It’s an excellent time to buy a new home. Prices will rise, it’s a good time to sell and existing home, great mortgage rates, and more reasons from Hartz Homes why the timing is right. Read on to get the details.
Prices are Continuing to Rise
Any thoughts of bargain-hunting in the aftermath of the coronavirus shutdown have proven to be a losing strategy. While it seemed likely that house prices would decline due to lack of sales activity, the opposite has occurred.
According to recent statistics issued by Realtor.com, median listing prices are 5.6% higher than one year ago, and more than a full percentage point above the levels just before the COVID pandemic shut down the economy.
“Housing prices have risen steadily over the past two decades,” stresses Michael Frick, President of Avalon Capital Advisors. “On average, housing prices nationwide have doubled since December 2000 according to Freddie Mac. Some people think they should wait to buy until home prices go back down; however, it is nearly impossible to time pricing in the housing market in order to buy at the bottom of the market trend.”
With the economy opening up since May, it’s likely any delay in purchasing a home will result in paying a higher price.
It’s Easier to Sell Current House than Ever
Having a house to sell is a common Your complication when looking to buy a new home. But if you’re looking to trade-up or make a move to a new location, it may be easier to sell your current home than at any time in recent memory.
Since so many sellers either removed their properties from the market as the pandemic unfolded, or chose not to list them at all. It’s made inventory tight. That not only makes it possible you’ll get a higher price on the sale of your current home, but also that you’ll sell it quickly.
The lack of inventory means existing homeowners are unlikely to face many obstacles in selling their current homes to buy new ones.
Mortgage Rates are Near All-time Lows
Buying now will give you an opportunity to lock-in the lowest mortgage rates in history.
Though it’s possible mortgage rates can fall even lower from here, there’s no way to know that will happen. But what we do know for certain is that interest rates are better now than they’ve ever been, making buying now more compelling than ever.
The Coronavirus Shutdown Didn’t Kill the Housing Market
When the coronavirus first began making the news in February and March there were dire predictions of the impact it would have on the housing market. Speculation abounded that both sales and prices would collapse in the face of a crushing recession and the uncertainty it would bring.
But we’re now well past the middle of 2020, and not only is the housing market showing signs of a recovery, but a strong one at that.
The fact that the housing market successfully weathered the coronavirus and the shutdown that followed are a strong indication of positive price action going forward.
Please check out these new home communities from Hartz Homes:
Armitage Pointe of Addison, Illinois (Chicago area new home construction)
Bella Vista Townhomes of Bolingbrook, Illinois (Chicago area new home construction)
Bluebell Ridge of Bolingbrook, Illinois (Chicago area new construction)
Lago Vista of Lockport, Illinois (Chicago area new home construction)
Leigh Creek of New Lenox, Illinois (Chicago area new home construction)
Marquis Pointe of Montgomery, Illinois (Chicago area new home construction)
Nantucket Lakes of New Lenox, Illinois (Chicago area new home construction)
Park West of Manteno, Illinois (Chicago area new home construction)
Playa Vista of Plainfield, Illinois (Chicago area new home construction)
Shannon Estates of New Lenox, Illinois (Chicago area new home construction)
Sky Harbor of New Lenox, Illinois (Chicago area new home construction)
Whisper Creek of Mokena, Illinois (Chicago area new home construction)
Hartz Homes has new home communities in:
Addison, Illinois (Chicago area new home construction)
Bolingbrook, Illinois (Chicago area new home construction)
Lockport, Illinois (Chicago area new home construction)
New Lenox (Chicago area new home construction)
Manteno, Illinois (Chicago area new home construction)
Mokena, Illinois (Chicago area new home construction)
Plainfield, Illinois (Chicago area new home construction)