Is it time to build a home? For seven years builders have not been building homes. The cost to build a home has been 20% to 30% more than the price of a similar existing home. Almost no one has been building during this real estate recession, and many builders went out of business. But something has been happening that may change all this soon. The inventory of existing homes has been shrinking as retirees buy them up, and new listings have not come on the market fast enough to replace the ones sold. Buyers have focused on the best homes in the best areas, which means that it is now hard for many retirees to find their ideal home. For the many who cannot find the home they want, it may be time to build a home.
Time to Build a Home
I wrote in an earlier article that remodeling homes was on the rise in Sequim and Port Angeles, and that trend is also a response to the same dilemma for buyers. The existing inventory has been shrinking, and homes that buyers do want are selling very quickly now. By the time many buyers decide to make an offer on a home, that home is sold right out from under them. This is a frustrating experience for buyers. Imagine finding the one home you really like and can afford, and then it is sold hours before you make an offer.
Buy Land and Build a Home
Anyone who has built a home knows that the process is stressful, and it takes at least six months of construction. The many decisions that must be made before and during construction can be exhausting. That is the nature of building a home. Having the right Sequim home builder or Port Angeles home builder is everything. I know most of the builders in the area, and can advise you regarding buying land and the issues involved. You can view a long time area home builder’s website at Sequim Home Builder.
As new homes are built and the existing inventory continues to shrink, prices will eventually balance again. The prices of existing homes are on the rise, and when those prices balance with the cost of building similar homes, we will be back in a healthy real estate market. As of now, it is still a buyer’s market, if you can find the ideal home. If not, you may have to build a home.
Last Updated on September 23, 2019 by Chuck Marunde