Whether you should buy a home now or wait is a question many Americans are asking in the second half of 2022. Millennials are in the prime age group for buying their first home, and countless others are ready to make their next move. Rising mortgage rates have caused some to hesitate, but a deeper look into the topic reveals that buying a home now has several advantages. Here’s what you can expect if you buy a home now.
Reasons to Buy a Home Now
Perceived Buyers Market with Many Seller Incentives
The perceived buyer’s market and available seller incentives are looking positive in 2022. There is true value in the product you are purchasing. For example, Ameri-Star Homes offers new construction homes in prime locations within Anne Arundel County, Maryland, with high-quality materials and luxurious floor plans. Meanwhile, brokerages are offering many incentives for sellers to list their properties, promoting a healthy real estate market.
Creative Interest Rate Options
The rising interest rate is one of the most pressing concerns for homeowners and future homeowners. Thankfully, there are plenty of creative interest rate options already existent to help combat this phenomenon. There are interest rate buydown programs and adjustable rate programs that begin with a fixed period of up to 15 years, most at below market rates. Check out the different mortgage loan options and ask Ameri-Star Homes about what the best options for you might be.
New Construction Loan as an Option
Perhaps one of the most attractive mortgage loan options to help you manage interest rates is the new construction loan, known as Construction Permanent financing. This loan type gives you the ability to lock your rate for a Full Year while construction is occurring. You can avoid any upward pressure on rates, which is a necessary safeguard in a time when experts expect the interest rates to increase only. Many of these programs commence with rates below what you would get when purchasing an existing home. These programs also come with the benefit of lower closing costs.
Comparatively Low Mortgage Rates
It can help to know that the current mortgage rates do not come close to what they once were only a few decades ago. The average mortgage rate from 1971 to 2022 is over 7%, which today’s rates have not yet reached. In fact, during that period (1971 – 2022) fixed interest rates were double-digits and in the teens.
Personal life transitions may require you to move house now, regardless of economic conditions. A growing family, a job, and other situations can call for a new home. No matter what your reason for moving is, Ameri-Star Homes can build you a beautiful home that meets your budget and needs.
Let Ameri-Star Homes Build Your New Custom Home!
Ameri-Star Homes was built on the idea that a home is not complete until the homeowner is 100% satisfied. That’s right, completely satisfied homeowners. 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.