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Homes and Land in Sunny Sequim, Washington

Homes and Land in Sunny Sequim, Washington

Sequim's No.1 Buyer's Agent Where Knowledge & Experience Count.

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Email: ChuckMarunde@gmail.com

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125 Olympic Ranch Ln, Sequim, WA 98382

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3 Reasons This is a Great Time to Build a Custom Home

by Chuck Marunde / Tuesday, 14 October 2008 / Published in Building a Home

Sequim Custom HomesLet’s face it, we are in a buyer’s market in Sequim and Port Angeles for existing homes and land, and most people know this. But something many people do not realize is that we are also in a a great market for building a new home. The cost of building a new home is lower than its been in years.

There are three major reasons the cost of building a new home is at such a low point right now:

1. The cost of building materials has dropped;
2. Land prices are lower; and
3. Subcontractors and General Contractors have lowered their profit margins.

Premier House Plans magazine cited new figures from the National Association of Home Builders:

Despite the gloom surrounding the housing landscape at the moment, there are appealing bright sides for saavy investors and homeowners who are considering construction of a new home from house plans.

First of all, the cost of key home construction materials has declined dramatically–and that rate of decline is slowing. As of the first quarter of 2008, framing lumber is 65% cheaper than it was two years ago, and 15% cheaper than a year ago. Drywall producers report a 36% decline in prices since last year, and a 5% decline since last quarter of 2007.

While sales of existing homes are down, sales of vacant lots are really down, and so if there ever was a buyer’s market for land, it is now. The inventory is high, and buyers are few and far between. While a developer is not likely to sell a lot for less than his own cost basis, he will shave profit to get some cash flow coming in the door. And with business so slow, of course, contractors are willing to shave profits to get business.

If there was ever a time to buy a lot and build a new home, that time is now. It’s been said that once a company shows up on the cover of Forbes magazine, the time to buy its stock and profit from its success is long past.   By the time the guy on the street is talking about it, it’s too late.   The same will be true of building your home. By the time everyone agrees that the market is going to recover, and the banking system is getting its equilibrium back, and the mortgage and real estate markets are getting their legs back, interest rates will already be on the rise and lot prices and construction prices will be back to normal. The opportunity is a small window in time, and that time is now.

[See Sequim and Port Angeles custom home builder Rick Anderson’s website with photos, house plans, and more.]

Possibly Related Posts:

  • Home Defects Haunt Buyers
  • Should I Buy a Brand New Home or a Used Home?
  • Compare Buying an Existing Home to Building a Home
  • Clallam County Septic Regulations
  • Is Theft Insurance Necessary When Building a Home?

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Tagged under: Custom Homes

About Chuck Marunde

After practicing real estate law for 20 years in Washington, Chuck opened iRealty Virtual Brokers covering the Sequim and the beautiful Olympic Peninsula. Chuck is the author of numerous magazine and Internet articles with a primary focus on real estate. He is also the author of over a dozen books, mostly about Sequim real estate. Chuck is a photographer, videographer, and Registered FAA Drone Pilot. Chuck has combined his love for real estate and technology to create a growing Internet presence in his market, and enjoys building his websites and blogs, including SequimBlog.com and Sequim4Sale.com and LuxuryWaterViewHomes.com. Chuck has degrees in Economics, Law, and Education.

4 Comments to “ 3 Reasons This is a Great Time to Build a Custom Home”

  1. D Piland says :Reply
    November 1, 2008 at 6:20 pm

    I think its a perfect time for a custom home, all of our suffolk va real estate listings are almost all custom homes.

  2. Tax Property Foreclosure Listings Ga says :Reply
    February 9, 2009 at 4:00 am

    I read your article, This is a Great Time to Build a Custom Home, and you’re right on! For the person who is looking for that steal of a foreclosure and they want to buy a place that might be run down or have problems, but they also want to get something at a discounted price (you get what you pay for even in this market), they’re not going to want to build the ideal dream home, but for anyone who is near retirement and has been planning to build their last home, this definitely is the time to buy a vacant lot and build a home. Interest rates and lumber prices are not likely to get much lower. If anything, interest rates will be going up pretty soon. Thanks for the article.

  3. Ron says :Reply
    January 9, 2010 at 8:07 pm

    Good stuff and a lot of good information.

  4. Margie says :Reply
    November 6, 2012 at 4:27 pm

    Very good article. I am facing many of these issues as well..

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Chuck E. Marunde, J.D.

Sequim Buyer's Agent
(Atty Ret.)
Founder and Broker of
Sequim & Port Angeles Real Estate dba iRealty Virtual Brokers
125 Olympic Ranch Ln,
Sequim, WA 98382
(360) 775-5424
ChuckMarunde@gmail.com

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From Los Angeles

It's rare, but once in awhile life provides the perfect collaborator for an important endeavor such as buying your new home. For me that person was Chuck Marunde. His two decade background as a Real Estate Attorney, his prolific career as an author of articles and books on Real Estate and his forthright and moral character made choosing Chuck a no-brainer. Chuck is dedicated, thorough, incredible at the negotiating table, knowledgeable about all local laws & regs but, most importantly, Chuck loves what he does. And what he does is find his client the perfect property. Chuck isn't about making the sale, he's about making the sale that is OPTIMUM for his CLIENT and this makes Chuck a rare bird indeed. I love my new home in Sequim and I am indebted to Chuck for making it happen. Kevin E.

From Seattle

I’ve had the pleasure of working with Chuck over the past three years in selling my parent's estate. It was a tough time to sell during the housing recession, but Chuck always kept things on the positive side. With his real estate law background, he offers sound, practical advice. He helps you along with the process using discussions and reason, rather than opinions and speculations. If Chuck doesn’t know the answers, he will get them for you. In several instances, Chuck took the initiative to meet with county officials to get up-to-date facts about zoning and regulations. I was always impressed with his company’s tech savvy communi-cations and internet presence: weekly email updates, blogs, videos, links, Linked-in networking, etc. He is truly pioneering the future of buying & selling real estate. Brian M.

From California

"Andy Romano is a successful motion picture character actor with over 40 years in 'the Biz.' Mr. Romano has a home in beautiful Santa Barbara, California, but he chooses to live most of the time in Sequim, Washington on the Olympic Peninsula in the great Pacific Northwest. Why? In his own words, 'Because it's even more beautiful and surrounded by more beauty in this incredibly peaceful and quiet place. With respect to real estate agents or brokers, well my friend Chuck Marunde, owner of Sequim and Port Angeles Real Estate, is hands down the best there" Andy R.

Intro by Chuck Marunde

From Florida

We do our homework for the task at hand and we look for and expect to enlist partners that do the same. It was our good fortune to select Chuck Marunde of Sequim and Port Angeles Real Estate to represent us as a buyer's broker in our search for a home in the Sequim/Port Angeles area. Chuck's site is all encompassing and super fast compared to many others, he knows the market at every conceivable level and his guidance through the process of selecting and purchasing a home is priceless - above and beyond that of anyone with whom we have ever worked. Add to all this his 20 year background in real estate law and you have discovered a superb asset in the adventure of purchasing a home. Greg and Marilyn

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