Discover the Benefits of Homeownership

DISCOVER THE BENEFITS OF HOMEOWNERSHIPFor many, homeownership is the pinnacle of the American Dream. It’s a milestone we look forward too even with all of the responsibilities that are associated with owning your own home. However, there are plenty of benefits that come along with it! If you’re renting, or in the market for a new home and you’re wondering what are the benefits of homeownership, here are some of the benefits you can plan for when you own a home.

It’s generally a good investment

Owning a home has always been described as a savvy financial investment since it’s one of the main ways of accumulating wealth, as long as you purchase a home you can afford. As your property value increases over time, you set yourself to get a substantial return when its time to sell.

Build equity

Equity is what you can sell your home for minus what you owe. You own a little more of your home with each mortgage payment, decreasing the amount you owe and increasing your equity. There are two ways to build equity, usually at the same time:

  1. Reducing how much you owe and
  2. Increasing your home’s value, whether through home improvements or just waiting it out.

Enjoy tax benefits

Homeowners enjoy a number of tax breaks, most notably deducting mortgage interest and property tax payments (the latter if you itemize). You may also be able to deduct some closing cost expenses the first year you own your home. Another handy tax benefit comes when you sell: if your home has been your primary residence for more than two years, you’ll be exempt from capital gains taxes up to $250,000 ($500,000 if married filing jointly) when you sell.

Predictable housing costs

Unlike renters, home owners will know their monthly mortgage payments will stay relatively the same, especially if you have a fixed rate mortgage. You won’t have to worry about increasing rent potentially pricing you out of your home and neighborhood.

Create the home you want

Owning your own home means you can create the home you’ve always wanted. You can own pets without the costly pet rent or deposit, paint rooms whatever color you want, change the flooring or hardware, make updates. The possibilities are endless when you no longer have to get permission or change everything back when it’s time to move.

Privacy

Living in a detached home gives you the privacy you don’t get in an apartment. No more dealing with thin walls and noisy neighbors stomping around above you.

For some, experiencing the feeling of accomplishment that comes with owning a home is the ultimate goal; to have a place to create new memories, enjoy celebrations, and share life with family and friends. Simply put, there’s no place like home!

We’re ready to help whenever you’re ready to experience the benefits of homeownership! We build new homes for every stage in life in Oregon, Washington, and Idaho. Contact us to get started with building your own brand new home!

From Dreams to Beams – Part 1: What’s True When Building New?

We are excited to present the first part from our series called, From Dreams to Beams, What’s True When Building New – where we discuss what’s true when building a new home and explain our new home building process. In this first part, of the series, we explain what to expect when build a new home with Hayden Homes and provide answers to some of our most commonly asked questions.

Q: What is the Hayden Homes building process?

  • It is our goal to make the building process as easy and streamlined as possible. Each community offers a number of floorplans that we are able to personalize to you. Whether you need space for an office, play room or work out area, we have plans to fit your needs.
  • From there, our Project Manager will then prepare and submits plans and specs to the City building department after the Purchase and Sale Agreement is written.
    • This typically takes a few weeks to receive back depending on where you are building your new home.

Q: Is there anything Hayden Homes requires at time of contract?

  • We ask for a deposit at time of contract, however, by purchasing a new construction home, it affords you more time to save for a down payment and closing costs prior to the house being completed.

Q: What types of appointments can someone expect during this process?

  • You’ll experience several different appointments and weekly updates from your on-site agent periodically throughout the build. Either done on-site or by phone.
  • This includes:
    • Pre-Construction Meetings:
      • This meeting allows us to align expectations with you, to prepare you for the construction process, and covers the most important construction details of your new home.
    • Pre-Drywall Meetings:
      • Your home is now in framing and your electrical and plumbing is typically in. We will take you on a tour of every room in your home and discuss its progress. At this appointment, we will walk through the interior and exterior, review the structure and systems behind the walls of your new home

Q: During these appointments, where you tour your new home under construction, who is typically attending?

  • During the home tours, it will be you, your Community Manager, Project Manager, as well as if you have a Realtor, Agent, they would be there as well.

Q: At what point should I get a pre-approval?

