Navigating Today's Housing Market: Three Approaches for Buyers

At Ivey Homes, we understand that today’s housing market can feel uncertain, especially with mortgage rates on everyone’s mind. As a family business rooted in values of service and integrity, we’re here to provide you with honest and practical advice to help you navigate your home-buying journey. Whether you’re planning to buy now or considering your options for the future, here are three approaches to consider in today’s market.

 1. Waiting It Out

If your situation allows, waiting out the current interest rates in hopes of long-term rate decreases might be a viable option. There are benefits to this approach: historically, mortgage rates have fluctuated, and they are not expected to stay high forever. Waiting could allow you to lock in a more favorable rate in the future. 

However, there are also significant risks to consider. Home prices are on the rise, and construction costs continue to increase due to materials, labor, and lot costs. Did you know even a small change to building codes, like what type of electrical outlets can be placed in which locations, can add thousands of dollars to the cost of a new home due to the added expenses of redesigning floor plans and sourcing new materials? 

While you might secure a better interest rate by waiting for the long series of Federal Reserve cuts needed for that to happen, you could end up paying more for the same home due to changing regulations and rising prices over that same timespan. As of June 25, 2024, policy makers and media outlets are now reporting the possibility of no more cuts in 2024 due to stubborn inflation levels. When considering events more than 1-2 years from now, the future is truly uncertain, and there’s no guarantee that the next couple years will move us any closer to pandemic-era rates. Waiting it out could potentially result in totally missing out on the home or homesite you want at a price you can afford today. 

But how do you make smart moves today if you decide not to wait?

2. Planning for a Move in the Near Future

If you anticipate needing to move within the next 1-2 years, planning ahead can provide you with some flexibility. Start by getting pre-approved for a mortgage to understand your budget and potential interest rates. Many people don’t realize there are programs available right now to help ease rate concerns. You can read all about some of Ivey Homes’ innovative lender partner programs which address these concerns here. 

Keeping an eye on the market and knowing which loan programs meet your current and future goals will help you identify the right moment to make your move. 

For the near-future buyer, Ivey Homes' owner, Matt Ivey, advises you to keep this in mind:

“While rates are higher than they’ve been over the last 10-year period, home prices continue to rise. We have not seen a reduction in costs; rather we continue to get price pressure from materials, labor, and lot costs. Once interest rates start moving down, we anticipate increased demand and pricing to move up at an accelerated rate. This means that waiting a year or two could end up delaying you without helping you at all, as home prices are likely to continue to increase. If you’re able, it makes sense to lock in your pricing today and trade in your rate later. By acting now, you can secure a home at today’s prices and have the flexibility to refinance when rates drop.”

Read more about Ivey Homes' standards to guarantee a quality, energy efficient home.

Summer incentives are here for a limited time- read more if you’re curious about how making your move now could benefit you!

3. Making the Most of Today’s Market with Ivey Homes

If you must move in the next 30-60 days regardless of what the market does, Ivey Homes offers unique opportunities through our lender partnerships to help you navigate this important moment. We understand the urgency and stress that come with needing to relocate quickly under today’s market conditions, which is why we’ve worked hard to provide incentives that make buying a home more affordable despite higher interest rates. 

For some buyers, down payment assistance is currently available through lenders. Move quickly if you want to leverage these incredible programs- they usually only last through the early summer months!

Check out the following blogs for dozens of options to fit your needs:

Lender Partner Offerings

Ivey Homes Summer 2024 Buyer Incentives

Income-Based Down Payment Assistance Options

At Ivey Homes, we’re committed to helping you find the best path forward in your home-buying journey. Whether you choose to wait, plan for a future move, or take advantage of our current incentives, we’re here to support you every step of the way. Feel free to reach out to us with any questions or to learn more about how we can assist you in making the most informed decision for your family’s future.

Ivey Homes is a leading new home builder in Evans, Grovetown, Augusta, GA, and North Augusta, SC, with townhome and single-family home pricing ranging from the $215,000’s to mid $500,000’s. For more information about living in or building a new home in Columbia County, Richmond County, Aiken County, or Edgefield County, visit iveyhomes.com! 

Connect with Ivey Homes on our Facebook page and Text: IVEY to 77848 for convenient updates.