The Austin Buyer's Guide

Austin has a long record of growth, with sharp swings along the way. Prices ran up fast from 2020 into 2022, then corrected as mortgage rates climbed. The market you're buying into today is a different one.

In September 2026 there were 5.4 months of homes for sale across the Austin area, and sales were down 14.8% from a year earlier. That's a buyer's market. For you, it means more choices, more time to decide, and more room to negotiate on price, repairs and closing costs than buyers had a few years ago.

It doesn't mean every house is a bargain. Well-priced homes in the parts of Northwest Austin people want still move. The advantage goes to the buyer who's ready: approved, clear on what they want, and able to act when the right house shows up.

About waiting for rates to drop: nobody can time that reliably. Buy what you can comfortably afford at today's rates, and if they fall later, refinancing is an option worth asking your lender about.

Source: Unlock MLS, September 2026 Central Texas Housing Report, Austin-Round Rock-San Marcos metro.

Before you look at homes, get your financial house in order. If you don't know your credit score, check it now, and if your credit report shows something wrong, get it fixed before you apply.

Choosing a lender

Not every lender is right for every buyer. A few questions to ask:

• What do your reviews and past clients say?
• How long do you usually take to close, and does that fit my timeline?
• Which loan programs do you offer, and which do you specialize in?
• What fees come with the loan you're recommending?

If you don't have a lender in mind, I can introduce you to a few local lenders I trust.

What you'll need to apply

Your lender may ask for more depending on your situation, such as retirement statements or a divorce decree, but this list is a good start:

• Your last two pay stubs
• Your last two bank statements, every page
• Your last two years of tax returns
• Your last two years of W-2s or 1099s
• Your driver's license
• Your Social Security card

Pre-qualified or pre-approved?

A pre-qualification is an informal, non-binding estimate of what you might qualify for. A pre-approval is the lender's written determination of the loan amount you're approved for, after they've checked your documents. A pre-approval tells a seller you can close, which gives your offer more weight.

Payment over price

The purchase price matters, but you'll live with the monthly payment. Work with your lender on what you can comfortably afford each month, then let that set your price range.

1. Consultation. We talk by phone, by video or in person about your goals, your questions and a plan for your search.
2. Pre-approval. You connect with a lender to set your budget and get pre-approved.
3. Instant alerts. I set you up with alerts so you hear about homes that match your search as soon as they're listed.
4. Showings. We tour on your schedule, evenings and weekends included, or by video if you're moving from out of town.
5. The offer. When you find the one, we write a strong offer based on the comps, the market and your goals.
6. Negotiation. I negotiate every detail as if it were my own money on the line.
7. The details. From inspections to paperwork to deadlines, I keep everything organized and moving.
8. Closing. You sign your final documents at the title company and get your keys.
9. After closing. I'm still here, for questions, recommendations and whatever comes next.

For the longer version, read how I help you buy a home.

Option fee: within 3 days of the contract

Paid for your right to end the contract during the option period. You and the seller negotiate the amount, often around 0.1 to 0.3% of the price. It's usually credited back to you at closing if the purchase goes through, and you don't get it back if you end the contract.

Earnest money: within 3 days of the contract

Your good-faith deposit, held by the title company. The amount is negotiable. In our market it's often around 1 to 2% of the price. It goes toward your down payment and closing costs at closing. It can be sent by wire or cashier's check, and sometimes through the title company's app.

Home inspection: at the inspection

Always get one. You never truly know a house from the outside. Expect roughly $400 to $700 or more, depending on the size of the home and the services you order, such as a pool inspection.

Appraisal: when your lender orders it

Your lender hires the appraiser to confirm the house is worth what they're lending. Roughly $400 to $1,000, depending on the home.

Worth knowing: the inspection and appraisal are paid when they're done, and you don't get that money back if you end up not buying the home. Plan for about $1,000 at risk.

Down payment: at closing

Set by your loan. An FHA loan needs at least 3.5% down; conventional loans range from about 3% to 20%. Ask your lender which programs you qualify for.

Closing costs: at closing

Buyer closing costs often total 2 to 5% of the price. They can include:

• Title company fees for handling the closing.
• Lender fees, from underwriting to discount points you can buy to lower your rate.
• Homeowners insurance, usually the first year paid up front.
• Private mortgage insurance, usually required when you put less than 20% down.
• Title insurance, which protects against problems with the seller's ownership. Who pays for the owner's policy is negotiated in the contract.
• Property taxes and insurance reserves, a few months collected up front to start your escrow account with the lender.
• Recording fees to record your deed with the county.
• A home warranty, if the seller isn't providing one and you choose to buy it.
• HOA fees, which can include dues paid up front and a transfer fee. Who pays the transfer fee is negotiated.

Check with your lender for what your own closing costs will be. Nearly every cost, date and amount in a contract is negotiable, nothing here is standard or fixed, and this guide is general information, not legal, tax or lending advice.

Buying a home is more than a transaction. It's a turning point, and you should feel calm and clear going into it, not rushed.

I've lived in Northwest Austin since 1976 and have helped people buy and sell here since 1995. If you're moving from out of town, start with relocating to Austin, and browse my current listings. When you're ready, set up a consultation. No pressure. Just perspective.