Potential home buyers looking to purchase their first home in the Flower Mound or Dallas area will be excited about a recent report released by Realtor.com. Dallas and Fort Worth-Arlington are among the top 10 best markets for first-time home buyers according to a study, based on several key factors which include price, market popularity, time on market, inventory, and unemployment rates.
According to CEO of Move Inc. Steve Berkowitz, the top 10 markets show favorable conditions for those who are considering the purchase of their first homes – and with home-buying season nearly upon us, he believes this is encouraging news. While you may not know it, local housing markets are greatly impacted by first-time buyers, as local schools and services benefit from the fees and taxes (such as property taxes) paid by those who transition from renting an apartment or home to owning their own homes.
In ranking the top 10 markets, the criteria used included location, markets with steady employment, adequate inventory, affordability, and how long homes remained on the market. Other than Dallas and Fort Worth-Arlington, other cities which made the top 10 include Pittsburgh, Philadelphia, Orlando, Phoenix (Mesa), Raleigh-Durham (Chapel Hill), Jacksonville, and Tampa (St. Petersburg, Clearwater).
For potential homeowners looking to purchase a home in Flower Mound, Frisco, Denton, or other cities near Dallas, the most important factors are likely location, affordable housing, and steady employment. Steady employment is critical as most new homeowners need a market that supports their jobs – important for paying the mortgage! Location is a key factor as well, as first-time home buyers often eventually move to a larger home as their incomes or families grow, so moving into a popular city/community makes selling your first home easier and more profitable.
It seems that if you’re thinking about purchasing a home in Dallas or outlying areas, you’re making a smart move!
At Team Nelson, our Flower Mound real estate professionals are dedicated to helping make the process of buying your first home as seamless and stress-free as possible. Give us a call today!
