Have you considered why now might be a great time to buy?
The stars have aligned! Current conditions in the Johnston County and Harnett County real estate markets have created what many economist believe is the ideal opportunity for you to find your dream home! Here’s why now might your best time to make your move:
Interest Rates Are Dropping – Your Buying Power is Increasing!
For those waiting for interest rates to dip, your patience has paid off! Rates have consistently fallen to the lowest level in over a year, and the trend is still heading lower. Some financial experts believe a late September rate reduction of .25% has already been factored into the current rates. If the Fed announces an interest rate reduction of .5% on September 17th, this could reduce rates even lower!
- A 1% rate drop increases your buying power by 10%!
Lower rates mean more home for your money and less stress on your budget.
Digging Deeper – Understanding the Impact of Mortgage Rate Fluctuations on Your Monthly Payments
When mortgage rates shift, even slightly, it can significantly influence your monthly mortgage payments. A seemingly small change in the interest rate can have a substantial effect on your budget.
To illustrate this, consider the chart below, which demonstrates how different mortgage rates can affect your monthly payments across various loan amounts. If your budget allows for a monthly mortgage payment of $2,600, the green sections of the chart indicate the payment amounts that fall within or below that range, depending on the interest rate (refer to the chart below):
Less Competition, More Choices!
Timing is everything, and right now, buyers have less competition. This time of year typically sees fewer buyers in the market, making it an attractive time to secure your new home. In addition, with the elections approaching, many buyers will be distracted and stay on the sidelines.
- More inventory: There are now more homes to choose from, with inventory levels up significantly.
- New construction homes In JoCo and Harnett Counties are especially plentiful, making up nearly 60% of our total real estate market!
Builders Are Offering Amazing Incentives!
Builders, including RiverWILD Homes, are motivated to sell, so a newly built home may be more achievable than you think. To sell more new homes, builders are rolling out incredible incentives to make your purchase even sweeter.
One standout offer by RiverWILD Homes is the “3 for FREE” promo—no house payments until 2025! This means you can move into your new home without worrying about mortgage payments for the rest of 2024. Qualifying 3 For Free Savings Event homes offer your first three mortgage payments on us with the use of RiverWILD Real Estate Team’s preferred lender (Fairway Mortgage).
Explore Our Stunning New Homes in Johnston and Harnett Counties
At the RiverWILD Real Estate Team, we have 34 beautiful move-in ready new homes waiting for you. Whether you’re looking for a single-family detached home or a stylish townhome, our communities across Johnston and Harnett Counties offer something for everyone.
Bottom Line
The perfect scenario for home buyers in Johnston and Harnett Counties is here, but it won’t last forever. With lower interest rates, less competition, more inventory, and fantastic builder incentives, now might be your best time to act.
Here’s a key point… as rates fall, more buyers will jump back into the market. We may even see more competition for homes causing multiple offers, higher due diligence fees and increased home values! All the more reason to consider buying ASAP!
If you have questions about the Johnston and Harnett County housing market, reach out to our local real estate team. We will help you understand what’s going on and how to navigate it.
Contact the RiverWILD Real Estate Team today and let’s make it happen.