The housing market has never been better for many potential Dallas home buyers. In fact, more often than not, it is less expensive to own your own home rather than rent.
The National Low Income Housing Coalition reports that in 57 out of the 100 most populated metro areas, renting a three-bedroom home is more expensive than monthly costs on a six percent mortgage for a typical low-priced house in the same area.
With all the news these days concerning the economic crunch and these tumultuous economic times, you might think I’m crazy saying it is a good time to buy a Dallas home. Of course, buyers with strong credit are best positioned to take advantage of today’s opportunities. A high credit score will yield a lower interest rate and increase the likelihood that a loan application will be approved.
For example, a buyer with a 6 percent mortgage will pay a third less per month than a buyer who has a loan at 8 percent. This difference can be hundreds of dollars per month.
FHA loans, VA loans and government backed first-time buyer loans are all available to qualified buyers. With the current low interest rates and affordable housing prices, it is a great time to buy your Dallas home.
It is also a time to keep in mind that buying a home is a long term investment…and an investment you and your family can enjoy for many years!
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This entry was posted on Friday, November 21st, 2008 at 4:27 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.