Well, folks, we survived Halloween, Thanksgiving, and in 4 short weeks the Christmas lights will dim and NYE resolutions will be toasted.
Historically, the holiday season is filled with excuses for delaying becoming a homeowner. Tops on the list: We are busy. We are Tired. We are BROKE. I get it!
However, putting off buying a home is putting off growing your wealth.
“Real estate is the closest thing to a proverbial pot of gold,” shared Ada Louise Huxtable, American architecture writer and critic.
New construction offers opportunities to have the house keys in your hand before Santa comes down the chimney with less money out of pocket than you may be thinking.
Buyer Incentives: Builders are “retailers” with an end of year inventory calculation they want to be as low as possible. In order to gain attention, and market share, many will offer incentives to entice buyers to focus on homes that will be completed in December. These funds can be used to reduce or eliminate closing costs associated with the loan or establishing escrow accounts for prepaids like insurance. Or, if the closing costs are not the problem, but rather interest rates impact on the monthly payment, the monies can be applied to a buy-down.
Zero Down Payment Loan: A USDA home loan is a no-down payment mortgage for low- and moderate-income homebuyers in largely rural areas. USDA loans are part of a national program created by the U.S. Department of Agriculture to help create loans for first-time homebuyers or people who don’t meet conventional mortgage requirements. Builders heard the phase “buy dirt because they aren’t making more” and applied their purchasing power to outlying communities such as Anna, Van Alstyne, Fate, Heath, Sanger, Crandall and more.
Greater Efficiency: Most agree newer isn’t always better, yet, in this case, it is. Newly built homes have all the latest gadgets (like programmable, learning thermostats) and technologically advanced materials (low-e windows, tankless water heaters, etc) that reduce the monthly accounting on the home, possibly making it even more affordable that where you live now.
After the Thanksgiving dishes are cleared, it’s not uncommon for resale inventory to drop, and for buyers to mistakenly think their options have, too. Yet, shifting the wish list to new construction opportunities will get the whole family into the holiday spirit.