![]() Cantu told MarketWatch that she put an offer in a couple of weeks ago on a home - the only time she got close to buying a home she really wanted - she was outbid. But Cantu said she has accepted higher rates as the new normal, given that the 30-year mortgage interest rate is now hovering just over 7%, more than double what it was two years ago.īut the house search recently hit a major speed bump. She said that her “ideal” rate would be 3% to 4%, but acknowledges that those rates were historic lows seen during the pandemic. She is looking to buy with cash and a partial mortgage at the prevailing mortgage rate. Her home, which she bought for $700,000, is fully paid off. The benchmark rate has now reached a 22-year high of 5.25%-5.5%.Ĭantu is fortunate in that she isn’t in a position where she has to sell her home. Federal Reserve raised the benchmark rate by 25 basis points in line with most Wall Street economists’ expectations, making it the 11th rate hike among the last 12 Fed meetings. Finally, we procure all necessary approvals and permits and begin construction as scheduled.Higher rates make housing more expensive - and less affordable - for aspiring homeowners. They have also been a major factor in keeping would-be home sellers out of the housing market. With all of the final plans and specifications in place, we prepare a fixed-price construction contract. At this point, our interior design staff will guide you through the final selection of various products, finishes, and appliances. Based on your feedback and design preferences, we establish a more accurate budget for the remodeling project and with your approval, commence final construction drawings. At the design presentation, we present plans, elevations, product samples, and more. Our team will measure and photograph your house and begin to develop design solutions. With an agreed-upon conceptual budget, the design phase begins. During this meeting, we’ll discuss design concepts and establish a conceptual construction budget. We meet with you in your home to view the space and understand your goals and desires for the project. The Wentworth process begins with an introduction. Our proven 10-step process ensures our clients remain informed throughout the course of their projects. That’s why Wentworth takes care of the details, from design all the way through construction. When you remodel with Wentworth, you will never have to serve as a mediator between the people you’ve entrusted with your home.Įmbarking upon a remodeling project can be daunting and overwhelming. This onsite presence means our production manager is able to anticipate problems in the field and communicate them to our in-office team in a timely and efficient manner. Our experienced production manager and lead carpenters oversee every job site and monitor construction progress on a daily basis. Our effective and time-tested process avoids the common pitfall of many home remodeling projects, such as substandard design, poor communication, inaccurate drawings, schedule delays, and cost overruns. We believe in accountability and responsibility every step of the way. Simply put, we are your single point of contact. ![]() Wentworth’s expert home builders offer architecture, interior design, and construction under one roof. From rough framing to finish work, appliance selection to paint colors, the Washington, DC architects and home designers at Wentworth will guide you through every step of the process and manage every detail. Throughout the process, we are committed to precision, quality aesthetic sense, and an adherence to your needs and budget. Experienced architects, designers, and skilled craftsmen are the essence of our award-winning Chevy Chase design-build firm.
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