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Why Now is a Great Time to Buy a New Home

July 30, 2020

Well, it finally happened. The day they said would never come is here and 30-year fixed mortgage rates dropped below three percent for the first time since Freddie Mac started releasing data in 1971. 

What does that mean for you? It has never been a better time to buy a new home in Southeast Michigan and Norfolk Homes can help you find the perfect one for your family. 

More about mortgage rates

Mortgage rates started dropping dramatically at the start of 2019 and settled at 4.13 percent average 30-year fixed annual rate according to Bankrate.com. This marked a drop of more than half a point from 2018’s 4.70 average. The steady drop has continued with a 2.98 percent mark on July 17 for a full point drop from the 2019 average.  

For a $400,000 home with a standard 20 percent down payment, that could mean nearly $80,000 in savings over the life of a 30-year loan giving buyers the option to increase their dream home budget or stash money away for other expenses. 

The timeline

Many Michigan families put big decisions on hold the last few months while they tried to settle into the changes. But, with these positive trends in the housing market, the second half of the year is prime time for buyers and sellers in a hot market. 

Maybe it’s time to revisit those New Year’s resolutions especially if they included finding a new home with a bigger kitchen, more storage space or upgraded technology. And, if that’s the case, it’s always a good idea to make that decision now and start construction before winter. 

Smarter homes are at the top of the list for a lot of our buyers which led to Norfolk Homes’ higher standard for included features that maximize energy efficiency, comfort and safety. As a part of this endeavor, new homes are pre-wired for a Wireless Access Point with Wi-Fi light switches, a programmable thermostat and Wi-Fi Garage Door Opener. Homes also include a SkyBell Smart Video Doorbell. 

 Norfolk Homes is actively building in  Arlington Woods in Dexter’s Webster Township and Mystic Ridge in Hamburg Township. New building is also happening in Chelsea at Westchester Farms, in Ann Arbor at Cornwell Farms, and in Jackson at the Preserve at Magnolia Park. 

Call to make an appointment with the Norfolk Homes team and visit one of our Quick Move-In Homes or start planning a new build project with help from the Design Studio.