With the current state of the nation, you might be thinking is now a good year to build a home? Gas prices are higher than ever, inflation continues to increase the prices of our daily goods, and there are many uncertainties in the economy. All these signs make it seem like embarking on the investment of a custom build or renovation would be a mistake, but we’re here to prove to you that now IS the time to make that investment, and begin constructing your dream home.
At Norman Builders, we’re always on the side of the customer, and we look out for our clients’ best interests. We hope this blog post will give you insight into why now is the right time to build or remodel your home. Keep reading for all of our advice.
If you’re planning to build a custom home, finding a good plot of land is key, and it isn’t getting any easier. Land shortages are at an all time high, so if you want to find the right lot for your dream home, we recommend starting your search immediately. Norman Builders can assist you in your search for the perfect plot of land. We have developed trusted partnerships with the real estate community in the Merrimack Valley Area, and they will be happy to help you find the right place to build your home. We will also come and evaluate the land you’ve chosen for your home, answer any questions or concerns, and prepare the site for the build so that the process is as stress-free for you as possible. The land shortages across the nation may seem daunting, which is why we recommend that you contact us today to get started on finding the right plot of land for your custom build. Don’t wait around for others to take your dream lot, start the process with Norman Builders today.
You might be wondering, will construction costs go down in 2023? The reality is that the cost to build or remodel a home isn’t going to fall anytime soon. The good news is that 2023 prices are stabilizing after the last few years. Lumber prices reached an all time high in early 2021, and although lumber is still more expensive than it was before the pandemic, the price has fallen since then. Experts predict that lumber prices will continue to rise in the coming years, so to get the best price possible, we recommend starting your build or remodel now.
In 2021, housing prices increased by 18.8%, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. In 2023, the market has stabilized and price increases aren’t as significant as they were in 2020 and 2021. With both housing and lumber costs stabilizing this year, all signs point to 2023-2024 as the best time to build a home. Costs will continue to steadily rise in the coming years, so we suggest that instead of delaying and then having to pay more for your home, get the process started as soon as possible.
The Housing Market
Another factor that may be stopping you from moving ahead on your custom build or remodel is fear of a housing market crash, like the one we witnessed in 2008. Although a future recession is possible, experts do not foresee another housing market crash. The factors that were involved in the 2008 crash are no longer a large concern.
2023-2024 will see the housing market cool off from the heights it reached during the pandemic, meaning that the market will stabilize. If you’re asking yourself, “Is it a good time to buy a house?”, we’re here to tell you yes. This is a good sign for home building and remodeling, and as a buyer, you can expect more predictable prices.
Embark On Your Build Or Remodel Journey
We hope that this blog post has proven to you that now is the time to get started on your custom build or remodeling project. With the shortages of land only increasing, and the housing costs and market finally stabilizing after a crazy few years, now has shown itself to be the right time to embark on your build or remodel journey. We at Norman Builders want to help you create the space of your dreams, and should you choose to work with us, we’ll be right by your side throughout the whole process, ensuring that everything is taken care of.