2 Reasons Why NOW Is The Perfect Time to Build A Custom Home
Low mortgage rates coupled with a decrease in lot availability make this the perfect time to build your dream custom home. If you’ve been thinking about building a custom home, you won’t find a better time than right now.
Mortgage Rates Dropping
Mortgage rates change daily, but currently they remain historically low. If you’re considering building a home and acquiring a mortgage, how is the time to lock in a rate that you like.
For a traditional 30-year fixed mortgage you’re looking at an average rate of 3.98 percent, a significant 6 basis points decrease from what it was even last week. And 19 points lower than last month. Other loan types are also dropping dramatically [BankRate.com]. These dropping mortgage rates make this the ideal time to acquire a custom-built home with a low mortgage.
|Average mortgage rates|
|30-year fixed jumbo||4.19%||-0.05||4.24%|
|30-year fixed refinance||4.03%||-0.01||4.04%|
Last updated: May 15, 2019.
Want to see where rates are right now? See local mortgage rates.
Lot Availability Shrinking
If you already have a lot to build your custom home on, great! If not, now is the time to snatch up that perfect lot.
Austin home construction is at its highest level in over a decade. Austin home builders are projected to build over 16k new homes this year, with the average list price increasing 4% every year [noradarealestate.com]. This pace of construction activity means a decrease in the availability of buildable lots. Further exasperating the availability of buildable lots is the influx of residents to Austin. Austin’s metro area population growth will surpass 50k for the 9th year in a row, making Austin one of the highest among population growth in the U.S. [Austin.CultureMap.com]. The good news is, any lot you acquire now will likely increase in value over the years to come, especially centrally located properties.
If you’re considering building a custom home, now is the time to strike while the proverbial iron is hot. Contact Ilcor Builders today to set up a free consultation!
Ilcor Builders has been building custom homes in Austin, Texas and the surrounding areas since 1963. We are a family owned business with over 50 years’ experience building custom homes. We would love the opportunity to discuss your custom home goals in our design studio in North Austin or in the comfort of your home. Please contact us at 512-476-7568 or request a free consultation.