Despite a rise in December, fixed interest rates on mortgage loans dropped in January* which makes this an ideal time to find that home you’ve been dreaming of. But don’t delay – these rates won’t last forever, so start your new home search today and lock it in. Here are a just a few good reasons why now is the best time to make your move:
- Rates can increase. You might be thinking a small hike won’t make that much of a difference, but even a hike as diminutive as a half-percent can add hundreds of dollars to your monthly payments, which over a standard 30-year mortgage will result in thousands of dollars more. It can cost you to wait, so act now.**
- More purchasing power. Interest rates also have an effect on your purchasing power. If you’re like most home shoppers, you have a set budget when it comes to your monthly mortgage, which means the lower the interest rate, the higher home price you can afford. You get the most bang for your buck with a great rate.**
- The industry is confident. In January, the National Association of Home Builders (NAHB) Housing Market Index, which measures the pulse of the housing market, rose two points. NAHB Chairman Randy Noel said, “Low unemployment, solid job growth and favorable demographics should support housing demand in the coming months.”***
- Get in now and beat the spring market. The market sees an influx of home shoppers during the spring, meaning the competition is tougher and consequently, prices are higher. So instead, start your search today and beat the busy spring market. Enjoy more options, better prices and less competition. Plus, with a myriad of quick move-in homes that are ready when you are, you can be settled in your new home by the time spring comes. Enjoy the spring season in your dream Lennar home – don’t spend it overwhelmed searching for a home. ****
- Stop waiting and start living. Many home shoppers are reluctant to buy because they’re waiting for the ‘right time’ to buy, but while you’re waiting for the stars to align, time is passing – and as we’ve covered in this list, it can be costly to wait. If you’re a renter, every day you’re not owning is another day you could be throwing money away on rent and not reaping the benefits of homeownership. Why not live in your dream home and put down roots in a neighborhood you love? It’s time to invest in your future, so make your move.
- Lennar has something for everyone. No matter what stage of life you are in, Lennar has a great selection of communities and homes that will fit your lifestyle and needs. Experience beautiful collections showcasing new home designs suitable for the modern family, plus select communities offer Lennar’s popular Next Gen® – The Home Within A Home®, designed specifically for multigenerational living.
These statements are based on currently available information, current market conditions and should never be relied upon. Market rates are based on market trends and other factors that can cause predictive statements to differ materially. These statements are no guarantee of the present or future market conditions and market values.
Sources:
http://www.freddiemac.com/pmms/index.html
https://www.keepingcurrentmatters.com/2018/05/22/how-current-interest-rates-can-have-a-high-impact-on-your-purchasing-power/
https://www.builderonline.com/money/economics/with-rates-down-builder-confidence-improves_o
https://fitsmallbusiness.com/best-and-worst-time-to-buy-a-house/