  • We will need to have it prior to writing a Purchase and Sale Agreement.
  • However, it is nice to have done in advance, so you know what you’re comfortable with and can expect for a monthly payment.

Q: In regard to Lenders, what should you expect? Will the lender reach out to the homebuyer or will they be contacting our Community Managers directly?

  • On your pre-approval letter, your loan officer’s information will be on that letter. We will ensure that we CC them when emailing your regarding all of the milestones of the build of your new home. This allows for them to be informed of the progress of your home as you are.

Q: Does Hayden Homes do any inspections throughout the build process?

  • We strive to provide the highest quality new home, through our comprehensive, over 300-point Inspections we are committed to providing a quality home.
    • Each Hayden Home undergoes several Quality Inspections as well as a third-party verification that your home was built right the first time.
      • The homebuyer is also able to have the home inspected, at your own cost, prior to the new home orientation.
    • For extra peace of mind, we provide a comprehensive one-year warranty.
  • Prior to your home closing, we will do a New Home Orientation
    • This will be in an in-person appointment with your Community Manager, Project Manager and Customer Service Manager.
    • In addition to showing you the best ways to maintain and protect your investment, we will explain all the features and benefits of your new home and ensure you are aware of all the warranties.
  • Key Turn Over: on closing day, we will schedule a special appointment to deliver the keys to your new home

Q: At what point is someone is able to choose and select colors for their new home.

  • After the Purchase and Sale Agreement, your Community Manager will schedule a time for you to come in and choose your colors for your new home. This happens usually within 14-days of writing your contract.
  • Each of our model homes, has a designated design center that allows you to personalize structural features, select your color palette, and choose finishes to make this home uniquely yours.
  • We have worked with an interior designer who created color packages that can help people get started with their selections and makes the process really fun and easy!

Q: How long does it take from writing your Purchase and Sale Agreement to receiving the keys to my new home?

  • For example, in South Washington, it takes anywhere from 100 – 140 days from when we receive permits back from the City. This varies by region, please reach out to a Community Manager in your region to find out how long this process takes in your area of interest.
  • Weather and the different municipalities, do play a factor in our build time as well.
  • We are committed to staying in communication with you, to explain the build times from the beginning, and of course providing updates along the way.

Q: Am I able to go into my new home at any time during the build and conduct my own tours? 

  • You may feel like you don’t want to be a bother to us… but our customers are never a bother to us. We love interacting and being with you through this customer journey.
  • For your safety, since your home is being built in a live job site, we request that you contact us prior to going out to the home to ensure you have the appropriate safety (hart hats) and we can be there with you.
  • We know this is an exciting time for buyers, and we don’t mind setting up appointments to ensure your safety.

Q: Why Hayden Homes? What makes Hayden Homes different than other new home builders, in the market?

  • When you buy a Hayden Home, you will see and experience our commitment to quality.
  • You will work with a team who stands by their work and enjoy a simple home-buying process that is unlike any other in the market.
  • Our customer service is one of a kind, and we offer a 1-year warranty.

Q: What if I don’t want to go into a model home, is there a resource I could use to price out my house?

  • The Design Your Home feature on our website, allows you to personalize your floor plan of choice with the options and colors.

It is important to us that our homebuyers are informed about the home building process. If you have any additional questions, we would love to hear from you and help get those questions answered. Contact us today with any additional questions and to get started with building your own brand new home!

How Much Money Do You Need to Buy a Home?

Couple sitting in their home on their laptop looking up How Much Money Do You Need to Buy a HomeWhen you think about buying your first home, you’re probably already calculating how much of a down payment you’ll need to save based on the price of your desired home. However, those aren’t the only costs you need to consider when it comes to buying a house.

The listing price and down payment are just the start. There are additional costs you’ll need to cover before getting the keys to your new home and chances are, it’s more than you think. Many new first time homebuyers are surprised by how much it actually takes to buy a house. The final costs will vary based on the purchase price but here’s a good run down of the additional costs you should account for when creating your homebuying budget.

Down Payment

This is the most obvious cost following the listing price. The down payment is a percentage of a house’s purchase price that is paid upfront. For example, with a 20% down payment, you’ll pay at least $50,000 for a $250,000 home.

