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5 Tips For Buying A Home During Dallas Housing Shortage
Jake and Jessica Simpson found that in some Dallas neighborhoods, buying a house is as frenzied as shopping the day after Thanksgiving.
With less than a two-month inventory of houses on the market in many neighborhoods, house-hunting has become very competitive.
Here are five tips for landing the perfect home in the very tight D-FW housing market.
1. Line up your finances in advance - Realtors in Dallas advise future homeowners to have a grasp of their finances before shopping around. Knowing your credit score and knowing what you can afford will make for a smoother home buying experience.
2. Pre-qualify for a loan - Providing a bank with your financial status will give you the chance to get a step ahead. After evaluating this information, the lender can give you an idea of the mortgage amount you qualify for.
"It’s compelling to a seller to see a mortgage qualification letter as part of the offer,”
3. Write a personal letter - As hokey as it sounds, Harmon has seen cases where personal letters from prospective buyers or other actions sometimes clinch a deal.
“Buying or selling a home is a business transaction,” Harmon said. “But at the end of the day, a home is a very personal thing."
4. Prepare to fight for the home you want - “You can’t horse trade like you used to,” said real estate agent Jason Hyland with Ebby Halliday Realtors. “I tell all my clients that in this market, always put your best foot forward.
“If you want this house, make what is your best offer.”
5. Keep in mind you might overpay the asking price - In March, North Texas homes sold on average for 98 percent of the asking price. And many houses trade above the listed price as buyers bid up the value.
“I had clients recently that found the perfect house, and they lost the house for underbidding $5,000 on a $700,000 house,” Hyland said. “Sometimes you have to fight to get a house.”
For more information, please contact me or visit my website:
Chris Boyington, Realtor, ABR
U.S. Army Veteran
Homes For Heroes
Halo Realty Group
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