Should You Buy Now? or Later?

Home prices in the Phoenix area - and actually nationwide - are at an all-time high. And it appears there will be no turning back. At William Ryan Homes Phoenix, we understand that our homebuyers are very concerned about choosing the right time to make their home purchase. So please take a few moments to understand what’s causing rising prices in new home construction in Arizona and elsewhere. We’d also like to soothe your concerns that these rising prices for new home construction in Phoenix may be just a temporary one. And we  want you to know that William Ryan Homes in Arizona offers you guarantees to help you decide on a new home without reservation.

We Even Offer Price Protection.

Leave it to William Ryan Homes Phoenix to innovate ways to give our buyers peace of mind throughout the homebuying and homebuilding process. We can actually lock in your price for you! If the base price of the home you’ve chosen drops before closing, we will credit you the difference at closing. However, if the base price of your new home goes up before closing, you don’t pay a dime more than you initially agreed to. That’s protection! And it costs you nothing as the buyer of a new William Ryan Home in any of six top-rated master-planned communities throughout the Phoenix area.

Lock In Your Interest Rate Too

William Ryan Homes has partnered with Mutual of Omaha Mortgage to offer you a home mortgage tailored to your family’s needs through Home Loan Express. We believe that one thing you shouldn’t have to worry about while your new William Ryan Home is under construction is rising interest rates. While typical interest rate locks last for 30 to 60 days, we allow borrowers to lock a loan program and interest rate for up to 12 months, a whole year. If interest rates increase after you lock, your interest rate is protected. If rates drop within 60 days of closing, you get a one-time opportunity to get that lower rate on your new Phoenix home by William Ryan Homes. Connect with our Home Loan Express representatives to learn more.

Move Forward with Confidence.

 If you’re wondering if there’s a housing bubble like what occurred in 2006, take heart. The answer is no. In fact, many experienced financial advisors say absolutely not. The 2006 housing crisis was caused by lax lending practices from mortgage bankers and crazy levels of real estate speculation. Those situations no longer exist. Times have changed, as they say. The situation today is much different and quite simple: there are more people who want to buy homes than there are homes available, which of course causes home prices to increase.

Timing Can Be Everything.

 For homebuyers like you, the situation can be a most profitable one. Buy now and you’re very likely to save thousands of dollars over the price increases to come in 2023. In fact, next year you could end up paying an additional $26,000 on a home compared to what prices are today. So this increases the value of your home next year and quickly helps you build equity.

It’s not just the cost of new home construction in Phoenix that’s rising though. Think about rising mortgage rates that are likely too.. Home.com states that it’s not a question of whether mortgage interest rates will rise each year – but by how much.

Your New Home Becomes Worth More.

Homebuyers who purchase sooner rather than later will likely benefit from these escalating prices for new homes. As prices rise, the value of your new home rises and your equity increases too. All of this happens without an increase in your home payments because you locked your home price and mortgage in when you did. Of course your property tax is a different issue over which you have little control. But, at any rate, if these trends in new housing costs continue, your home increases in value year and year after year.

How Does Home Equity Work?

If you’re new to home ownership or simply unfamiliar with how it works financially, here is some information for you. Home equity is the portion of your home that you’ve paid off. In other words, it’s the part of your home that is yours versus the mortgage lender’s. Simply put, home equity is the appraised value of your home minus your outstanding mortgage and loan balances.

Generally speaking, home equity builds over time as you pay down mortgage balances or add value to your home such as making improvements or additions. For many homeowners, home equity is their most valuable asset because it can be used like a nest egg from which you can get home equity loans or lines of credit.

Equity Is a Good Thing to Build.

Because home equity is the difference between your William Ryan Home’s current market value and your mortgage balance, your home equity can increase. Here’s how:

• Making mortgage payments. The easiest way to increase your home’s equity is to reduce the outstanding balance on your mortgage. Every month when you make your regular mortgage payment, you are paying down your mortgage balance and increasing your home equity. You can build equity faster by making additional mortgage principal payments if you wish.
• Making improvements that increase your property’s value. Even if your mortgage principal balance remains the same, increasing the value of your home also increases your home equity. Just know that some home renovations add more value than others so research before starting an improvement project if your goal is to increase home equity.
• When the property value rises. Usually property values rise over time. This is called appreciation, and appreciation builds equity. Increasing property value depends on things such as your location and the economy.
• Making a large down payment. A larger down payment can also increase the equity in your home. If you put 20 percent down on your home instead of 10 percent, you’ll have more equity. That could also allow you to tap into your home equity faster.

Be Sure You Visit Soon.

 Where is William Ryan Homes located? Our six top-rated master-planned communities with new construction homes in the Phoenix area are Harmony at Montecito, Arroyo Norte, Eminence at Alamar, Broadleaf at Verrado, Fairways in Victory at Verrado, and Wavelength at Eastmark.

To learn more about our pricing protection program and the homes we offer at William Ryan Homes Phoenix, please call our Online Sales Counselor at 602-903-2330 to request an appointment.