While a 20% down payment is the gold standard, you may be able to buy a house with as little as 3.5% down depending on the loan type (VA and USDA loans don’t require a down payment but additional conditions may apply so check with your lender).

Be aware that if your down payment is less than 20%, your lender may require additional private mortgage insurance (PMI). Saving for a down payment can feel daunting but it’s possible. We’ve rounded up some ideas to saving feel more achievable.

Closing Costs

Closing costs cover the fees for the services and expenses needed to finalize your mortgage. This can include property-related fees like appraisal and home inspection, loan-related fees like the application and origination fees, attorney’s fees (if required), mortgage-related fees like PMI, property taxes, annual fees, and insurance, and title fees (this may vary depending on your location).

Buyers can expect to pay between two to five percent of the purchase price. For the same $250,000 home, closing costs may run between $5,000 to $12,500. You may be able to negotiate closing costs be paid by the seller or take advantage of builder incentives that cover closing costs, if available.

Cash Reserves

This cost usually catches homebuyers by surprise. Most lenders require buyers to have additional cash available after all closing costs are paid. Lenders typically like buyers to have at least two months of mortgage payments available in reserves. This makes sure the buyer can make their payments during the first few months of ownership. If your mortgage payment is around $1400, should plan to have at least $2800 in reserves.

The cash reserves don’t need to be deposited into an account with the lender. The lender will need to verify you have the funds available in an existing savings or checking account, or money-market fund.

Other Costs to Consider

Once the home is officially yours, you can start planning for moving costs and any additional furniture you may need to fill out your home, especially if you’re upgrading from an apartment, or a smaller home to a larger more spacious home.

If you’re preparing to buy a home soon, understanding these additional costs will be helpful. We are not a mortgage lender, so we highly recommend that you check with your individual mortgage lender to determine how much you should prepare to have on hand to buy your new home.

When you’re ready to make the jump into homeowner, we’re ready to help! Hayden Homes builds new single-family homes in Idaho, Oregon, and Washington for every stage of life. Visit us on our website to learn more about our homes and new home communities.

The Credit Score You Need to Buy a House

The Credit Score you Need to buy a houseAn essential part of preparing to buy a new home is understanding your credit score. The credit score is one of the most important numbers when it comes to your financial life. Lenders use your credit information to determine your creditworthiness and ability to repay loans. While everyone understands the importance of having a “good” credit score to secure a mortgage but may not know what score is “good” and what credit score you need to buy a house.

What is a credit score?

Your credit score is a three-digit number between 300 and 850 that represents your credit risk. Credit scores are based on your credit history, including payment history, amount of debt, and the length of your credit history. Each credit bureau uses their own calculation model to determine your credit score, so you may have a slightly different score for each bureau. In general, the higher your credit score, the more likely you’re able to repay a loan. Credit scores have a big influence on the interest rate you receive on loans, so you can potentially save thousands of dollars with a higher credit score.

What’s a ‘good’ credit score?

Traditionally, a credit score of 670 or above is considered ‘good.’ Here’s a general breakdown:

  • 579 and below: Very Poor
  • 580 to 669: Fair
  • 670 to 739 Good
  • 740 to 799: Very Good
  • 800 and above: Excellent

Here’s a quick guide to understanding credit scores.

What’s the minimum credit score needed to get a mortgage?

Each loan type and lender have their own minimum credit score requirement so check with your individual lender for specifics, however, here are some benchmarks you can use to start planning:

  • Conventional loans: these are the loans you’re probably thinking about when you think about mortgages. Unlike FHA or VA loans, these follow standards set by Fannie Mae and Freddie Mac and are not insured by the government. Most lenders require a minimum 620-credit score to qualify for a loan.
  • FHA loans: FHA loans are common for first-time homebuyers. These loans are administered through the Federal Housing Administration and backed by the government, though you can apply for this loan type through a traditional lender. Depending on the amount of your down payment, you may be able to secure a FHA loan with a 500 minimum credit score requirement with a 10% down payment or a 580 credit score with a 3.5% down payment.
  • VA loans: VA loans are backed by the U.S. Department of Veterans Affairs but are issued by private lenders, like banks and mortgage companies. Traditionally, there is no minimum credit score requirement, however most lenders require at least a 620-credit score.

