Dallas, Dallas, Dallas Real Estate Affordability
Yes, Dallas is the place to be. Great city, great people, great restaurants and plenty of them, great economic enviroment, and definitely one of the best places to live. Home affordability is ranked as one of the top places to live in the nation. The DeBerry Team of Keller Wiliams Realty has been helping people find and sell homes in Dallas for over 30 years. We want to make sure everyone understands the housing market here in north Texas. Home prices have remained steady in most areas of the metroplex (Dallas-Fort Worth). Prices may have gone up around 3% to 5% in most areas, but there were certain neighborhoods that saw greater price escalation. However as a whole, prices did not climb that much over the past couple of years. So today is a great time to buy a home. You may ask me why is today a great time to buy? If your thought process is telling you that if you wait a little bit longer, home prices will come down and you will get a better deal, think again! The DeBerry Team feels that if you are waiting for prices to drop significantly in this area, you may be waiting a long time. What you should be concerned about is mortgage interest rates. Why? Because there is a feeling that we are going to see interest rates increase in the very near future. The reason is because the Fed rate cut will increase inflationary pressures on our economy. Remember, the Fed rate cut is not tied directly into mortgage interest rates, however it influences the general economy which in turn can influence Bonds which mortgage rates are tied to.
Today, we are seeing a weaker dollar, higher gas prices, gold has risen 25% or more, and other commodities are on the rise. Bonds do not react well to these pressures and this will increase rates paid for mortgages. If you are sitting on the fence waiting for prices on homes to decrease you may be hurting yourself financially. If mortgage rates increase by 1% you will need to have home prices go down by 10% to make up the difference. Today’s rates are very good and home prices are fairly stable, so the time to buy is now. If you wait, you may be costing yourself money in the long run. The simple fact is, home prices went up 3% to 5% and they are unlikely to go down 10%. Rates for mortgages are more likely to climb, which means more money out of your pocket book.
If you would like some advice on Real Estate or need help with selling or buying property, call The DeBerry Team for assistance. Remember, today is a great time to buy a home!
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