What You Can Look Forward to and What You Need to Know About Buying a New Home in 2017
Congratulations! You’re planning to buy a new home in 2017. Now is a great time to buy real estate in the Rio Grande Valley with mortgage rates still relatively low and plenty of great options for you to choose from in the number one master-planned community, Bentsen Palm. For first time and second home buyers as well as those looking for retirement or vacation home there are plenty of things to look forward to and few things you should know about buying a new home this year.
While mortgage rates have risen recently, they are still at an all-time low compared with over a decade ago, which rose as high as 6.70 in 2007. According to the National Association of Realtors, the organization expects the 30-year fixed mortgage rate to gradually rise over the course of the year to end around 4.6 percent at the end 2017. The Rio Grande Valley real estate market also continues to be one of the most affordable places to live in the country. The U.S. Census has also named the Rio Grande Valley the #1 most affordable area in Texas.
Getting your finances in order and preparing a budget should always be part of your home buying process regardless of first time or second time home buying.
Once you know how much you can afford, it’s best to pre-qualify for a loan prior to touring new Bentsen Palm homes. This will also help you when it comes to deciding on what floorplans and finishes best suits your family’s needs within a budget you can afford. Remember, you’ll also need to be prepared to pay for more than just a down payment out of pocket as you’ll have closing costs to pay as well, which will need to factor into your overall budget.
One of the major things to look forward to when buying a superior quality new Bentsen Palm home built by expert local home builders in the Rio Grande Valley is the excellent craftsmanship and efficiency of your new home. New homes built with the latest in energy-efficient materials and appliances use up to 15-30% less energy than older homes. And with the innovative construction techniques and newer building materials used by Bentsen Palm award-winning home builders, the integrity of your home and lasting cost savings are ensured well into the future.
And while being one of the fastest growing economies in the state of Texas, Rio Grande Valley real estate is a great long-term investment. Job growth and commercial development are aiding in the development of the area, which has helped the area experience significant gains in home prices and home values. In July 2016, the average value of new homes saw a 20 percent bump year-over-year as it grew to $197,805 per unit, according to MetroStudy. As home values are expected to continue to rise, an investment in a new Bentsen Palm home in 2017 is something you and your family can look forward to paying dividends on if and when you decide to sell in the future.
