Summer 2020 holds a few tricks up its sleeve for new construction
Most of the world stopped frozen in its tracks this past March due to the pandemic. Restaurants, schools and retail outlets closed their doors, while sports teams hung up their jerseys and the financial market took the greatest tumble of all time. However, there is one industry that seemed to weather the storm remarkably well—the U.S. real estate market.
Whether buying, selling or building, the real estate market dug in its claws and emerged relatively unscathed. Sellers across the Cincinnati market, in particular, have not seen a decrease in home values; in fact, as inventory remains low, home values continue to rise. The real estate market truly is in a great spot right now if you are looking to sell a move-in-ready home and build the dream home you have been longing for!
Low home inventory
Right now is a great time to build because finding an existing home to purchase could be a challenge. If you have a great home to sell, you should be able to sell it quickly and for a very competitive price. However, it could take you quite a while to find your next, perfect home if you only comb through existing homes for sale. If you are not a fan of waiting and hoping—or you simply don’t have time on your side—then building is a sensible option.
Historic interest rates
If you thought rates were low the past few years, take a look at current mortgage rates in Cincinnati at realtor.com. It’s projected that rates will continue to remain low, if not dip even lower this season. And, according to nerdwallet.com this month, “… the Federal Reserve implied that it will do what's necessary to keep rates low for years.” Lower interest rates mean you can borrow more and seek higher-end finishes in a new build that might have been off-limits for your budget before.
Builders are ready to move dirt
If you have been waiting for the most prime time to start work on your dream home, builders are currently all ears and delivering fast turnarounds. As some families have chosen to pause plans for new home construction, builders are left with more time to focus on those who are ready to move now. But this current window of opportunity likely will not last long as financial confidence rises and paused projects restart.
The right season
Summertime typically means warmer temperatures and less precipitation, which means your house build schedule stays on track. And with less financings and builds on the books right now, your project gets financed and started even faster. This fast turnaround, alongside the coming multiple months of good weather, ensures your property can be cleared and construction can begin smoothly. Ultimately, your family can enjoy living in your new home faster than ever.
Get exactly what you want
Given the current low inventory of homes, it could prove challenging to find the right existing home to meet all of your current (and future) family needs. Building a new home from the ground up means you have a say in every little detail, from the layout of rooms and closets to important finishes like flooring, tile and lighting. Your family is unlike any other and constructing your home from scratch allows you to design it around your personal lifestyle and meet your functional desires.
If your family has been dreaming about building a new home, this summer could be the perfect time to get started! Lock in the best rate, work with motivated builders and step into your custom home sooner than ever before. At Vista Pointe in South Lebanon, we have multiple wooded homesites available for immediate construction in our established, amenity-filled community. We can help you find the beautiful, lush lot and premier, custom homebuilder that fits your family’s new-home dreams!