With the growth of many cities in Texas, there is a high demand for housing. This booming economy drives home value along with rent prices. In fact if you are planning to make this area your home, buying a home sooner rather than later has financial advantage.
In Texas, housing inventory, mortgage rates, and market trends vary from month to month. The Dallas median home price jumped 24% year-over-year to $320,000 in April 2021. With heightened competition for homes on the market and low mortgage rates have placed consistent pressure on home prices for months now. The market is ex-pected to remain hot and in favor of sellers in 2021. That means homes sell faster and for a higher premium than at any other point in the year. That optimism may turn to disappointment as summer turns to fall as fear of missing out on the newly listed home leads many to pay more for a home than they otherwise may have wanted to.
If finding the most homes listed for sale in Texas all at once is what you’ve looking for, spring, summer, and fall is the trending pattern. This is also the new consistent pattern throughout the U.S. Market. Many real estate agents argue it’s better to buy a new home in spring are changing there tune, mainly because of the lacking inventory. The best reasons to consider buying a home now is the competition for housing growing, the prices also grow.
The cost of renting a home or apartment is just as high or even higher than the cost of a mortgage payment. However the main difference between renting and buying is building equity through home ownership. Making the decision to buy a home could be the best reasons , is that your home value will grow and that value will be the benefit of your investment. On the other hand waiting to buy, could mean you will pay a higher price in the future. Other reasons to buy sooner rather than later could save you money in the long run. Home owners benefit from tax deductions that renters do not. Interest rates are likely to rise along with home values throughout the year. When you calculate the additional price of the home in combination with interest rate throughout the life of the loan, you could be saving thousands.
If you are ready to buy a home, start the conversation with one of our loan officers today!
Don’t risk the potential cost of waiting to buy a home. Be prepared to learn a lot of new information. Buying a home is often the largest purchase that most people will make in their lifetime.
Here are some steps getting started:
- Get Pre-Approved—During the pre-approval process you not only learn the flexibility of your budget, but
you also establish a relationship with your loan officer, who is an expert resource for any mortgage questions.
In a completive housing market like Dallas-Fort Worth area, many realtors request a pre-approval letter before
showing you homes.
- Wants & Needs—# of rooms, # of bedrooms, # of bathrooms, condition of the home, crime rate in the area,
school district, distance from your work, etc.
- Find a Great Knowledgeable realtor
- Be organized—the paperwork can be overwhelming if this is your first home.
We here at Texas People Federal Credit Union are here to help you on this journey to reach your goals of home-ownership.