We know this sounds crazy but it is actually a better time to buy a home, and a brand-new home at that, than you may realize. Let’s start with why now is a great time to buy in general, then we’ll dive into why now is an excellent time to buy a new construction home.
Buying a house is a major life decision, but it can also be a very rewarding one. Homeownership offers a number of benefits, including financial security, stability, and the ability to create a space that is truly your own.
If you are thinking about buying a house, now is a good time to do it. Here are a few reasons why:
- Mortgage rates are still relatively low. While mortgage rates have gone up from their historic lows, they are still below the long-term average. This means that you can still get a good deal on a mortgage if you qualify. And many lenders are offering fantastic programs and loan options to accommodate a variety of buyers and financial situations. Don’t assume that you don’t qualify. Meet with a mortgage lender. You may be surprised that you qualify for more than you thought. And if you don’t often they offer financial counseling and credit repair assistance to get you on the right path. (Find one from our Recommended Lenders here!)
- Home prices are starting to level off in some areas. After years of rapid appreciation, home prices are starting to cool in some parts of the country. This means that buyers may have more negotiating power and may be able to find a good deal on a home.
- Homeownership is a good investment over the long term. Historically, home values have appreciated over time. This means that if you buy a home now, you could potentially build equity and make a profit when you sell it in the future. Not to mention that most of the time, it is exponentially cheaper than renting. Even though you are paying a mortgage, that’s your equity in a home, increasing your overall net worth, whereas with renting, that money is going to someone else.
- You can start building equity immediately. When you buy a home, you start building equity right away. Equity is the difference between what you owe on your mortgage and the value of your home. As you make mortgage payments, your equity will grow.
- You can lock in a lower monthly payment. If you buy a home now and interest rates go up in the future, your monthly mortgage payment will stay the same. This can help to protect your budget from inflation. And if mortgage rates decrease, you have the option to refinance your home to a lower mortgage rate in the future, should they ever go down.
- You can get the tax benefits of homeownership. Homeowners can deduct the interest they pay on their mortgage and their property taxes from their federal income taxes. This can save you a significant amount of money each year.
- You can have a stable place to live. When you own a home, you have a stable place to live that is not subject to rent increases. This can be especially important for families with children. Plus, you get to do what you want with your home. You get to make it truly your own.
Of course, there are also some challenges to buying a home in the current market. For example, inventory is still low in many areas, which can make it difficult to find a home to buy. But that’s where the advantages of buying a new home make all the difference.
Advantages of Buying a New Home
- There is more inventory and options to choose from. Because buying new isn’t always viewed as the first option, and because of the myths surrounding buying a new home, often new homes get overlooked. Especially in the current market. Take advantage of this and explore the possibilities of buying a new home rather than trying to compete with other buyers for a resale home. And don’t believe those new home construction myths. (Check out our article on Busted New Home Buying Myths here.)
- Brand-new homes are built with the latest materials and construction techniques, making them more energy-efficient and durable than older homes. This can save you money on your energy bills and help to reduce your carbon footprint. (Discover the ways that we build differently here, that help save you even more money on your utilities.)
- Brand-new homes come with a warranty – and often multiple warranties, so you can be sure that any defects will be repaired at no cost to you. This can give you peace of mind knowing that your home is protected.
- Brand-new homes are often located in desirable neighborhoods with good schools and amenities. This can make them a good investment for the future. (Check out where our communities are located!)
- Brand-new homes can be customized to your preferences. This means that you can get the home of your dreams, without having to compromise. (Learn more about building the home of your dreams here!)
Convinced? Great! Give us a call at 316.250.6227 to talk with a New Home Specialist and learn more about the next steps.
Not sure? That’s completely understandable! Do some more research. Explore our Homebuyer’s Resources to learn more about buying or building a brand-new home. Check out our Financial and Mortgage Tools to learn more about where you are at financially. It never hurts to talk with a New Home Specialist to see what you need to do to get started on your Pathway to Homeownership. You might be surprised to learn that you are further along than you think!
Whether you choose to buy from us or not, we want to leave you with some additional tips for buying a house in the current market:
- Start saving today! Every little bit can help when it comes to saving for a down payment. Whether that means skipping your morning $5 fancy coffee shop coffee and brewing your coffee at home or working an extra 15 minutes every day to get an hour of overtime by the end of the week that you can put towards savings or paying off debt, you may be surprised how easy it is to save when you set some rules for yourself and you stick to them. Not only will it help you save for a down payment, but learning to budget and save can set you up for a life of financial freedom.
- Get pre-approved for a mortgage before you start shopping. This will give you an idea of how much you can afford to spend and it will make you a more competitive buyer. Plus, they can give you a good idea of where you are at financially.
- Be prepared to act quickly. When you find a home that you love, be prepared to act quickly. The housing market is still very competitive, so homes are selling quickly.
Buying a home is a big decision, but it can also be a very rewarding one and is still far better for your financial future than renting. If you are thinking about buying a house, now truly is still a good time to do it.