With the soaring costs of living, including high housing prices, many people are wondering whether this is a good time to buy a house or if they should hold on until the prices come down. We reached out to Dallas real estate expert, Chris D. Bentley, to find the answer to whether we should buy a house this 2022.
Should you Buy or Wait?
Chris agrees that this is a scary time to consider buying a house. There’s a shift in the housing market with high-interest rates, an increasing supply of new houses, but a decline in buyers. No one wants to buy a home that would decline in value. However, it’s important to remember that real estate is local, and each market requires a different approach to buying a house.
Although it’s a difficult time, Chris states that buying a house this 2022 is a good move if you’re financially ready. A home provides you with home equity that, in turn, contributes to your net worth. This ability to build equity distinguishes home ownership from renting, as the latter has no return on investment.
Buying a home makes more financial sense when you consider that rent is also rising. When you opt for a fixed-rate mortgage loan to finance your property, you’ll make fixed principal and interest rate payments throughout your loan’s term. Conversely, rental rates are unpredictable. Texas is one of the states with no rent control laws; therefore, the rent is likely to go up once your contract expires.
Factors to Consider
When buying a house, your first consideration should be the options available for you based on your budget. Working with a realtor can help you come to grips with your financial situation. Moreover, the realtor will inform you of the state of the local market, which is integral for decision-making.
Other factors that you need to bear in mind include:
- Having at least 20% of the down payment. This will help you avoid the need for a PMI.
- Have a housing budget in check. You should set a realistic budget by factoring in the entire cost of the house budget, e.g. bills for utilities, groceries, e.t.c.
- Work with a real estate agent. This will save you both time and money in finding your dream home.
- Shop for the right mortgage & get it pre-approved.
About Chris D. Bentley
Chris. D. Bentley is a real estate broker and owner of the Bentley Fine Properties. He is recognized as the most aggressive real estate broker in Dallas. In addition to this, Bentley has won a series of awards that include 7x Multi-Million Dollar Producer. He was voted #13 of the Top 20 Dallas Realtors on Social Media in 2018 and 2019, and 2017, 2018, 2019, and 2021 D Magazine’s Best Realtor.
Bentley loves helping people relocate to Dallas. His company operates in residential and commercial real estate brokerage. Bentley also has an active Youtube channel with over 150+ videos where he talks about the latest in Dallas real estate and showcases luxurious houses. You can learn more about Bentley by checking out his website.