28 Aug Why Now is The Right Time to Buy a New House
For many, buying a new house is one of if not the biggest purchase and decision they can make in their lives. It can also be one of the biggest stressors in life! It is hard to know what the right house looks like, what the best options are for financing, and of course when the right time to buy a house is in general. Fortunately, we can confidently say there has never been a better time to buy and build a house.
With the world continuing through the COVID-19 pandemic, right now can certainly seem like a strange time to commit to buying a house, but here are just a few reasons why this is the right time to start your next chapter in life!
History in the Making
Mortgage rates are near a historic low, and now you have the opportunity to lock-in at some of the best rates ever seen in housing. According to Freddie Mac as of August 2020, the rate is 2.91% for a 30-year fixed mortgage, and 2.46% for a 15-year fixed mortgage. These rates present an incredible opportunity for those looking to buy and build a new house.
The best way to compare those numbers is to look at the rate from this time last year. As of August 2019, the 30-year fixed-rate and the 15-year fixed-rate were 3.58% and 3.01% respectively. If you have a 30-year fixed rate at 3.58% on a $300,000 mortgage, you are paying roughly $1,413/month. Compare that to a 30-year fixed rate of 2.91% giving you a payment of $1,325/month. Stretch that out over the length of your loan and that yields a difference of over $30,000! If you are looking to save big, now is the time to buy.
Staying Strong During Shutdowns
While many economists predicted the economic slowing caused by the COVID-19 pandemic to seriously damage the housing market, that has only proved wrong as we move into the end of 2020. Now, the housing market shows signs of not just recovery, but a strong recovery making this a great time to be in the market.
To that end, it is now easier to sell your current home than ever before! For most prospective home buyers, one of the biggest questions that can cause problems is being able to sell your current home.
When the pandemic first began to strengthen, a large group of sellers pulled their properties from the market for fear of what may happen. As a result, there is a short supply of homes for sale, making it possible that you can not only get a higher sale price for your home but that it will sell quickly as well. All this goes towards getting you into your dream home sooner!
Ready to Make Dreams Happen
Now that you know this is the right time to buy, let the experts at Sunrise Building help make your dream a reality. We work closely with our buyers to custom design and plan interior options like floors and discuss all plans prior to execution. So, contact Sunrise Builders today, and we’ll work together to create your dream home.