With new home sales at their highest level since 2008, and the increased availability of affordable lending programs like Fannie Mae’s new HomeReady mortgage program, 2015 sure has been a great year for new homebuyers and homebuilders alike! Luckily for prospective homebuyers—the best is yet to come! This fall is without a doubt the perfect time for prospective homebuyers to buy a new home. Read on to discover a few of our top reasons to buy a new home this fall:
Fall Interest Rates Remain Low: Low interest rates have continued to encourage many prospective homebuyers to purchase a new home this fall. In fact, Freddie Mac reported that the 30-year fixed-rate mortgage has remained below 4% for the past for the past 10 weeks, which is rather impressive compared to the average monthly 30-year fixed conforming rates as far back as 1971—where mortgage rates were a whopping 8.39%” according to the National Association of Realtors (NAR).
Buying is Cheaper Than Renting: It’s a well known fact that buying is cheaper than renting in the DC-Virginia area. Despite rising home prices (year over year), it’s still cheaper to buy than rent in the DC-Virginia area—17% cheaper in fact! For more, check out this recent post on the Miller & Smith Blog.
Homeownership Rates are Rising: Homeownership rates are rising across the nation this fall, with the national homeownership rate rising to 63.7% by the end of Q3, according to the NAR.
New Homes are HOT: According to the NAR’s recent Economists’ Outlook on the Latest New Home Sales, “Homebuilders are still indicating very little trouble in selling newly constructed property. It took on average only 3.3 months to find a buyer, which is almost a historically fast pace. The reason for fewer home sales is due to not very much new home production. Local authorities need to issue more housing permits.”
We think you’ll agree—there’s simply no better time to buy a new home than this fall! Check out our collection of stunning new homes today, and start planning the move into your dream home tomorrow! Looking for a quick move-in date? Check out our collection of Immediate Delivery Homes today!