Your credit score requirement will depend on your financing so we highly recommend checking with your lender to determine the minimum credit score you need to qualify for a loan. It’s possible to buy a home with “bad credit” but since you can get a lower interest rate with a higher credit score, it’s worth taking the time to improve your credit before applying for a mortgage. Don’t let your credit score keep you from your dream home! Read our blog post on some simple ways to improve your credit score.

We’re excited to work with you to find your dream home. Whether you’re looking in Oregon, Washington, or Idaho, our team can help you move into a home that’s just right for you at any stage in life. Contact us today.

Tips for Saving for a Down Payment to Buy a New Home

Tips for Saving for a Down Payment 2Saving money is not always easy. And when you’re trying to save money for a down payment, the task may feel more difficult. But it doesn’t have to be! While buying a home requires a healthy amount of savings, it’s possible with some planning and focus.

Before you begin

Saving for a down payment can feel overwhelming. That’s why it’s important to know how much you need before you start saving, By knowing what your goal amount is, you’ll be able to create a savings plan that works for you. While most lenders look for a 20% down payment, you may be eligible for a lower down payment depending on your loan. Check with your lender for more details.

Now that you’ve determined your target down payment amount, let’s talk about some ways you can start saving for a down payment.

Set up automatic transfers

Use automation to your advantage! Set up automatic transfers from your checking account to a dedicated savings account for your down payment. This is the most popular and convenient way to save. Your bank will automatically transfer the funds at the frequency you set without additional work from you. There are several savings apps you can use to create automatic savings as well, like Digit or Acorns.

Wondering why should you set up a separate savings account from your current one? Easy: out of sight, out of mind. Using a separate savings account dedicated to your down payment will keep you from spending your earmarked cash. Another benefit: you can earn a bit of interest as you’re saving so find a bank offering a high interest rate on savings accounts.

Pay off other debt

Paying off other debt (credit card, personal, car or student loans, etc.) will mean you have more money available each month to save towards your down payment. Do whatever you can do to reduce your current debt so you can dedicate more resources to your down payment.

Lower your expenses

Take a look at your expenses and figure out what you can reduce or get rid of. Maybe instead of paying for cable, you can switch to a streaming service. Be careful here; choose one or two streaming services to use, otherwise you run the risk of having a bill that matches your cable bill.

Make lunch or coffee at home

The daily coffee or lunch habit can be costing you a lot.  You don’t have to skip these treats entirely! Maybe instead of eating out every day, consider bringing a lunch three or four days out of the week and eating out once or twice. Likewise, if you have a multiple cup a day coffee habit, try making your morning cup at home and treating yourself to a coffee out in the afternoon. Deposit the money you would have spent into your down payment savings account.

Shop smarter

Use some smart shopping strategies to help cut your grocery expenses. Avoid shopping on an empty stomach to keep impulse purchases to a minimum. Create and stick to your shopping list. Buy non-perishable items in bulk (just items you already use and love!). Choose the store brand instead of the national brands, and look for sales and coupons for items you use regularly.

Unsubscribe to mailing lists

Remove the temptation to shop by unsubscribing to marketing emails. These emails are designed to encourage you spend money with sales and special offers.

Sell stuff you don’t need or use

Chances are you have plenty of things in your home that aren’t being used. Instead of letting them take up space, put them to good use by selling them. You can use online marketplaces like Facebook Marketplace, OfferUp, Ebay or even Craigslist. Or you can host a yard sale. Bonus points: you’ll end up with less to pack up when it’s time to move!

Get a side hustle

Pick up a side job and dedicate every penny you earn towards your down payment fund. Depending on your skills, you can start doing freelance work or join the gig economy by driving for a car service, walking dogs, pet sitting, babysitting, or even tutoring.

Don’t look at saving for a down payment for your dream home as an impossible hurdle. By breaking it down into smaller, more manageable goals, you’ll feel like saving is achievable. You’ll be able to see the progress you’ve made and stay motivated to continue. If you’re serious about buying a new home, it’ll be worth temporarily passing up on expenses to fund this important goal.

