Deciding to build a new home can be stressful. Here are some tips to help in the decision making process!
1)Would I make money from the sale of my current home?
· Market conditions continue to reach high records
· Current home values are still high in most areas
2)Can I sell my current home quickly?
· The turnaround time for the sale of homes is at a historic low.
· Inventory continues to be sparse, so your home may be devoured by a hungry sales market.
3)Is it a good time to buy land?
· Since existing homes are being sold so quickly, there are more land buyers than is typical.
· More sellers are considering selling land to take advantage of this market.
4)What can I get for my money?
· With existing home sales being high, the equity you experience in a new build is typically positive.
· We are still seeing newly built home values exceeding the cost of buying land and building the house.
5)What about rates?
· Rates are still historically low, which continues to shock most lenders. But, this cannot continue forever.
· Rates will eventually increase.
· If you want to build, this is a good time to take advantage of the low rates now before it’s too late.
Our construction loan product actually offers a guaranteed rate. So if rates do climb, you are covered with a fixed rate that you know out of the gate. Don’t miss out on the best loan program in town! It is a perfect time to build, and watch your new roof go up with equity to boot!
To read more about Carolina Farm Credit, our members and the ag industry, check out issues of our Leader magazine—you can read them online.
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