Finding your dream home in Dallas-Fort Worth can be a real challenge, because the competition between new home buyers has never been stronger. The time it takes to close on a home is shortening, and home builders find that the new homes they construct are in high demand in spite of the rising cost of materials and delays due to the adverse weather.
Another reason for the strong competition among new home buyers in today’s real estate market is that several large corporations, like Liberty Mutual, Toyota, and State Farm, have decided to relocate to the Dallas-Fort Worth area. That means in addition to bringing new jobs to existing residents, they must also relocate some of their current staff. These people need places to live and are also ready to buy new homes in Northern Texas.
However, you can successfully buy a home in a competitive market, such as the current state of the Dallas-Fort Worth real estate market. The first thing you need to do is get your finances in order and know how much you can afford to spend. Nobody wants to find their dream home only to learn that the monthly mortgage payment is outside of their budget.
The best way to ensure that you can afford a new home is to get pre-qualified for a loan. This saves both you and your realtor in Dallas-Fort Worth time when it comes to finding the home of your dreams. When they see that you pre-qualify for a loan, then the seller – whether it is a homeowner or a builder – will be more likely to accept your offer.
If many people want the same home, then the seller will not have to come down much on the price. This is the effect of supply and demand. Because less houses are available, there are many more buyers than sellers. Some houses sell before the realtor can list them in the typical real estate advertising websites.
You can avoid bidding wars over pre-owned homes in Dallas-Fort Worth by scoping out brand new homes from the start. If you already have a piece of land, then talk to a builder about having a brand new home built there.
A builder can let you know the best options for a new home based on the landscape, and offer your family eco-friendly options at the time of construction to save on utility bills in the future. Arranging to have a brand new home built allows you to choose materials you want at the time of construction as well, which lowers the risk your family will want to renovate it later.