Monday October 31, 2022
Since 1984, Medallion Home has been a long-time leader in the industry. Over the years, we’ve built a name for ourselves as a trusted home builder across Central and Southwest Florida. Our homes are beautifully built and constructed with quality craftsmanship and attention to detail. Our core values of customer service, reliability, and integrity are included in every step of the process. While working with thousands of homebuyers, we’re faced with many questions. One of those important questions is, “Is now the right time to buy?” The short answer — yes absolutely. Here are a few reasons why.
Buying a Home Sooner Than Later is Always the Wise Choice
When it comes to buying a home, it’s important to remember that it’s a long-term investment. If you buy a new home now, you can start building equity right way. That is true regardless of how the real estate market is trending at the time. You can rest assured that your money was well worth it when you start to see the appreciation of value grow overtime.
The rising interest rates have become a concern for many homebuyers. And The Federal Reserve has continued to keep raising rates in an effort to stem the tides of rising inflation. Whether this plan will work or not remains to be seen, but it’s fairly certain that they intend to stick to their word for the foreseeable future. With this in mind, buying now means avoiding additional mortgage-rate increases later. Although the price of homes has also steadily increased, it’s at a much slower pace compared to the previous year and is less impactful to your monthly payments than interest rates.
Stay positive and don’t let rising rates hold you back from a home you absolutely love. Yes, they are higher than they were just a few months ago. But, they are also not likely to stay that way. As the economy fluctuates, so do the rates. Which means that at some point, you’ll be able to refinance your mortgage at a lower interest rate down the road. It can be all too easy to procrastinate on the things you want, but an opportunity missed is an opportunity lost. While the chaos of the last two years has settled, take the time to find the home of your dreams in a location you love now versus putting your future on hold. You’ll find that there are many available homes to choose from and you won’t have to worry about bidding wars or waiting lists.
Is the Housing Market Good or Bad Right Now?
There is no one right answer to whether the housing market is good or bad. It comes down to many factors and is constantly changing and evolving. It’s never an easy thing to predict, but there seems to be a light at the end of the tunnel.
In comparison to the previous year, the housing market has significantly cooled down and started to level out. Despite experts predicting that the pandemic would lead to a housing crash comparable to the Great Depression, that is not likely to happen. Though the price of homes aren’t likely to fall, they are rising very slowly as compared to last year’s pace.
Regardless of the current market, there are always things you can do to stay in control. Start by educating yourself on the type of mortgage that is best for you. If you’re a first-time buyer, there are many programs that help with down payments and closing costs. Check your credit score to ensure you're in range for the best deal. Make a list of must-haves for your future home. Know what you are willing to compromise on, or not compromise on.
The decision to buy a new home is a personal one. Because of the unpredictable nature of the real estate market, the best time to buy is when you are ready. If you are ready and financially able to build your new home now, there is no question that it is a great time to buy.
Medallion Home Offers the Very Best for Those Looking to Buy a New Home
Say hello to a custom-designed Medallion home — where you have an open, modern layout that simplifies everyday living and provides comfort and convenience, no matter what life throws at you. From open-concept design and flexible spaces to innovative features and outdoor living, one of our brand-new, untouched homes checks off all the boxes when you think of the words “fresh start.”
So if you’re ready for all the benefits of new, there’s no time like now. We have a variety of homes available for quick move-in as well as several communities available to start building your new home. And, with current interest rates at a low and the ability to lock in today’s pricing before it potentially rises, you have even more of a reason to buy a new home sooner rather than later! We’re here to answer any questions you have, so please contact us online anytime.