Time to Get Out and See Your New Home
We are on the cusp of another spring here in New England and as things begin to grow again so too do our desires for a new home for our family. The winter gives us all time to reflect and more and more people today than ever want to enjoy the experience of living in a new home.
What once was a dream can now be a reality for many who have waited for the right time to make this big step. New homes are now available everywhere at almost every possible price point. Builders have geared up to meet an ever-growing demand and the choices have never been better. Moderate prices, low mortgage rates and growing inventories are all coming together for new home buyers.
Today’s new homes offer more benefits than ever before. There are numerous styles and designs by hundreds of regional builders that offer unlimited choices to consumers at a multitude of price points. New homes are one of the largest growth sectors in the housing industry today. This market trend has engaged builders and developers to create new styles and designs for consumers that are as diverse as the communities they are built it.
In 2016, we saw the pace of the homebuilding industry’s protracted recovery pick up slightly, 2017 could see a more concerted spring forward. That’s due to rising (but still low) mortgage rates, continual gains in new construction activity and a bevy of first-time buyers waiting for the price (and product) to be right for their shot at homeownership.
“The housing market is relatively tight right now and is expected to loosen somewhat in 2017,” Andres Carbacho-Burgos, a director at Moody’s Analytics, said. That loosening is imperative for affordability — a current weight on recovery. Home-price gains will continue into 2017 but should taper slightly as more inventory comes online and interest rates tick up. We expect house-price growth to be significant in the coming year — around 4% to 5% — but for 2018 and 2019 to be significantly lower because of high interest rates.”
In its 2017 Housing Forecast, Realtor.com set similar expectations, calling for home-price appreciation to decelerate from 4.9% in 2016 to 3.9% in 2017, with 46 of the 100-largest U.S. metros seeing depreciation of at least 1%. Metros with the most significant forecasted gains are predominately in the West and South regions, while the Midwest, Mid-Atlantic and New England should see milder increases.
“There is that sense that there’s a wave of buyer activity coming, and it’s a pretty big number of households,” VP of John Burns Real Estate Consulting Judy Kahn said, referring to the pent-up demand among young, would-be homebuyers. “There’s this feeling that here’s a less-taped segment that’s going to be growing, and we need to get ourselves in the mainstream of that activity.”
The national median list price of a starter home, according to the real estate website Trulia, was $164,920 for the last period, up 7.6% from the year-earlier period.
New homes offer the latest designs, style, comfort and quality. They provide a care-free lifestyle so that you can enjoy it, not work on it. In the pages ahead and each month moving forward you will find comprehensive reviews and displays of opportunities in the region.
Start shopping now at NEHomeLife.com/NewHomeLiving.