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The best time to buy a house in Dallas might not be as simple as picking the month when homes are the cheapest. You'll probably want plenty of homes to choose from too. The trick is to balance inventory with cost.
In recent years, listing prices for homes in Texas were lowest in January. On average, homes were $31,176 less expensive. While in October — the month with the highest prices — the listing prices were $23,038 more than the annual average.
Mortgage rates, on the other hand, were lowest in December. But with interest rates on the rise, it pays to explore your options with a trusted mortgage provider to make sure you get the best rate possible.
In truth, the best time to buy a house depends on your priorities and situation. Read on to find out when is the best time to buy a house in Dallas.
Best month for
7.1% lower than average
16.1% more homes to choose from
2.93% interest for 30-year mortgage
Realtor.com data (10/1/2020)
Bankrate data (12/1/2020)
If you're interested in buying a home in Dallas, the first step is to connect with a realtor who knows the local market. The real estate market in Texas can change rapidly, and an experienced real estate agent will help you navigate the ups and downs.
The best way to find a realtor is with a free service like Clever Real Estate. Clever will match you with top agents from trusted brands like RE/MAX and Keller Williams.
Interview as many agents as you'd like until you find the perfect fit, or walk away at any time with no obligation. Add your zip code below to request hand-picked agent matches today!
When is the best time to buy a house in Dallas?
Like every other city in the U.S., Dallas has a seasonal home buying cycle. The right time to buy can vary from neighborhood to neighborhood.
In most areas of Texas, including the Dallas–Fort Worth area, spring and summer are when most sellers put their homes on the market. During these months, it's generally easier to find a home that fits your needs. But you also face more competition from other buyers, which may drive the price up.
If you want to get a deal on a home, January is a great month to buy. Fewer homes are on the market, so it may be harder to find your dream home — but sellers tend to be more motivated to negotiate on price.
While these are general rules of thumb, the housing market in Texas is changing rapidly, and price trends can vary from year to year. The best way to find a home in your target market is to connect with a local realtor. They'll help you navigate the ins and outs of your market and find the best time to buy a house in Dallas.
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Where are the best places to buy a home in Dallas?
Choosing where to move is just as important as choosing when to move. Here are five of the best places in the Dallas area to consider.
North of downtown Dallas, Uptown has become a popular place for young professionals and millennials starting families.
The area has plenty of shopping and hundreds of restaurants, and it’s also very walkable. The proximity to downtown makes it an ideal location for anyone who needs to commute to work. If you want to ditch your car, the trolley can take you where you need to go.
Lower Greenville’s home prices are slightly more expensive than Uptown's, but given that it’s a top area for nightlife, bars, and restaurants, the extra cost is worth it for some. You'll find lots to do within walking distance and plenty of entertainment on the weekends.
The area has plenty of family-friendly activities as well. It's a great place to buy your first home or to start building wealth with some real estate investments.
Deep Ellum has lots of colorful murals and live music wherever you go. This former business and manufacturing center became a place for live music after its establishment in the 1870s, starting a rich history of jazz and blues. For creative types looking for inspiration, this is a great place to buy a house.
If you want some space from downtown Dallas, consider Lakewood. The area is an ideal place for active families, since it has an award-winning elementary school and is close to White Rock Lake.
While Dallas has lots of areas with spacious properties, Preston Hollow stands out. You’ll find large lots and nice houses, a mix of modern and traditional, that are within reach for middle-income families.
You’ll be just a few miles from downtown while being surrounded by creeks and trees. If you’re sending kids to school, some of the best schools in the region are nearby.
Four ways to get a great deal on a home in Dallas
1. Find a great Dallas real estate agent
Finding an experienced agent who knows the region well is vital to getting a good deal. A new agent might work hard and seem excited, but they won’t have the negotiating power of an agent who’s been in Dallas for a while. A great realtor will help you expertly navigate your search, paperwork, and closing costs.
There’s no reason to cut corners on finding an agent, since the seller is going to cover the cost of your agent's commission.
2. Determine what you need and want in a house
Having your needs and budget mapped out in advance will make your search for the right home more efficient and effective. Have a list of must-haves that include the number of bedrooms, the amount of storage space, and the commute time.
Work with your agent to nail down specifics so they can show you homes that match your criteria.
3. Find a lender and secure financing
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in Dallas, interest rate is one of the biggest factors when choosing a lender. Doing some upfront research and comparing options to find the best rate could save you tens of thousands of dollars over the life of your loan.
For example, in Texas a typical house is worth $224,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $799. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $756.
4. Negotiate for the best possible price
After you decide on a home, your agent will help you submit a competitive offer.
They'll also help you negotiate the price down if any problems come to light from the inspection, ensuring that you pay a fair price in the current market conditions.
If you're looking for a realtor, Clever can connect you with the top buyer's agents in your area for a free, no-obligation consultation.
Fill out our online form, and a Clever representative will reach out to get the process started and answer any questions.