Are you thinking about buying and/or selling a house? Right now, the housing market is on fire: Low mortgage rates are appealing to buyers entering a market with a low inventory of homes on the market. Buyers are turning to building as the best option to get the home they’re looking for. If you find yourself in the housing market or considering it, here are a couple reasons new construction might be the perfect fit.
The Greater Louisville Area Housing Inventory is Low
There are fewer homes for sale in the Louisville market now. While you might find yourself getting more money for your home you are selling while selling it in record time, you might find yourself having a difficult time finding a new home to move into.
What this means for home buyers – or people deciding between buying or building – is that they should expect to pay more for existing homes right now. Home prices continue to rise as inventory shrinks. But there is another factor that makes building a home much more attractive right now… and that’s low mortgage rates enticing buyers to enter the market.
Low Mortgage Rates Are Bringing More Buyers into the Market
In July, according to the Mortgage Banker Association’s latest data, the 30-year fixed-rate mortgage rate fell to a record low of 3.26%. And predictably, home loan applications surged in the first week of July. More people are able to secure low-rate mortgage loans and enter the market, which further exacerbates the dwindling house inventory and increasing home prices.
If you find yourself on the fence about building or buying a home right now, consider what the process of buying a house in this market might be like. If you are not ready for the bidding wars or settling at the higher end of your budget, consider building. Buyers turning to new construction homes is happening more than you might think right now.
New Home in a Strong Market
Choosing a builder that is well-established and can save you time and money in the long run. Elite Homes has been in business since 1976. Selling new construction homes in the greater Louisville area, there is a community for everyone. Starting in the $300’s, choose from low-maintenance garden home living or spread out with spacious single-family homes. All new construction buyers have an opportunity to visit the design center to find unique and creative ways to personalize the home of your dreams! Don’t wait, stop in an Elite Homes community today! Learn more: https://elitebuilthomes.com/communities/