There are so many reasons to buy a new home in Contra Costa, it would be impossible to list them all here. That is why today, we’re going to let you hear directly from them. Why are people buying homes in 2021? This is what the reports and professional research say:
Reason #1 Mortgage Rates are Incredibly Low
According to Freddie Mac, the average 30-year fixed interest rate today is 2.65%. In fact, every time the mortgage rates changed, they dropped further and further. In 2020, the average interest rate for a 30-year fixed mortgage hit a record low 16 times! It’s no wonder so many people decided that this year was the right time to purchase a home.
Reason #2 Many People are Working From Home
One major change this past year has been millions upon millions of people transitioning to working from home. Many of these people realized remote work was made significantly more difficult without a designated home office and decided to move. It isn’t just this. Without needing to be in a location that makes a commute to the office convenient, people are leaving the crowded areas and stretching out.
Reason #3 Staying at Home Means Needing More Outdoor Space
As a society, we’ve needed to stay home a lot this year. Safety and health measures have been taken to ensure we come into contact with as few people as possible. When you can’t take the kids to the playground (or even to school!) your backyard becomes a life saver. Many homeowners this year made a move to a new home that allows their family to better enjoy outdoor living. A pool, swingset, or simply green space to run around is absolutely essential if you’re staying home for long periods of time.
Reason #4 Older Homes are Ready for Renovations
Many homes in our area were built several decades ago. Those older homes are now at the point where they need a bit of TLC. According to the 2020 Profile of Home Buyers and Sellers report from the National Association of Realtors (NAR), 44% of homebuyers purchased a new home to “avoid renovations or problems with the plumbing or electricity.” The owners recognized the need for a revamped kitchen and new roof and decided to move instead. We don’t blame them!
We understand that purchasing a new home can be a bit overwhelming. It’s a big financial investment, and you want to get it right. When you work with the Frazzano Tse Team, you’ll never be doing this alone. We want to remind you all the reasons that this is what’s best for you financially, both in the immediate future and in the years to come. As well, we can show you the fantastic properties throughout the Alameda Counties area that we currently have on the market. We encourage you to contact our Contra Costa real estate team today!