WASHINGTON – Frisco has ranked third on WalletHub’s list of 2020’s best places to buy a house.
The North Texas city was first in affordability and economic environment and 13th in real estate markets. It also boasted the second-lowest foreclosure rate.
Austin and Denton also landed in the top ten, ranking seventh and ninth, respectively.
The Texas capital was fourth in real estate and 76th in affordability. Denton was eighth in real estate and 59th in affordability.
No. 14 Allen and No. 16 McKinney were the only other Texas cities featured in the top 30.
Despite the COVID-19 pandemic, homes are selling at a record pace across the state, according to the Real Estate Center’s latest Texas Housing Insight report. Generally, now is a good time to buy.
“Interest rates are low, mortgage lenders are generally approving loans easily, and prices are not going to be lower in the future,” said Center Chief Economist Dr. Jim Gaines. “Market demand is now focused on the middle- to higher- income groups that have remained employed during the pandemic. This means higher-priced homes have been more active than lower-priced homes sought by workers more impacted by COVID-19.”
Dr. Gaines cites supply of available homes as the market’s limiting factor.
“Aging in place, the high number of refinances at low interest rates, and lingering fear around COVID-19 make sellers less aggressive. New-home sales are exploding, but homebuilders can’t keep up with the demand.”
The top five metros for home-buying according to WalletHub are No. 1 Boise, Idaho; No. 2 Seattle; No. 4 Nashville, Tenn.; and No. 5 Gilbert, Ariz.
The Real Estate Center has a wealth of economic information online for free.