Build or buy?
That’s the question many future home owners are asking themselves.
With the price of building supplies, like lumber and steel, increasing more than 200% since April 2020, some people are choosing to buy their dream home instead of building it, but in today’s housing market that is easier said than done.
“The market for buyer’s is a definite challenge because of such low inventory. High construction costs have some people that were planning on building a home, now putting their plans on hold,” said Megan Cookston, of Yellow Rose Real Estate. “And vacant land that we’ve had listed for years is finally selling!”
Cookston is referring to land that does not have a home already built, but may or may not have a site ready to build on. In recent years, these lots have not sold at a high pace, some of which have taken more than five years to sell at a much lower price than sellers were hoping for. With vacant land beginning to sell, she is hoping that sellers will be able to get closer to asking price for this land.
Cookston also said that homes are also going under contract very quickly, and many buyers are looking at homes through virtual showings (video tours, video chats, and even 3-D home tours).
“Buyers can’t get here fast enough!”
