Let's Break Ground!
606 Words - 5 Minute Read
Building Your Home might be your family's best option right now! This is shaping up to be a great time to build your dream home. Here is why...
Availability - Let's face it, the inventory on the market in most price points and areas across Massachusetts and Connecticut is slim pickings. The housing market is facing historically low inventory which means that the options of homes available is limited. The houses that do reach the market are mostly less than perfect.
Demand - The demand for the homes that do hit the market is huge (in a growing number of cases they don't even make it to the local MLS or online search engines before selling). The buyer pool for most homes is larger right now than I have seen. I'm going into multiple offer situations on almost every home I am placing for my buyers. While this competition makes it a great time strategically to sell, this also can cause chaos when you are going to buy a new home. In order to get your offer accepted you need to jump through hoops and in most cases overpay for the less than perfect home.
Interest Rates - Interest Rates, as everyone knows, are at all time lows right now. The banks are practically giving away money to home borrowers. This holds true for construction loans and builders as well. Making it much easier to qualify for a new build. In most cases builders are willing to accommodate for traditional financing once the build is complete.
Land Availability - Yes, the inventory of homes available is low but the inventory of raw or developable land has stayed consistent over the last year. In most markets you will find all different types of land available for sale. There is also a huge opportunity in buying land or "tear down" properties with large lots and subdividing the property. This is best done in desirable locations where the subdivided lots meet the town requirements for frontage and acreage to build. (This varies by town)
Timeline - The best time to plan a new construction project is in the winter because it give you time to work out all of the construction details with the builder and avoid the feeling of being rushed to start construction. Understand that the timeline to build a home from breaking ground to moving date can be anywhere from 3-9+ months depending on the scale and design as well as the experience and skill of the builder.
Customization - The ability to pick and choose layouts and finishes on a preconstructed home before moving in does not exist. When you buy a home you are closing on that property and than making any updates and changes after moving in with money (cash) out of your own pockets. Renovations almost always cost more than expected because with older home there tends to be many unknown issues behind walls, or items that need to get brought up to todays building code. In a new construction home you know and plan for exactly what you are going to get. The layout will be exactly what fits your family and the design choices are carefully planned by you and the builder to match your exact style. If done correctly with the help of someone experienced you can move in worry free to the perfect Dream Home!
If you want to talk more about building in your preferred area, contact me today.
I have several new construction projects available such as these homes available in a highly desirable Shrewsbury neighborhood!
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