Is now a good time to buy a house? We get asked this question a lot. Sometimes my response to that question is to ask another question. When is the best time to plant a tree? The answer is 10 years ago, so that you can enjoy the shade today. Then the question becomes, when is the second-best time to plant a tree? The answer is today.
The same thing goes for buying a house. The best time to buy a house was 10 years ago when prices were lower. However the second-best time to buy a house is always TODAY. This is because real estate is an amazing long-term investment. In fact, most wealthy people in the United States built their wealth through real estate. However, you don’t have to be wealthy to buy a home.
Today is a great day to buy a house for so many reasons:
Interest rates are still great
After dropping slightly in April amid the Corona Virus Pandemic, mortgage rates remain relatively flat as we move into mid-June. To view the current rates visit the Freddie Mac website at http://www.freddiemac.com/pmms/
Prices are holding firm in some price points
If you are planning to buy a home in the DFW area in the $400,000 + range, you may find that the home prices are holding steady.
Prices are increasing in other price points
If you are planning to buy a home in the DFW area in the $400,000 or less price range, you may find that homes are selling quickly for top dollar. Some homes are still selling above list price with multiple offers. If you wait to buy, the prices will likely be higher in the future when you do decide to buy a home.
Building Wealth
The longer you own your home the wealthier you become. As you pay down the principal loan amount, and the home appreciates in value, you begin to build equity. This is where the wealth is built. Plus you get the bonus of being able to keep your payments consistent from year to year (which doesn’t always happen when you rent as the landlord could increase the rental rates every year).
Now that you know you should buy a house sooner rather than later, where do you start?
One of the first places to start is by hiring a REALTOR who can give you good guidance and direction and help answer all of your questions. Likely the first thing they will tell you to do is to get pre-approved for a mortgage. If you don’t know where to start, read about how to find the right mortgage lender or check out this list of best mortgage lenders from Money Magazine.
To learn more about the home buying process and to talk to a professional REALTOR, give our office a call at 469-759-3899 or 855-324-HOME (4663). Our team of professionals are here to help you build wealth and buy a home. If you are located outside of the DFW area, we will connect you with a professional in your area who can help you and if you plan to live in the DFW area, we will personally assist you.
About the author:
Melissa Hailey is the Broker-Owner of North Texas Top Team, REALTORS in the Dallas-Fort Worth Metroplex. Our Team helps home buyers, sellers, landlords, and tenants move across North Texas and we connect clients to other great REALTORS across the country. She is a real estate instructor and coach who loves to see others succeed. She is a serial volunteer helping others in her community and in her industry. Connect with her at https://www.northtexastopteam.com/melissa-hailey/