APRIL PARKER
Owner, Parker Contracting LLC
Disillusioned by inflated prices, a limited selection and searches that can drag on for months, many house hunters may be tempted to give up. But as some in the market are discovering, there is another option, one they may have assumed was out of their reach: building their own home.
According to Realtor.com, the COVID-19 pandemic spurred several years of feverish building to keep up with demand, meaning some builders actually have too much supply — creating a golden opportunity for buyers looking for a bargain. Some have even found building to be a more affordable solution than buying a pre-existing property.
So, if you’re considering building a home, what do conditions on the Coast look like in the short term, and what tips should you bear in mind? Here’s some advice from a local expert.
MARKET PREDICTION
Building remains steady with a slight decrease, which correlates with interest rates increasing. Lumber prices remain the same with little fluctuation. Supplies have been easier to find in stock, limiting the need to purchase six-plus months in advance.
There is still a big contingent of homeowners in other states wanting to build a home on the Coast. From our conversations with other builders, architects and mortgage lenders, we feel that interest rates will come down at the end of the year, which may increase home building in 2024. The outlook for home building in 2024 appears to be optimistic.
HER TOP TIPS
- Find a professional, reliable draftsman or architect.
- Know you design (farmhouse, modern, coastal etc.).
- Know your budget.