Today’s market presents a unique set of advantages and disadvantages for buyers. However, it is important to understand both the pros and cons of buying in today’s market so that you can make the best decisions for your future and your home ownership goals.

Advantages

1. There is a great inventory of Dallas County homes on the market. There’s nothing like a buyer’s market when it comes to selection, that’s for sure. This is a prime time for buyers to take their time and find the home that is perfect for them; and with the large selection of homes on the market now, that is quite easy to do.
2. Prices are lower than they’ve been in quite a few years. Your ability to purchase the home of your dreams is now closer in your grasp than it’s ever been. In fact, many home buyers are quickly discovering that homes that were out of their reach financially just a couple of years ago are now quite attainable.
3. There are many anxious home sellers reading and waiting. If you’re looking for extra incentives with your home purchase, now is the time to buy. With anxious homeowners waiting on the sidelines, you can expect closing cost assistance, as well as other perks and incentives for buying a Dallas County home. Many home sellers, for example, may be willing to throw in the appliances or the porch furniture with the sale of the home.

Disadvantages

1. There are many homes in short sale or foreclosure, which may delay your home purchase. Although many home buyers think that purchasing a short sale or a foreclosure is a smart, financial move, the reality is that most homes that are bank owned or under a short sale take much longer to sell because of all the paperwork and red tape that is involved.
2. Home loans are hard to come by. It’s harder to get a home loan these days because of the strain on the credit sector. Your credit needs to be excellent, your income needs to be adequate and your debt-to-income ratio needs to be impressive.
3. You may need to present a large down payment in order to secure a home loan. Because of the tight restrictions that many lenders have placed on home loans, you may need to present a large down payment for your home purchase.