Questions?Get Fast Answersarrow

Blog

What is the cost of waiting to buy a new home?

Categories: Blog, Home Ownership, Local Events, Purchasing a New Home | Posted: August 7, 2018

Housing affordability is a hot topic lately and buyers in the market are feeling the pinch. What does the affordability factor really mean to today’s homebuyers? In simple terms, it is how the rise in home prices and interest rates affects how much home a buyer can buy compared to say a year ago. These two factors will slowly eat away at ones’ buying power. Waiting can cost a home buyer thousands of dollars.

Home Prices

Prices have been on a steady rise in 2018 largely due to the cost of goods increases, raw development cost, and the construction labor shortage. All three have a huge impact on new home prices.

Interest Rates

“Over the past 16 months, we’ve added 1% (or more) to the average 30 year fixed mortgage rate. For example, on a $300,000 home, that means a buyer has lost 10% of their buying power or has to pay an additional $50,000 of interest over the life of the loan for the same home today. All signs point to the fact that this upward trend will slowly continue.” (Source: The Affordability Puzzle is Evolving. Are You?) 

Ivey Homes wants to help get your affordability and mortgage questions answered! Our Preferred Lenders will be on site at all model homes on Saturday, August 25th and Sunday, August 26th from 2:00pm-4:00pm. We have partnered with the best of the best in the mortgage business and they are ready to help you take the next step in home ownership. Make plans to attend! Ivey Communities

home ownership, mortgages

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ivey Homes is a leading new home builder in Evans, Grovetown and Augusta, GA and Aiken, SC, with home pricing ranging from the low $100,000’s to Custom. For more information about living in or building a new home in Columbia County, Richmond County or Aiken County, visit iveyhomes.com! Connect with us on our  Facebook page and Text: IVEY to: 77848 for convenient updates.

Caroline Ashe

Comments are closed.