When is the Best Time to Buy a House in Dallas

Whether you're a long-term renter looking to take your first steps on the homeownership ladder or are relocating to Dallas for work, you want to ensure you pick the right time to purchase a home. Home prices in The Big D fluctuate throughout the year due to school schedules, weather trends, and housing inventory. 

If you have the luxury of timing when to buy a home, you could save a lot of money compared to those who can't. That is why we've crafted a quick guide offering advice on the best time to buy a home in Dallas.  

Buy during these seasons in Dallas

Almost all cities and states in America have real estate markets influenced by seasonal weather, and Dallas is no different. Texas can have hot, humid summers and cold winters. 

Many homeowners in Dallas list their homes in the early springtime, hoping to sell before the heat of the summer sets in. That way, they can pack their belongings and move before summer begins. As such, buyers will find plenty of listings on the market starting in March and early April. But expect plenty of competition. 

"We see a big push in March because people come to town on spring break planning for a summer move," according to Cyndy Stewart, Director of Real Estate Services at Prevu. "Inventory really starts to move as we get closer to the summer months."  

Sellers are trying to get in front of parents or other buyers who want to move to Dallas and have a home set up before the new school year starts. That means there will be a lot of other buyers, and soon after the spring selling season kicks off, home prices will rise as inventory dwindles. But there is respite for buyers, as most parents have already locked in their new homes by the time the summer is in swing. 

The key is balancing inventory with home prices, as summertime in Dallas is when the market begins to constrict and prices level off. 

Historically, between November and January, you'll find the best listing prices but fewer homes for sale in Dallas. Sellers who have to sell will still list their homes, while people who do not have to move will take their homes off the market during the holiday season. So, if someone is selling in winter, they might be willing to negotiate on price. 

Buy when you are ready

Ideally, folks should time a home with the seasons to get the best price for a house. But the reality is that life events can decide your timing for you.

That is why you want to prepare as soon as possible if you know you'll be buying a Dallas home in the near future. First, you want to ensure you have enough for a down payment, which often totals 20% or more of the purchase price of a house. Remember that closing costs can get pricey, so ensure you have extra capital to cover those fees too. 

Separate from saving up a nest egg for a home purchase, being ready to buy a home may mean feeling secure in your career or having a willingness to take on the responsibility of taking care of a property. Make sure you are comfortable with the decision to minimize any unnecessary stress.

Lastly, you can hit the ground running when you are ready if you partner with a local real estate agent who can help you navigate the complexities of the Dallas real estate market. 

Buy when you can receive a commission rebate 

Figuring out the best time to buy a home is all about price. But no matter the season, you can save plenty of money purchasing a Dallas home when your agent can give you a commission rebate. 

Also known as a buyer's rebate, this process allows your buyer's broker to provide you with a portion of the broker fee when you get the keys to your new home. Currently, Prevu Real Estate offers access to the largest commission rebate in Texas, which can help you save substantially at closing. 

Buyers working with Prevu will receive a rebate check post-closing. The amount of it depends on the purchase price and the commission offered to buyers agents by the owner. The savings may total thousands of dollars, which goes a long way toward rebuilding your savings. 

Commission rebates are a great way to replenish funds after closing costs or help take on a remodeling project.

Find the right monthly payment for you 

In the realm of real estate, the best time to buy a house is less about external market conditions and more about finding the perfect mortgage and monthly payment that align with your financial goals. Rather than attempting to time the market, focus on securing a mortgage that suits your budget and a monthly payment that won't strain your finances.

The key is to strike a balance between a comfortable down payment and a mortgage with terms that match your long-term financial strategy. Interest rates play a crucial role, and finding a favorable rate can significantly impact your overall investment. Take the time to explore various loan options (fixed-rate vs adjustable-rate mortgages), consider your financial stability, and ensure that your monthly payment aligns with your budgetary constraints.

Ultimately, the best time to buy a house is when you've found a mortgage that suits your needs and a monthly payment that you can manage with confidence. This approach ensures that your investment aligns with your financial well-being, providing a solid foundation for homeownership.

The way to prepare yourself ahead of time is to look up lenders in Dallas and see which ones can offer you the best terms for a mortgage. Getting a fully-underwritten pre-approval from a lender shows sellers that you mean business.