Mortgage rates are low, but the demand is high in a market flooded with potential buyers looking for their next home. Before you add yourself to the mix, you are probably wondering is now a good time for first-time homebuyers?
The answer depends on your unique situation, but the McGuinn Hybrid Homes team put together the following pros and cons to help make up your mind.
Pro: Low mortgage rates
As the American economy worked to balance out the effects of the pandemic, mortgage interest rates were one of the first things affected. They reached record lows in early 2021 and even though they are starting to trend upward again, these numbers are still well below what we have seen in recent years.
As of March 15, a 30-year fixed mortgage rate is 3.230 percent with an APR of 3.430 percent. That same number was 3.65 in 2020 and 4.31 the year before that. The difference may seem inconsequential, but a lower interest rate can save homeowners thousands of dollars over the life of their home. Mortgage interest rates are expected to increase in 2021 and land with an average of around 3.3 percent according to Bankrate.com.
Pro: Better technology
Another benefit of buying now is that homebuilders are putting a bigger emphasis on healthier and more energy-efficient technology. These improvements will keep your family more comfortable, save energy and save you money.
McGuinn Hybrid Homes takes this commitment seriously, building high-performance homes with features like radiant barrier roofing that extends the life of the HVAC system, natural gas furnaces that burn cleaner, and low-flow faucets that conserve water in day-to-day use. Together these factors save homeowners more than $100 in utility costs and $100 in home maintenance costs each month.
With a high demand for housing, move-in ready homes are selling quickly and builder inventory is low across the country. McGuinn Hybrid Homes has a handful of available homes in the Centennial at Lake Carolina community that will be ready for move-in within 60 or 90 days. New phases are planned for development in Alden Glen, Harbison Grove, Honey Tree, and Cannon Trail. A new community called Liberty Ridge is coming to Gaston.
If those communities do not meet your needs, McGuinn Hybrid Homes offers Build on Your Lot services as well in the Columbia or Aiken area through the Home at Last program where we bring our plans to your land.
The verdict: Go for it