Is It Time To Move Forward With Your Project?

Today, the Federal Reserve announced a 0.5% interest rate cut. This move could impact the housing market in the Washington, DC area, including new home construction.

During and after the pandemic, costs for building materials skyrocketed, supply chains were disrupted, and homebuilders had to contend with a labor shortage. In addition, higher interest rates led to higher borrowing costs, which had a notable impact on the local housing market. Purchasing a lot and securing a loan became more expensive, making it more difficult for those wishing to build a custom home to do so.

Now, as inflation is beginning to ease, the Federal Reserve has reduced the benchmark rate and should the rate reductions continue in 2024 and 2025, the implications for custom home building in our area could be significant. As rates drop, lower borrowing costs will make it more affordable to buy a lot and secure a new home construction loan.

If you are ready to build your dream home, the first step is to understand how to finance your project. Take a look at our article, "What Is The Best Way To Finance A Custom Home?" which explains the differences between a construction-only and a construction-to-permanent loan, so you will be armed with this crucial information as you embark on your exciting adventure – - designing and building your brand-new custom home.

At Meridian Homes, we specialize in luxury remodeling and custom home building in the Washington, DC area. Our mission is to create exceptional residences that exceed expectations. Our highly personalized design process and careful management of every project have earned us a reputation over many years for outstanding client service and solid, beautiful craftsmanship. Contact us today to begin your custom home or remodeling project.