Use This Real Estate Buying Guide to Prep for Finding Your New Home
The Dallas-Fort Worth real estate market is currently as hot as it has ever been. Use this real estate buying guide to help you hone in on the right property, understand pricing, and know what you need to do to close on the perfect home for your family.
Are you gearing up to buy a new home in 2016 or 2017? The Dallas-Fort Worth real estate market is currently as hot as it has ever been. Use this real estate buying guide to help you hone in on the right property, understand pricing, and know what you need to do to close on the perfect home for your family.
To Build or to Buy
When you’re looking for your perfect DFW home, the first question you’ll need to answer is whether you’d prefer to buy an existing structure or build new. Your decision may come down to one of simple mathematics. According to D Magazine in the summer of 2016, median home prices for current houses hover around $210,000. Meanwhile, median home prices for new builds may be more than $400,000 — and a third of the newly built subdivisions top $750,000. If you have the budget to consider new versus existing, your next question to answer is whether you’d rather live in an established community, or have more control over the build and design of your home by settling in a new subdivision.
Dallas Property Pricing
No DFW real estate buying guide would be complete without touting the awesome rebound of home pricing over the past five years — many homes have risen in value by 43 percent or more. That’s better news for sellers than buyers. However, buyers can take heart by remembering that the DFW housing market is still one of the most affordable in the country. Work closely with your real estate agent to check comps on recent sales to ensure that you’re offering an appropriate amount when you find a house you want. Because of pricing, homebuilders may be feeling a pinch in 2016 when so many people looking to buy are priced out of new subdivisions. That means that you may have negotiating power in the new housing market — those builder prices are not set in stone, and you may be able to come to an agreement that benefits you financially. In lieu of reducing prices, builders may also be offering perks like upgraded appliances, finished bonus spaces, and more to entice sales.
Closing On Your Perfect Home
Within the existing home market, houses are selling in most Metroplex areas nearly as soon as they are listed. This huge demand on fixed supply means that you may find yourself in competition with other buyers who also think they’ve found their perfect home. This means two things to you as a buyer: first, don’t hesitate. Once you’re certain you’ve found the home you want, work with your real estate agent immediately to put together an offer. And second, be mindful that your offer must be an attractive one — the seller, if entertaining multiple offers, will likely go with the one that has guaranteed financing, offers a price close to or at asking, and without contingencies or other requests to be fulfilled before closing. In short, make your first offer your best offer — then, once selected, you may be in a better position to negotiate certain items, especially after the appraisal and inspection have occured.
Tiffany wasn't born in Texas, but she got here as fast as she could. She and her husband have gained extensive experience buying, selling, renovating and flipping homes in the DFW area. A professional freelance writer, Tiffany enjoys contributing real estate and home improvement articles to the Coldwell Banker site and working with other clients to craft content that's specially designed to generate interest while sharing valuable ideas.
Sajata Hale-WilliamsFebruary 23, 2017
Great article, Tiffany and spot on! Thank you for underlining the importance of speed, negotiations and timing. They are of the utmost importance when purchasing in this market.