The best time to buy a house in Dallas isn’t as simple as picking the month when homes are the cheapest. You want to make a purchase that you’re excited about too. The trick is to balance the amount of inventory on the market along with how much homes cost.
Buying a house is a stressful and emotional process. You'll likely have to spend weeks touring properties, fill out hundreds of forms, and invest a large chunk of your savings to secure the right house.
One way to make buying a house easier is starting the process at the right time. In Dallas, housing inventory, mortgage rates, and market trends vary from month to month.
For example, this year 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.
In truth, the best time to buy a house really depends on your priorities and situation. Read on to find out which time of year will give you the most options and the biggest savings when buying 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, the first step in the home buying journey is to find an experienced realtor who's an expert in your local market. The right agent can help you find the best house for your budget and priorities - and negotiate a winning offer so you don't miss out on your dream home.
The easiest way to find a great local realtor is to use a free service like Clever Real Estate. Clever matches home buyers like you with top agents in your area so you can compare your options and choose a realtor who's the right fit for you.
You can interview multiple agents until you find the perfect fit, or walk away at any time - Clever's service is 100% free with no obligation. Fill out the form below to instantly request hand-picked agent matches now!
Best Time of Year to Buy 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 and from city to city.
Across the county, spring is considered the beginning of the real estate cycle. Looking at Austin, you’d think it was in the autumn, as prices are highest in November. The Dallas-Fort Worth region follow the trends of the rest of the country where spring and summer are the hottest times to buy.
Choosing to buy in January versus June can make an 8% difference or more in the U.S. In Dallas, the difference is massive. While the stock might be lower, you’ll save nearly 10% when you buy in January than if you were to buy in the summer.
Prices are slated to grow at a moderate pace, but as is the case with all property, the prices will eventually only be going up. If you want to invest at all, this year is the time to do it.
The Best Places to Buy a Home in Dallas
Choosing where in Dallas to move is as important as choosing when to move. Some sleepier neighborhoods and suburbs might be a little hotter in the summer when it’s easier to move kids into a new family home. The fall and spring might be better for regions closer to downtown but prices are going to change based on what each region has to offer.
North of downtown Dallas has become one of the most desirable parts of the city to move to. For young professionals and millennials starting families, it’s the place to be.
The area has plenty of shopping and hundreds of restaurants. It’s very walkable and close to downtown for anyone who needs to commute to work there. If you want to ditch your car, you can grab the trolley and get where you need to go.
Given the city’s median home value of $217,000, the region won’t be far out of pace with the city as a whole. Homes here are going to be the first to grow when the market heats up again.
2. Lower Greenville
Lower Greenville’s home prices are only slightly more expensive than Uptown, but given that it’s the top area for nightlife, bars, and restaurants, it’s worth it for some. Expect lots to do within walking distance, with plenty of entertainment on the weekends.
If you have kids, they’ll love dropping into Steel City Pops, a Mexican candy shop with everything to feed their sugar needs.
This is a great place to buy your first home or to start building wealth with some real estate investments.
3. Deep Ellum
This is the neighborhood to move to if you like to see lots of colorful murals and live music wherever you go. This former business and manufacturing center soon became a place for live music after its establishment in the 1870s.
There’s a rich history of jazz and blues music here going back 100 years. For creative types looking for inspiration, this is the place to buy a house.
If you’re looking to get a little bit of space from downtown Dallas, Lakewood is a great place to start building a home with a family. Lakewood Elementary is an award-winning school that gives kids a great start in their academic career. For generations, people have known it as a great place to grow up.
It’s also close to White Rock Lake for outdoorsy types. Active families are going to enjoy being this close to nature.
5. Preston Hollow
While Dallas has lots of spacious properties in the region, Preston Hollow has them like no other. You’ll find spacious lots and nice houses here that are within reach for middle-income families.
There’s a mix of modern and traditional homes here that match every homeowner’s aesthetic. You’ll be just a few miles from downtown while being surrounded by creeks and trees everywhere. If you’re sending kids to school, some of the best schools in the region are nearby.
4 Ways to Get a Great Deal On a Home in Dallas
Finding the best deal in Dallas requires you to do a little bit of leg work. While the market stays at a low point of growth, it also means that it’s a buyer’s market. Savvy buyers will know to hire an experienced local agent to help them make the most of the situation by following four tips.
1. Find a Great Dallas Real Estate Agent
Finding an experienced agent who knows the region well is vital to getting a good deal. An agent new to the business 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.
There’s no reason to cut corners on finding an agent as the seller is going to cover the cost of your commission. They’ll help you navigate the search, the paperwork, and the closing costs that follow.
2. Assess Your Needs and Lay Out Your Goals
Having your goals mapped out in advance is vital to finding the right home. You’ll have to make your decisions based on your budget and which area you’re looking to live in. Have a list of must-haves that include the number of bedrooms, the amount of storage space, and how easy it makes your commute.
Give your agent your list of needs and they’ll be able to 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 rates are among the biggest factors when choosing a lender. Doing a little upfront research and comparing options to find the best rates 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.
Getting a mortgage is a big decision – and it pays to shop around! Keep shopping until you find a lender with competitive rates who also understands your goals. Don’t get pressured into taking on a bigger loan than you’re comfortable with – work with a lender who explains what you’re really signing up for.
It’s easy to start your home buying journey – answer a few questions to get instantly matched with a lender who works in your area.
4. Negotiate for the Best Possible Price
After you’ve decided on the place where you want to live, your agent will help you submit a competitive offer that the seller will agree to. However, before any lender will give you the money you’re looking for, they’ll require you to get an inspection and an appraisal on the property.
They want to make sure that the home is actually worth what they’re lending you to pay for it.
If you find problems during this process, you have the chance to negotiate the price down. However, if you’re not an expert negotiator, it’s going to be hard to talk down a seller on the price.
An experienced local agent will ensure that you get seller credits for everything that needs to be fixed. Fill out our online form today to get connected with one of our Partner Agents who is local to you. You’ll be given for a no-obligation consultation to help you understand what you could get for your budget.