Hayden Homes is here to help when you’re ready to buy a new home. We build new single-family homes in Idaho, Oregon, and Washington for every stage of life. Visit us on our website to learn more about our homes and new home communities. We’re looking forward to welcoming you into your new home.

Myths and Truths of Buying New Construction

There tends to be a lot of myths surrounding real estate, especially about new construction homes. You may have heard some of these misconceptions, like new construction homes are more expensive, but you would be surprised to learn the truth. We’re here to set the record straight about some of the prevailing myths about buying a new construction home so you can make the right decision at any stage in life.

Myth: New construction homes are more expensive

The most common myth is that new construction homes are more expensive than resale homes. While new construction homes can be more expensive, you’re getting much more for your money when you buy new. Advances in building processes and materials have made it more cost-effective to build a new home. They’re also built with modern designs and layouts, saving you from expensive and time-consuming remodeling projects. They’re also more energy efficient than most resale homes, saving you money on utilities.

Not only that, but when you buy a new home, EVERYTHING is new: appliances, heating and cooling systems, plumbing, flooring, roofing, and more. You won’t need to worry about replacing anything for several years. In addition, you may find the cost of living is slightly lower, new construction is built with energy efficient construction practices and energy efficient appliances. Plus, with our home builder warranty, it’ll be years before you have to worry about making repairs. In short, you’ll be able to walk into a home that’s completely ready for your family and built to last a lifetime.

Myth: You need a construction loan to buy a new construction home

Guess what: you don’t need a construction loan to buy a new construction home! You can finance a new construction home with the same loans you’d use to buy a resale home including conventional loans, FHA loans, and even VA loans. Most builders partner with preferred lenders to simplify the financing process and offer you appealing rates and terms.

Myth: You have to pay more for land

Unless you’re building on your own lot, you don’t have to pay more for land when you buy a new construction home. Aside from lot premiums on select homesites, land is included in the final price of every Hayden home (please see a community sales representative for details).

Myth: Building a new home is stressful

Building a new home is an exciting process! Many people enjoy watching their dream home come to life over the course of a build. At Hayden Homes, we have Community Managers who will manage the entire process for you and will provide you with weekly updates to keep you updated every step of the way.

Myth: There are too many decisions to make

For some homebuyers, choosing paint colors, materials, and finishes are the best part of buying a new construction home. But if you’re overwhelmed by the idea of choosing everything, we have you covered. We have simplified the design process to make it fun and straightforward. With our easy to use color packages, that were hand selected by a professional designer, it’s easier than ever. We can help you choose the right selections for your home and budget.

Myth: New construction takes too long

Some buyers are worried that building a home from the ground up takes a long time. Why wait months to move into a home when you can buy a resale home that’s already built? Well, if you need to make any renovations before moving in, you could still be waiting for that work to finish or live in a construction zone.

Experienced builders are able to quickly and efficiently build new homes while adhering to high quality standards. Also, we have a variety of inventory homes that are ready for buyers who may need to move within a certain timeframe so you can select from homes that are complete and ready for move in and others that are in the process of being completed. View the list of available homes throughout the Pacific Northwest today!

Buy new construction homes in the Pacific Northwest

New construction homes are a good option for homeowners. Knowing the facts behind these common myths will allow you to make an informed home buying decision. Have any more questions? Our community sales representatives are available to help!

At Hayden Homes, we have new construction homes available for sale in the Northwest, including Oregon, Washington, and Idaho. We have beautiful homes that are perfect for every stage in life. Contact us when you’re ready to buy a new home. We can’t wait to help you find your dream home.

Tips for Buying a Pet-Friendly Home

Girl petting her dog in front of their new homeFor many of us, our four-legged pets are part of the family. There’s no denying they often hold a special place in our hearts! Just like you consider the needs of each of your family members, it’s important to think about what your pets will need in a new home as well. Here are a few tips to make sure your new home is not only people-friendly, but also pet-friendly!

Consider Your Pet’s Needs

When thinking about the features you need in your next home, don’t forget about your pets! Be sure to consider your needs now and in the future.

