The real estate market has been unpredictable the past couple of years: prices skyrocketed, inventory disappeared, then interest rates rose. Trying to purchase a house in such market conditions can be frustrating, and downright scary, at times.
There’s good news, though … 2023 market conditions are looking up for buyers! Many of the unique challenges buyers faced during the early COVID years are waning, boosting buyer confidence. Here are all the reasons 2023 is the best time to buy a new home in Manvel, TX.
High Inventory and a Buyer's Market
With housing inventory at an all-time high, home builders are more open to negotiation, resulting in lower prices. This puts you in a unique position to find your dream home at a price point that doesn’t break your budget. So if you’ve been debating on buying a home, 2023 will be the perfect time to take advantage of these market trends and find the ideal Manvel, TX new home community for your family.
A buyer’s market also means you have the opportunity to add all the features you’ve dreamed of. With both quick move-in homes and ready-to-build homes available, prospective homebuyers have plenty of options to choose from — and once you’ve found the right floor plan, be sure to ask your builder how you can personalize your new Manvel, TX home to make it your own.
Builder Incentives are Back
You may have heard about builder incentives, which are promotions used to entice buyers to purchase a new home. Such incentives could include free upgrade packages, design allowances or lowered closing costs. Some builders even offer attractive extras like upgraded appliances, flooring allowances or financing assistance.
Builder incentives have been sparse over the past two years, but with the market shifting you can expect to see more and more builders re implementing their incentives programs. Be sure to sign up for home builder updates so you have the latest information about incentives and inventory when you’re ready to start shopping for your new home.
High Rental Prices
The crazy housing market prompted many potential buyers to postpone their homebuying plans, choosing instead to rent. Like the purchasing market, lower rental inventory and higher demand has also caused rental prices to increase, leaving some renters paying as much in rent as they would in a mortgage.
While rent prices may begin to flatten out in 2023, they are still higher than they were a year ago. As leases come up for renewal some renters who put off buying should consider jumping back into the buying pool with housing prices becoming more reasonable.
Mortgage Prices Expected to Go Down
Mortgage rates have been on a downward trend in recent months, with the average 30-year fixed rate dropping to 6.18% in January from a high of 7.08% last year. Housing experts are optimistic that rates will continue to fall, with economists at the Mortgage Bankers Association and Bankrate predicting an average rate of 5.2-5.25% for a 30-year fixed loan by the end of 2023.
With Valencia’s upcoming opening this fall, that’s great news for anyone who wants to take advantage of lower rates and buy a new home in Manvel, TX this year.
Explore the Best Place for Homebuyers in 2023
If 2023 is the year you’re looking for a new home, a home that gives you more of what you want, Valencia by Hillwood Communities is the perfect place to plant your roots. Our Manvel, TX location offers a blend of nourishing comfort and vibrant living with easy access to local employers, attractions and Houston’s city center.
At Valencia, we’ve thoughtfully selected the area’s top homebuilders. Their award-winning practices will ensure you’ll find a home uniquely designed for your family’s needs. And when you walk out your front door, you’ll be surrounded by community parks and trails, a pavilion and pool, and many other amenities we can’t wait to tell you about.
Our new Manvel, TX community’s proximity to local parks, schools, and beaches, as well as the future site of the Manvel Town Center, makes Valencia the ideal place for a refreshing new chapter for your family. And with easy access to major highways, the 18-mile commute to Texas Medical Center will have medical professionals loving their shorter commutes.
There are plenty of options to fit your family’s unique housing needs with new home prices range from the $300s - $700s with homesites ranging from 40’ to 70’ lots
Start Your New Home Search
It’s never been a more exciting time to think about buying a new home in Manvel, TX. Start your home search today at Valencia and take advantage of the current housing market trends.