Colony Reserve Offers Affordable Option For First-Time Homebuyers
According to a recent article from CNN Money, this Spring is going to be a difficult season for homebuyers, especially those who are buying for the first time.
The article, which was written by personal finance reporter Kathryn Vasel, states that “there’s just not enough housing available, and the shortage has caused home prices to rise.”
David Berson, chief economist at Nationwide and a former chief economist for Fannie Mae, noted, “there is going to be less choice and higher prices.”
At the end of February, existing home inventory fell to an all-time low. This is largely due to a combination of rising costs for land, building expenses, and labor costs, which have driven up the prices of most new-construction single-family homes.
As for pre-existing homes, many people are choosing to stay in their current homes longer instead of selling, which has worsened the inventory constraints. While you would think this would lead to less competition for homebuyers, it hasn’t. According to the article, “When a home does hit the market, buyers need to act fast.”
Not only will wasting time lead to missing out on a house, but it can actually cost you more money. The article reported that at the beginning of 2018, the rate on a 30-year fixed mortgage was 3.95%. Before the start of April, it climbed to 4.44%. At that rate, you’ll pay an extra $57 more per month for every 30-day period you go without buying a home, assuming a $250,000 purchase price with 20% down.
Luckily, homebuyers looking to own in Lake Worth have a solution. They can purchase a beautiful new-construction townhome at Colony Reserve starting from only $267,400.
At Colony Reserve, they can enjoy all of the benefits of buying a new construction home while avoiding the hassles and expenses of buying a pre-existing single-family home. Contact us today and visit the Sales Gallery to learn more.