Is It The Best Time In Years To Buy A Home In Fort Worth?

It’s often how the housing market works: Hard times create opportunities. The current economic situation has devastated many people’s financial plans, but it has also created the best opportunity in years for buying a home in North Texas.

Low interest rates and greater availability of good homes means those with the means and desire to move to or within North Texas are finding excellent properties at good prices and with enticing financing.

Moderating Prices And Low Interest Rates

Through much of the year and across most of Texas, mortgage delinquencies have soared. From about March through July, 8.8 percent of those with mortgages were struggling to make payments, according to stats compiled by Black Knight Inc. Since then, things may have improved only a little.

But the news for the housing market isn’t all bad: Median pricing for DFW homes – which was previously surging – has eased a bit. In July, the median price of a home in the Dallas-Fort Worth metro area was $352,990. In August, it was right at $350,000, a significant improvement for those looking to buy. It’s the most affordable homes have been in this area since October 2016.

When you also consider that interest rates are about as low as they can go, it’s a good time to buy your North Texas home.

And here’s more good news: Reports from home builders are strong, with most going ahead with their plans even as other kinds of businesses struggle. That means there are more choices for places to live in Fort Worth than ever before.

What Happens Next?

There are no guarantees about what happens to the North Texas housing market next. Swift action is necessary if you want to take full advantage of the positive side of the current economic situation. It’s been a busy summer and fall for me and most of us in the real estate business as people are making changes in the way they live while they have the time and opportunity.

If you or someone you know is having trouble paying your rent, be sure to visit consumerfinance.gov. Mortgage assistance is available in many situations and at least through the end of the year.

If you’re in a position to buy or build a home, let me help you. I work only with buyers and never with sellers, so I can provide you complete loyalty.

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