Dreams of owning your first home can be exciting, but can also leave some feeling overwhelmed by the process. If you are looking to change from apartment dweller to home-owner, here’s some information to help guide you through the process.
First-time home buyers – why Frisco is so appealing
One of the first choices to consider is where you want to live. Should you be close to work — or closer to where you eat out, shop, or hang with friends? Frisco, Texas, has become a destination for first-time home buyers because it offers the best of both worlds.
A top-ranked destination for first-time home buyers
Frisco was just ranked #7 out of 300 in the U.S., and #1 in Texas, as 2018’s Best Cities for First-Time Home Buyers in a recent study by WalletHub. The study was based on 27 key indicators within three dimensions, including market attractiveness, affordability, and quality of life. Financial factors considered include the health of the real estate market, cost of living, tax rate, and home and insurance prices.
Quality of life is important for all home-buyers. So, the study also looked at key factors that make your community feel like home. These include crime rate, weather, school systems and of course, the availability of recreation, dining, and shopping. Bingo- Frisco nailed it!
Frisco real estate market is good for long-term investment
Being on the fastest-growing city list is no mistake for Frisco. Year after year, home buyers relocate to this great town because it is a magnet for economic growth and a great place to put down roots for companies and home buyers. This continued interest in developing Frisco into a destination of choice makes for a healthy long-term investment in Frisco real estate.
Easy access to work, downtown, and the airport
No matter where you work in the DFW area, Frisco’s location and access to major highways offer easy commutes. Located just off the Dallas North Tollway and State Highway 121, getting to downtown or the DFW Airport is a snap. Frisco is also conveniently located near major new corporate and entertainment destinations such as Legacy West.
Destination for entertainment
If convenient access to sports, shopping, and dining is on your ‘must-have’ list for your new community, Frisco nails it again. Home to 7 professional sports teams, top shopping, and dining options, plus world-class sports, parks, and recreation facilities, there’s something to keep everyone joyfully entertained.
Tips for first-time home buyers
A recent study of millennial renters showed that 80% of participants want to own a home instead of renting. But these renters faced challenges when it comes to costs associated with owning a house — and the daunting process of purchasing a home.
Keys to preparing for your first home purchase include:
Get your finances in order
Now is the time to get your financial house in order, so to speak. Prepare a budget to understand your income versus expenses. Check your credit score and credit card balances.
Hire a professional real estate partner
Finding and hiring the right real estate agent is one of the most important decisions you’ll make when searching for and buying a new home. Your real estate partner is your buyer’s agent – they will help you find the right home, negotiate for the best price, and help you navigate the complicated legal waters involved.
For a detailed checklist for buying your home, check out this Home Buying 101 resource.
Review mortgage types and lenders
Before you start shopping for homes, it’s best to get pre-approved by a mortgage lender. This not only helps you shop for homes that fit within your budget, but it may also be the difference in your offer being accepted.
The real estate market in Frisco is competitive, with many buyers searching for the same dream home as you. Understanding the price range and having a pre-approval could be the deciding factor in whose offer is accepted.
Read more about how to choose the best mortgage lender when buying a home.
There are many mortgage types available today for home buyers. Some require 20% down payments, which can be hard on first-time buyers who haven’t had the chance to save this much money.
If you’re looking for information on different types of mortgages and insider tips on low down payment options, check out Part II of this series: Mortgage options & special programs for first-time home buyers in Frisco.
Ready to make your move to Frisco? Give us a call at 214-597-2985. We’d love to show you around!
About Judi Wright – Trusted Real Estate Expert
With over 50 years of experience in the Dallas-Fort Worth area and 23 years as a Real Estate agent, Judi is one of North Texas’ most trusted and accomplished real estate professionals. As an award-winning Top Realtor, she has built a reputation for excellence, integrity, and personalized service throughout Collin, Dallas and Denton counties (and beyond). Judi treats every client like family and works hard to deliver an experience worth recommending. References and testimonials are available upon request and Judi would be honored to earn your business.
