Market Statistics (it’s still a good time to buy)

West Chester is a gorgeous place to call home, and you may be thinking about settling into this area of Pennsylvania with a new home purchase. You may already be renting a home in the area, or you may be relocating into West Chester from another location. However, you may not be certain if now is the right time to make your purchase. By focusing on a few important points, you can make a more informed decision about your real estate plans.\r\n

Interest Rates

\r\nThe majority of individuals who will purchase an existing home or who will build a new home in the West Chester area will be financing their purchase with a mortgage. When the national economy declined due to the recession in 2007, interest rates hit near-historic lows. While interest rates have been slowly rising over the last few years, the fact is that the rates are still very low. This makes it more affordable for you to purchase a home. Interest rates are predicted to continue to slowly rise over the next few years, so there may not be a better time to make your purchase than right now.\r\n

Market Conditions

\r\nOf course, there is more to consider when making a buying decision than the affordability of mortgages. When you consider the fact that the median home price in West Chester is up by 12 percent over last year, the average number of days for a listing to remain on the market is 55 days and the available inventory is down, there is strong evidence to suggest that the local real estate market is very active. Keep in mind that if you cannot find an existing home that meets your needs, you may be able to build a new custom home. It can take between five and seven months or longer to build a custom home, so you may consider beginning the process now.\r\n\r\nIf you are interested in purchasing a new home in West Chester, the fact is that the market conditions and the interest rates are both in line to indicate that now is a great time to make your purchase. It is also a prime time to build a custom home that fully meets all of your needs and that has the latest energy efficient features built in. You can begin exploring both options to determine which is best suited for your needs and goals.