If part of your weekend plans are looking for Pittsburgh on your lot builders to build your new home, Parry Custom Homes gives you 6 reasons why this fall is a great time to be a homebuyer in today’s market.
Homebuyers in 2018 are in luck, since interest rates are still at an affordable low lever, even though the market has picked up in the past few years. Even thought they may creep up at any given moment, it is still a fact that home loans are at historic lows.
Some people may remember interest rates being at 18.5 percent in the ‘80’s. Even if home prices are higher in some markets, buyers will still save hundreds of thousands of dollars over the life of their mortgage and the low fixed rate of today.
Another huge reason why so many are planning to buy if they haven’t already, is the fact that rent prices have skyrocketed across the U.S. and in many places, the rent is the same or more than a mortgage payment. In fact, rents outpaced home values in 20 of the 35 biggest housing markets in 2016. The hike for rent prices in 2018 is predicted to rise another 8 percent.
For most people, it doesn’t make sense for them to keep throwing away rent money each month, especially if it equates to the same or more than a mortgage payment. More people are realizing this trend and taking advantage of the low interest rates while they can in buying a home and forgoing renting.
Another reason why so many more Americans are able to purchase a home and leave renting behind is because they no longer have to save up huge down payments in order to purchase a home. There are a variety of programs to help homebuyers afford to make home buying a reality.
Other big factors this year that will lead to a large push in homeownership are the stabilizing home prices, mortgage insurance deals, and major tax breaks for homebuyers. All of these things are adding up to a great buyers market this fall!
Parry Custom Homes is an established homebuilder in the Pittsburgh area. Call or contact us today for more information about this floor plan option, or to view other homes in our portfolio that may suit your new home needs.