BUYING A HOME IN Highland Park?
Find great tips for buying a home in Highland Park here >>>
10 Things to Know About (Buying a Home in Highland Park)
Are you thinking about buying a home in Highland Park, Texas in 2021? You are taking the right decision!
Why? With decent housing prices, excellent schools, tons of employment opportunities, and access to a great network of tollways and freeways, what’s not to love about living in Highland Park?
If you’re planning on buying your first home in Highland Park or simply want to relocate permanently to Highland Park to buy a luxury home in one of the master planned communities in Highland Park, then here are 10 things you need to know about buying a home in Highland Park.
1. Highland Park is an Extremely Hot Housing Market
Last year, Neighborhoods.com ranked Highland Park as the number one hottest housing market in the country.
The Texas city reached the number one spot because it had the highest year-over-year gains over any other city.
This means that construction is increasing the total housing supply, which is good news for a Highland Park first time home buyer.
With more new construction developments throughout the city, buyers have the advantage of their pick of neighborhoods and properties. It also means that the value of their new home isn’t going to depreciate anytime soon.
In fact, the appreciation value of homes in Highland Park is one of the biggest factors attracting new homeowners to the area. It’s part of what’s making it such a hot housing market. But, we’ll get into that a bit later.
2. There Are a Variety of Choices
As a new homeowner, price is a pretty important deciding factor in choosing to move somewhere new. Lucky for you, moving to Highland Park means having a lot of variety when it comes to homes and pricing.
On average, home prices in the Highland Park area average around $1,850,000. However, what’s so great about choosing to live in Highland Park is the variety of styles and community amenities available.
If you’re looking for a fairly-priced home that you’re aiming to rent out as an investment property, you can find properties in the low $300,000s. The median price point for homes in Highland Park is $2,200,000.
If you are in the market for a luxury single family home, take a tour in neighborhoods with residences that create an aspirational lifestyle with homes on the golf course in gated communities. Or visit subdivisions with mansions built with contemporary styles or stucco homes with tile roofs! Whether you want a traditional home or a patio home, Highland Park will offer you a number of choices.
3. Understand the Requirements to Buy a House in Highland Park
Before purchasing property, you’ll definitely need to understand the requirements to buy a house in Highland Park.
First, you’ll need to be pre-approved for a loan from a reputable local lender to avoid any surprises with your loan approval. Make sure you're pre-approved by a reputable lender. Do not rely on a pre-qualification with a lender if you want to win in the competitive real estate market in Highland Park.
You’ll also need to think about homeowner’s insurance, or the cost of an HOA when budgeting. Make sure you have your lender try to budget in an HOA if you're interested in a master planned community with excellent amenities in Highland Park.
4. Homes in Highland Park Are Selling Quickly
As mentioned, there’s a lot of new construction going on in Highland Park. This, combined with affordable home prices (as compared to the states like California and New York), means that well priced properties are selling fast.
While a healthy real estate market is good for both buyers and sellers, what it really means is that you need to act fast if you find a home you like.
This means that you have to act fast on a home for sale in Highland Park you want. It also means that you can’t lowball the seller. They have a lot of other offers on the table.
So, when you’re ready to purchase a property, enter negotiations with a fair offer and prepare to act fast. It’s best not to put an offer in on a home if you haven’t got all your finances and documentation in order.
5. Master Planned Communities Are Becoming More Popular
A master-planned community in Highland Park is a large-scale residential neighborhood with a large number of recreational and commercial amenities, such as golf courses, tennis courts, lakes, parks, playgrounds, swimming pools, and even stores and restaurants. Some master-planned communities may have schools, office parks, large shopping centers and other businesses. They offer all the amenities and facilities to families and have become very popular as families can relax and enjoy the luxuries of life within the community.
6. Think About Negotiating the Price
Okay, while this might seem counterintuitive to the advice offered up in point four (act quickly on a home you love), it’s still smart to negotiate when buying a new home.
