We are moving to Austin, actually, so we've been paying particular attention to episodes in/around the Austin area...
Saw your post today, whitepepper
, coincidentally right after watching the rerun of the young, not-yet-married cycling couple looking to buy just east of downtown Austin. The house they were under contract for had foundation issues requiring about $13K in repairs, & the owner wouldn't budge, so they found something else. (I do love these entitled little twerps who feel that the seller MUST give them lots of concessions & negotiate waaaaaay down because the buyers have to buy lots of new furniture. Yeah, sure.)
However, the first seller was unrealistic about not getting the foundation fixed - she'll have to at some point. Foundation problems are endemic in Central Texas so it isn't too surprising that they had some, & the kiddos were wise to have a structural engineer take a look & wise to back out when the owner refused. BTW, in parts of the city a lot of homes are built on rock so foundation problems are less common.
Austin has traditionally been the most expensive home market in Texas, & it's becoming a sellers' market once again. And long-time residents here laugh at reports in national media about Austin & Texas being great places to move to because there are no state income taxes. That's true, but they don't mention prohibitive
property taxes. I hope the yuppies factored in spiraling tax increases in their monthly payments.
Edited by tres francaise, Jul 9, 2012 @ 8:45 AM.