AUSTIN, Texas — Housing inventory in the Austin area has reached the highest level since September 2018. But while the market seems to have stabilized a bit, some continue to run into setbacks.
Buyers purchasing homes under construction are facing a number of problems.
One common theme is that many buyers are left waiting months for their homes, even after the builder said the home ready.
The KVUE Defenders spoke to a couple of homeowners back in May. They found that supply chain issues have led to material and labor shortages. As a result, homes' ready dates have been postponed.
But that's not all. One Austin Realtor told KVUE that homebuyers who bought a home earlier this year are now finding themselves in confusing contracts with builders.
Spyglass Realty CEO Ryan Rodenbeck said the market has changed so much in the last couple of months that some of his clients have also found themselves paying significantly more for a home.
"We had a buyer that was under contract for $530,000 on a home," Rodenbeck said. "And they [the builder] listed the same floor plan right across the street from the client for $479,000."
A different client discovered the same. For them, it was a $150,000 difference.
"I think ... the moral here is you really got to keep your eye on what properties are going for," Rodenbeck said. "If you're under contract with a builder right now, you really need to know what they're doing with the other properties and not just the properties that you're under contract for."
Rodenbeck encourages homebuyers to have someone look over their contract and make sure they know the terms for getting out of it and renegotiating the price.
For those looking to buy a new build, he suggests buying a home that's close to completion. Since builders continue to deal with supply and staffing shortages, doing this will help avoid any headaches.
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