Because the housing market is so hot, it’s important to never submit a lowball offer to the seller. Use a top Highland Park real estate agent to understand what the home is actually worth on the market and what the real estate market in Highland Park looks like. Consider statistics like current inventory, average days in the market and list to sales price ratios.
However, be smart about your investment! Get the home inspected during the “option period” and use that as a guide to help you find ways to save money. If you find things that need repaired or that are at the end of their life, try to negotiate a replacement with your agent.
Saving money on these small things can add up, and this leaves you with more cash to invest in the interior design and furnishings of your home in Highland Park.
7. Expect Highland Park Property Values to Appreciate
It doesn’t look like Highland Park is slowing down any time soon, and according to Zillow, the property market is likely to continue to heat up well into 2021.
And, if you analyze the real estate market forecast, the average property value is set to appreciate at least 3%. This is on top of the 7.5% that homes appreciated in 2020.
Realtor.com confirmed these statistics by noting that Highland Park real estate prices are set to be some of the fastest growing this year.
Overall, they ranked second in the nation in terms of fastest growing home values. The time to buy is now.
8. Highland Park is Full of New Businesses
The population of Highland Park is rising. This is in part due to new construction homes in master planned communities with world class amenities and in part due to the perfect mixture of housing style, real estate market, and general economic growth.
So, what happens when all of those factors combine? They create healthy environment for businesses that attracts top companies and talent. Highland Park has attracted a number of Fortune 500 companies that are generating excellent employment opportunities for residents. This is positive in two ways for those looking to purchase property here.
First of all, it means that if you’re looking to relocate to Highland Park, then you’ll be able to find a top job with a well paying company. It also means that if you’re interested in purchasing a property as part of a rental investment, then the booming effect of this economic growth will benefit you, too.
Think about all of the job-seeking individuals that are going to be flocking to Highland Park in the next two to five years. Think about where they’re going to need to live. In your property!
9. Get Creative with Your Offers
Due to the popularity of homes in Highland Park right now due to the highly rated school district (Highland Park ISD), you might need to get creative with your offers and your search in general if you want to snag the home of your dreams.
A couple of Highland Park buyer tips:
Offering to pay for the closing costs (don't ask the seller to credit you for closing costs)
Working with an experienced and highly reputed real estate agent
Be willing to offer over ask
Asking for a shorter “option period”
Paying for the home warranty policy instead of asking the seller to pay for it.
These are all some tried and tested that can help ensure that your offer is the winning bid on your dream Highland Park home. However, the idea, in general, is to just get as creative as you can.
10. Take Advantage of Low or Zero Texas in Taxes
Depending on where you currently reside, you’re likely tired of the state income tax. As a potentially new Texas resident, you’ll definitely enjoy the lack of state income taxes.
Yes, you heard that right. Moving to Highland Park means that if you’re an individual or a corporation, then you won’t have to pay state income tax.
Property taxes in Collin County are current between about 2.5%. When you factor in the lack of state income tax, this is a good deal.
And, you’ll also need to factor in the exemption programs for certain individuals including primary home owners living in Highland Park, Texas. This includes homestead exemption for all Texas residents and additional exemptions from paying property taxes if you’re a disabled, a veteran or the spouse of a military member who died or is disabled.
Highland Park, Texas is one of the prime destinations for families running away from high tax states like California and New York. We work with families moving from California to Highland Park, Texas. Just contact us!
Buying a Home in Highland Park is Easy
The most important thing you need to know about buying a home in Highland Park is that it can be an easy process if you have the right team behind you which includes a top Highland Park real estate agent.
It’s important to set a budget, figure out what kind of home you’re looking for, and then go into the process ready to make a deal.
If you’re considering buying property in Highland Park, Texas, then make sure you’re ready to act fast and take advantage of the hot property market before it starts to cool down.
Consider your options, look for the right real estate team to help you make the move, and get creative with how you’re preparing and presenting your offers.
Ready to invest in Highland Park real estate? Reach out today and we are ready to help!