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Monday, May 08, 2017
Think buying a DFW home is expensive? It's only going up from here
If you bought a house in DFW five years ago, you most likely have a lot more equity in your pocket than you thought you would have.
That's because home prices have surged more than 40 percent in the last five years and 10 percent in 2016 alone. And if you're waiting to buy a home until the next real estate crash, experts say that's not wise.
"There are literally thousands of people coming here every day for economic opportunity," said Jason Dickson, regional manager for Churchill Mortgage. "Just the basic economic laws of supply and demand reveal that what we see in the short road is values are going up because inventories are low."
Dickson recommends looking at the facts, and those are different for every situation. If you're gainfully employed and plan on staying in the area awhile, buying makes sense financially.
But what will apply to everybody is the short-term projections. This time next year property values are expected to rise another 7.3 percent (per Zillow projections) and mortgage rates are supposed to start climbing out of their historic lows to around the 4.5-percent mark.
Right now the median cost of a DFW home is $160,300. Putting 20 percent down on a house at a 4.25 rate now will get a homebuyer a mortgage of around $128,240. A 30-year mortgage will cost $649.77 a month.