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Buy/Build a New Home Now, Interest Rates are Rising - Massachusetts

In the last couple days the FED has made some decisions that will hopefully hold off on inflation. However, those same decisions will most likely raise interest rates right through the spring. While interest rates are lower now than they were at the beginning of the 21st century, they are going up and show no signs of stopping.

If you were considering building a new home in the spring, you may want to reconsider. Start building now and consider modular construction. With a modular home, the construction process is faster, and the budget is set. November actually saw the highest rate of new home construction in years. That is because the economy is picking up. It is also most likely because home prices are high and interest rates are rising. No one wants to pay ‘too much’ for a home they don’t love or that they need to renovate.

Construction loans for modular construction are the same as those for traditionally built homes. The difference is in the length of the loan. Because modular homes are built faster than traditionally built homes, you realize the entire amount of the loan faster. However, modular construction also lessens the time that your are paying for two homes- the one you are living in and the one you are building.

The modular homes industry is gaining in popularity and the demand for new homes is high. Homebuyers are looking for alternatives to rising new home prices and interest rates. Modular homes are the alternative.

The public is becoming more educated in modular construction and more people understand the structural, construction and cost benefits of modular homes. Modular homes are high quality, attractive, and custom designed homes at an affordable cost and in a fraction of the usual time.

For more information on modular construction as an alternative, contact Avalon Building Systems.

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