3 Reasons Why Now is a Great Time to Buy a New Home
February 26, 2018
According to a recent article written by Holly Amaya on realtor.com®, now may be the perfect time for you to take the home buying plunge. Forecasts for more moderate gains in home prices and rising inventory levels combined with low unemployment and record levels of consumer confidence is making the American dream more obtainable for many.
Rates are going up.
After years of record-low interest rates, rates are finally going up. Javier Vivas, director of economic research for realtor.com®. predicts we’ll see at least two to four more rate increases throughout 2018. If you’re thinking about buying a new home, now might be the time.
Prices are increasing, but not too fast.
Home prices have soared over the past few years, but in 2018 the price increases are expected to be moderate. Vivas forecasts a home price increase of 3.2% year over year, after finishing 2017 with a 5.5% year-over-year increase.
Inventory levels are starting to increase.
Since 2015, there has been an inventory shortage in the U.S. housing market. New home construction is expected to expand. According to the NAHB, builder confidence is at its highest level since 1999. The majority of the inventory growth will happen in the middle to upper tier price point, in the ranges of $350,000 and $750.000 and above, Vivas predicts.
“Buying remains the more attractive option in the long term—that remains the American dream, and it’s true in many markets where renting has become really the shortsighted option,” Vivas says. “As people get more savings in their pocket, buying becomes the better option.”
Whether you want a home built on one of our home sites or on your own land, count on the same high quality from Ameri-Star. We have set out to exceed all your expectations of integrity, affordability, and customer satisfaction. Build lasting memories for years to come with Ameri-Star Homes. For more information, contact us at 410-590-1000.