An analysis from Zillow puts DFW on the top ten list best cities for first-time homebuyers. Zillow ranks Dallas as No. 9.
Now is the best time to buy new homes in DFW. One reason is that the rent on DFW apartments is climbing, and fast. It doesn’t make good financial sense to pay for a place to live in that you don’t own. If you buy a new home in Dallas today, it’ll be worth more in just five short years.
Reasons Why a New Home in DFW Is One of the Best Investments
What makes homes in DFW one of the best investments for first-time homebuyers? Zillow provides the following reasons:
- Lower median home value
- Strong home value forecast
- Higher inventory-to-household ratio
- Shorter Breakeven Horizon
- Greater share of listings with price cuts
A lower median home value helps first-time homebuyers make an affordable down payment on a new home in DFW. Zillow says that more than two-thirds of the renters indicate that saving up for a down payment is the biggest barrier to home ownership.
The inventory ratio indicates buyers will have enough choices to find the right home. Areas with a low inventory-to-household ratio offer few choices, a barrier to finding the closest thing to a dream home.
How to Get Ready to Shop for New Homes in DFW
Before you start searching for new homes in DFW, here’s what you need to know as a first-time homebuyer:
- Figure out how much home you can afford.
- Find a trusted real estate agent.
- Accept that the perfect home doesn’t exist.
- Do your due diligence by adding contingencies.
- Search for tax incentives.
When you’re ready to shop around for the best mortgage rate, here are four ways to get the best mortgage rate:
- Boost your credit rating. A higher credit rating score means a lower interest rate. You can take steps to increase it.
- Shop around for the best rate. Yes, it’s possible to compare mortgage rates. Be sure to check your bank since you’re already a customer.
- Keep in mind the lowest rate may not be the best rate. Look at more than the interest rate when shopping. For instance, will you opt for a 15- or 30-year loan? A shorter loan may mean paying less interest, but it’ll also have higher monthly payments.
- Make a large down payment. The bigger the down payment, the lower the interest rate.
Explore Neighborhoods by a DFW Builder
Many DFW home builders build homes in many cities around DFW. Consider visiting DFW home builder websites to check out their homes and available floor plans.
For example, Sandlin Homes has a map of all the DFW neighborhoods where they build homes. Each neighborhood includes a list of available floor plans, price range, and size of the homes.
We’ve been building new homes since 1957. Being around for a long time has allowed us to collect a wealth of resources to help first-time buyers. Contact us with your questions about buying a new home.