Increasing Home Prices
If you’re shopping for a new home you already know that one thing is obvious – home prices are going up. Many of these factors are related to a lack of inventory (homes for sale) across the country. This article from Inman (real estate news) describes the situation faced by consumers throughout large sections of the United States: https://www.inman.com/2018/03/13/realtor-com-says-inventory-shortage-driving-up-home-prices-mortgage-payments/
It states that the “average price of a home for sale on Realtor.com has gone up by nearly 10 percent between 2017 and 2018.” The reason for this increase in price is due to a significant increase in demand from potential homebuyers after the 2008-2009 recession. The demand for homes exists, but the supply does not.
The lack of inventory makes this a great time to build your new home. Construction prices in the North-Central Florida region still have not returned to their pre-recession highs, so you can build a home in 2018 for less money than you could in 2007! This will not always be the case, though, as costs increase, home prices will follow. Today we are building homes for approximately 2005/2006 prices with 2018 costs, which is a great position for the home buyer. As costs and lack of inventory continue to drive up prices, it’s a good bet that it will never be cheaper to build a home than it is today.
Contact us at Secure Built Custom Home Builders to start building your new home!