1. Current Rates Match Historic Averages
Current mortgage rates seem high, but are they really that high? The historical low rates we saw around 2020 makes today's market rates seem unreasonably expensive, but that is actually not the case. According to BankRate.com, today's rates are relatively low compared to the historical records over the past 50 years. In the early 1980s, interest rates were as high as 16% on some mortgages. Experts are telling us to never expect rates below 3-4% again, as they were a pandemic-related anomaly and unlikely to return in our lifetime. The average interest rate in the United States is historically around 7-8%, which is the average we are currently seeing as of early 2024.
2. Buyer Incentives
Maybe the experts are right and the rates won't organically be as low as they were in the past. But, Omega and our preferred lenders are actively working together to offer amazing incentives that can help!
In collaboration two premier lenders CMG Mortgage and Fairway Mortgage Omega Builders provides incentives for rate buy-down programs, enabling qualified buyers to secure rates as low as 4.75%. Rate buy-downs can significantly reduce your monthly payments, much more than a price reduction. Because buy-downs help your money go farther, maybe you buy a slightly larger home than expected or maybe you save the money for something fun later! Either way - you win!
You can expect to see $25,000-$40,000 in buy-down incentives on MOVE-IN READY HOMES! These incentives are here for you, so be shy to ask about them!
3. Less Competition
Because homes are staying on the market a little longer, and you may have less competition when purchasing a home. You probably will not have to worry about making an offer over asking price, competing in bidding wars, or making concessions in the hopes that your offer will be accepted. Keep in mind any time interest rates drop, it results in more buyers entering the market. Demand will rise and available homes will sell quickly - likely for over asking price. This will make the homebuying process more stressful, and buyers will be expected to come out of pocket for closing costs and pay more for the home than it is listed. On the contrary, shopping for a home now will result in a less stressful and more enjoyable experience!
4. Builders are Increasing Inventory
The supply of resale homes on the market remains limited, but builders continue to construct new homes. TEXAS LEADS THE U.S. IN NEW HOME BUILDING Omega offers an ample supply of immediate move-in homes as well as the opportunity to personalized from the ground up. Between move-in ready homes with great incentives and the ability to build from scratch, Omega offers a wide variety of options to choose from.
For 55 years, Omega Builders has been building homes in Central Texas. We are located in Temple, Belton, Salado, College Station, and Bryan.
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