Shifting market conditions are starting to make new homes much more attractive to home buyers than in recent years. Historic low inventory combined with upward price pressure on existing inventory means that it’s time to take a second look at new construction. At Silver Gate for instance, 3 really nice new 3/2 homes are less than $190,000 in Anderson. According to the mortgage calculator at the link, an FHA loan with 3.5% down and at 4% interest rate yields a $879 per month principal and interest payment. Of course, you may not get that rate or loan, but it can be seen as a ballpark figure. And as such, it would seem you could buy NEW for just about what you might pay in rent.
Spend a day out looking at the diminishing inventory of stinky foreclosures and beat up short sales, and you may want to consider the advantages of buying new.
Here’s a link to the 23 currently listed new construction homes around Redding for sale around here.
As always, you can see all the local homes for sale at http://TheAddressRealty.com