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Buy a Home Now to Avoid Higher Interest Rates

December 22, 2018 3:41 pm

Now is the time to buy new homes in Austin TX. Interest rates are predicted to rise through 2019. You can avoid higher rates by locking in today’s rates now.

Over the past year, mortgage interest rates have increased almost a full point. Financial experts agree that interest rates will likely continue to rise through 2019. This means that the longer you wait to buy a home, the more expensive your mortgage will be.

Even a small interest rate increase can cost buyers hundreds of dollars every year. Over time, that adds up to thousands or even tens of thousands of dollars over the life of the loan.

Rates for 30 year mortgages are expected to be around 5.5% or higher by the end of 2019. Meanwhile, home prices are also rising. As interest rates and home prices rise, buyers who wait too long may find they no longer qualify for mortgages on the homes they want.

While some potential buyers are choosing to wait for better market conditions, that strategy may not pay off. The number of homes on the market will rise only slightly in the foreseeable future. Move-up and high-end homes are expected to make up most of the increase, with entry-level real estate predicted to be most in demand as Millennials enter the housing market. Prospective buyers who have been waiting for a buyer’s market to return are most likely better off buying a home now, before prices and interest rates increase further.

Buffington Homes has a selection of brand new homes available in communities in and around Austin. Homes are completed or under construction now in Belterra and Southpark Meadows in Austin, Blanco Vista and Trace in San Marcos, Orchard Ridge in Liberty Hill and in other Texas communities.

A range of prices between these communities means there’s a Buffington home to suit any budget. You can buy now whether you’re looking for your first family home or wish to move up to a larger home.

Get started choosing your new home today! Call Buffington Homes at 512-856-5664 to see our available new homes in Austin.

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