According to the U.S. Census, the rate of homeownership in the U.S. is even higher than it was before the COVID-19 pandemic. In 2023, 65.8% of Americans own a home, compared to 64.6% in 2019.
Are you thinking about buying a home in Dallas, TX?
For most people, purchasing a home is one of the biggest financial decisions they'll ever make. Before you make the jump, there are a few tips that can make the process go as smoothly as possible. Today, we're sharing four essential home-buying tips to help you get started.
1. Know Your Credit Score
When determining your eligibility for a home loan, most lenders will look at your credit score. This is especially the case if you're a first-time homeowner.
Your credit score is an indication of how likely you are to pay your mortgage back on time and by the lender's terms. According to one report, 23% of Americans don't know theirs!
You're allowed to access one report per year from each of the three main credit reporting bureaus: Experian, Equifax, and TransUnion. Take the time to access and understand yours before you start checking out homes on the local real estate market.
2. Understand Your Budget
If you're buying a home on good credit, it's easy to get stars in your eyes when your lender comes back with your approved amount. Yet, keep in mind that simply receiving that offer from the bank doesn't mean you can realistically afford it.
Create a budget that takes into account your income and expenses. Then, shop for houses within that range. Remember that if you focus on homes below that number, you may have some wiggle room to go up in the event of a bidding war!
3. Know Your Needs vs. Wants
In today's competitive real estate market, you might need to place a deal on a home as soon as you see it. This is why it helps to know exactly what you need in a property versus what you'd like it to have.
Needs include things like number of bedrooms and bathrooms and proximity to work/school. Wants include outdoor space and high-end appliances. Make these lists before you start shopping to narrow down your options.
4. Work With an Agent
When looking for a new home, it helps to work with someone who's closely familiar with your area.
A real estate agent can show you the most desirable properties and will help you navigate some of the more difficult parts of the house search, such as price negotiations. They can also offer invaluable support when it's time to complete all the legal documentation before, during, and after closing.
Check Here for More Home Buying Tips
Did you know that the current market in Dallas-Fort Worth favors renting a home over buying one? While these home buying tips can help you find and secure the property of your dreams, you may find that it's more economical and convenient to rent instead!
Whether you decide to buy or rent, our team can help you every step of the way. From finding and maintaining your home to locating qualified tenants to enjoy it when you're away, we'll take care of it all. Learn more about the services we provide, and reach out to get started!