NOW is a Great Time to Build a New Home in ARTAVIA™
Traditionally, the spring and summer months are when families begin shopping for a new home. This involves investigating mortgage interest rates, deciding whether to buy an existing home or build a new one and looking at neighborhoods and communities that have a high potential for home value growth when it comes time to sell.
Even in these uncertain times, that process is “full-steam-ahead this year.” This means that many families who work in the Houston metro area will be making a trip a few miles north to Conroe to get a first-hand look at one of the hottest planned communities in Texas – ARTAVIA™.
Mortgage Rates Are Lower Than They Have Been in Decades
For homebuyers with good credit and adequate cash for a down payment, there has never been a better time to be in the market for a new home. While rates are always subject to fluctuations in the economy that can be buffeted by everything from the weather to consumer confidence, the trajectory in the interest rates for mortgages has been downward for many months.
According to Freddie Mac, the federally chartered mortgage investor in May 2020, “For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic. As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago. Going forward, mortgage rates have room to decline as mortgage spreads remain elevated.”
This means that for qualified buyers, the average monthly mortgage payment can be several hundred dollars less than it was last year. Laurie Goodman, the co-director of the Housing Finance Policy Center at the Urban Institute says that buying a home is crucial for most Americans to build wealth and that these lower rates can mean hundreds or thousands of dollars a year in lower mortgage payments.
“Homeownership is really the single best way to build wealth,” Goodman says. The median homeowner has a net worth of around $230,000 — nearly half of that is in the form of equity in their home, she says. Meanwhile, Goodman adds, the median renter has total wealth of less than $5,000.
“If you have good credit, rates on a 30-year fixed-rate mortgage have dropped from about 4.5% to around 3.5 percent over the past year. This effectively makes the same-priced house from a year ago more than 10 percent cheaper today in monthly mortgage payments.”
New Home Building Technology Saves Money
When considering whether to build a new home or buy an existing home, the home builders of ARTAVIA™ make a compelling argument to build, rather than buy. Advanced building products, insulation, energy-saving appliances, plumbing, air-conditioning and heating and modern-day engineering and construction practices, ensure lower monthly utilities costs because these new homes are more environmentally friendly. Monthly maintenance fees are also reduced an energy efficient new home in ARTAVIA™.
When Twitter announced that its workers will have the option to work from home permanently, this confirmed what many CEO’s have been considering for some time. The “new normal” for non-industrial workers will be working from home. This will change the way homes are designed and built, with an emphasis on efficient workspaces and sound mediation. A home will become more than just a place to cook dinner, entertain and sleep. It will need to offer 24/7 flexibility.
ARTAVIA™ Homes Will Likely Increase In Value
It’s been noted that the most important three words in real estate are location, location and location. The homes in the planned community of ARTAVIA™ are a few miles north of Houston, one of the most dynamic cities in the United States. Plus, the community is immaculately designed to accommodate future growth.
Combine the historically low mortgage interest rates and energy-saving building materials and construction techniques and the prospects are excellent for a growing family to flourish in ARTAVIA™.
Click here to get more information on moving up to ARTAVIA ™.