Faltering Economy Creates Substantial Incentives for Home Buyers - Housing Slump and Falling Interest Rates Make it a Prime Time to Build New
Current economic conditions make this the best time to build a new home in recent history. Record low interest rates and a laundry list of incentives and discounts from builders feeling the pinch of a multiyear housing slump have given buyers the upper hand in negotiations for new construction.
St. Louis, MO (PRWEB) March 10, 2008 -- A multiyear housing slump and growing credit crisis are just a few of the many factors that continue to strain an already faltering U.S. Economy. As fear of recession has increased over the past several months, the Federal Reserve has aggressively slashed interest rates in a bid to boost economic activity and spending. With many economists now predicting a 2008 recession with a reasonable degree of certainty, several experts fully expect for the Fed to further reduce rates from 3 percent to 2.5 percent in mid-March.
Unfortunately for the housing industry, a recession means things are probably going to get far worse before they get better. However, for home buyers who are so inclined, current economic conditions make this the best time to build a new home in recent history. "A 13-year low in new-home sales has put home buyers in a position to negotiate on new construction for the first time in a long time," said Curtis Cadenhead, President of TheHousePlanShop.com. "Right now a buyer can expect special incentives and discounts at nearly every stage of the home building process."
Indeed, builders across the nation have begun to offer buyers everything from discounted building materials to a guaranteed buyout of their existing home. Some national builders are even offering to pay buyers' closing costs, or including upgrade incentives like 'free' rooms and swimming pools. The discounts even extend to house plans.
"We're running a promotion right now for 15% off the initial sale of all home plans and garage plans," said Cadenhead. "Even though our house plan collection keeps us competitive because we've got top-selling home and garage plans from the country's leading architects, we're not immune to the pinch being felt industry-wide."
It remains to be seen whether or not prospective buyers will bite at the array of incentives being dangled before them, as many continue to hold out for better interest rates and deeper discounts from builders that are likely to materialize in the coming months. But, housing industry veterans like Cadenhead recognize that things aren't as grim as analysts might have you believe. "Obviously, the slump won't last forever," said Cadenhead. "In the meantime, savvy buyers should strike while the iron is hot, and take advantage of the opportunities available."
About The House Plan Shop:
The HousePlanShop, LLC offers top-selling house plans and garage plans in a wide range of sizes and styles from many of North America's leading architects and residential designers. Its expert staff has been in the house plan business for many years, and is committed to making the home plan shopping experience simple and easy through providing exceptional designs and excellent service. Visit http://www.thehouseplanshop.com for more information.
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