  • Flooring. Look for a home that is built with durable flooring. Most homeowners opt for engineered hardwood, tile, or laminate flooring instead of carpet since they are easier to clean and keep cooler during warmer days.
  • Layout. Consider the home’s layout while touring. Make sure your pets will be able to easily move from room to room and that there will be plenty of room for everyone (and their stuff!). Be sure to consider your pet’s age and physical abilities: do you have an elderly dog that may have trouble navigating stairs? If so, a multi-level home may not be the best idea.
  • Yard space. A fenced-in yard is the top feature most homebuyers consider, especially dog-owners. Make sure the fence is sturdy and does not have any gaps that could lead to potential escapes. Also check that the plants are non-toxic.

Research Local Rules and Regulations

Be aware of any local rules and regulations that may restrict the number or types of pets you may have. Just because you own your home doesn’t mean your pets may be welcomed! Be sure to check with your city and state for breed-specific laws and limits. There may be additional requirements for pet owners to follow.

Find a Pet-Friendly Community

You’ll want to make sure your neighborhood is welcoming to pets. When touring homes, check out the neighborhood and see if there are any other pet owners in the area. Seeing other pets in the neighborhood is a good sign that pets are welcomed in the neighborhood. Be sure to notice how much street traffic is occurring as well!

Also take note of any pet services or amenities near your home: are there sidewalks or a dog park where you can safely walk your dog? Are there any veterinarians, pet sitters, groomers, or walkers nearby? How close are pet stores? Knowing if these amenities are close by will make it easier to maintain your pet’s health and happiness.

Find Great Pet-Friendly New Construction Homes

Finding a home that’s comfortable for every member of your family is possible! At Hayden Homes, we build attractive, friendly communities in Idaho, Oregon, and Washington. Get in touch with us today to learn more about our brand-new homes for sale in the Pacific Northwest. We can’t wait to help you find your dream home.

5 Simple Ways to Improve Your Credit Score

Person using a calculator to review their finances for 5 Simple Ways to Improve Your Credit ScoreYour credit score is the key to your future home. It can be the difference between being approved or denied a mortgage. It can even determine your interest rate! Wondering how credit scores can affect home buying? Check out this post for more information.

Don’t let a poor credit score keep you from getting the home of your dreams. With some hard work, you can transform your credit score. Just remember, repairing your credit isn’t a quick fix; it can take three to six months before you start to see improvement. Here are five tips to improve your credit score.

Review Your Credit Report

Reviewing your credit report is the first step to improving your credit score. Knowing exactly where you stand financially will allow you to make the right decisions as you rebuild your credit. You can receive a free copy of your credit report from each of the three major credit bureaus. When you receive your credit report, make sure the information is accurate and report any incorrect information to the credit bureau to have it removed.

Pay Your Bills on Time

Your payment history is the most influential factor when determining your credit score. Paying your bills on time shows lenders that you’re responsible with credit and is a good indicator that you’ll continue to handle future debts responsibly as well. If you’ve missed payments in the past, get up to date on your payments and stay current.

Reduce Your Debt-to-Income Ratio

Your credit utilization, or the amount of debt you have compared to the amount of credit. Lenders use this ratio to determine if you will be able to make your payments each month. They typically like to see a ratio of 30% or lower.

To calculate your credit utilization ratio, take the total amount of credit used during the month and divide that by your total credit limit. For example, if you have a credit card with a $1,000 credit limit and you spend $300 during the month, your credit utilization ratio is 30%.

If your ratio is higher than 30%, it could indicate that you’re taking on more debt than you can afford. The most effective way to reduce your credit utilization ratio is to keep balances low on credit cards and other revolving credit like personal loans. Don’t just move money around; create a payment plan to pay down your debts.

Keep New Credit Applications to a Minimum

While you’re repairing your credit (or even applying for mortgages) limit the number of new credit applications you submit. Each new line of credit you apply for creates a hard inquiry on your report, which temporarily lowers your score.

Continue to Monitor Your Credit

Keep track of your hard work by continuing to monitor your credit. Don’t worry; you won’t hurt your score by checking your report! When you view your own credit report, it’s considered a “soft inquiry” and doesn’t affect your score.

It’s smart to regularly review your credit report so you can understand how well you’re managing your credit and if you need to make any adjustments. It will also allow you to spot and fix any inaccuracies.

