Posted on April 20, 2015 by Miller and Smith Blog Team
It doesn’t take long for prospective homebuyers to completely fall in love with a new single family home or townhome by Miller & Smith. Expertly designed and crafted, our homes exemplify all the reasons buying a new home in 2015 is an excellent idea!
And recently, Zillow published 4 Reasons to Buy a Home This Spring, providing even more motives to move into the home of your dreams with Miller & Smith! According to the article, here’s why this spring offers a prime home buying opportunity:
1. Low Mortgage Rates
For a several months now, homebuyers have benefited from the historically low mortgage rates – currently, it sits near 4% for a 30-year fixed mortgage. However, Zillow is expecting it to rise 1% by the end of this year, which translates to an 11% decrease in affordability. Homebuyers would be wise to jump in the market now and take advantage of the still-low mortgage rates!
2. Confidence Levels
The ZHCI, or Zillow’s Housing Confidence Index, is a valuable tool used to measure homeowner and renter outlooks and intentions for the coming months. Most recently, the ZHCI reported confidence levels in the housing market are higher this year than they were this time last year. With more confidence moving forward, this spring is certainly a wonderful time to buy a new home.
3. Higher Rents
There’s no surprise that rental affordability has been less-than-favorable in recent years. In fact, Zillow reports that renters can expect to spend over 30% of their income on rent, while home buyers might spend just 15% of theirs on mortgage payments. This alone is encouraging more renters to take the plunge into homeownership – as should you!
4. Better Loan Availability
According to Zillow, “getting a mortgage is significantly easier than it was a year ago,” as the markets begin to normalize. With more mortgage options for homebuyers, the buying process can be more enjoyable. Better yet, when Miller & Smith homebuyers use our preferred lender, they may qualify for extras and bonuses when moving into their new home!
While spring is often thought of as a great season for home buying, spring 2015 offers even more perks to buyers. And, with new single family homes and townhomes throughout Virginia, Maryland and Delaware, Miller & Smith is proud to offer an impressive selection to prospective home buyers. Take a look at our latest models to find one that feels like home to you and your family. Welcome to Miller & Smith!
Source: Zillow