by ©Patricia Feager, 1/23/2017
Trends for housing is a major factor to know and understand when looking to buy. The economy, your income, and ability to pay on time plays a major role in your decision-making. Don't be confused by National, Local News, or T.V. Shows when it comes to housing. The current market in the Dallas Metroplex is low inventory for residential housing. As of 1/23/2017, it is still a Seller's Market. New construction may or may not have existing inventory or may need time to build. If you sell fast you may need to find another place to live until something is available. Every area and situation will vary.
If you're a first-time homeowner or if you had an interrupted life and starting over, you'll need to make wise decisions. After all, regardless of income or price range, Real Estate is one of the most expensive investments of your life. Analyze carefully! If you are a current homeowner, many things have changed in the Mortgage Industry and within cities that impact infrastructure and commute. Remember:
- This is your life.
- Your purchase is to benefit YOU!
- You will be accountable for payments on time.
- The location is important - consider your lifestyle.
- Resale value should be considered.
CONDO - PROS & CONS
- Mortgage (if applicable) + Taxes + Insurance + Association Fees
- Association fees are collected outside of monthly mortgage payment.
- Association Fees are used to pay for building maintenance, management fees, and amenities.
- There may be parking restrictions and additional fees.
- There may or may not be Condos & Townhouses available in some areas.
- There may or may not be School Buses available.
- Evaluate Cost Benefit Analysis. Remember this is YOUR life & YOUR responsibility.
- Ask about Special Assessments and how it will have an impact on your wallet.
- Rules & Restrictions. How will they affect your lifestyle, needs & wants?
- Resale value. Curb appeal = First Impressions.
HOUSE - PROS & CONS
- Mortgage (if applicable) + Taxes + Insurance + Property Owner Association Fees (if applicable).
- Cheaper doesn't always mean better; Better doesn't always mean more expensive.
- A homeowner is responsible for all maintenance inside and outside of the property.
- Care includes maintenance, trees, and sidewalks on your property.
- Space to store lawn mowers, bicycles, tools, and extra equipment.
- The bigger the building the more cost is involved in heating & cooling.
- May or may not include additional HOA dues.
- May or may not include amenities.
- May or may not have more privacy, control over your property to remodel & make changes.
- Home improvements may increase resale value as an investment of time & money.
- Pets should be considered - yard space, fencing, pet protection.
Staying current on market trends, working with someone you know, like and trust, an agent who works in the areas you're looking for, someone with knowledge and experience, who can provide resources, and communicate - answer their phone, text, or email are important factors to consider when choosing the best agent to represent you.