New Home Sales Up 12.7% From Last Year while using a Physician Construction Loan
At Physician Loans USA , we don’t want you to feel overwhelmed; we don’t want you to feel like you are lost or alone in whatever you are confronting. We are here to guide you on selecting Atlanta properties.
Today I would like to talk to you about New Home Sales Up 12.7% From Last Year while using a Physician Construction Loan
According to the latest New Residential Sales Report from the Census Bureau, new construction sales in August were up 3.5% from July and 12.7% from last year! This marks the second consecutive month with double-digit year-over-year growth (12.8% in July).
The report also showed that builders have ramped up construction with an increase in new construction starts and completions. The summer months are often a busy time for builders as they capitalize on the warmer weather to be able to finish projects.
Below is a table showing the change in starts, completions, and sales from last August.
Other notable news from the report is that the percentage of new construction sales in the $200-$299k range has continued to break away from the $300-$399k range.
This shows that builders are starting to build lower-priced homes that will help alleviate some of the inventory challenges in the starter and trade-up home categories. The chart below shows the full breakdown.
What does this mean for buyers and sellers?
If you are thinking of buying or selling in today’s market, you no doubt have heard that there is a shortage of existing homes for sale which has been driving home prices up across the country. The additional new construction coming to the market could help alleviate this shortage, but we are still not back up to pre-crisis levels.
Source.. KCM Mike Ficzner Blog
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PHYSICIAN CONSTRUCTION LOANS
100% financing for loan amounts $0 - $750,000
95% financing for loan amounts $750,001 - $1,000,000
85% financing for loan amounts $1,000,000 - $1,500,000
80% financing for loan amounts $1,500,001 - $2,000,000
Must be a licensed MD, DO, DDS, DPM, or DMD
Primary or Second Homes (second homes are slightly lower loan-to-values)
Future income allowed. Must start new job within 60 days of loan closing
No Private Mortgage Insurance Required (No PMI)
Eligible Products: 15 and 30 Year Fixed Rate, 3/1, 5/1, and 7/1 Adjustable Rate
One-Time Close (Close one-time with one set of fees as opposed to getting a construction loan and then having to refinance the construction loan to a permanent loan when construction is complete)
Permanent rate is locked prior to construction close. (This eliminates the uncertainty of rising interest rates)
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