2016 Saw an Increase in Florida Custom Homes—Here’s what’s In Store for 2017
2016 was the year when we saw an increase in the amount of custom homes being built all over Florida. This includes Stanley Homes in Melbourne FL. With the New Year here, it is time to look forward to seeing what 2017 has in store for the Florida housing market. Here are the estimates about what is expected in 2017.
- More Housing Options
For the last few years, there has not been a huge amount of houses on the market. This one of the reasons that many buyers turned to having custom houses built in 2016. There has been a small increase in the amount of homes on the market, as some sellers can get the equity from their house. However, with mortgage rates looking like they are going to increase, sellers are rethinking their selling plans and listing now. This could increase the housing options for the first half of 2017, but it could slow down in the second half as the new mortgage rates come in.
- More Financing
While the mortgage rates are on the rise, credit is becoming easier to find. The Federal Housing Finance Agency has stated that in 2017 the lending limits will be increased. This can help people who are looking to buy or have a house built in 2017. This is the first change to the lending limits since 2006 and is a needed change for the housing market.
It should be noted that lenders are not becoming less stringent with their requirements. However, there are new mortgage programs that are available, which can help with these requirements. The new mortgage programs are designed to help first-time home buyers and give them the ability to buy homes, which was very difficult in the past few years.
- Overall Market Activity
At the end of 2016, we saw an increase in mortgage rates. This rise in mortgage rates was faster than in the last few years when the increases were much slower. This quick spike in mortgage rates happened right after the election results and has continued. So, this spike has slowed the market down, which could be a problem for those who want to sell their home in 2017. There are estimates that this slower market will continue into 2018. However, the increasing rates can also speed up the market for a short amount of time, as buyers try to buy while the mortgage rates are still low. So, you want to sell and buy now.
Stanley Homes in Melbourne FL is going to keep building top quality custom homes in 2017. The amount of new constructions being completed and new projects being started is a good indication that we are going to continue to see this trend.
Stanley Homes has the experience and knowledge to build you the perfect custom home in Brevard. With a custom home from Stanley Homes you can customize it exactly how you want so your family will love it. Please give the professionals a call at Stanley Homes in Melbourne Florida. Stanley Homes designers and planners can help you build the best home for your lifestyle. To talk to a professional home designer and builder please give us a call at 321-684-7761 or contact us via email. With convenient locations in Brevard we can help you plan your new construction home to your exact needs. Florida Style of Living Homes from Stanley Homes.