Durant is known as the “Magnolia Capital of Oklahoma.” It’s a great city to have fun in, but is it the right time to buy a home here? We know that buying can be a huge decision to make – probably the most important one in your life. 

And luckily, the Montgomery Real Estate Group is here to help you answer the question of whether to buy or not to buy in Durant right now.

Should I buy a home in Durant, OK?

When deciding if you should purchase a home, there are two main factors you should consider.

Current Financial Situation

You should always carefully assess your finances before thinking about buying a house, and you should only move forward with the process if you can afford to do so.

Most financial institutions recommend a debt-to-income ratio of 43 percent. In other words, your monthly payments for debts like student loans, car loans, and mortgages should not exceed 43 percent of your pre-tax income.

So, if your gross monthly income is $5,000, this rule of thumb means that your debt payments, including your mortgage, should not be more than $2,150. 

Plans For The Future

Before you commit to buying a house in Durant, consider your long-term plans for the future. If you intend to stay in the region for the next five years or more, purchasing property may be a wise decision.

However, if you think you will need to move at some point in the next few years, it might be best to continue renting. 

Purchasing a home is a big financial commitment. And if you don’t plan to remain in the house long enough, the costs of buying and selling may exceed your equity, and you will lose money.

Ready to buy a home in Durant? Contact the Montgomery Real Estate Group today!

If you think you’re ready to buy a home in Durant, feel free to get in touch with the team at the Montgomery Real Estate Group. Our agents understand the local market and will be more than happy to help you find the home of your dreams!

To start the buying process, just give us a call at 903-647-3742!