The Most Popular Home Styles Right Now

Steve spoke with Terry Story, a 30-year veteran at Keller Williams. In this installment of the weekly Real Estate Roundup, Steve and Terry talked about why now is a great time to buy a home. The big takeaway is there are several future advantages to buying your dream home now.

Fixed Mortgage Rates

One of the biggest advantages to buying your home now is the ability to secure a fixed mortgage rate, which is basically a stable housing payment. If you can afford it now and your income leaves enough room that you’re not worried about making payments, you benefit from buying your home. You pay a fixed rate of interest on your mortgage. This is in contrast to, say, renting a place with no rent control. With inflation, your monthly mortgage payments could climb and cause your finances to spiral.

Buying your home now – as long as you can comfortably afford the payments – means you’ll consistently pay the same amount until your mortgage is paid off. You’re essentially protecting yourself from the adverse effects of inflation.

Low-Interest Rates

In today’s market, interest rates are at an all-time low. This is the second most important reason to scoop up your dream home now and a major part of the reason why it’s a buyer’s market. Could these rates stay low for many years? Sure. But the truth is that the housing market is cyclical and the chances of them climbing are pretty good.

Locking in your home loan now means you get a low-interest rate on your mortgage and consistent payments until the loan has been repaid.

Many people look at the prices of homes only. While it’s important to be able to afford the outright price of the home, keep in mind that when housing prices rise, interest rates drop. Are homes perhaps a little more expensive today? Yes. But this is largely a response to the fact that – as discussed before – inventory supplies are dwindling, which means homes are being listed at higher prices since the need to earn more off each home is greater. Also, due to the dwindling supply of available homes, people are willing to pay more to secure a home.

Home Trends

Popular home trends and styles vary over the years and are dependent upon geographical location. But the truth is that some home styles are consistently in demand.

The ranch style home has been at the top of the list for decades. This is a one-level home, with three or four bedrooms. Why is it so popular? It’s a decent home to age in; having one level means everything is easily accessible. And a three-bedroom ranch is perfect for almost any size household since it leaves rooms open for guests and the ability to create a home office or den.

The Tudor (which references the English Tudor dynasty) is another popular home style. It’s an English-style home with enough class to impress but enough flexibility to allow for a modern feel. Also on the list of popular home styles: craftsman, Mediterranean (which is incredibly popular is beachy places like Florida), and modern.

If you’d like to learn more about buying or selling a home or to learn more about Terry, check out Keller Williams!   August 13, 2019