Set your purchase budget before choosing homes to tour. I would start with a comfortable monthly payment and the money you would need to pay, then use Dallas sales of similar homes to focus your search.
In Plano, the latest market report puts the typical sale price for single-family homes at $507,500. That price describes completed sales in Plano, not what a Dallas home will cost. The latest market report also puts the typical asking price among homes listed for sale in Plano at $550,000. Those asking and sale prices describe different groups and cannot establish a discount on an individual home.
Plano figures can provide nearby context, but they should not set your Dallas budget. A Dallas home deserves comparisons with similar homes and a payment assessment based on your own finances. An asking price is a starting point for evaluating a home, not a reason to stretch beyond your comfort level.
Ask a lender to outline payment options and costs beyond the down payment before you set a search range. Review recent sales of similar Dallas homes with me, paying attention to size, condition and features. Write down the maximum price you are comfortable offering so a promising home does not make that decision for you.
