Is It Time to Revisit Your Homebuying Plans in Plano, Texas? Your Payment Just Dropped!
If you’ve been holding off on buying a home in Plano because of high interest rates or rising prices, it may be time to take another look.
According to First American, affordability is improving in 39 of the top 50 U.S. markets—and this marks the fifth straight month where buying a home is getting just a little bit easier.
That’s good news for anyone who hit the pause button earlier this year. Let’s break down what that actually means in real numbers and how it could impact your next move here in North Texas.
Monthly Payments Are Coming Down
One of the clearest signs of this shift is in monthly payments.
Recent Redfin data shows that mortgage payments on a median-priced home are now about $283 less per month than they were just a few months ago.
My clients consistently pay less than the national average because I shop over 280 of the best lenders to deliver my clients super low rates and never a processing fee.
That’s almost $3,400 in savings per year—money that could go toward home updates, furnishings, or simply making life a little more comfortable.
While this isn’t a total game-changer overnight, it is meaningful.
When you’re creating your homebuying budget, a few hundred dollars can make the difference between feeling stretched thin and feeling confident in your purchase.
From a home search standpoint, that also means more flexibility in what you can afford.
Redfin notes that a borrower with a $3,000 monthly budget can now afford a $468,000 home—that’s $22,000 more than just a few months ago.
And in the Plano market, where homes in the $450,000 to $500,000 range often hit the sweet spot for location, schools, and amenities, that added buying power really matters.
What’s Behind the Shift?
Two key factors are driving this improvement:
- Mortgage rates have come down from their highs earlier this year.
- Home price growth is slowing in many markets, including across Collin County.
Both help make homes more affordable again.
As Andy Walden, Head of Mortgage and Housing Market Research at ICE Mortgage Technology, recently said:
“The recent pullback in rates has created a tailwind for both homebuyers and existing borrowers. We’re seeing affordability at a 2.5-year high.”
That’s great news whether you’re a first-time buyer or ready to move up into a bigger home.
Let’s Run the Numbers for You
Every buyer’s situation is different, and that’s where personalized guidance makes all the difference.
With today’s rates and price adjustments, you might find that your “not yet” has turned into “let’s go.”
If you’re in the Plano or greater DFW area, let’s run your updated numbers together.
We’ll look at what your monthly payment would be at today’s rates, what your buying power looks like now, and whether a move this fall or winter makes sense for your goals. Use my purchase assistant now to get started.
Bottom Line
Affordability is improving—and that’s resetting the math on homeownership for a lot of families right here in Plano, Texas.
If you’ve been sitting on the sidelines, this is your sign to take another look.
Let’s connect and find out what your updated numbers look like—because this could be the opportunity you’ve been waiting for.
