If you’re looking to buy a home in the Dallas area, you’re in good company. The U.S. Census Bureau finds that Dallas is one of America’s fastest-growing large cities. Here are a few things to keep in mind as you start your search for a home in the Big D.
Get the Lay of the Land
The Dallas-Fort Worth metroplex is massive, with 11 counties spread over more than 9,000 square miles. As of the 2020 Census, the area was home to over 7.5 million people. Narrowing down where you want to live can feel overwhelming. Here, a little homework can go a long way, and Dallas neighborhood guides can greatly help you weigh your options.
Find a Local Agent
A real estate agent with in-depth knowledge about the area in which you want to live can be indispensable. So how do you find that agent? Friends, family, and co-workers can be good resources. So can Facebook groups and sites like Realtor.com, Redfin, and Zillow that list local agents with reviews and recommendations. Research your candidates and interview a few before making your choice.
What’s the cost of living like in Dallas?
For a major metropolitan area, Dallas has a relatively low cost of living. According to ConsumerAffairs, it is not even among the top 20 most expensive cities in the United States. Their ranking looks at home prices as well as cost-of-living factors, such as gas and groceries. California cities, including San Jose, San Francisco, and San Diego, top the list, while Dallas sits at #21 just above Baltimore.
The Benefits of Mortgage Pre-Approval
Buying a home in Dallas will almost certainly go smoother if you search with a pre-approval letter in hand. This will help you know your budget, as your lender can tell you exactly what you can afford. Pre-approval also boosts bargaining power, letting sellers know you’re serious and ready to deal, plus it can reduce closing time.
What closing costs should I expect?
According to UpNest by Realtor.com, Texas homebuyers should expect to pay between 3% and 6% of the mortgage loan amount. Factors including the interest rate, down payment, and home price cause these closing costs to vary. And there’s good news for buyers: unlike some states, including New York and Delaware, Texas doesn’t tack on any immediate taxes to real estate purchases.
Specializing in home financing for the Dallas area, the expert loan originators at the Decker Group at First United can be there with you from pre-approval to closing. Connect with us online or call us at (972) 591-3097.