3 Reasons to Build a Home This Fall
Wondering if now is the time to build? Fall is in full swing here in Rochester, NY, and many feel the real estate market shifting as the year starts to draw to a close. With few homes going on the market and some homeowners being cautious about listing their property, finding a new home still proves difficult for many. Now may be the time to decide if building, instead of buying a pre-owned home, might be right for you.
Here are 3 reasons to consider building this fall:
Availability. According to Redfin, new listings in October of 2022 were down almost 18% since last year. This tightening of inventory on the market may make finding the right home for your needs difficult. In fact, Realtor.com has again named Rochester area zipcode 14618 the hottest real estate market in the country. It’s time to talk to a builder if you are looking for a custom home that meets not just your must-haves, but your wishlist, too!
Faber Builders has communities and floor plans that can fit any homebuyer. With new construction residential communities in Greece, Chili, and West Henrietta, Faber has options throughout the Rochester area. And with floor plans spanning 3 bedroom ranches to 5 bedroom 2-story homes, there is a floorplan to suit any style. Faber will also build on single lots outside our established communities, if none of these locations work well for you.
Rent Vs. Mortgage Costs.
While mortgage rates have risen over recent months, it is no secret that rental increases have been growing sharply over the last several years. According to Zillow data, the rental index in Rochester rose by $400 - an increase of over 10% at times, throughout the pandemic. This Redfin chart shows average rental rates versus mortgages over the past year. Considering the equity that can be gained for homeowners, alongside the potentially minimal mortgage versus monthly rent costs, now may be the time to consider becoming a homeowner.
Faber Builders helps with the financing costs as well. Unlike some builders that might require home buyers to take out a construction loan, Faber uses a traditional end loan, similar to purchasing an existing home. This can be a big help when figuring out if building a home makes sense financially for you!
Looking to the Future. Economists and real estate gurus are already starting to make predictions about what next year’s market will bring. Some predictions spell doom and gloom, others consider a continued upward trend, and many think that the market will do something in between. While no one can say what the future may hold, choosing to make the move that best fits yourself and your family
now can help be a good thing for the future. If the price, location, and timing is right for you to build a new home, then don’t wait and see! Building a home with Faber Builders includes a
new home warranty - future-proofing yourself against problems that might arise down the road. With experts to help guide you along the way, now might just be the perfect time to build your dream home!
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