If you’ve been considering building a new home, now might be the time to make moves. After a slow start to the year, it’s looking like momentum is finally building for new home construction. Despite the pandemic and economic slowdowns, rising demand, low inventory, and record-low interest rates have created a perfect storm in the housing market. So, let’s take a closer look at why now is the time to consider building your dream home.
First, let’s talk about the demand for new homes. After months of people staying at home, many are now looking to upgrade their living situations. Some are moving out of the city to suburban areas or more rural locations to get more living space and a yard. Others want to build their dream home from scratch rather than settle for an existing house that doesn’t meet their needs. This demand means builders are getting more inquiries about custom builds and spec homes, leading to an increase in new construction activity.
Second, let’s discuss the low inventory problem. The pandemic has caused many people to delay selling their homes or take them off the market altogether. This has resulted in a significant shortage of available homes, driving up prices in many areas. However, new home construction can help alleviate this shortage by providing more options for buyers. The National Association of Home Builders reports that the number of single-family homes under construction reached its highest level since the end of the housing boom in 2007.
Third, interest rates are at historic lows. Low rates mean that mortgage payments are more affordable, making homeownership more attainable for many people. These low rates also make it easier for builders to finance their projects and keep costs down, which can be passed on to buyers. With interest rates projected to remain low in the coming months, new construction is likely to remain an attractive option for those looking to buy and build shortly.
Fourth, building a new home can give you greater control over the design and features of your living space. You can work with a builder to create a layout that meets your specific needs and desires. This can include everything from the number of bedrooms and bathrooms to the style of the kitchen and finishes throughout the home. Customization can benefit those looking for more accessibility features, like wider hallways or electrical outlets at a more manageable height. The best part? You can create a home that speaks to your unique personality and lifestyle needs.
Fifth, new-construction homes are often more energy-efficient, which can result in lower utility bills and a smaller environmental footprint. Many builders now use eco-friendly materials and appliances that save energy and reduce waste. High-efficiency HVAC systems can keep you comfortable while consuming less power, and well-insulated walls and windows can keep your energy bills down year-round. Going green isn’t just good for your wallet; it’s good for the planet.
Building a new home is an exciting adventure, and now may be the perfect time to leap. With rising demand, low inventory, record-low interest rates, greater customization options, and energy-efficient features, new home construction is a compelling choice for those seeking the ideal living space. Though it’s a significant investment, it’s a decision that can bring joy and pride for years to come. So, if you’re ready for a fresh start with your home, consider joining the growing momentum towards new home construction.
