Is Now the Time to Build a New Home in 2023?
It is no secret that the current economy and interest rate pressures have posed financial challenges in recent times. Inflation, supply chain issues, and more have contributed to a time of pause for many. For those looking to build a new home in 2023, the prospect may seem daunting in the face of economic uncertainty. You can implement creative strategies to pursue your goals of building a new home, while others may choose to sit on the sidelines. Here is why to consider building a new home in 2023.
Reasons to Build Your New Home in 2023
Improved Supply Chain
The supply chain has been backed up for the past 2-3 years, and it is now that financial experts are beginning to see signs of improvement. Businesses, large and small, are catching up with demand as the supply chain bottlenecks ease. If you build a custom home now, you won’t have to wait nearly as long for lumber, insulation, roofing, piping, and many other custom home construction materials to come to the home site as before.
The rise in mortgage rates has slowed down the economy. In recent times though, some have affirmed that the mortgage rates have begun to stabilize. These factors have influenced prices as demand has subsided somewhat. The impact is stabilized prices for those looking to build a custom home with a luxury home builder like Danleigh Homes.
Creative Mortgage Options
Despite the challenges that still face homeowners today, you can still build a home in 2023 when you work with the experts and use creative financing solutions, which are in abundance. Danleigh Homes, a leading custom home builder in Baltimore County and Harford County, can lead you through the process of design, customization, financing, and building to establish your building budget. With proper guidance, you can be introduced to smart strategies to lock in your interest rate at attractive rates below what is perceived as high market rates. There are proven ways to save on down payment and closing costs and eliminate mortgage insurance. Creative Construction-Perm financing options can even allow you to start your new home before selling your existing home, thereby eliminating the need to move twice.
Build Now or Wait?
Now is the time to pursue building a new home. Prices have stabilized but will increase as the market rebounds. There are incredibly attractive financing programs that begin with rates well below the rates you hear on the news. The fact is that today’s fixed mortgage rates are still below the 50-year average. Finally, you can protect against any future rate increases with a lock-in for a full year or more while building.
Ready to make your dream home a reality in 2023?
Don’t let economic challenges hold you back. Contact Danleigh Homes today and let our team of experts guide you through the entire home building process, from design and customization to financing solutions. Click the button below to get started on your journey towards a stunning new home!