Market Moment 

 October 19, 2020

 

Have you been wondering why New Construction home prices are so high?  There have been recent spikes in the cost of lumber.  The higher cost of lumber is adding more then $15,000 to the typical cost of a new single-family home nationwide.

With the low interest rates, people are not only purchasing a new home, many are refinancing their existing mortgage.  The influx of those refinancing has put a large strain on the financing industry.  The time to get to a closing is longer now, due to the sheer volume of buyers and refinances the mortgage companies are working with.

If you are a buyer, ask your mortgage lender what the length of time is to get from offer to closing.  This will help you and your agent make the best offer possible.  No one likes unexpected delays, so knowing ahead of time will help avoid this type of delay.  Just last year, new home purchases were taking 30-45 days to get to closing.  They are now taking 45+ days to get to closing.

Call, text or email me and we can talk Real Estate.

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