The question still remains…when is a good time to buy? Should I purchase a home in 2021 or should I rent?
Home Ownership continues to rise in Dallas-Fort Worth. DFW remained strong during the pandemic and still remains stable which has caused people to migrate to DFW from other states. DFW house some of the major corporations and the cost to live here is very affordable which makes DFW a very attractive area to many people.
How does this affect people who already reside in DFW and looking for homes… It increases the competition and decrease inventory. You are no longer competing with locals, you are also competing with people who are relocating from out of state and willing to do whatever it takes to get into a home. More people shopping for homes also results in home inventory shortages and a sellers market.
I have had the pleasure of working with several buyers in this market and here are the top three things I recommend if you are considering buying a home soon:
1. Hire An Experienced Agent Who Knows The Market
I can’t express the importance of hiring an experienced agent that’s knowledgeable, familiar with the current state of the market, works for a reputable brokerage, honest, patient and responds quick. It’s also very imperative that your agent can write a good offer that will win in a multiple offer situation. It’s important that you trust your agent and the advice provided. It’s also crucial that your agent is a good match for you. You will work along side with your agent though out the entire process spending countless hours with them in person and over the phone. You want to make sure your agent has the personality and professionalism to help you navigate though tough times.
2. Make Sure You Can Compete
I don’t see this market changing anything soon. If you are considering buying a home, make sure you can compete with other buyers. Make sure your credit score is strong, make sure you have more money to put down toward your deposit, earnest money and option fee. Since we are in a sellers market, don’t expect for the seller to contribute any money toward anything. Be prepared in the event you have to pay over asking price. Most importantly, be flexible. You may have to live further out than you anticipated. You may not be able to get the floor plan you desired and there may be a few other things you have to go without.
3. Be patient
You will feel like giving up. You will become frustrated and angry. You will make several offers on homes you like. Someone will outbid you on a home you fall in love with. You will debate if you should just rent and you will hate starting over looking for your dream home and making new offers. All these things will discourage you but DON’T GIVE UP!!!. I have worked with several buyers during these crazy times and I can honestly say with all the challenges we had to overcome together, 100% of them found their dream home and are happy in their homes. The market is very competitive right now but don’t allow the market to deter you away from owing your dream home. It will all be worth it, trust me. Your home is an appreciating asset and home prices are continuing to rise. You are at a good advantage buying a home now versus renting. Don’t be scared of this market and don’t wait, get out there and find your dream home and take advantage of these historic low interest rates.
If owning a home in 2021 is still one of your goals, you have time to accomplish this goal. Don’t get discourage and delay home ownership. Don’t allow the news to frighten you, people are still buying their dream homes. We are in tough times but tough times don’t last long, tough people do. Your dream home is out there waiting for you!
I am always available to answer any questions you may have about home ownership. Feel free to contact me to schedule a free 30 minute consultation. I will help you get on the path to home ownership.