If you know a realtor, you know they are pretty much begging folks to put their house on the market. Their plea coming from the fact that there is a significant shortage of homes for sale.
Realtors have more people looking to buy a home than there are houses to purchase. The eagerness to buy could be partially due to low mortgage rates. Over this past year, mortgage applications have gone up by twenty-two percent and it’s converting to more home sales. According to a National Association of Realtors report released in September of 2020, the existing home sales across the US hit a 14-year high in August. Record highs should be a good thing, but people buying homes is happening at a faster pace than people putting their homes on the market.
The current reality of the housing market is creating frustrating challenges for new buyers. This, however, could be an opportunity. With existing homes getting harder to find and with little to no options for home buyers, it may be the perfect time to explore a custom build. Here are a few reasons why.
Demand exceeds supply. We all know what happens when supply goes down, prices go up. Not only is the lack of inventory driving up the initial price of the home, sellers are receiving multiple offers above the listing price, creating bidding battles. Simply stated, it’s becoming more expensive to buy.
The increase in home prices also means buyers might not get as much bang for their buck. Some folks think a custom home build is financially out of reach for them but in light of the current market condition, it might be more affordable than you think.
Get what you want.
A custom home helps you build your dream. When you are a part of the decision-making process on everything from layout and design, to fixtures and finishings, you get exactly what you want. And the home meets your expectations because it checks all of the boxes unique to your family’s needs.
A sound investment.
Custom builds are a good idea now and in the long run. Homes are one of the largest investments people make and nothing is more satisfying than knowing that your new home reflects you in every way. Having this home satisfaction also means you are less likely to make a future move, which results in saving on relocation or remodeling costs.
A custom home build is achievable.
We can help connect you to the right builder for a new home. Our network of custom home builders in Kansas City is extensive and trusted. You can also count on us to provide lumber and building supplies at a competitive price as well as a crew to help frame your new home. Contact us at 913.583.9889 to discuss your custom building options.