Trying to decide whether or not to buy a new home this year? Let us help simplify your decision! Following are just a few of the many reasons why now is a great time to buy. Happy house hunting!
Rent is on the rise
Rental inventory is the lowest it’s been in many years, and fewer vacancies equals more competition among renters. This means landlords generally have the upper hand when it comes to pricing, leaving hopeful occupants out in the (literal) cold, with little to no room for negotiation.
And rent hikes show no sign of slowing down this year, according to CNN.com. As rental prices continue to soar, buying a new home may be a cheaper alternative for many. In fact, according to Trulia housing economist Ralph McLaughlin, interest rates would have to reach around 6.5 percent for the cost of buying to mirror the cost of renting in many markets across the country (and unlike homeowners, renters can’t build equity!)
Interest rates are low.
According to the National Association of Realtors®, Freddy Mac recently reported that mortgage rates remain “very attractive for the upcoming spring homebuying season.” But even though the 30-year mortgage rate is holding fairly steady, there are no guarantees that it will do so indefinitely.
The bottom line? Prospective homebuyers may qualify for very attractive interest rates if they are prepared to act soon. And those who hesitate may wind up paying more for equivalent homes in the future.
More options are available.
Homebuilders across the country are responding to a growing demand for more affordable and versatile housing options. Keep an eye out this year for new homes designed to cater to wallet-conscious buyers, like our Seasons Collection, currently available in Arizona, Colorado, Florida and Virginia.
Another popular option for buyers transitioning from an apartment to a house—or those simply seeking a low-maintenance lifestyle—is multi-story, standalone, urban floor plans with exciting features like rooftop decks and ground-level live/work space. Check out our contemporary, three-story Cityscape Collection, offered in California and Colorado.
Builders are also paying attention to a growing trend among families today—multiple generations residing under a single roof. Richmond American’s Modern Living Collection, for instance, offers next-gen floor plans that include a dedicated “suite,” complete with a separate entrance, second master bedroom, kitchenette, private living room and full bath for extended family members or guests.
Ready to make your move? Visit RichmondAmerican.com or call 800-500-7060 to learn about our exceptional communities and floor plans near you!