How much money should you have before buying a house in Lake Travis? The exact amount will depend on which neighborhoods you’re interested in, the current market conditions, and your financial situation. In this post, our Lake Travis real estate experts at The Seely Group will break down how much money you should have before buying a house in Lake Travis based on the median sales price for homes in the area.

Key Takeaways

• On average, most buyers put down 10% to 15%. However, down payments can range from 3% to 20%. Since the median price of Lake Travis homes is $777,000, this means you can expect to pay anywhere between $23,310 and $155,400.
• For home buyers, closing costs usually range from 2% to 5% of the home’s final purchase price. For a $777,000 home, the amount you would pay would be between $15,540 to $38,850.
• Setting aside an emergency fund is a good idea for any homeowner, especially a new one. You should aim to set aside 1% to 3% of the home’s purchase price each year. For a 777,000 home, this would come out to $7,770 to $23,310.

How Much Money Should You Have Before Buying a House in Lake Travis?

Down Payment

On average, most buyers put down 10% to 15%. However, down payments can range from 3% to 20%. Since the median price of Lake Travis homes is $777,000, this means you can expect to pay anywhere between $23,310 and $155,400. Depending on your circumstances, you may qualify for a zero-down program. Be sure to check with your lender to see what your options are.

Monthly Expenses

The amount you spend on monthly expenses varies depending on which neighborhood you’re purchasing in, the exact home you buy, and your personal situation. Some monthly expenses you can expect to pay include: 

• Monthly mortgage payments
• Property taxes
• Homeowners insurance
• Utility fees
• HOA fees

Create a list of all the monthly expenses that come with your new home and factor the amount into your budget.

Closing Costs

For home buyers, closing costs usually range from 2% to 5% of the home’s final purchase price. For a $777,000 home, the amount you would pay would be between $15,540 to $38,850.

Buyer closing costs include expenses like loan origination fees, appraisal fees, title insurance, and escrow fees.

Emergency Fund

Setting aside an emergency fund is a good idea for any homeowner, especially a new one. It acts as a safety net in the event of an unexpected repair or other expense related to your home. An emergency fund can also be used for routine maintenance.

You should aim to set aside 1% to 3% of the home’s purchase price each year, though the exact amount will depend on the condition of your home and your financial situation. For a 777,000 home, this would come out to $7,770 to $23,310.

What is the Housing Market Like in Lake Travis?

In recent months, Lake Travis has been a strong buyer’s market. This means demand is low while supply levels remain relatively high. As a result, buyers have more leverage, homes tend to stay on the market longer, and final sales prices are lower.

The median sale price of homes for sale was $777,000, which is 5.1% lower compared to the same time last year. The market also has 25.7% more homes for sale on the market compared to the previous year. In addition, 23.1% fewer homes were sold recently compared to previous months in 2024. 

63% of homes sell under asking price, 10% sell for their original asking price, and 27% sell over asking price. 70% of homes sell in under 30 days, 10% sell between 30 and 90 days, and 20% spend over 90 days on the market before selling.

Call Dallas and Amy Seely to Buy a Home in Lake Travis Today

Working with a knowledgeable realtor and experienced professionals can help streamline the home-buying process and ensure a successful purchase.

If you’re looking to buy a home in Lake Travis consider working with Amy and Dallas Seely and our entire team at The Seely Group.

We help over 300 families in the Austin area every year and have been ranked in the 0.1% of realtors nationwide. With our expertise and unique buyer guarantees, we can ensure you find the home of your dreams in Lake Travis in no time.

To learn more about working with us to buy a home, call 512.943.2572 or send a message to [javascript protected email address]. You can also fill out the form on this page.

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