While COVID-19 may have “paused” the housing market, the pent up demand has been building for several weeks. As a result, the Jacksonville market is HOT right now – we are #2 in the nation for Pending Homes Sales.
Here are our Top 7 Reasons to Buy a Home Today:
1. New homes offer more value today. Builders are offering more quality and creative value extras than ever before. Builders and developers are working closely together to bring the best value to the new homebuyer today. Homebuyers in East West Communities are discovering more custom built-ins, larger kitchens, covered back porches, top-of-the-line appliances, and better overall design, as evident in the recent surge in new home sales at Eagle Landing.
2. Interest rates are at all-time historic lows. Mortgage interest rates are hovering in the high 2% to low 3% range, which is phenomenal when you consider the average mortgage rate over the last 44 years has been 8.5%! It makes sense to take advantage of the low fixed rate mortgages while you can. We just don’t know how long they will stay this low.
3. Mortgage Interest Deduction and Tax Advantages. Home ownership is an excellent tax shelter and tax rates favor homeowners. As long as your mortgage balance is lower than the price of your home, mortgage interest is fully deductible on your tax return*. Deducting the interest on your income taxes helps make the real cost of owning more attractive. Whether you buy new or existing, a home is a financial asset- you can take advantage of tax benefits.
4. Today’s new homes are more energy efficient because they are better insulated, usually have better windows and more efficient HVAC systems. Energy Star rated appliances and other “green features” are being incorporated into new homes by many builders. Many existing homebuyers are paying more on utility bills and will need to spend more on energy-saving improvements to make them more comfortable and efficient. Though the price of new construction may be more expensive than a resale home on the front end, a new home may need fewer repairs and/or replacements since everything is brand new. Plus, new homes come with many different warranties. New home warranties help protect you from costly repairs in the future and gives you peace of mind. Many homebuyers overlook the “real cost” of buying an older home is often much more than the initial price you pay at closing.
5. Better design and better technology mean a more livable and appealing home for today’s buyers. New and better ways of constructing homes are consistently being generated. Also, as consumer trends change, new construction has responded with floor plans to accommodate the changing customer needs that some existing homes do not include. If your builder is building the same home he was five years ago, it’s time for a change. Some of the new home trends that are gaining popularity are drop zones off the garage entry, cell phone charging stations, pocket offices, large floating kitchen islands open to the “Grand Room” (return of the old great room which is very connected to the Kitchen area), larger master showers, and flex space (a place for a media room or family entertainment room). There’s less emphasis on formal rooms, and more emphasis on quality kitchen appointments and backyard gathering/entertainment and back porches.
6. Amenities. Many new home communities offer resort style amenities, with acres dedicated to lakes, trails and parks. Our company has done focus groups with residents in our past communities to help determine what they value most in a new home community. Throughout Eagle Landing, residents can jog or bike along trails meandering through the landscape, go for a dip in one of the four pools at the Swim Park, take advantage of the many activities and socials at the golf club including dining on the veranda of The Landing Bar & Grill or explore the 24,000 acre Jennings State Forest. Residents can discover tennis, summer camps for kids, swim teams or enjoy social interaction with new neighbors and friends at the lakeside Cabana bar. Having the luxury of amenities in your neighborhood may also increase your resale value and attract home buyers looking for that sense of community.
With expected completion fall of 2020, a 15-acre park is under construction in our final phases. Surrounded by the neighborhoods of Laurel Valley, Oakland Hills and Eagle Rock, the park features a large pond with 5-foot wide walking paths, pavilions, resting benches plus a playground, parking area, not one but two playfields and two dog parks – for large and small breeds.
7. Pride of Ownership. It is the American dream. There’s no place like home, and it’s a place to call your own. Long term home values will appreciate and increase*. Owning a home makes economic sense for many people but it also helps instill a sense of pride. You can decorate it, landscape it, furnish it, and at the end of the day, gain a real sense of accomplishment and enjoyment from being the owner. You’ve worked hard, you’ve earned it. Go ahead, buy a new home, and make the place you live, the place you love.
Visit www.EagleLandingFL.com to find out more about the new homes, and the excellent school system in Clay County. Contact Keith C. Jones, Sharon Wyatt or Kim Coughlin with East West Realty for more information and your private tour – (904) 291-7200.
*This post is not meant to give anyone any tax or legal advice for their particular situation. Please consult an attorney or tax accountant if you want legal expertise and advice. This commentary is an opinion only.