Home Prices are Likely to Keep Rising

Mortgage loan officers can show many homebuyers that you may have more options than you think. Also check with the builder/developer to see if there are any financing programs or incentives that will help reduce costs and improve your purchasing power.

Today the dual obstacles of high home prices and elevated mortgage rates have been challenging. If you are considering a home purchase right now, our designated project lenders are here to help.

Remember each market is local and we recommend you analyze the nuances of the neighborhood. Here are three (3) instances in which it might make sense for you to consider buying now:

(1) Home values in this area are holding steady and new construction costs while improving are still high. If you are financially able to purchase now please remember, your home is your home, not an investment. At some point in the future, you may need to access the equity for your personal circumstances. If you have a long-term time horizon – history has shown that you don’t have to be perfect to experience good results.

(2) Inventory is limited. It is important to determine where it is you want to call home. A benefit of new construction is that much of what is available in the used home market is aged and in need of remodeling or updated maintenance.

(3) In the last 50 years, the 30-year mortgage rate has exceeded 6% in 30 different calendar years, and recent Mortgage Bankers Association forecast indicates rates in the mid-6% range is likely over the next several years. If you are looking to purchase at current interest rates, consider the opportunity to refinance in the future.

See our experienced loan officer teams for assistance and let us know how our friendly Sales Representatives can be of service.