If you have decided you want to quit renting to buy a new home in Dallas or want to invest in your dream home, you need to know when’s the best time to buy a new home in Dallas.
The price of new homes changes throughout the year, with things like seasonality, local home inventory, labor and materials costs, and personal factors impacting the cost. When the right time to buy a new home in Dallas is a little different for every shopper.
Traditional homebuying wisdom tells new home shoppers to seriously look for homes and place offers in the spring and summer since that it’s a way to get the building process started without having to disrupt kids’ school schedules. During the spring, home shoppers have an open market, with plenty of options to look through and choose from. But, if shopping for a used home, the increased number of homes for sale and the increased number of other home shoppers leads to increased prices because the seller has the most negotiating power.
A NerdWallet study of home prices found that seasonality has a major impact on the price of new homes for sale in Dallas. This study found that January was the best time to buy a home in Dallas, as seasonal factors caused the price of homes to fluctuate almost 10 present over the course of a year. By buying offseason, average home shoppers in Dallas saved $20,000. And, when you buy a new home, you don’t have to worry about competing with other buyers for the same home and you don’t have to go over the asking price to stay competitive.
Seeing the price of a new home drop by almost 10 percent makes shopping for a new home in the winter very attractive, but seasonal savings are not the only factors to determine the best time to buy a home in Dallas. Before you head out into the cold to look at model homes, you need to get a better understanding of the local inventory of new homes.
Once you find an area you like, you need to watch how quickly homes in the neighborhoods get sold and how many new home communities open new sections. Keeping a close watch of local inventory lets you determine if a location is getting inflated of if sellers are trying to move homes that are having a hard time getting sold.
Once you determine a location and builder you’d like to work with, it’s important to understand your finances so you’ll know if it’s the right time to buy for you. Every situation is different and you want to ensure that you will have a down payment, money for closing costs, monthly mortgage payments, HOA fees if applicable, and enough to purchase everyday items. If you can comfortably afford everything, then it might be the right time for you to buy a home in Dallas.
Buying a new home is one of the most expensive things a family can buy. Taking the time to do some research about the best time to buy a new home in Dallas can save you tens of thousands of dollars off the initial price of a home.
Be sure to check out our guide if you are moving to Dallas from outside the area.
After graduating in 2016 from The University of Texas with a degree in English, Sanda Brown became a content writer for the BDX with a focus on website copy and content marketing.
At the BDX, Sanda helps write and edit articles on NewHomeSource.com, writes website copy for builders, and manages a team of freelancers that work on additional content needs.