Top Five Reasons Why Now Is the Best Time To Build A New Home
Top Five Reasons Why Now Is the Best Time To Build A New Home
If you’ve been thinking of building a new home, today’s housing environment offers many reasons why now is the best time ever to do so. Simple “supply and demand” market forces make today one of the best times to build.
- Land Availability – The land rush is over, with demand normalizing prices are dropping and less competition for desirable parcels
- Builders Are Available – More homebuilders are on the sidelines waiting for housing to recover. SPEC homes are more risky for them today due to housing demand. Today more are entertaining custom homes to offset capital risk letting the customer carry the note.
- Mortgage Rates – Mortgage rates are still very attractive today. Brokers and lenders have more time to service your loan origination with less business.
- Material Costs / Availability – less demand from large homebuilders mean supply has built up. Prices are dropping to move supply.
- More Access to Capital – Banks and lenders are getting into the construction loan and lot loan business at a record pace to find supplemental offerings to replace sub prime revenue.
Bottom line - for those considering a construction project, excluding hot market areas, service will be better and prices will be lower.
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