There is good news for families in the market for a new home. Mortgage rates are trending downward, with many considering the advantages of small-town living.
Royse City, home to the Creekshaw a master-planned community is a fast-growing northeastern suburb of Dallas. Moving to this ideal location is perfect for homeowners who prefer suburban living, but still want to maintain access to all the extras that Dallas can offer. In addition to miles of curated landscape and many resort-style, upscale amenities Creekshaw’s premium builders offer residents home designs that meet every style and satisfy every budget.
Rates Are Going Down?
Every generation of home buyers contends with the financial costs when purchasing a home, but recently the tide has turned, and mortgage rates are coming down. According to a recent article by CBS news, average mortgage rates have fallen by half a percentage point, and the Federal Reserve is poised to cut rates even further this fall.
What does this mean to prospective buyers? Lower mortgage rates are beneficial for all home buyers. Here’s why:
- Affordability: Homeownership is more accessible when mortgage payments are lowered. This is especially true for first-time home buyers who may have a tighter budget or for older homeowners who are looking to downsize because of a fixed income.
- Increased Purchasing Power: When interest rates are lower, homebuyers can buy a more expensive home with more features in a better location for the same monthly payment amount.
- Downsizing Opportunities: Older couples looking to downsize from a traditional family home can benefit from lower interest rates when securing a new, smaller home.
- Qualifying with Ease: It can be easier to qualify for a mortgage when the rates are lower.
- Market Activity: Lower mortgage rates can stimulate the housing market.
- Refinancing Options: Lower rates give homeowners the option of refinancing, decreasing the cost of monthly payments, and freeing up capital for other expenses.
Building Equity
Building equity is the difference between what a home sells for and what is still owed. Equity grows as the homeowner pays down the mortgage.
Over time, more of what is paid each month goes to the balance on the loan rather than the interest, building more equity. Owning a home provides a greater degree of economic stability – even in an unstable economy!
Buying and Selling
According to real estate platform Redfin, “a late summer decline in mortgage rates has edged mortgage payments downward for the first time in four years.” Most market analysts expect this downward trend to continue into the fall. This means that potential homeowners will now pay less and dropping rates could also stimulate the market as it becomes advantageous for sellers as well.
For many, life changes precipitate a new home. For example, a move might come because a family is expanding, an empty nest couple is downsizing, or a family is relocating because of a new job. All these important life changes can influence homebuying decisions.
How do you know when it’s the right time to buy? The best time to buy a house is when you find a neighborhood you want to settle in and a home that you love and can financially afford.
Consider the Top Features
Buying a home, particularly when mortgage rates drop, is a solid financial decision. Historically, the biggest advantage to owning a home is long-term financial security.
Once a homebuyer is pre-approved for a mortgage, it’s time to start looking. The real estate platform Zillow surveyed potential home buyers to find out what they most looked for when purchasing a new home. Some of the top features to consider are the following:
- Safety: 83% said a feeling of safety was very important
- Proximity to shopping, services, and leisure activities: 58% of buyers said they wanted conveniences and easy access to recreational activities
- Optimal commute to work or school: rated very important to 53% of buyers
- A sense of community or belonging is rated very important to 51% of buyers
- Close to family and friends: rated very important to 50% of buyers
- In a preferred school district: rated very important to 50% of buyers
All-in-One Destination
Creekshaw checks off every one of the top feature requirements for potential homebuyers. The community is safe, as well as close to shopping and services.
Recreational activities are walkable, built right into the community design. Royse City ISD is a preferred school district, ranked among the best in Texas. Commuting to work in Dallas is a snap. At Creekshaw, neighbors become your friends.Extended families may even decide to live in the same neighborhood, thanks to a wide variety of available homes and floor plans that serve the needs of every homebuyer.
Seeing is Believing
When mortgage rates drop, it’s time to shop! If you’re in the market for a new home, why not seize the day? At Creekshaw, premium builders have constructed various model homes for prospective buyers to tour.
Everyone knows that seeing is believing. Tour model homes by Highland Homes, David Weekley Homes, K. Hovnanian Homes, and Impression Homes. Schedule to tour one of the new townhomes by Impression Homes that will be coming soon. A New Phase is coming to Creekshaw! There will be plenty of home designs that can work with any kind of budget.
Purchasing Power
Whether you’re a first-time buyer looking for a forever home or an empty-nester ready to downsize, lower mortgage rates mean greater purchasing power! Come to Creekshaw and find the home that you’ve been looking for. Call to schedule an appointment today!