Why Not Build
It is not supposed to work this way. Rising prices for housing signal to builders that there is demand for new houses. The signals are not working this time because so builders washed out of the market in the housing crash. Still, with the news like the following, I’m surprised that homebuyers aren’t asking why not build?
WANE.com reported recently, “Realtor.com has named Fort Wayne one of the hottest housing markets.
“Realtor.com ranked Fort Wayne the 11th hottest housing market in the country, up from No. 14 just a month prior. Last summer, Realtor.com named Fort Wayne the nation’s 10th hottest housing market.
“A combination of data determined the rankings : the supply of available homes, prices for residential real estate and how quickly homes sold.
“Jenni Johnson, an associate broker with North Eastern Group Realty, said Fort Wayne’s housing marketing is indeed hot.
“Right now, we are experiencing one of the strongest seller’s markets we’ve ever had,” said Johnson. “Buyers hustle to bid on properties the same day of the listing. They want to get them secured before they are gone. Most homes for sale experience bidding wars and sell above list price. Low Inventory and high demand for homes means the sellers are sitting comfortably in the driver’s seat.
“I would encourage anyone thinking of selling their home not to wait – now is the best time to sell.”
As we said in 5 Tips for First Time Home Buyers, there are things you can do to get prepared to buy your first home or just a home, period.
If there is little in the way of supply and what is available may not appraise well for the lenders, I ask myself Why Not Build?
Why Not Build?
The initial negative is convenience, says Jean Folger at Investopedia. You can’t just move in. Not only do you have to find the land, which will very likely not be in an existing neighborhood, you also have to factor in the time to find an architect or builder, and choose every element of the new structure. You also need to worry about systems, such as whether the land gives you access to municipal water and sewage, or requires a well and septic system, along with any environmental and other permits.
But, you are much more likely to get exactly what you want. “A new home is more efficient, especially with the new energy codes including better HVAC [heating, ventilation, and cooling], insulation and air filtration standards,” says Guy Burtt, principal with Riverstone Development Group, Inc.,
Another perk? A new house may be better for you. “A new home is less likely to have the health concerns or toxic materials of an older home – things such as asbestos, lead paint, mold, etc.,” says Burtt. And if built with certain materials the environment will thank us.. “Green appliances/Energy Star rated appliances, and more efficient toilets, plumbing fixtures, and electrical fixtures allow you to build “green” for a more sustainable home in the long run. And you have the option to install, sleeve and wire for future technology upgrades, such as home automation and solar,” says Burtt.
Even though the upfront costs of building can be higher, it may be easier to recoup your investment. “You can have more significant profits with the resale of your new home. A newer home is typically more appealing than an older home to most people,” Burtt says. Also, a new home will require fewer repairs and less maintenance, which can save both money and time. And, as Burtt points out, you’ll have a warranty with a new home, so even if something does go wrong, you may still be covered.
A friend built a house when his family was young. He managed to be co-contractor. Meaning he paid the bills and he did a lot of the work like installing insulation in the walls and ceiling. In the end, he saved money and got exactly what he wanted within his budget.
JT Integrity Properties is here to help homeowners out of any distressed situation.
As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple truth about your home and how we can help you sell it fast to resolve any situation.
Give us a call today at 260-202-2222 to let us know how we can help YOU!