If you’re planning to buy a house in the Dallas-Fort Worth metroplex, we’ve got a few pointers for real estate shopping in this part of Texas. The DFW area stretches across thirteen counties, so you have some options when looking for a home in North Texas. Whether you’re in the market for a place within the city limits or one on the outskirts of town, we have the resources you need to make the right decision for you and your family.
Take advantage of the economic and cultural opportunities The Metroplex has to offer its residents today with the 9 tips for homebuyers in the DFW area we’ve provided below.
Buying a Home in DFW
There are a number of things you should consider when searching all properties and taking the next steps toward buying a home in Dallas-Fort Worth. Because over seven million people call this part of Texas home, you’ll have to figure out exactly what you’re looking for in a place and then search the area accordingly. The process behind acquiring a new home is long and complicated regardless of your situation, so come into the game prepared to work hard while doing your best. When it’s time to start looking at homes for sale, you can the following tips into account to find the best home for you and your loved ones.
9 Tips for Home Buyers in the DFW Area
Whether you’re new to DFW or you’ve been living in North Central Texas for a while, every aspiring homeowner needs a helping hand in this market. The growing demand for homes, increasing house prices and rising mortgage rates can be a lot to handle for first-time and seasoned buyers. Because the homes for sale are getting snatched up so quickly in this area, we’ll make sure you’re equipped to tackle this dynamic housing market with ease.
Here are 9 tips for homebuyers in Dallas-Fort Worth to help you refine your search for available homes in the area and learn more about real estate opportunities in this part of Texas.
1. Be Prepared to Bid Above the Asking Price
If you’re prepared to bid above the asking price for a home in DFW, you’ll have a leg up over other buyers. You should figure out how much money you can afford to pay for a house and then subtract anywhere from $9,000 to $20,000 from this final amount. Keep that figure in mind when looking at homes for sale. Because other bidders will be prepared to pay anywhere from $9,000 to $15,000 over the asking price, you’ll be able to hold your ground against the competition. You should be ready for other buyers to offer cash, so choose a home that’s below your ideal price mark to have a shot at sealing a deal.
2. Plan to Move into Your Home During an Optimal Time of Year
The time of year plays an important part in DFW real estate; so consider the best and worst months for buying a home in this area. Because summertime is popular for both buying and selling, wait until the fall to make your move. Competition is rife all year long, but, if you play your cards right, you could strike a deal that works for you and the seller. If you have a few months left on your lease, organize a leaseback, so the seller can stay in the house longer and you can have a place to go when you’re both ready to move.
3. Plan Your Budget According to the School District
Whether you’re planning to have kids or you’ve already started a family, consider school districts when planning to buy a new home in DFW. Prices are high for houses near the best schools in Dallas-Fort Worth, so think about how much money you’re willing to spend to be near a high quality education system. If you have young children, you could be hard-pressed to find a worthwhile real estate investment in this aggressive sellers market. You can also count on facing bidding wars for homes that are zoned for the city’s best schools, so plan both your budget and moving time frame accordingly.
4. Consider the Cost of Home Insurance
The high concentration of people in DFW will influence your monthly expenses, so take factors like home insurance into consideration when buying a home in this part of Texas. Because the amount of money you’ll pay depends on your home’s age, zip code and more, make a budget for your monthly expenses with this expense in mind. Any insurance agent would also recommend new homeowners to opt for a replacement cost coverage arrangement to protect themselves in the event of damage or theft. Whether you’ve worked out a rate for your deductible or you’re still crunching the numbers, make home insurance a priority when buying a home in this part of Texas.
5. Ask a Loan Officer for Help
Because buying a house in DFW requires you to verify your income, seek help from a loan officer when you’re ready to start looking for a place. Your income will need to be checked when applying for a loan, so prepare for this complex, time-consuming process ahead of time. Given that both assets and proof of income make a difference in your success as a borrower and homeowner, you’ll need to let your loan officer walk you through purchasing your house. The best way to succeed when obtaining a loan and buying a house is to have your loan officer by your side every step along the way.
6. Get Pre-Approved for a Loan Before You Start Shopping
A smart way to speed up the home buying process in DFW is applying for a mortgage ahead of time and being pre-approved for a loan before making an offer on a house. If you obtain a loan in advance, you won’t have to worry about losing a place to someone else. Your mortgage will also determine how much money you can spend on a home, and you’ll give the seller peace of mind when your finances are in order. By having your financial situation in check before you begin looking for a home, you’ll be in a better position to close a deal on a house.
7. Pay Attention to the Home Inspection
The person doing the home inspection will know a great deal about the state of the property, so take his or her appraisal into account before you sign any papers. When you’re keeping an eye out for red flags, you’ll be less likely to get stuck with costly repairs once you’re a homeowner. You should make a point to ask how old appliances like the air-conditioning unit and water heater are, for example, before drawing up a contract. If you also happen to fall in love with an older home, ask yourself how much work you’re willing to do and pay for to get your new home up to speed.
8. Make the Seller a Special Offer
An impressive bid isn’t always enough when you’re in the running for a new home in DFW, so make a strategy for when money won’t do the talking. Because you’ll often have to strike another kind of deal with the seller, be prepared to make your offer more attractive in different ways. You can garner the seller’s interest by paying a few grand over the home’s appraisal value or waiving the home warranty while you’re making a deal. Whether you choose one of these techniques or opt for a sale-leaseback agreement, for example, get ready to offer something in return when you want to secure a place.
9. Connect with Seller on a Personal Level
If you’ve made it through this list and you’re still having a tough time finding your dream home, try connecting with sellers on personal level. Write a short letter and send it to the person selling the house you’re interested in buying to get your foot in the door. When you take the time to explain your situation, you can show the reasons why you stand out from the pack. This leverage works in many different ways, so consider a new baby or an elderly family member as ways to show why you want the house and how you’ll benefit from living in the neighborhood.
Once you’ve decided to buy a home in Dallas-Fort Worth, you’ll be on your way to making one of the most important purchases in your life. You should aim to make the best decision for you and your family, so the right level of preparation is one way to make this success possible. After you’ve taken the time to make a game plan for tackling the DFW real estate market, you’ll be in the running to find your dream home in no time.
We would be happy to answer any questions you may have about these 9 tips for home buyers in the DFW area, so please don’t hesitate to contact us when you’re ready to become a homeowner and change your life.
Looking to sell instead? Check out our “How To Sell” Guide!