Dec 29, 2011

Why 2012 will be a good year for Dallas Real Estate

Two words - Affordability and Demand.

There is a demand for affordable homes in Dallas and that demand continues to grow. People are still moving here and home prices are great. Even expensive homes are selling well if they are perceived to be good, affordable buys. Here is one example of our affordability going in to 2012:

Let's say you want to purchase a $500,000 home. Four years ago the mortgage rate on that home might have been about 6.5 percent. Your house payment would have been about $2,528 a month for a 30 year loan with 20 percent down.

Today, you can likely get a little more home for your money and the interest rates are rock bottom. A $500,000 home will cost you $1,909 a month for a 30 year loan at 4.5 percent with 20 percent down. And right now with excellent credit score you should actually be able to get a mortgage under 4 percent - making that payment even lower.

If you don't take advantage of today's low mortgage rates, some day your kids will say "You mean you could have bought a home with a fixed rate mortgage under 5 percent and you didn't?".  You could have bought a nicer home and your payments would be $1,909 a month (or less) instead of $2,528 a month (or more)?

You'll be lamenting how you 'should've bought back then' when prices were low and interest rates were a steal. The year 2012 is the year of affordable homes in Dallas. [where: 75230]

2 comments:

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