Buying a home is an important financial decision that while exciting is also fraught with worry and nervous tension. The good news is that if you are in the market to buy a new home the current trends are certainly the most favorable than they have been in a long time for potential homeowners. Statistically, rates of interest are low, home purchase prices are still reasonable with forecasted peaks set to increase and employment is at an all time high. Perhaps even more important is the fact that the monthly rate for renting a home has dramatically increased. Every family has variables and considerations that can affect their abilities to purchase a home. It is always prudent to keep in mind that if you live in a market where rent is traditionally high, purchasing a home makes perfect financial sense. Four Points Construction is your best resource for helping you assess the current market conditions and help guide you to through making a smart financial decision. We have provided a list of the top five advantageous reasons for purchasing a home right now.
1. Low Interest Rates in the Housing Market
Freddie Mac has predicted that 2019 will be a year of low mortgage rates. The firm forecast reports that 30 year home loans will average 4.3% throughout 2019, which is down from an average 4.6% in 2018. It important to remember that an increase in interest rates has a direct bearing on your monthly loan payment so now is a good time to take advantage of low mortgage rates while you can!
2. New Construction Home Advantages
Doesn’t everyone prefer that ‘new-home smell’ and the idea that no one else’s feet have been on the carpet or enjoyed a bath in the but? A new construction home also provides the opportunity to personalize their home by picking out everything from the beginning. Plus buying a new construction home is more practical because it will typically require less maintenance and gives the peace of mind that comes with a builder’s warranty. A newly built home will also hold it’s value simply because it is designed to meet today’s standards. And a new community will have newer amenities as well, including schools and shopping complexes.
3. Price of Homes are Increasing
Despite lower interest rates, the prices of homes are beginning to increase. So purchasing a home now while interest rates and purchase prices are still reasonable makes perfect financial sense.
4. Why is Rent So High?
If you live in a large city, you already know that renting a home can be incredibly high. In fact rental costs are rising faster than wages. Nationwide, the cost to rent is steadily on the rise. Many residents have to resort to finding roommates in order to help cover the cost of living expenses. Buying a home with a fixed-rate mortgage will lock in your monthly payment and stabilize your finances.
5. Employment is at an All Time High
Financial stability is one of the most important aspects of purchasing a home. The U.S economy has published figures that state that hundreds of thousands of new jobs are being added on a monthly basis. In fact, employment is at an all time high! If your employment prospects are where you want them to be and you are seriously considering buying a home of your home, now would be the perfect time.
Home Design & New Construction Builders, Exclusive Developments & Communities in Martinsburg, Inwood, Falling Waters, Hedgesville, Bunker Hill, Gerrardstown, Glengary WV & Berkeley County, West Virginia
When it comes time to buying a new construction home, you can trust Four Points Construction to help you throughout the process and ensure your dream home is completed with efficiency and in a timely manner. Contact us to learn more about our exclusive developments and attractive, modern communities today!