Prices are down, and it’s time to get off the fence
As 2023 progresses, buyers are taking back their power in the market. Mortgage rates climbing from their historic lows in 2022 to an average of nearly 7% for a 30-year loan caused some potential buyers to pump the breaks on their homeownership dreams. However, savvy home shoppers know that an increase in interest rates means a decrease in prices, and real estate experts urge potential buyers to strike while the iron is hot.
Though the market has cooled a bit due to this rise, experts warn that this favorable market won’t last long. Signs of prospective homebuyers are showing as we enter the peak selling season of the year.
Mortgage rates peaked around Labor Day and are already on their way back down. As inflation stabilizes, interest rates decrease, creating a perfect intersection between great prices and declining rates. This is an excellent time for homebuyers to take advantage of lower prices and better financing options. In addition, recent changes in credit scoring models now factor in rent, utilities and telecom payments, which helps offset the recent rate increase. This change makes homeownership more accessible to first-time buyers and those with smaller down payments. Experian has also introduced a new self-reporting platform that allows users to report on-time payments, resulting in an instant increase in their FICO score for 66% of users. Now is an ideal time to get off the fence about homeownership and take advantage of this favorable window in the market. Purchasing a new home offers the security of consistent monthly payments and the opportunity to grow your investment through home equity. Unlike renting, owning a home allows you to build a long-term investment.
Jenuane’s beautiful selection of move-inready homes makes a convenient option for those looking to cash in on this hot market before it cools. Quickdelivery homes allow buyers all the benefits of a new construction home without any of the wait!
One of the things that sets Jenuane apart from other developers is its commitment to impeccable customer service. Jenuane’s concierge team is available seven days a week and strives to create the most seamless customer experience possible. It’s no wonder they’ve been voted Reno’s No. 1 homebuilder for two years in a row. In partnership with another powerhouse team, Guild Mortgage, they can offer buyer flexibility in creating a monthly payment that fits their lifestyle. Locking in your rate with Guild guarantees your rate for the term of your loan. However, if rates go down before closing, buyers are entitled to a one-time float down to a lower rate. Guild’s experienced loan officers work with buyers to offer promotional rates on 30-year fixed mortgages, FHA loans and adjustable-rate mortgages like the 5/1 ARM.