As we look to the 2024 housing forecast, a transformative shift is on the horizon. The National Association of Home Builders (NAHB) reports that the Federal Reserve is predicting a decrease in interest rates to around 6% by the end of the year — but should you wait to buy? For those considering their next move, the advantages of purchasing a new construction home now are clear.
Interest Rates: A Window of Opportunity
It’s tempting to wait until interest rates drop lower to buy a new home. However, as rates fall, demand for homes will inevitably rise, leading to a competitive market with escalating prices. Acting now (before these rate drops fully materialize) means you’ll be ahead of the curve. This will allow you to secure your investment at today’s prices before the surge in demand. At Foxlane Homes, we work with lender partners who offer no-cost refinancing options within the first year in your new home, allowing you to take advantage of today’s lower prices and tomorrow’s lower interest rates. Win-win!
The (Big) Advantage of Buying New
New construction homes are becoming an increasingly attractive option for several reasons. First, construction costs are showing signs of stabilization (and even a potential decrease) in 2024. This new dynamic could make building a new home potentially less expensive than purchasing an older home. Plus, used homes often have hidden costs, including costly repairs and updates — on top of prices that are usually much higher than pre-pandemic levels. A continued shortage of used homes shines the spotlight on new construction, which offers a fresh inventory of homes designed for modern living. Plus, new construction homes like the ones crafted by Foxlane Homes offer modern designs, energy-efficient features, the latest home technology, and competitive pricing.
Foxlane’s Building Strategy
The expected shortage of used homes suggests a spring home-buying season that will be much busier than in 2023. At Foxlane, we’re responding by offering as many new homes as possible to meet this rising demand. And, unlike used homes, buyers will have the ability to tailor these residences to meet their evolving needs. We may even have some quick-delivery homes available for those looking to move now or soon.
Take Advantage of This 2024 Housing Forecast
The 2024 housing forecast signals a pivotal moment for homebuyers. With interest rates projected to fall, creating a surge in demand and potentially higher prices, the timing couldn’t be better for homebuyers. Especially because you’ll have the chance to avoid the competitive (and often inflated) pricing of older homes. Don’t miss this unique opportunity to invest in a new construction home before these anticipated shifts in the market. Contact a Sales Rep today to learn more about Foxlane’s new home opportunities across Philadelphia, Pittsburgh, and Coastal Delaware.
