A Good Reason To Purchase New Construction Homes Now!
Summer is typically the prime time of year for real estate since most families like to move when school is out
. Did you know this is a trend you can use to your negotiating advantage?
Everyone has heard the secret about buying cars in the fall, since the new models are coming out. The end of summer and fall is a great time to look into home buying, especially new construction. By late August and September, home builders typically have one or two homes available that didn't sell during the high volume summer months.
With housing prices predicted to be leveling out as the market stabilizes, mortgage rates may increase to prevent inflation. Already, the most recent meeting of the Fed did not lower wholesale borrowing rates for banks. Experts do not think there will be any further lowering of the rates, and they may even rise in anticipation of consumer spending in the coming holiday season. This happens to be a critical time for home buying, as the prices are low and the rates are at historic lows as well.
You may be able to negotiate with the builder to pay closing costs, attorney fees, or even lower the home sale price. Savvy home buyers can find brand new homes with deep discounts amounting to thousands of dollars in savings. There are many reasons that houses are available. The original purchaser may have had plans change, such as a new job offer elsewhere; or builders may be building houses not yet spoken for in order to keep work crews busy or to have a small inventory ready for immediate move-in.
If the builder won't go down any further in price, try to get more bang for your buck. Inquire about appliance and construction upgrades; especially on flooring, fixtures, and paint. All of these can add instant property appreciation and make qualifying for a mortgage easier in today's more regulated lending environment.
Loan Originators are also likely be less busy since the fall is a slow buying time. Look for a local mortgage company that has previous experience with the builder you are working with as this will make your home buying experience smoother since they are familiar with each other. A mortgage specialist will be able to review with you which mortgage product will work best for your financial situation.
Scheduling your move is also a lot easier this time of year since national moving companies will have a more open schedule. Even if you are a do-it-yourself mover, you may find better deals and availability on moving equipment once the bustle of the summer season is over.
Taking advantage of this season is a good scenario for both home buyer and builder. The builder removes a home from their inventory list and the home buyer can enjoy a lower mortgage payment thanks to low interest rates.
Need more information about financing a new home? Speak with a Licensed Loan Originator at Homestead Funding today. The mortgage specialists at Homestead Funding can assist borrowers looking for all types of residential financing. Whether you are a first time home buyer or refinancing your current home, Homestead Funding can assist you. For a complete list of Homestead Fundings products visit the Mortgage Products page here. Homestead Fundings specialists are located throughout New York State, Connecticut, Massachusetts, Pennsylvania, Virginia and Maryland. To speak with a mortgage specialist near you, visit http://www.homesteadfunding.com/locations/search.cfm.
Homestead Funding Corp. is a multi-state licensed mortgage banker with branches located in New York State, Connecticut, Massachusetts, Pennsylvania, Virginia and Maryland. In operation since 1995, our corporate headquarters is located in Albany, New York where we have perennially been the area's largest independent mortgage lender. We have tens of thousands of satisfied customers, originated billions of dollars in residential mortgage loans and maintained a reputation of exceptional service, honesty, integrity and financial reliability. For more information, please visit online at www.homesteadfunding.com.
by: Project
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