With rent prices skyrocketing and mortgage rates still remaining low by historical standards, homebuilders are in high demand. Sales of new homes have reached a 77 month high and builders expect an even better 2014.
Typically the cold winter months are not an ideal time to look for homes as there is not much available, but with the high demand for new construction there may be more competition this winter. Are you in the market for a new home? Now may be a great time to get a deal before the year’s end. If you are looking to buy, start preparing for the mortgage process by getting pre-approved.
Some of the benefits of buying a home in the winter: sellers are motivated and often times need to sell quickly. Sellers may be more agreeable to your concessions and you may even get by with a lower offer. You may even see a faster turnaround on your mortgage approval as we’re in the off-peak season.