Following these tips will help you establish a healthy relationship with credit and save you money in the long run. If you’re planning to purchase a new home this year, you’ll appreciate the hard work you put in to turn your credit score around.

Buying a Home in 2020? Here’s What You Need to Know

A couple in front of their first new homeWill 2020 finally be the year you buy your first home? After researching and saving, you’re finally ready to take your first steps into the homebuying process. Its always hard to know whether conditions are right, but its important to determine if the conditions are right for you. If you’re ready to make the jump to homeownership, here’s what to expect for the housing market in 2020.

Mortgage rates will remain stable

After mortgage rates steadily declined during 2019 (dropping below 4% for common loan types), mortgage rates are expected to below 4% but don’t expect to see them drop too much further.

Inventory will be tight…

Unfortunately, housing inventory will continue to be tight for much of 2020. There are a lot of factors contributing to the tight inventory, mainly people are staying in their homes for longer than in previous years (the average homeowner is staying in their homes 13 years, up from 8 years in 2010). With homeowners staying in their homes longer, there’s simply less homes available for sale.

New home builders have responded by building more mid-range homes, which may encourage move up buyers to enter the market, freeing up their homes for first-time buyers.

and home prices will rise

Thanks to tight inventory and high demand for homes, prices are expected to grow this year. How much? National Association of REALTORS (NAR) Forecast Summit predicts as 3.6% increase, Zillow predicts a 2.8%, and realtor.com predicts a modest 0.8% rise. Needless to say, competition for available homes will be fierce.

Mid-sized markets will be popular

After moving to urban downtowns, younger generations have turned their eyes back to the suburbs. Mature Millennials, many with young families, have shifted their priorities and now looking for more affordable housing. Buyers are moving to mid-sized cities in search of improved quality of life and homes at a more affordable price point.

New Homes for Sale in the Northwest

If you’re ready to buy your dream home in the Pacific Northwest, we’re ready to help. We build attractive, friendly communities in Idaho, Washington, and Oregon. We have homes for sale you’ll love, and want to be your homebuilder of choice. Contact us today to learn more.

Start Fresh: Buy a New Home

Homebuyers in the Northwest have a lot of options in today’s real estate market. There are plenty of new homes and resale homes available. Why not start fresh in a brand-new home? Depending on what your priorities are, there are several advantages to buying a new home.

Here are some of the top benefits of buying a newly-built home:

Designed for Today

New construction homes are built to satisfy today’s needs. New home builders tap into today’s design trends for flexible, open floor plans, larger kitchens, spacious rooms, outdoor living spaces, and plenty of storage space. They’re also wired for today’s technology, making it easier to outfit your home with the latest smart technology.

Customization

Instead of settling for someone else’s design preferences, you can customize your new home to be a true reflection of your style. Depending on the building stage of a new home, you may be able to select the type of flooring, fixtures, paint colors, and other options to create a unique home tailored for you.

Energy Efficient

Newly built homes are more energy-efficient than resale homes thanks to improved building requirements. Today’s building codes require a tighter-sealed building envelope that prevents air from escaping the house, meaning your home stays cooler during the summer and warmer in the winter months. Additional energy-efficient features include higher-efficiency insulation, doors, windows, and appliances. All of which works together to keep your utility bills lowers and your wallet fuller.

Low Maintenance Living

Today’s new homes offer low-maintenance living in two ways. First, they’re built cutting-edge building materials that require less maintenance, like using composite materials instead of wood that can rot or need repainting. Second, because everything is new, there’s less need for repairs, especially in the first few years of owning the home.

New Home Warranties

A definite advantage of newly built homes is that everything in the house is brand new. Everything in your home is under warranty and since they’re at the start of their lifecycle, you’re ensured many years of problem-free usage before it needs to be repaired. Most builders offer a one-year warranty to cover any needed repairs during the first year in your home, leaving you with one less thing to worry about.

Buy New in the Northwest

If you’re looking to buy a new home in the Northwest, we want to help! Hayden Homes has new home communities throughout the Northwest in Washington, Oregon, and Idaho. Reach out today to learn more about what we have to offer.