Due to the challenges caused by the recent stay-at-home orders, as well as temporary credit restrictions, there has been a tough but a necessary period in which homeowners and buyers must adapt to gain or retain ownership over their homes. As a business closely connected to parts of the real estate industry, Paradigm Homes strives to help homeowners and buyers through this difficult time. As this month is National Homeownership Month, it is the perfect time to discuss a few of the strategies to meet your home-related goals.
We are well acquainted with the challenges of Building Homes for numerous clients, as Paradigm Homes includes a team of experienced Custom Home Builders and designers that have worked for residents throughout Arlington, VA. We are also capable of consulting with clients on purchasing land plots, designing their homes, reinventing their current space with a Pop Top Addition, and more. Our focus during these difficult times is to help homeowners and buyers work proactively against the challenges they may face.
Below are a few of the homeownership trends within the United States and what you can do in response:
The Current State of Homeownership
Though many areas of the U.S. are affected by the effects of COVID-19, Virginia’s housing market has declined less severely according to this report from NBC12.
Homes are still being sold at a faster rate than years before, yet as expected from the effects of the pandemic, house listings have declined over the past few months.
From a long-term perspective, there has still been a significant increase in individuals switching from renting to owning homes, particularly from younger buyers.
Finally, nationwide and within VA, average home values continue to steadily increase, indicating homeownership as a worthy investment in home equity.
Thus, the current state of the housing market is both affected and unaffected by COVID-19. While there are fewer listings, homes that are currently on the market have a higher value.
What To Do
As a Homebuyer
It is possible to purchase a home for yourself, even during these difficult times, as there are numerous mortgage products for numerous homebuyers to utilize. These include VA loans, HFA loans, FHA loans, and private mortgage insurance loans.
Each of these carries different advantages for different individuals depending on their situation. The most important thing to do is research thoroughly and weigh your options. We have trusted partners in place that we would be happy to connect you with to answer your questions.
Looking for a lot to build on? We can help there too. Our extensive realtor network helps extend our reach to share off market or coming soon opportunities that others may be unaware of.
As a Homeowner
Many homeowners have been struggling even before the challenges they’ve had during the pandemic. Now, with the weight of potential financial difficulties increasing in pressure, we suggest that they speak with their mortgage lenders in order to receive critical support in the form of forbearance.
A forbearance is a temporary delay on mortgage payments, providing some form of economic relief to borrowers, particularly those who have lost work due to the effect the pandemic has had on business within the US. For homeowners, even the briefest forbearance period can make all the difference.
You may also be struggling with your current space now that you have endured extended time at home. We have solutions for that, as well. Our team would be happy to meet with you virtually or in-person to discuss Building on Your Lot or the possibilities with your property and a Pop Top Addition.
Paradigm Homes: Reliable Custom Home Builders in Arlington, VA
The year so far has presented many concerns for those looking to purchase a new home, as well as for those that desire to keep their current property. Yet, during this year’s National Homeowners Month, we want to help remind you that there are always solutions that simply require more knowledge and even more action taken.
Paradigm Homes continues to assist numerous homebuyers through our services as dependable Custom Home Builders, but we have also helped them pay for their homes through affordable financing options. We understand the enormous responsibility it is to both provide others with a home, and make sure they’ll be able to enjoy it for as long as they desire.
Contact us at (703) 476-5877 and learn about services in Custom Home Building, Pop-Top Additions, and more.