Recently released economic data point to several good reasons to consider your options as a homeowner in 2016, and now is the perfect time to start the process. Mortgage rates are still below 4% and existing home sales are rising (up 11% from last year). There are low-down payment and no-down payment mortgages available and banks are doing a much better job approving purchase loans. Nationally there’s a scarcity of new homes for sale. Active buyers are finding it hard to find homes to purchase which leads to multiple-offer situations and difficult negotiations. Home prices are also on the rise.
Why act now? The trends in the current housing market will continue until more homes become available. It’s simply a matter of supply and demand economics. Current homeowners will have to move up to larger, more expensive homes therefore opening the market for first time home buyers. Real estate developments and spec homes must be made available to first time buyers and “move-up” buyers. Even baby boomers looking to scale down contribute to the overall market activity.
There has not been a better time than now to consider building or buying a new home. With low mortgage rates and the cost of materials nearly flat, it’s an economical decision if you are in the market. We hope you’ll consider Inselmini Construction Company for your next new home.
Until next time - this is The Hammer Reports
