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Last affordable spring buying season upon us?

Categories: New Homes in Raleigh | Posted: March 6, 2020

The Monroe Model at Fairview Park in Cary, NC

Is this spring the last affordable buying season upon us for the foreseeable future?

If you have been watching the news at all lately, it seems like any news medium is preparing anyone who may be thinking to purchase a home to do so now. Mortgage rates have dropped to the lowest levels they have been, which last was before the 2016 presidential election. The average interest rate for a 30-year fixed rate mortgage is just 3.45%. According to Freddie Mac, a 15-uear fixed rate mortgage also fell to 2.97%, being the first time a 15-year fixed home loan fell below 3% since 2016. Mattamy Homes, a premier homebuilder for new homes in Raleigh, shares what you should be aware of if you have been debating purchasing a new home this year.

The falling interest rates are increasing the already high-demand in the home buying market, as spring selling season is coming upon us. For most of the country, spring is the most popular time of year to purchase a home.

Realtor.com reports that based on their research and according to the National Association of Realtors, buyers who do manage to buy a new home this year will be incredibly lucky. Experts predict that home affordability is going to worsen in the years to come.

In the fourth quarter of 2019, housing affordability increased among all income levels across the nation and the biggest gains in affordability came for those in high income brackets. Out of the 100 largest metropolitan areas nationwide, 87 saw affordability improvements in the fourth quarter.

So what is contributing to the affordability seen in 2019 and continuing into this year? Low mortgage rates are a factor, however other factors also include including growing household incomes and the fact home inventory that is available is the lowest it has been in years.

Interest rates are expected to stabilize by the end of 2020, so if you have been thinking of purchasing a new home then the time to act is now. Contact Mattamy Homes today, to learn more about how you can get into a new home by summer and take advantage of the amazing interest rates at your fingertips!

 

 

 

Mattamy Homes is a new home builder in Raleigh North Carolina. For additional information about Mattamy Homes building your Raleigh new home, please call (888) 677-1502.

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