Mortgage rates have been somewhat unpredictable lately leaving many to wonder about putting real estate plans on hold or to move ahead with purchasing a new home. The reality is that interest rates are still close to historic lows, and the benefits of homeownership, as you might have already guessed, are undeniable. Join us as we discuss why now is a great time to buy a new home.
How Is The Housing Market Right Now?
Home prices have been rising due to a variety of economic forces, including interest rate fluctuations and housing availability/scarcity. So, how is the housing market right now? Going forward in 2023, fears of a recession, continued interest rate increases, and inflation concerns will influence the housing market. But overall, after three years of torrid conditions, where buyers were facing soaring home prices, bidding wars, lack of available homes, and not even the choice to customize their home, we’re now faced with some different conditions. However, both home prices and interest rates are both likely to stabilize. Which means that buyers who backed off as things heated up in 2022, may come back this year.
That being said, trying to predict what might happen this year and waiting it out is not a great strategy. “Buyers sitting on the sidelines today in anticipation of lower prices tomorrow may end up disappointed,” says Neda Navab, president of the U.S. region at Compass, a real estate tech company.
While experts anticipate prices to decrease somewhat, a widespread price decline (like what followed the 2008 financial crisis) is not a likelihood. And demand is still robust, with first-time buyers and retirees/down-sizers putting pressure on inventory from both sides of the equation.
After several years of unusual patterns, experts are also anticipating a return to the traditional seasonality of the real estate market —> increased prices/sales February through summer, then a slow decline until the end of the year. “The spring market will be busier and more competitive, for buyers, while the next two months will be the calm before a more hectic time,” said Jeff Tucker, senior economist at Zillow.
Instead of waiting for much lower prices, experts suggest a holistic approach to buying a new home. Ask yourself what you need and what you can afford. If you find a home that checks your boxes, and it fits your budget, then chances are it might be the right moment. However, if this move would require too many sacrifices, you may end up with buyer’s remorse, potentially forcing you to offload the house.
A word to the wise: As the housing market overall seeks equilibrium, there are some markets that are HOTTER than others. According to Redfin, between November 2022 and January 2023, 25% of homebuyers who were interested in moving to a different area searched Florida, Texas, Tennessee, Arizona, and South Carolina. (More than 7,000 people were looking for info about moving to North Carolina!)
When Buying A New Home, We’re With You Every Step Of The Way
At JC Jackson Homes, we strive to live up to our values every day, providing superior craftsmanship, unparalleled service, and incomparable value. We are dedicated to what makes us different from other homebuilders, from offering a range of financing options to providing resources for military families. We’re with you every step of the way, making your new home search as easy and enjoyable as possible. We want to help make sure the biggest investment you can make is protected.
Depending on your needs and lifestyle, we have quick move-in homes available or to-be-built homes where you can pick your preferred homesite in one of our communities and build your home from the ground up. We also added more included features to choose from to make our house your home. Or if you have land you’re ready to build on, our dedicated team is here to help you every step of the way from the land clearing process to customizing your desired floorplan.
When it comes to financing, we have a variety of resources available to help you get the home you want. Contact one of our preferred lenders to get started on your mortgage, whether you’re looking to buy in a community or build on your own lot. We also have incentives available to ease the price of closing costs or interest rates and get you one step closer to buying the home you’ve always wanted.
For military families, the homebuying process can be complicated. We’ve worked with hundreds of military buyers and pride ourselves on making the homebuying process easy for their families. From homes close to our local bases to up-to-date BAH rates, video calls for appointments and tours to virtual floorplans, we have so many ways to make the buying process easy.
Throughout our proven process, you can expect open communication and understanding of what’s next. Our easy-to-follow Path to Ownership, our dedicated Design Specialists who make sure that your new home is uniquely yours, and warranties that will take care of you for years to come.
JC Jackson Is Ready To Help You Find Your New Home!
Because of the unpredictable nature of the real estate market, the best time to buy is when you are ready. If you are ready to make a move and purchase a home now, with the financial means to do so, then there is no question that it is a great time to buy. Interest rates are still low while there are incentives and more options to buy or build the home you want, which means you may be able to afford to make your move! (And there is no guarantee that tomorrow, next month, or next year will be a better time to buy than today.)
If you are ready to buy a new home, we are ready to build! Contact us today to learn more about our process and move into the home of your dreams sooner than you ever expected.
