North Texas Real Estate Blog

It’s never been a better time than now to buy a home. You hear this statement on the news or read it in your local newspaper. Prices of Southlake TX homes, Grapevine TX homes, Keller TX homes, and other cities in northeast Tarrant County are more affordable than in recent years. The opportunities for first time homebuyers are bringing an increasing number of prospective buyers into the market place. This is great news for home seller’s that have been anxious to see an end to the slump in the real estate market. Although areas like Southlake TX, Grapevine TX and Keller TX have not experienced the extreme declines in sales and foreclosures as other parts of the country, they still have felt some of the effects of the national real estate crisis.

If you are one of the many first time homebuyers in the market for a new home, there are many complex issues that are involved in the process of buying a home. Finding a real estate professional that is both familiar with the area you are looking and one that is willing to help you to understand the different steps of the process of buying a home is vital. Understanding about the types of available financing, property values in your area of interest, neighborhood and school information; all of these are important to a homebuyer and your real estate professional should be able to provide this information to you.

Before you start your search for a home, take time to evaluate your financial status. How much money do you have available for a down payment? What’s my credit score? What is my gross income and how much are my monthly obligations? These are all questions that homebuyers must ask and information they should obtain before talking to a mortgage lender or a real estate professional. In order to be prequalified for a loan, the borrower will need banks statements, W2 forms, current paycheck stubs, 401K and other savings account balances for the lender to review to determine how much a buyer can borrow. The amount of money for the down payment on a home is also important in order to determine which type of financing is best.

Once you have determined how much you have available to spend on your home, now is the time to start your search. Since the average homeowner lives in their home less than 6 years, it is important to consider the possible resale value of their next home. In areas such as Southlake, Grapevine and Keller, home values seem to be more stable than other parts of Tarrant County. This is mainly a result of their central location, their historically excellent performing schools, and their other commercial amenities that are available to the residents.

Wherever you do choose to by your home, be sure to have a licensed home inspector perform a comprehensive inspection of the home to identify existing problems or point out potential problems or concerns. Home inspectors will provide you with a report of the general overall condition of the home. With the information in the report, the buyer has the opportunity to negotiate repairs, proceed with the purchase, or walk away from the deal.

Finally, all new homebuyers should be aware of property taxes and homeowner’s associations in the prospective areas. Property taxes and homeowner association dues are typically added to the principal, interest and home owner’s insurance to equal your total mortgage payment. Property taxes may be significantly higher in some areas, causing your mortgage payment to be higher than a comparably priced home in another area. Make sure you are informed of the average tax base for the area in which you are looking.

For more information about Southlake homes, Grapevine homes, or Keller homes, please contact Dave and Betty Warden at 817-706-3291.