Freddie Mac's Primary Mortgage Market Survey, released on June 4, indicated the average interest on a 30-year fixed-rate mortgage remained the same on a week-over-week basis. However, Bankrate tracked a small decrease from the previous week. In both instances, the rates remained at a higher level than seen in 2015.
One of the biggest mistakes new homebuyers make is assuming that everything in their house will work perfectly because it’s brand new.
No matter how precise and careful builders are, there is no such thing as a perfect house, asserts Diane Saatchi, a senior vice president at real estate firm The Corcoran Group’s East Hampton, N.Y. office. The company has offices throughout New York and South Florida....
Top 10 Reasons Home Buyers Prefer New Homes vs. Used
Today's new homes offer more benefits than ever before. Here's a quick list of the Top 10 reasons why so many home buyers prefer new homes to used houses:
1) Design Your Dream Home Your Way: Why settle for someone else's choices when you can select your favorite cabinets, countertops, appliances, carpets and flooring? While you're at it, you can choose gorgeous bath and kitchen fixtures, lighting and other options that you love. Your new home will reflect your style, not someone else's taste.
2) Choose a Floor Plan and Room Layout that Meets Your Needs: Want a master bedroom on the first floor? It's yours. With massive his and hers walk-in closets? Done! Want high ceilings and a luxurious, resort-style master bath? Perhaps you'd like a sitting room with a fireplace in your owner's suite or French doors that open to your private patio or the pool? It's easy, when you build your master suite your way.
3) All New, Under Warranty: A used home likely has tired products that may soon need replacing. Your new home — and the products that comprise it — are brand-new and under warranty. What's the cost to replace a roof, appliances, countertops or a water heater on a used home? Those components of your new home feature the latest designs and building materials and should offer you years of comfort and enjoyment before needing replacement.
4) Energy and Cost Savings: Today's new homes are far more energy efficient than homes built just five years ago. Versus homes built ten or 20 years ago, It’s game over, advantage new. Why settle for drafty, energy-wasting single-pane windows in a used home? Many new homes offer double or even triple-pane windows. Special window coatings and inert gases between the layers of glass are often available, saving you even more energy and money in both heating and cooling season.
5) Comfort and Indoor Air Quality: Today's new homes meet stringent energy standards and codes not in place in the past. They combine high-performance energy efficiency with state-of-the-art ventilation and air filtration. The result is year-round, draft-free comfort and higher indoor air quality.
6) Low Maintenance: New cars today are computer-designed and computer-equipped. That's why they perform much more reliably than a car that's 15 or 20 years old. Homes are the same. Today's new homes have open floor plans and high ceilings that reflect the way we live today. They're also made of cutting-edge building products that require less care and maintenance. Another plus? The latest building systems and components are designed and engineered to work together.
7) Community Amenities: Many new homes are built in lavish master-planned communities with resort-style community centers, pools and clubhouses. Many new home communities also feature hiking trails, protected open lands and some of the best new schools and shopping near (or even within) your new home community.
8) Advanced Technology and Design: It's possible to replace all of the single-pane windows in a resale home with today's high-performance windows. It's also possible to add insulation to a used home. However, it's very expensive to replace dated appliances, cabinets and countertops in a used home — and you still won't have the high ceilings you dream of on the first floor of an older two-story home. All are reasons to build your new home your way, to reflect the way you live today.
9) Safety: State-of-the-art circuit breakers. Electric garage door openers with infrared beams that stop if a tricycle or child is too near. High-efficiency furnaces and air conditioners that use the latest environmentally-friendly coolants. Cabinets, carpets and paints that use fewer volatile organic compounds, so that you and your family can breathe easier.
10) That New Home Feel: A used home was someone else's dream, not yours. It reflects their choices and family memories. You may learn to love avocado-green appliances (and you may be willing to scrub stained countertops or grease-encrusted ovens and cooktops) but more and more people prefer that never lived-in feel.
After all, when was the last time you went to a department store and selected used clothes? Or visited a car dealer and paid more for a used car than a new car?
Research has shown that the exterior of the home is just as important as the inside when buyers are shopping for a new home. According to Realtor.com 54% of women and 46% of men said that they would buy a home solely because of the livable outdoor space. The need to have beautiful landscaped areas has affected purchasing decisions by buyers across the country. People want to be surrounded by natural elements and love to spend time outdoors. Social media has driven these trends as buyers are referring to Houzz and Pinterest for design ideas. Builders have noticed that the demand for front and back porches, firepits, outdoor gas fireplaces, outdoor kitchens, creative patio spaces and landscaping have increased in popularity with new home buyers and they are ON TOP OF IT!...
I'm sure all went to college. You'd think they would be well versed in history. Why........because history is our best teacher and always repeats itself.
Headlines last week....5/12/15 "Scorecard: More Americans (finally) focus on savings!"
Headlines this week....5/14/15 "Consumers fail to open pocketbooks in April......