What is the Market in Dallas-Fort Worth Doing

Question

Can anyone tell me is single family housing is on the rise or fall in the market right now?

Another question for the pros here. Looking to buy a home near Fort Worth, if I put say $40-50k down on the house does that look good on paper? Does it lower the loan pmt much on a $150-200k home?

Renting vs buying.....I was thinking of purchasing a home that I could do some extra work to and turn, no major over-haul, something simple....I have done this several times and have done well (just not in the Fort Worth area). Let's say I am able to resell in 1-2 years and resale is $10-20k more than what I bought the house for, am I ahead financially despite the closing costs on the buy and sell? I would this be better than renting for $1300-$1500 a month for 1-2 years?

Your thoughts appreciated.

Annette Ross · Answer

Tyler, thank you for your response. I have noticed rental prices seem quite high in comparison to property prices and it seems that there are fewer rentals than homes for sale.

Tyler H. · Answer

The Greater Forth Area Real Estate Market is strong right now. Multiple Offers above asking price are quite common, especially for clean, move in ready homes located in good school districts.

Regarding down payment:  If you can put 20% down, this is very favorable and will save you from having to pay private mortgage insurance.

Buying a Home to resell in 1-2 years is speculative and a break even proposition, at best, considering closing costs and fees. My opinion is that it is always better to own, especially considering higher rents across DFW. Lots of unknown variables for your situation, that require more info and or possibly professional financial advise.

Hope this helps.