Should I Wait to Buy or Build a Home?

When Anthony and Kristine Mauric first looked into building a home in 2019, they were expecting their first child and preoccupied with getting ready for their little one to arrive. By the time their son was born and they felt comfortable with their finances in parenthood, the couple started looking again. And then the COVID-19 pandemic hit. 

Delayed into 2022, the Maurics finally began building a home at the same time mortgage rates went soaring in the face of high inflation. That double whammy made their monthly payment higher than it would have been three years earlier. 

But, no matter. It was time once and for all for the family to take charge and invest in their future, regardless of the broader economic conditions.

“It’s more space for us to grow,” Anthony said in January, a month after the family moved into their new Maxwell ranch in Eastbrook Homes’ Autumn Trails community just north of Grand Rapids. “I’m happy we did it when we did. “We really figured that if we waited any longer, the price would just keep going up. I don’t know that our salaries are going to grow as fast as the prices in the housing market.”

If It’s the Right Time for Your Family, Then It’s a Great Time for Building a Home

In a perfect world, there wouldn’t be rampant inflation and surging mortgage rates. And there would be plenty of homes available for young families like the Maurics. The housing market throughout history has rarely presented the perfect buying conditions for house hunters. Instead, individuals and families must weigh the tradeoffs of buying or building a home at that moment in time.

“There still is a shortage of homes with demand over supply,” said Bruce Bylsma, a residential construction specialist with Eastbrook Homes. “And the days of 3% interest are probably never going to come back.”

Still, as the Maurics discovered, now may be the perfect time for you to get into the home of your dreams. After all, whatever the rate of inflation or the price at the pump, you might still need more space for your growing family. And you might still need an extra bedroom for that baby on the way. 

“Eastbrook continues to add new neighborhoods around West Michigan and the Greater Lansing Area, so we’ve got wonderful places to live,” Bylsma said. “It’s a great time to build if it’s the right time for your family.

“Sometimes it comes down to looking at building a home more as an investment in your family rather than as a cost.”

You Don’t Have to Marry Your Mortgage Rate When Building a Home

When building your dream home, take advantage of the creative loan programs available through Eastbook’s preferred lenders that can take the sting out of higher mortgage rates when building a home. For example, you can buy down your interest rate to reduce your monthly payment or extend your interest rate lock, so you don’t have to worry about rates rising higher. 

Adjustable-rate mortgages that give you a lower rate upfront are becoming more popular, and refinancing is always an option if rates come back down. That’s what the Maurics are planning to do.

“We always say, ‘You’re dating the rate. You’re marrying the house,’” Bylsma said. “Many lenders will work with you to refinance when you’re ready.”

Are You Happy Where You’re At?

None of us can control the economy. Nor do we know what the rest of the year will bring in terms of inflation and mortgage rates. But you can take steps right now to make 2023 the start of a brighter future for your own family. 

Anthony and Kristine Mauric could still be living in their previous residence with a lower mortgage rate and a lower monthly payment. Of course, then they’d be living in an 80-year-old house with a never-ending list of repairs, not enough space for their family to grow, and a view out the back straight into the yards of three neighbors. 

Instead, they decided that their family couldn’t wait any longer to capture their dream home goals – they began building a home in Eastbrook’s beautiful Autumn Trails neighborhood with more room, modern amenities, and warranties on all the big-ticket items that can be so expensive to replace in older houses. Theirs is a new home with scenic woods out back, family-friendly Rockford area recreation opportunities, and personalized touches indoors that Anthony and Kristine chose with the help of Eastbrook’s Home Creation Studio. 

The Maurics love spending time in the breakfast nook they added off the back of their home. They love being all together in the open floor plan where the living room, kitchen, and dining room flow together. They love seeing out their big windows and grilling dinner on their composite deck overlooking the woods.

They just love having a home that affords them the chance to be who they want to be, rather than letting economic conditions beyond their control prevent their family from moving forward.

“I’m happy where we’re at,” Kristine said.

Do your 2023 goals include buying or building a home? Eastbrook Homes believes now is the perfect time to buy and build and we invite you to take advantage of our affordable, customizable home plans in welcoming communities throughout West Michigan and the Greater Lansing Area. Our experienced sales agents will expertly guide you through the home buying and building process, tailoring each step to perfectly capture your unique needs and wish list items. Download our free interactive home building guide or connect with us here to get started on your dream home journey.