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Mortgage Rate Drop Opportunities for Homebuyers

September 14, 2024
Published by Garrette Custom Homes

As we move into the closing months of the year, the housing market is presenting a positive opportunity for prospective homebuyers. Several key factors, including mortgage rates, housing inventory, and market trends, make it an excellent time to seriously consider purchasing one of the new homes in Puget Sound WA.

After a period of fluctuations and increases, mortgage rates are showing signs of stabilizing. While rates might be higher than the historic lows seen in the past few years, they are still relatively favorable compared to long-term averages. Rates reached a new low for the past year in August at 6.4%, and experts suggest that we may see additional drops and are unlikely to see significant rate hikes in the coming months. With improving inflation, the Federal Reserve is expected to cut rates, which typically is echoed in mortgage rates. This makes it a good time to lock in a rate. By acting now, buyers can secure a manageable mortgage rate, ensuring their new home is affordable in the long term.

Builders have been working diligently to meet the growing demand for housing, leading to an increase in new construction homes available on the market. This expanded inventory means that buyers have more choices. While mortgage rates may drop, home prices may be slower in dropping, but with more move-in-ready homes now available there may be some reduction in the competitive pressure that has been a part of house hunting in recent years.

One of the significant advantages of buying or building a new home is the ability to incorporate the latest in home technology and energy efficiency. New homes are built with the most current construction standards, which means better insulation, energy-efficient appliances, and smart home features that can save money on utility bills over time. Additionally, new homes are built to reflect newer and changing demands from today’s home buyers and typically include more flexibility on how the home is used.

The demand for new homes continues to be strong, particularly in growing communities with access to good schools, amenities, and transportation. This is why we’re building move-in-ready homes in well-positioned communities, so you can secure a property in a location that will likely see value appreciation.

With stabilizing mortgage rates and a growing selection of new homes available, these last few months of 2024 are likely to be a great opportunity to purchase one of the new homes in Puget Sound WA. While demand may increase with dropping rates, we’re also moving into one of the slower periods of home buying, so if you’re set on buying a new home soon, now is the time to act. Contact us today to learn more about our move-in-ready homes.

Categorized in: Build on Your Land, Community Info, Fall Tips, Finance Tips, Market Tips, Mortgage Rate Drop Opportunities for Homebuyers, What to Consider When Choosing a Home Builder

This post was written by Garrette Custom Homes