As the real estate market changes, it’s important to have a running start on your home buying journey.
Here are three things to keep in mind — from mortgage rates to buying power — as you navigate the housing market.
What’s going on with mortgage rates?
As consumers, we have been spoiled with historically low interest rates that held out for an uncommonly long time. As interest rates begin to fluctuate, it is common to feel concern, especially for first-time home buyers.
Understanding the cause and effect behind rate increases can help reduce worry over market changes. Interest rates directly influence a buyer’s buying power. Real estate agents can help you understand what this means and what steps you can take to better prepare for it.
I often advise clients to check with the financing institution with whom they have a working relationship. This institution will already have your financial history and a personal gain in maintaining your business. They are best equipped to help you understand your buying power.
Know your buying power
Increased interest rates will increase mortgage payments, and this ultimately influences how much buying power you have. Knowing your buying power is an important factor when it comes to entering the housing market.
It is especially important to understand what you can afford monthly (in terms of payments) and how much of a down payment you need to get the monthly payments where you need them. Many people would rather look for lower costs vs. having to produce more of a down payment, but it is always good to have options.
Don’t be afraid to shop lenders
I have a working relationship with several lenders, and I encourage my clients to shop around for the best rate when going through the pre-approval process. A home is one of the largest purchases you will ever make, and even though refinancing is an option later down the road, you should feel confident in your purchase and the process of paying it off for the foreseeable future. Plus, it is always in the buyer’s favor to come to the market prepared.
Located just thirty minutes from Dallas and forty-five minutes from Fort Worth, Frisco is the perfect location for families or individuals seeking a laid-back city experience.
With a population of 200+ thousand people, you’d expect Frisco to feel like a big city, but it actually has a small town vibe compared to nearby Dallas-Fort Worth (United States Census Bureau). This makes Frisco a fantastic place for families looking to settle down, or individuals ready to start a new life.
A Hot Spot for Families
With low crime rates and an exceptional school system, Frisco, TX is a great town for families.
Frisco’s K-12 education system is renowned for its high-quality educators and dedicated district leaders. Both Liberty High School and the private Legacy Christian Academy are in the top 100 of Texas High Schools with a strong focus on academics, sports, and college prep.
In addition to the safe environment and great schools, Frisco is known for both its low cost of living and booming economy. This favorable combination gives Frisco an edge on surrounding areas!
A Foodie’s Dream Location
Do you enjoy foods from different cultures and regions of the world? Frisco, Texas is the town for you! Take your pick from an unlimited selection of delicious restaurants sure to take care of any food craving! You name it, Frisco has it; from Chinese and Mexican selections to mouthwatering sushi and world-famous BBQ, Frisco is a dream location for any foodie.
New restaurants are opening each year in Frisco. This means that you will never run out of new cuisine to try. So, whether you want to head downtown for a quick drink or spend hours tasting different courses at a five-star restaurant, you’ll never run out of things to do in Frisco!
A reputation for Luxury
Known for its invigorating nightlife and the extraordinary Stonebriar Country Club, Frisco is a top destination for those looking to relax or have a good time. Enjoy a night on the town or head to the country club to relax while getting to know like-minded people over a game of golf.
Lake Lewisville is a local favorite for anyone looking for a “fishing, skiing, swimming, relaxing, and recreational boating” good time. With so many local activities available, it is no wonder why so many are choosing to relocate to Frisco.
Take Those First Steps
Choosing a location near the larger metroplex is a great way to stay close to big-city life without the hassle of actually living inside a big city. For this reason, Frisco, Texas is a prime location for individuals and families hoping to relocate to a safe but entertaining area!
Our team of local experts at Merit Homes are available to answer any questions you have about the Frisco, Texas area. For more expert information about the Frisco housing market and what your next steps should be in order to move, we invite you to Contact Matt Braun any time!