I have been saying for a while that now is the best time to buy in the Dallas Fort Worth Metroplex. Now, a new research report by National City Corp and Global Insight back up my claims. It’s always nice to have proof on your side!
The Cleveland-based bank National City Corp., together with financial analysis firm Global Insight, revealed Tuesday that more than 88% of the 330 housing markets surveyed showed price declines and improved affordability during the last three months of 2007.
“Housing valuations are almost back to long-term norms,” said National City’s chief economist, Richard DeKaser. He called current affordability “the best in the past four years.” –CNNMoney.com
The truth is, it’s a buyer’s market. In a recent article in The Journal, they offered the following suggestions for first time home buyers.
Remember this is a place to live not a stock market investment. Lenders want buyers to spend no more than 28 percent of their gross monthly income on mortgage payments, real estate taxes, and home insurance. Buyers shouldn’t count on stretching further because lenders won’t approve their loans.- Cash is king. Having enough money in the bank to pay closing costs that are typically an additional 2 percent to 3 percent of the price of the home is necessary. This is where we can help! When you purchase a home with a Texas Home Central Realtor, we will rebate you $1200 saving you a lot of money and allowing you to bring less money to closing. Learn More!
- Location. Location, location. As any good real estate professional knows, homes in good school districts where the crime is low are much more likely to hold or increase their value. You can utilize our website to research the local schools in Dallas Fort Worth as well as pull city reports based on zip code to learn about the local crime rates.
- Compare. Besides just looking at the comps, buyers should examine what it would cost to rent a similar house in the same area and they might consider what it would cost to buy land and build a comparable home. We can help you in comparing all of your options to ensure you have all of the information needed to make an intelligent, informed decision.
- Think long haul. It will probably take at least six or seven years of living in the house to be able to sell and come out ahead.
If you are looking to buy or sell a home anywhere in the Dallas Fort Worth Metroplex to include Grapevine Real Estate please call us at 800-326-9011 or email us by clicking here.
Tags: Time to Buy
This entry was posted on Friday, March 14th, 2008 at 1:33 pm and is filed under Home Buyer, Housing Market, Real Estate, Tips for Buyers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.