What You Should Know About Buying a Home Now
The homebuying landscape has certainly kept us on our toes over the past two years. We released an article in January of this year for things to keep in mind earlier in 2022 but thought now might be a good time to share more of what we’re seeing and give some helpful tips to homebuyers looking to make the move to Viridian.
Here are some answers to our most frequently asked questions about buying a home in Viridian (and DFW as a whole) in the second half of 2022. The main takeaway is patience and preparation are key.
1. WHAT IS THE CURRENT TIMELINE FOR BUILDING A NEW HOME THESE DAYS? WHEN CAN I MOVE IN?
The current timeline for a builder in Viridian to build a home is around 12 months. Why longer than in past years? This timeline is affected by several factors, but mostly because of delays in materials due to supply chain issues and labor shortages. The build timeline can vary from builder to builder, so please do speak with the representative for your builder of choice. Also, builders have begun building several homes, since many buyers are looking for quicker move-ins. Take a look at homes for sale now or in the coming months.
2. WILL I BE ABLE TO SELECT ALL MY FINISHES?
It is certainly one of the most exciting things about building a new construction home – being able to pick out the aesthetic of your new home from the start. While builders in Viridian are known for their unique selections and customer service, supply chain challenges are making it harder for builders to offer the wide range of finishes that they have in their design studio. With that said, there are still options to choose from! Reach out to your builder rep early with questions about options on flooring, fixtures, etc., and timelines for the customizations you have on your list.
3. MORTGAGE RATES AREN’T WHAT THEY WERE LAST YEAR. CAN I STILL AFFORD TO BUY A HOME IN VIRIDIAN?
While mortgage rates have risen over the past few months, some buyers are considering waiting to see if they drop again in the coming months or next year. The one bit of advice we think rings the most true is “you’re marrying your house, not your mortgage.” If you can afford this new monthly note, you can always refinance your home when rates change. Why not purchase the house you love and live in it now? Additionally, most experts are saying that home prices will continue to appreciate (though not as much as in the past two years). So, when you consider a potentially lower interest rate on a higher home price as well as lost equity and considering the higher down payment you’ll need to make next year, the relatively higher monthly payment to start with now may still be better for you in the long run. Given that Viridian residents have seen home sales prices increase over the past ten years of our development, your lost equity in appreciation is worth considering with your real estate agent or a mortgage professional. Consult a mortgage calculator to run the scenarios for your home. Here are a few tips from Money.com about how to approach buying a home with rising mortgage rates. Also, when considering resale vs. new construction homes or renting vs. buying a home, download our homebuyer guides that help you weigh the options.
4. IS THE MARKET COOLING OFF? WILL I BE ABLE TO GET A DEAL NOW OR IF I WAIT?
With mortgage rates rising, some homebuyers are indeed reconsidering their budgets. What that has led to is a slight easing in the resale home market, making the difference between bidding wars and offers above asking price and home sales prices easing back closer to asking prices. With new construction homes, it is a little different, since costs are a bit more firmly related to materials and labor. Now is a great time to enter the market again, if you took a break from your home search for that reason. We’re also pleased to share that our builders have attractive limited-time buyer incentives to consider and several homes under construction to be move-in ready by the end of the year so that you can lock in your interest rate sooner. View builders’ buyer incentives now.
5. HOW MANY HOMESITES ARE STILL AVAILABLE IN VIRIDIAN?
Opportunities for new homes are becoming quite limited. In the heart of Viridian, there are less than 80 homesites left. We do have newly released homesites available in the phase of Elements (our 55+ neighborhood) and about 175 smaller homesites to be released along N. Collins later this year and early next year. However, we anticipate that builders will be completing construction on their remaining homesites by early 2024, with most homesites being released to them in the next 9 months. If you want to have your choice of homesite, reach out now to speak to them about their plans for the next 12 months.
There’s certainly a lot to consider when you’re purchasing a home.
Even though the housing market has changed since the spring of 2020, we still believe there are good opportunities for homebuyers to find their dream home in Viridian now. The important thing as part of this process is to be ready to buy, with documents for mortgage preapproval, to stay on your timeline for your move, and know your budget for negotiation.
We look forward to welcoming you to Viridian!
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