Posted on October 10, 2012 by Miller and Smith Blog Team
Source: Cover of September 10, 2012 issue of Barron’s
You can’t flip through a real estate section or surf the web these days without seeing another positive article on the state of the housing market.
We’ve been building new homes since 1964 so we’ve seen our share of up and down markets. Let us be the first to say to this last downturn, good riddance, hasta la vista, don’t let the door hit you on the way out.
We couldn’t be happier with this new sense of optimism that’s spreading throughout our industry. The good news is affecting homebuyers as well. We’re seeing that homebuyer confidence is on the rise now that home prices are on the rise as well. One of the biggest reasons homebuyers stopped buying homes during the downturn was that they were afraid that prices would continue to fall.
Recently the Washington Post wrote about this positive trend in home prices in an article entitled Washington DC Area Housing Market Recovery Moves To The Suburbs. Take a look at these charts from the article. No wonder buyer confidence is trending and more and more people are deciding to take advantage of today’s incredibly low interest rates.Another positive trend, noted by Bloomberg Businessweek in a recent article entitled Good News For Housing Market, is that today’s homebuyers are building more equity in their homes.
Our colleagues at Bloomberg News report that homeowners have made the biggest jump in home equity in more than 60 years. Half of borrowers who are refinancing are paying down some of their debt and reducing their loans.
It’s great to hear that not only are prices moving in the right direction but that homebuyers are building equity at the fastest rate in decades. We’re seeing these positive trends reflected in our own traffic and sales throughout our Miller & Smith communities.
One community where the opportunity is even brighter, especially for first time homebuyers, is at Gallery Park in Clarksburg, Maryland. For a limited time, we’re offering homebuyers the chance to buy with Zero Money Down* and a low 30-year fixed-rate mortgage.
If you’re currently renting, you really should check out this community because you can own a 4-level Townhome Condo from the upper $200s. That works out to $1,449 per month.* Click here for complete details.
To learn about our other great values and see loads of photo galleries of our award-winning home designs, click here.