Summer is a good time to buy a house. The market for buying and selling is most active in summer, interest rates are on a seemingly steady but very slow rise and housing prices are indicating a rise as well, which points to a hot summer for home purchases.
According to the S&P/Case-Shiller U.S. National Home Price Index, Dallas is among 20 cities nationally with highest year-over-year gains, with price increases of 8.4% from May 2014 to May 2015. This growth seems to be steady across the country, with the rest of the Dallas-Fort Worth area in a similar upward trend.
Interest rates are also on the rise, albeit somewhat slowly at least for now. Mortgage Giant Freddie Mac lists the current 30-year-fixed mortgage rate at above 4% (4.05%) for the first time all year. Though this number is still at historic lows, it is rising. Realtor.com Chief Economist Jonathan Smoke suggests it won’t be rising quickly though, stating, “We will likely see less than a 100 basis point increase over the next two years, which would bring us to around 5.5% in 2017.”
It’s no secret that DFW has one of the hottest housing markets in the country. Realtor.com ranks Plano at #4 in its top 10 zip codes to live in America list, saying, “Homes in these top 10 communities sell four to nine times faster than the national average, and spend 20 fewer days on the market than their respective metropolitan statistical areas.”
If you’re in the market to purchase a new home, there’s not a better time to buy than now. By getting your financing in place and approved before you start, you and your agent will have more negotiating power when you find that perfect home. I hope you’ll get started on your journey by contacting me to help you get your financing in place today. You can reach me at 214-770-1499 or by completing my complimentary mortgage plan here.