Why Now May be the Time to Buy a Home
Why Now May Be the Time to Buy Real Estate in North Dallas TX
Four reasons why today is a good time to be buying your first home in North Texas
Home prices will continue to rise in North Dallas Texas
With an average appreciation of 3.5% (CoreLogic’s Home Price Insights Report) over the past year, prices will continue to increase. Every city and respective community may have different influences that will impact price growth.
For example, Plano, McKinney and Frisco TX prices will continue to climb as new construction continues to try and keep up with the influx of new residence, moving from other parts of Texas, as well as relocating from other states such as California and New York. Plano TX on the other hand is mostly built out with far few new construction opportunities without being on the outlying areas.
The up and coming communities of Prosper and Celina are just starting and now with the planned extension of the North Dallas Tollway will make access easier, but with that ease comes traffic, especially when driving to downtown Dallas.
North Dallas Texas property values will continue to appreciate, so waiting may end up costing you more in the long run.
Texas Mortgage Interest Rates Are Low and Getting Lower Again (For now)
The residential mortgage market and survey’s from Freddie Mac reflect continued historically low 30-year mortgage rates. At the time of this writing, I have seen rates as low as 3.25% on a 30 year loan. This is great for buyers (And Refinancers) as these historically low rates will increase your ability to purchase more home for the same cost.
Freddie Mac, National Association of Realtors (NAR) and Mortgage Bankers Association (MBA) all agree that projected North Texas mortgage rates will remain steady and potentially decline as we enter the next decade of this Millennium (2020). Another check mark for a great time to consider buying.
Either Way, You Are Paying a Mortgage
No matter who you are you are you are paying a mortgage. If you are a property renter, you are paying the property owners mortgage. You may be uncomfortable taking on the responsibility of a mortgage, but unless you are living for free this trend will continue through your life. Is it time to invest in your own home in North Dallas?
If you do decide to purchase a property, your mortgage payment is a form of forced savings, in addition to the opportunity for equity growth in your home. If you are renting, that savings and future real estate equity is guaranteed to the property owner.
Are you ready to put your home living costs to work for you and your future?
Waiting May Increase Your Long-Term Costs
While we all lived through the last real estate down-turn which may cause hesitation, homes in North Dallas Texas have all recovered and exceeded the prices that was in place in 2007. If you were on the side lines out of fear, you have lost out. With prices continuing to rise, even with today’s mortgage rates, 2020’s year of growth (With Corporate relocations) will create a more expensive scenario if you decide to wait.
While you read this and continue to consider your options, you must weight all considerations and decide if it is worth waiting. Having Texas real estate you can call home; a home where you can watch your children grow up and attend exemplary schools adds value beyond any savings or equity you may earn.
Delaying buying a home in DFW TX may be the right decision for you, even at the sacrifice of any savings you may accrue however it cannot hurt to talk with us and determine if it is truly the right choice for your family.