all the time, but in Austin TX, there are many more options. In the mean time, she's losing sanity going crazy in cramped quarters, but she's also losing potential equity buying a house that would have potentially higher profitability as it would be more marketable to more people. The market for a 1000 sqft place is a small market. The market for a 2500 sqft place means a larger buyer pool and higher demand.
My advice is for her to buy the interim house as their criteria might change over the years as to what their Dream House would consist of. Who knows, she might have 5 kids and her Dream House could become too small! As our lives change, our Dreams change. You shouldn't wait to buy a house while trying to predict future needs. You should buy a house for the next 5-7 years and then think about the next move-up.
**Are You Packed Yet?**
Austin TX Real Estate
and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way.
** Multi-Million Dollar Producer Year after Year **
Copyright© 2011 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* Buying a Dream House or Buying a Move-Up House? * was first published on donnahomesblog.com.