There’s no doubt the Dallas housing market is bubbling today; in fact it’s almost at a boil! Does this mean it’s the perfect time for you to jump in and buy a home, or sell the one you currently live in? Before you do, get expert guidance from our Dallas real estate professionals and consider the following.
Is your market at its peak? You may be able to determine the market is hot if you’re someone who delves deeply into financial news on a daily basis, but it’s generally not so easy for sellers or buyers to know if a market is peaking. Even when a market is healthy and increases in value are in the double digits over the last year, it isn’t always wise to make a hasty decision.
Think about other factors and not only the fact that the market is red-hot. Real estate is one of the biggest investments most people make, and it’s emotionally charged. After all, a house is our home. It’s where memories are made, where our children make friends and go to school, where life happens. Consider whether you’re close to retiring or whether you may some day want to give your children your home, or even rent it out for income. Just be aware there are many other factors to consider before you base your decision to buy or sell on the single fact that the market is sizzling.
Homeownership today isn’t what it was in the 90s. Once upon a time, many homeowners could “grow into” a mortgage with raises in income or wages. Today, not so much.
It’s also important to consider that refinancing in the future may not be so easy for a buyer, considering low mortgage rates. With mortgage rates historically low, it’s not advisable to buy a huge home thinking you can achieve a lower payment in the future by refinancing, because odds are you won’t save money even if you can refinance.
Ultimately, the decision to buy or sell a home based solely on the fact that the real estate market is bubbling in your area is not a smart one. Take into consideration all of the factors, benefits, costs, and make a smart decision after taking your time to weigh the pros and cons.
At Team Nelson, our Dallas real estate agents are always available to help guide you when it comes to decisions regarding the purchase or sale of a home. Contact us today for all of your real estate needs!