Is NOW really the time to build?
August 29, 2019
"The housing market is hot, interest rates are low, now's the time to buy". You hear it all the time, right? And, unless you're in the real estate industry or actively researching mortgage interest rates how would you know when to buy and how strong your purchasing power truly is? The Freddie Mac Primary Mortgage Market Survey graph below shows how the average mortgage rates differ from this time last year. With rates averaging 3.6 percent – almost a full percent lower from the same time last year- your purchasing power boosts, thus making your dream home purchase within reach. For instance, one of our new construction move-in ready homes that cost $400,000 would cost you monthly payments of $2100 in November, 2018 when 30 yr FRM rates averaged 4.9%. With the current average 30-yr FRM rates at 3.5% , your payments would average around $1800 for that same $400,000 house, decreasing your monthly payments by $300/month and increasing affordability! This article from the Washington Post helps spell out how advantageous it is to purchase a new home with rates as low as they've been in years. https://www.washingtonpost.com/business/2019/08/22/year-mortgage-rate-falls-its-lowest-level-nearly-three-years/?tid=ss_mail Have you been considering moving? Interesting in buying a spec home or building a new home? Well, we're here to tell you that now truly IS the time to consider making that big "move". First Choice Home Builders has move-in ready homes available and lots available for pre-sale opportunities in several developments in Evans, Martinez, Grovetown, and Appling! Check out our website at www.firstchoicehomebuilders.com for a list of available homes, new developments and plans or simply give us a call at 706-210-0568. We're here get you started on the path to turning your home owning dreams into reality.