What to Know When House Hunting in the Summer
House hunting in the summer? The DFW real estate market has traditionally heated up during the summer months when children are out of school and families are looking to make a move. But the summer 2021 market is poised to be even more competitive following the sky-high demand and bidding wars of the spring.
DFW is among the hottest real estate markets in the country, but don’t let that stop you from finding your dream home. You can still successfully find your new DFW home this summer by preparing with a few of our house hunting tips.
DFW Summer Market Outlook
Inventory remains the largest hurdle for DFW homebuyers this summer, according to MetroTex, the largest Realtor association in North Texas. According to their latest inventory report, existing-home sales drastically outpaced inventory in May, marking two straight months of an over 25 percent increase in sales and an over 60 percent decrease in active listings.
DFW builders are also experiencing unprecedented demand for new homes, resulting in limited lot availability and long wait lists for interested buyers.
Cambridge Crossing’s builders currently have a limited number of inventory homes underway for summer move-in; interested buyers are encouraged to contact our builders as soon as possible to set up an appointment to learn more.
Find A Trusted Realtor
If you aren’t yet working with a real estate agent, now is the time to connect with one. DFW Realtors have insider knowledge on inventory and may even be able to connect you with listings before they hit the market.
Even if you decide to build a new home, a Realtor can still help connect you to limited opportunities available in master-planned communities and make sure your concerns and needs are met during the homebuying process.
Outline Your Budget
You’ve probably seen recent stories of pre-owned homes going for well over the asking price in the DFW area. Part of the advantages of building a new home is the ability to secure your lot and work with your builder to craft a home within your budget. However, demand and availability of building materials have impacted new build prices as well.
Before you start looking for a home, it’s important to know how much you can afford and how much you want to spend. Take a look at your existing spending and income, and determine what your monthly budget should be. In today’s hot market, it’s crucial to get prequalified and explore your mortgage options to figure out which type of loan will be best for you.
Be Patient
With mortgage rates still close to record lows, demand will likely remain high for new homes throughout the summer. If you miss out on a home in a bidding war or experience delays in building a new home, don’t give up. Keep working with your real estate agent and research opportunities in quickly developing new communities like Cambridge Crossing. Situated where the Dallas North Tollway meets the Collin County Outer Loop, Cambridge Crossing is positioned at the gateway of a rapidly developing area in North Texas.
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