Market Transparency
Eastbrook Update
Open Houses: Come visit us in our model homes to get a personalized tour and information on building or buying with Eastbrook Homes. For information on Open House dates and times, please visit our Move In Homes page or the Community Page that you’re most interested in. We look forward to seeing you there!
Holiday Schedule: Please note that our Sales team will be available by appointment only during the following days:
- Easter: Sunday, April 9th
- Mother’s Day: Sunday, May 14th
- Memorial Day: Sunday, May 28th and Monday, May 29th
- Father’s Day: Sunday, June 18th
- Independence Day: Tuesday, July 4th
- Labor Day: Monday, September 4th
- Thanksgiving: Thursday, November 23rd
- Christmas: Sunday, December 24th and Monday, December 25th
- New Year’s Day: Sunday, December 31st & Monday, January 1st
Current Build Time: Our current build time is 8 – 10 months from point of sale to complete. This longer build time is due to a nationally felt shortage of materials, construction workers, and an influx of people wanting to build.
Starting Prices: To see the starting prices by community, please click here. Please know we are experiencing a fluctuating cost environment due to the costs of materials nationally. Our prices change regularly and without notice.
Please continue to check back!
Market Insights
Lender 2023 Forecast
One of our Preferred Lenders, LMCU, provided this helpful forecast:
The recently released Consumer Price Index for December 2022 showed a lower-than-expected inflation rate of 7.1%, indicating a potential decrease in the overall rate of inflation. The Federal Reserve’s decision to raise the federal funds rate by 0.5% was in line with market expectations and is unlikely to significantly impact mortgage rates, which are predicted to remain in the range of 6-6.5% for the first half of 2023. Given the potential risk of a slow down in the coming years, it may be advisable for individuals to consider adjustable rate mortgages for the short term.
Meanwhile, the continued dominance of large companies in the rental market may suggest that rental prices will not experience a significant decrease in the near future. It is worth noting that the current high rent prices have made monthly rent payments more expensive than mortgage payments for many individuals. It is possible that the high cost of renting may incentivize more individuals to consider purchasing a home, which could potentially lead to an increase in demand for housing and a corresponding increase in home prices. When housing supply is low, building a new home can be a better option than trying to purchase an existing one, as it may be more difficult and expensive to find a suitable home on the market.
Renting versus Owning
There are several reasons why owning a home can be a better option than renting. For one, owning a home allows individuals to build equity over time, whereas rent payments do not offer any return on investment. Additionally, owning a home provides greater stability and security, as homeowners are not subject to the potential risks of eviction or rent increases. Owning a home also allows individuals to have more control over their living space and to make modifications and improvements as they see fit. Furthermore, the mortgage interest and property tax payments associated with homeownership can be deducted from one’s taxable income, which can provide significant tax savings. Overall, the potential financial and personal benefits of homeownership make it a compelling option for many individuals
Supply Chain & Pricing
As was expected, 2022 brings continued after-effects from Covid-19 on industries across the board. The housing industry and builders have been affected as much as anyone else, possibly more, given the number and wide variety of products that go into a new home.
We are seeing that supply chain disruptions, from manufacturing to distribution, continue to affect new home builders
With lumber prices rising once again, in addition to copper, steel, cement, and resin found in many products, new home prices have continued to increase.
We continue to see delays and shortages in all supplies and materials, but we’re working through all of it. In fact, we are making sure communication is one of our top priorities, so you are in the loop at every stage of your new home project.
The bottom line is, we’re working through all of the challenges and changes on our end, so you don’t have to. Through our Eastbrook Building Process and our relationships with local and national vendors, we do our very best to bring cost savings and timely milestones to your new home project.
The Eastbrook Experience
Price Lock: Lumber prices are at an all-time high and show no signs of dropping any time soon. However, all our new home buyers are protected by the Eastbrook Guarantee. With Eastbrook Homes, once a new home buyer decides to sign a non-contingent new home purchase agreement, they are protected from rising costs and expenses on their base home plan and home site. Additionally, once they have selected all of the features for their home, finalize their pricing and submit their deposit per the purchase agreement, the home price will not change.
No Construction Loan: Simply get Pre-Approved with one of our preferred lending partners and Eastbrook will carry the costs of your new construction until your home is complete, so you can save on interest payments and focus on the things that matter most, building your dream home.
Included Features: Eastbrook Homes is proud to offer you an array of quality Included Features, which means that your base price includes everything you need for a turn-key home. On top of that, we’re excited to offer Moen faucets, air conditioning, and Smart Home technology in your base price
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