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re: When to pull the trigger on new home build
Posted on 7/17/24 at 6:49 am to tigerclaw10
Posted on 7/17/24 at 6:49 am to tigerclaw10
Why wait unless you don’t have the necessary down payment to have a comfortable mortgage?
Rates will go down
When rates go down, supply will shrink and cost to build will go up
You can refinance an interest rate, but the cost to build is locked
Rates will go down
When rates go down, supply will shrink and cost to build will go up
You can refinance an interest rate, but the cost to build is locked
0
Posted on 7/17/24 at 9:08 am to Paul Allen
Are people really building homes in this current economic climate and interest rates?
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I build and sell them. This has been a good year for me. Real estate is a local business and much depends on where you are. My past several years have all been strong. Days on market have been consistently good.
Don't really know what your comment is referring to. Interest rates are higher than the ridiculously low years we enjoyed, but are at reasonably typical rates now. You might be referring to inflation. That is cyclical and we are coming out of a run that drove costs up, but not to the point of keeping people from buying houses. Wages have risen along with costs, and I have not seen a shortage of buyers. I pay attention to national news, but my comments are my experience from my area.
_____________
I build and sell them. This has been a good year for me. Real estate is a local business and much depends on where you are. My past several years have all been strong. Days on market have been consistently good.
Don't really know what your comment is referring to. Interest rates are higher than the ridiculously low years we enjoyed, but are at reasonably typical rates now. You might be referring to inflation. That is cyclical and we are coming out of a run that drove costs up, but not to the point of keeping people from buying houses. Wages have risen along with costs, and I have not seen a shortage of buyers. I pay attention to national news, but my comments are my experience from my area.
Posted on 7/17/24 at 9:27 am to tigerclaw10
Lots of variables, but will say that it is unlikely that this will be your "lifetime home". You are young and I get your thinking, but most older folks will tell you that life will throw you some curves and decisions that you don't see today.
Your income should increase nicely and the price you can afford for a " lifetime home" will be much higher down the road.
What makes you want to build vs buy new, and vs buy existing?
Your income should increase nicely and the price you can afford for a " lifetime home" will be much higher down the road.
What makes you want to build vs buy new, and vs buy existing?
Posted on 7/17/24 at 10:54 pm to KWL85
We have property that is in a spot we really like and purchased house plans when we bought the property. Then rates rose and I didn’t want to jump into building a house without a plan. We have talked to builders and gotten a few prices that are in the 450 range. If it were just me I could live in the shop for years and be completely debt free in my 20s.
My wife on the other hand would not be ok with that plan.
My wife on the other hand would not be ok with that plan.
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