Relocation Guides >> Dallas, Texas
Dallas Real Estate - Greetings From the Big 'D'
Welcome to our real estate guide for Dallas home buyers, with information about the local housing market in the Dallas area.
Whether you are moving to Dallas from elsewhere in the country, or you're a current resident buying a home for the first time, it's important to do a little research into the Dallas real estate scene before moving forward. This relocation guide is a good place to start!
Turn on the news today, and you hear a lot about the economy, people losing their homes, foreclosures, etc. It's happening here in Dallas and all across the United States. But don't let this scare you away from buying real estate in the Dallas area. By doing the proper research, and by being a smart home buyer in general, you can acheive real estate success.
Buying Real Estate in Dallas - By the Numbers
So let's talk about what it takes to buy a home in the Dallas metro area, in step by step fashion. While the process varies from one person to the next, it will normally inclue the basic steps outlined below.
Step 1. Review Your Finances
Are you ready to buy a home? Is a Dallas real estate purchase within your financial grasp? What's your credit score like? You must answer these questions before moving forward in the process, because you can rest assured your Dallas mortgage lender is going to put your finances under the microscope.
Step 2. Choose a Mortgage Type
For the average consumer, buying real estate in Dallas also means taking out a mortgage loan to pay for the home. Unless, of course, you've just won the lottery. This is another area the requires careful consideration. Will you be in the home for only a few years, in which case an adjustable-rate mortgage may be best? Or will you stay in the home for a longer period, which makes a fixed-rate mortgage the best option? Learn more about home loan types here.
Step 3. Find a Dallas Real Estate Agent
Do you really need an agent when buying a home? Well, this is ultimately up to you. But when you consider the amount of money on the line during a real estate transaction, it makes sense to have professional guidance from a Dallas Realtor. This is especially true if you're a first-time home buyer, or if you're new to the Dallas area.
Step 5. Choose a Neighborhood
There are a lot of neighborhoods to choose from in the Dallas area. A lot! And they range from historic to brand new developments, with plenty in between. So the Dallas real estate shopper has plenty of options when it comes to choosing a neighborhood. Keep in mind also that neighborhoods have a direct influence on quality of life, social and recreational satisfaction, property values, commute time, educational opportunities and more. So send some time researching the subject, and choose wisely.
Step 6. Start House Hunting
So, if you've been following the steps up to this point, you have reviewed your finances and determined that you're ready to make a Dallas real estate investment. You've also found a local agent to help you, and you have your eye on a few neighborhoods. Now you are ready for one of the most exciting steps in the home buying process. You are ready to start house hunting! The key here is to use as many methods as possible to locate the right house. Your agent will help, but you should also do some looking on your own. Check the newspaper. Go online. Drive around through your chosen neighborhoods.
Step 7. Make an Offer
When you have found a home in Dallas that meets your needs, the next logical step is to make an offer on the home. This is another area where your real estate agent will help a lot. Your agent should be able to compare the seller's asking price to recent and comparable sales in the area, in order to validate the prices. It's also wise to make your purchase agreement contingent upon a successful home inspection. This gives you a way out of the contract if the inspector uncovers any serious issues.
Step 8. Get the Home Inspected
You should always — I repeat, always — have a home inspected before purchasing it. This part of the real estate process should never be skipped. During this process, a licensed home inspector will review the home's structure, foundation, roofing, electrical and mechanical systems for proper function. It will give you the peace of mind of knowing what condition the home is truly in, before you close on the property (next item).
Step 10. Settlement / Closing
Your Dallas real estate transaction will eventually move into the closing stage (also known as settlement). This is when property ownership is transferred from the seller to the buyer, and it's also when all outstanding fees are paid. Who pays for these closing costs will vary from one transaction to another. Typically, the buyer pays for most of them. But a seller can agree to pay some or all of the closing costs as part of the purchase agreement.
Related Resources
We hope this Dallas real estate guide has helped you understand the typical home buying process and what it entails. Here are some more resources to help you learn about the local housing market.