While the region shakes off the chill of a long winter, it’s only natural the warming spring season is a popular one for home buying. And with several environmental factors considered, Zillow reports that this spring provides buyers even more reasons to jump into the market.
And these reasons are: Lower mortgage rates, higher confidence levels, higher rents, and better loan availability!
Everyone is aware of the record-low mortgage rates our country has benefitted from in recent years. These low rates were due to recovery, but as the market continues to improve, it’s not expected they’ll stick around much longer. Zillow reports rates could rise to 5% by the end of this year, lowering affordability by 11%. As you can imagine, many are taking advantage of the low rates before this opportunity slips away!
Confidence in the housing market is another factor that affects home buying. Zillow’s Housing Confidence Index (ZHCI), which measures homeowners’ and renters’ outlooks and attitudes in the market, recently reported a higher confidence level now than just a year ago. After all, with all the progress in regional and local markets, we have ever reason to be excited about buying new homes.
Speaking of renters’ outlooks, Zillow also reports that those who lease can expect to spend over 30% of their income on their rent. On average, homeowners spend just half that on their mortgage payments. With rental affordability at its lowest, the idea of owning a home grows more and more appealing – making this spring a prime time to put the process into motion!
Lastly, loan availability has grown to be significantly easier in the last year, reports Zillow. With our markets nearing their original state, home buyers have more options when it comes to borrowing for their new home, making the whole process a little easier.
The fact of the matter is that this spring is a wonderful time to buy a new home – especially with Christopher Companies! With homes in Northern Virginia as well as Delaware’s coast, our home designs are the best examples of our exquisite attention to detail, dedication to the craft, and integrity as a builder.
To see the homes we offer and in which communities, visit the ‘Our Homes’ section of our website.
Source: Zillow