As many economists and real estate professionals have said, 2015 looks to be a very bright year for the real estate industry, not just here in Dallas, but all across the country. Looser lending standards will surely pave the way for more first-time home buyers to enter home ownership over the next 12 to 18 months, and with an incredible amount of pent up demand among this particular demographic, we’re already starting to see a pretty substantial increase in activity among home buyers just one week into the new year.
Few will argue that purchasing a new home around the DFW region is a major financial decision and commitment, especially among those first-time buyers. But it’s important to understand the many advantages to buying a new home aside from just the everyday conveniences that coincide with home ownership. Simply put, buying a new DFW home this year can put a whole lot more tax dollars in your pocket, from being able to deduct mortgage interest and annual property taxes from your annual income to also saving a few tax dollars here and there on private mortgage insurance or various eco-friendly tax breaks relating to a home as well.
So with all the benefits of home ownership outlined and the favorable lending standards that have now been enacted that allow for lower down payments, what does this mean in the short-term for Dallas-area home buyers?
The answer overwhelmingly suggests buying sooner rather than later is the approach many should take if making the transition from renting to owning is on your agenda for sometime in 2015. Declining Treasury yields are forcing mortgage rates back toward record lows, with the average interest rate on a 30-year fixed-rate mortgage sitting right around 3.76 percent as of early last week. Rates on other types of mortgages are also down as well, with 15-year fixed-rate mortgages falling to 3.21 percent, the lowest we’ve seen since mid-2013, and jumbo mortgages hitting 3.78 percent for a 30-year and 3.30 percent on a 15-year mortgage.
Sometime in the coming months, the Federal Reserve is expected to push interest rates considerably higher, so while rates are still low and many around the country will be expecting sizable tax returns over the next several months, there’s no better time to secure a mortgage and buy a home here in DFW than the present!
So to begin your home search around the Dallas-Fort Worth Region, start viewing active MLS listings here, or call us today for a FREE no-obligation consultation!