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Should I wait to buy my Dallas home? What is the cost of waiting to buy my Dallas home?

If you’re considering buying a Dallas home in the near future, I have some important information for you.

You may be tempted to wait because you are listening to Uncle Joe and he tells you we are in a bubble and the home prices will come down. But what you don’t know is that waiting could cost you tens of thousands of dollars in the long run. I will explain how this works and why it makes sense for everyone who wants to buy now,  to buy now.

If you want to learn more about how much money waiting can cost, read on! We have all of the information right here for your convenience. Plus, we’ll show you some quick tips so that when it comes time for you to make an offer on your dream home, everything goes smoothly and quickly without any problems or delays along the way. It’s important not only for your financial future but also for your peace of mind as well! So keep reading…we’re almost done!

Click here now and get started with our guide today!

The answer to these two questions will help you determine if you should buy now or wait:

1) What will Dallas area house prices be like in 2022? 

2) Where are mortgage rates by the end of this year going to end up?

Many experts weigh in on what prices will look like for 2022, below are 3 major housing experts which are predicting higher housing prices

Real Estate is very local so let’s look at the local Dallas and Fort Worth home market. According to the Dallas Business Journal article Dallas-Fort Worth home prices could exceed 20% in 2022. If this projection holds true, the Dallas area homes will add to last year’s year-over-year home value appreciation.

Just ask local Realtors about what happens when a new listing goes on the market. I was helping to host an open house in my Plano neighborhood. The home when on the market at $480,000 and sold in 4 days for $523,000.

The same home was sold in 2011 for $240,000. That is over double in value in 10 years. This creates family wealth.

According to Porch here are the predictions for Dallas-Fort Worth

  • Forecasted one-year change in home price: +21.1%
  • Current median home price: $297,044
  • Sale-to-list price ratio: 102%

What are the mortgage rates likely to do for 2022?

Mortgage rates will continue to rise in 2022, with the fourth quarter likely being a key election-year indicator. Experts are divided on how much rates will increase but they all expect rates to increase. If mortgage rates increase, a home buyer’s budget will decrease.

If Housing Prices and Mortgage Rates both increase for 2022, what does that mean to your family’s wealth?

Let’s look at a comparison of waiting. We will assume a Plano Texas home purchased in 2020 for $400,000 at an interest rate of 2.75 and we will compare it to the same house, now you have to pay $484,000 (I was conservative by only using 10% home value appreciation.) and you will also pay a higher interest rate of 4%.

Check out the graphics or visit the online comparison here.

  • Monthly payment will increase by $888.26 – this will disqualify roughly 20% of the previously approved buyers.
  • Cost of ownership over the first 5 years has increased by $44,419
  • Cost of ownership over 30 years has increased by $168,748

Monthly Payment Difference

Home ownership is a great way to both save money and enjoy the many benefits that come from living in your own space. However, when thinking about buying or not buy at all it’s important that one considers their finances as well!

The bottom line, when asking if I should purchase a home was never just about financial considerations; it also is dependent on the right location, and will it be less stressful to own rather then rent.

Buying a home is one of the most important decisions you will ever make. I promise to keep you informed about the mortgage loan process and updated them when milestones change. I am here for you every step of the way, so that your experience is as smooth and stress-free as possible.

When it comes to mortgages, there are many steps in order to get approved for a loan. That’s why my team and I are committed to making sure we take care of all those details for you – from start to finish! We want this process to be simple, easy, and enjoyable for everyone involved!

You will receive email, push notifications if you have downloaded your personal app, and text message alerts for any changes in your application process, receive weekly updates on what to expect next and closing dates. This way you can make the best decision for you at all times!

In order to help your offer be as competitive as possible, you can apply to become a Certified Approved Home Buyer now by completing a full application here.

Contact Us

Nexa Mortgage - Richard Woodward
7820 Hague Ct
Plano, TX 75025
Phone: (214) 945-1066

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Richard Woodward
Branch Manager
NMLS #217454
Company Licensing
Company State License#
AZMB - 0944059
NMLS# 1660690

Equal Housing Lender