It’s no secret that the housing market has taken many turns over the past several years. However, according to the National Association of Realtors, 2014 sales of previously owned homes show a significant drop in price gain and overall sales will be less than in 2013, while confidence in new single-family home construction remains high.\r\n\r\nThe findings reflect an emerging trend within today’s housing market, with experts predicting several key factors for 2015. Among them is belief that even though prices will continue to remain sluggish, home affordability will decrease and there are  a couple of significant reasons. While mortgage rates have remained relatively low due to greater interest in the dollar throughout Europe and China, experts believe that rising interest rates — as potentially high as 5% by the end of 2015 — will still outpace a projected increase in the average income. Housing experts also predict that the rental market will outpace the home buying market, as more individuals are not only forced to save more money for a down payment but are delaying life events such as marriage and having children – which are two factors that influence the home buying decision. And although new home sales in recent years have been influenced by builders’ decisions to construct pricier but, fewer homes as opposed to a greater number of cheaper homes. This trend is predicted to change in the coming year, with an estimated 500,000 new, more affordable homes being sold in 2015.\r\n\r\nDespite these changes in the marketplace, owning a home continues to be a solid, long-term investment for most prospective buyers. Homebuyers considering new home construction in the West Chester, Pennsylvania area can find high quality, energy-efficient homes constructed by Provident Homes. Built on the strength of three generations of family tradition and building experience, the company strives to create a positive and efficient home-building experience for every customer. Provident features four beautiful communities that comprise of the residences at Bailey Station: The Crossing, Northgate, The Reserve, and The Mews. The Provident team’s commitment to detail and quality has set the company apart as one of the premier, up-and-coming home builders in Chester County.\r\n\r\nTo learn more about the Provident Home communities and the home building process, visit www.providenthomes.com or contact the sales office at 1-888-974-2466.