The U.S. government has touted the benefits of buying a new home for years now, and for good reason! Buying new homes not only drives individual wealth, it enriches the community itself in a number of ways. Communities in which most residents own their own homes show a greater degree of civic participation and higher voter turnouts. As well, buying a brand new home is associated with many positive outcomes like decreased instances of teen pregnancy, lower levels of crime, an increased likelihood of children graduating from high school, and overall better health and wellness for residents. With all of this positive data, why would anyone conclude that buying a new home from a builder or buying a townhouse is anything less than the best option?
There is an answer to that question, unfortunately. The Great Recession, a major cause of which was a housing bubble that burst spectacularly, resulting in record level foreclosures and sharp declines in property values, has made many American skittish about buying a town house or single family home. Even though mortgage interest rates have plummeted to lows not seen before, some people have reassessed whether buying a townhouse or single family house is right for them. However, all signs point to recovery in the housing market. Now is in fact the best time for buying a townhouse or new build homes.
The US housing market, which has been a buyers market for several years, is fast rebounding from its former bottom. Within a year, it will be a sellers market. Therefore, if you are considering buying a townhouse, right now is absolutely the time to do it. Mortgage rates are still low, but they will not be for very much longer. It is worth taking the leap now and buying a townhouse before you are priced out of the market.
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