Home shoppers are wondering, why buy a new home now? Atlanta remains a red hot market for new home sales despite the recent upticks in interest rates. Wells Fargo Senior Economist Mark Vitner says he believes that Atlanta and other Sunbelt cities could get through a recession relatively unscathed.
Click here to read the full article in the Atlanta Business Chronicle.
With mortgage rates increasing past MarketNsights sensitivity threshold of 5.25%, home builders are finding creative solutions to keep home shoppers interested and buying new construction. These include offering below-market interest rates through rate buy downs, money toward closing costs, refinance guarantees and interest rate locks. Mortgage companies are working hand-in-hand with home builders to deal with common buyers’ objections.
For those of us who worked through the Great Recession, we know that folks buy homes in all types of markets. And we also know that home prices are not going to collapse. For the home builders reading this, make sure your marketing is where it needs to be. For ideas on what you should do related to marketing, read our blogs on How to Start Your Marketing Reboot and What is the Google Helpful Content Update.
For home shoppers reading this, we developed a list to explain why you should buy a new home now! Read on!
Why buy a new home now? Here are 10 reasons to Buy a New Home Now!
- Homeownership is the first step to building wealth
- Homeowners qualify for tax deductions
- Return on Investment – the rate of appreciation in Atlanta is above the national average
- By owning a home, you can live the American Dream
- Atlanta does not have crazy price increases like some states out west.
- Location…Location…. Location – homes are available in a variety of price ranges
- Housing Choice – more choices than ever before, from traditional and farmhouse style single-family homes to townhomes
- Today’s homes feature flexible designs, innovative technology as well as the latest products and finishes.
- Energy efficient construction techniques and products translate into savings
- Atlanta remains a hot market, ranking fourth nationally in home sales
Another reason to buy now is that in the fall, the competition for homes is lower. According to the National Association of REALTORS®, more sellers have homes for sale now than during any point in the last 12 months. And homes for sale are getting half as many offers as compared to Spring – and sellers notice it!
Unlike earlier this year, buyers can now underbid a home and make offers with contingencies such as a mortgage (versus a cash offer), appraisal and home inspection. With fewer offers per listing, sellers are more willing to negotiate.