Zillow has updated its housing market forecast, predicting a slower 1.9% growth in home values over the next year. This is due to rising mortgage rates, fewer new listings, and a more balanced market. Sales are also expected to slightly decline, but higher-priced homes are seeing increased activity. Despite a stabilizing trend nationally, it's important to assess local market conditions and factors like inventory levels and new home construction to make informed decisions.
The cost of a new house can vary based on various factors, including the finishes chosen by the buyers. To save money, potential buyers may consider hiring a contractor later on to add desired finishes after moving in. This strategy can help avoid high costs for unnecessary upgrades during construction, allowing buyers to focus on essential structural elements.
Newly built homes come with hidden costs that can pop up after the first year of ownership. Property taxes are often estimated based on old data or projected values. When the county reassesses the home's value, taxes can increase significantly, leading to a jump in mortgage payments. To avoid surprises, homebuyers should research the local tax assessment cycle and consult with a loan officer to estimate the potential property tax increase.
