The process of buying your first home can be overwhelming and challenging at the same time. There are so many things that you need to keep in mind while purchasing a new home. However, if you’re aware of all the challenges and take precautionary measures accordingly, you will be able to buy your first home with ease. Dallas, TX real estate has a lot of homes listed currently and we have put together some great home buying tips for first-time homebuyers to help make your experience as smooth as possible.
Before you take the plunge and try to buy a home, make sure you do your research. This is especially critical if you’re buying your first home. You need to make sure you know what you’re getting into. This can help you avoid a lot of headaches down the road. You need to understand how the real estate process works. You also need to understand how much different types of properties are going for in your area. The more you know ahead of time, the smoother the process will go. Connecting with a knowledgable real estate agent will drastically increase your understanding of the process. We recommend you always have an agent at your disposal.
When you’re trying to buy a home, you have to get pre-approved for a mortgage. This is the only way, to know, for sure how much money you’ll be able to borrow. This is also the time to shop around for a mortgage lender. You might be able to get a better interest rate from one lender than another. And, you could save thousands of dollars in interest over the life of the loan. You can also shop around and see if any of your friends or family members have recommendations for mortgage lenders they’ve had success with. That can give you a leg up in the process. At MTX Realty we recommend you speak to a few different lenders. Below are some preferred Lenders we Trust and our clients have had a great experience with.
Once you’ve gotten pre-approved, you’ll know exactly how much money you can borrow. You can then use that figure to help determine how much house you can afford to buy. Many experts recommend that homebuyers only spend up to a maximum of 28% of their gross monthly income on their mortgage payment. So, if you make $5,000 a month, you should be looking at homes that cost no more than $1,500 a month in mortgage payments. If you can’t make that work, try and saving a little more for the downpayment or ask the lender about buying your interest rate down. This will decrease the monthly obligation.
Once you’ve found a few properties that fit your needs, it’s time to make an offer on the one you want. You don’t want to be overly aggressive when making an offer. You just want to make an offer that the seller will accept and the market will support. Remember, the seller wants to sell their home as much as you would like to purchase it. So, you need to be conservative with your offer. Remember, if the seller accepts your offer, then you have a binding contract on the house. That means that both you and the seller are obligated to go through with the sale. If you back out, you have broken a contract and could be sued for breach of contract. The seller could go after the money that they lost because of the broken contract. This is simplified version of how the contract works but your real estate agent will of course review all of the contractual items and ensure you understand the process.
Make sure you’re taking care of all the little things before closing on the property. You want to make sure you’ve got homeowners insurance in place. You also want to have set up all utilities before the move in date. Remember, every city is different and sometimes water companies require certain documentation before the water can be turned on. The last thing you need is to get moved in and have to wait a few days before you have water or electricity. Don't forget to forward your mail and call everyone you do business with to change your address to the new home. The most important item, ensure you get a final walkthrough before closing on the property and address any issues.
Buying a home is a huge step, but it’s also a really exciting one! You’re taking a big step towards financial freedom. When you buy a home, you’re making a big investment in the future. You’re also taking a big step towards financial independence and being able to live on your own. There are a lot of things to keep in mind when buying a home for the first time, but there are also plenty of tips and tricks to help you along the way. The more you know ahead of time, the smoother the process will go. Reach out to one of MTX Realty's Agents and they will be more than happy to walk you through the process!
Home prices in Dallas and the other Parts of North Texas haven't shown any sign of a substantial deterioration, as the median price was $384,000 in September 2022. This is a definite increase from the previous year. The rental market, growing incomes, and low unemployment are helping to prevent the market from becoming overheated.
The demand for rental property in Dallas is rising for several reasons, including a large population of millennials, in-bound population growth and a thriving job market.
There is no denying that Dallas is one of the most talked about metropolitan areas in Texas, if not the whole United States. Because of its popularity and rapid expansion, it is an attractive, liquid real estate environment for investors and a significant destination for out of state company relocation.
The Dallas-Fort Worth area has risen to become the country's fourth largest metropolitan region. The Metroplex has attracted many Large Cap Corporations resulting in a solid population increase. Goldman Sachs, Charles Schwab and Astura Medical are among a few of those who have moved their Corporate Headquarters to Dallas and more will follow, bringing tens of thousands of employees to the area. The population growth in the Metroplex is set to explode over the next five years.
We should see a rise in home prices starting in Q2 of 2023 as a result of the increase in population and strong employment outlook. We are not in a housing bubble and the economic foundation that was responsible for the 2008 economic downturn no longer exists. Homeowners are not desperate to sell their properties so they won't sacrafice large amounts of equity to do so. As supply dwindles and the population grows home prices will increase over the long term. A slight drop in home prices, followed by a steady rise, is expected over the next few years.
There are many people who missed the opportunity to purchase when rates were historically low. It's difficult to convince the masses that rates have normalized and statistically should not fall below 3% again. Decreasing inflation will drive rates down over the next 2-3 years, but will remain flat over the next few quarters. You must consider the big picture when purchasing for the long term and if you are able to arrange your mortgage properly, this is the perfect time to purchase.
MTX Realty has lending partners who cut 3% off the current rate for s specific amount of time and offer a no cost refi for up to three years. It's the MTX Realty Texas Two Step and helps you purchase now, before proces take that next big step up. It never hurts to speak with a mortgage professional to get clarity on all of the options and hedge against interest rate fluxuations. Check out the link below and see how a mortgage professional can help determine the best path for your financing options.
If you are on the fence of whether or not to purchase real estate in Dallas, TX you should consider the financial growth potential for the area and understand this is not 2008. With the population steadily rising in the Metroplex, low unemployment and the influx of may Large Cap Corporations, home prices are set to increase over the next few years. You can lower the initial few years on your mortgage rate and refinance for up to three years, which is ideal if planning on staying in the area for a while. It's very difficult to pick a bottom, those who try statistically miss the best opportunities.
MTX Realty is eager to discuss your future plans and devise a winning strategy to protect you from market fluctuations and help you achieve your goals in Dallss, TX real estate.
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