So, you’ve been saving up for a while and it’s finally time to invest your money and purchase your dream home? But, buying a home is much more complicated than creating a budget for it. And when it comes to the real estate market opportunities during a global pandemic, you really have to think whether this is the best time to buy a home. So, if you’re exploring the option of buying a home in another state, we’re here to give you some advice. Before you hire a realtor and organize state to state moving companies to handle your move to the new address, there are a few things you should consider. We’ll tell you a few things that will show you if you should buy a home in Dallas right now. So, let’s see if your house hunt can begin or if you should hold off a little longer.
The best time to buy a home in Dallas
Now, you might be aware that there are certain times of the year when you can move at lower prices and save some coins. Of course, this doesn’t only stand for the prices of interstate movers Dallas, but also about home prices. If you choose the right time to hunt for a home, you can get a much better deal than during a different period. So, if you want to buy a house in Dallas right now, you should keep this in mind.
Namely, summer and late spring are considered to be the peak of the moving season. After all, that’s when most people have some time off work and kids are out of school. So, it’s a convenient time for moving house. Therefore it’s harder to find available movers and it’s harder to find a home within your budget. Because there are many more buyers at this time, the sellers have more negotiation room. So, the sellers are trying to get the best possible deal and ranking up the house prices.
However, come winter, you can expect real estate prices to drop by almost 10%! Though you might have more choices in the warmer months, if you want to save some money, it’s worth waiting for the cold. That’s why buying a home in Dallas right now might be a good idea because home prices usually start dropping once we say goodbye to summer.
The Dallas housing market in 2020 – what’s to know before you buy a home in Dallas right now
Before you decide to embark on the hunt for your dream home in Dallas TX, you should learn a few things about the housing market here. We’ll tell you some general information about the real estate market in Dallas and the current trends. Here’s what you should know if you’re looking to buy a home in Dallas right now.
A seller’s market
First of all, it’s worth mentioning that the Dallas real estate market has been having a comeback and recovering from the impact of the COVID-19 pandemic. It’s suffered a bit of a downfall, but since July it’s been getting better.
However, something we have to note is that it’s primarily a seller’s market. That means that there are way more sellers than buyers. This allows the sellers to ask for higher prices, so keep that in mind. Some people say that this situation is likely to remain the same in 2020 because of the housing shortage. So, if the prices don’t fit into your budget, it’s better to wait until it’s the time is right. This is definitely something to keep in ming if you’re eager to purchase a home in Dallas right now.
Renting vs. buying in Dallas right now
Over the past few years, Dallas has had an influx of young people and it’s kind of becoming an up-and-coming city. Well, something that comes with having more and more young residents is more and more people interested in renting. So, it seems like the preferance in Dallas is renting homes and that is the more reasonable option. However, that doesn’t mean that people aren’t buying homes and that you absolutely have to rent. If you want to purchase a house in Dallas right now and you can’t wait, make sure you do your research and think things through. Doing research is crucial whether you’re buying a second home or only the first one. So, get all the infor before taking the plunge.
Buying a home during the pandemic
The coronavirus pandemic has left a big impact on many different aspects of life. The housing market, obviously, hasn’t been left out. These unpredictable times make hunting for a home even trickier than usual. So, before you decide to buy a home in Dallas right now, we’ll tell you a little bit about buying a home in the middle of a pandemic. This might help you make up your mind and see if this is the right moment to become a homeowner.
- Home prices are higher. Everyone is looking for a comfortable place that makes working from home more manageable. Therefore, the demand is high, there’s a housing shortage and the prices are going up.
- Moving during the pandemic isn’t ideal. Though most long distance movers Texas have their COVID-19 statements and ways of safely conducting business, it’s not the ideal situation. You might want to avoid moving in the peak of the virus spread if you want to remain safe.
- Everything is unstable and uncertain. You don’t know what can happen tomorrow, so buying a house in Dallas right not isn’t the best idea.
- Consider the housing deficit and the seller’s market – the odds are not in your favor.
So, the idea of finally becoming a homeowner might excite you, but you should think things through. Because of the current situation in the world, it might not be the best idea to buy a home in Dallas right now. Our advice is to wait until things get a little more stabile and favorable.