It turns out that the final quarter of 2022 may be a great time to buy a home. Recent housing data suggests the housing market is becoming more favorable to home buyers. With interest rates fluctuating and more available homes with less competition, buyers no longer have to contend with frenzied bidding wars to get the home of their dreams.
Interest Rates Are Still Historically Low
For anyone concerned about interest rates over 5 percent, it’s important to review historical data and realize the current rates are still historically low. If you average the annual interest rates for 30-year fixed mortgages over the last 50 years, we are still well below the overall average of 7.62 percent.
More Available Homes with Less Competition
The shift away from a seller’s market to the possible beginning of a buyer’s market is evidenced by the increase in homes on the market. With more homes to choose from and less competition to deal with, home buyers are finding it much easier to secure a new home.
Another advantage for home buyers with the market shift is they can look at more homes and not feel like they have to make an immediate offer or lose out on a chance to buy a home. This adds some much-appreciated calm to the home buying process and makes it a more enjoyable experience for home buyers.
New Homes Will Hold Their Value
Much of today’s higher home prices are based on the increased real costs of land, materials and labor which are unlikely to go down much. This means that in most areas new homes will continue to hold their value even if the market slows down. With new HVAC, plumbing and electrical systems, energy-efficient appliances and windows, and personalization options, buying a new construction home is a great way to protect your investment and get the home of your dreams.
According to recent surveys from Fannie Mae and Zillow, most renters would like to purchase a home. Most expect rents to rise sharply in the next 12 months outpacing inflation, stocks and home values making it a great time to buy a home.
Financing Options Can Make It Possible
Cash buyers have always had an advantage in the housing market, especially during the highly competitive seller’s market of the last few years. Another advantage for cash buyers is they avoid paying interest on their home purchase, making the mortgage interest rates moot.
While many baby boomers have sufficient equity in their homes to sell and buy a new home with cash, there are financing options available that can help them hold on to their nest egg through retirement.
Great Time to Buy a Home
Epcon Communities caters to the 55+ home buyer looking for a new home in a friendly, secure community. Experience the benefits of living in an Epcon community from our low-maintenance lifestyle to the luxury amenities and sense of community.
Make an appointment to visit one of our communities located throughout the country and tour our beautiful new homes. Now is a great time to buy a home and we’ll help you find the perfect new home and community to experience the difference living well every day can make in your life.