Originally Posted by grout-scout
We considered building and this was what we found when researching it.
We considered building and this was what we found when researching it.
I think its also dependent on location and home size / cost. Anything in my neighborhood which is just a typical middle class 130k-225k range houses sells as fast as it hits the market. I saw an open house draw im sure 75 cars in the matter of just a few hours. My parents on the other hand live out a good ways in a much larger home in the 450k range with 7 acres near a lake and cant give it away.
You should try buying in and around Nashville Tennessee people moving to this area at an all-time record covid.... has not slowed the boom down at all
Let me know that’s sounds like what I am looking for
I’d be willing to wager on that. Add up land prices, capital recovery fees (or wells), electricity delivery to the site and then cost of building, it’s absolutely insane.
It will never be cheaper then today to build a new house. This is a fact materials go up everyday some may come down a little from time to time but overall costs go up every day. Here the market is neutral existing home sales under 250K are very strong but new construction has slowed way down, building permits are down almost 25%.
John the Garage Doorman
It's coming don't worry. Unemployment is stalled out. I'm ready for it. Perfect time for a second home.
I believe it’s a combination of a hot sellers market and low interest rates. Anything here in the $100k-$200k sells in less than a week and sometimes more than asking. I was just quoted a 2.3-2.5 rate on a 20 or 30 year mortgage.
1995 Ranger 487VS / 1998 Mercury 200 EFI
While fishing today my cousin and I were taking about the housing market. A friend of his works for one of the larger realtor in town. The real estate agent told him houses in the $225K range or lower have people waiting for them. He said that range up to $250K no matter if the house has a few problems sell within 10 days.
Here is a shocker, I know of a guy, his wife and 3 kids that pay $2500 a month living in a motel. For that kinda money he should be @ble to rent a nice house
It depends where your at. My parents just built a house. 10 acres, 2500 sq ft home, 30x40 barn. All in cost was just under 265k including well and septic. I sold similar size home that needed updating done, new flooring, painting, kitchen and baths on 8 acres for 320k.
The key to building, is using builders who actually do the building. When you use what I call, project manager builders, you pay out the rear end for the following...
1- design team/sales team
2- project manager
3- upgrades- this is where companies make a killing
4- company has to make a profit.
Anyone interested in building on a large plot of land should look in to barndominiums. Full custom metal building homes.
I don’t see how that could even be remotely possible. We just finished our 5th house that I’ve built. We already had the land, no well, no septic, I did all the tile for free, all the trim for free, 3/4 of the electrical for free, no builder fee and the power was already at the building location and we are at $250k. We didn’t build anything fancy either.
What state are your parents in, I need to buy some land there.
Around here building is very expensive. Everyone is very busy and costs are way up. Your looking at $140 to $150 a sq ft to build around here. But buying is tough too because anything decent less than $300k won't last a couple days on the market.
Same way here.
I'm in this camp. ^
We are looking for a first home for my daughter in the Huntsville,Al area and we are shocked at how prices have gone up. Homes that were selling for $90-95$ sq ft 4-5 years ago are now being listed for $130-140 sq ft. In our area we've been told by our buyer's agent that we have approx. 12-24 to make an offer once a home in my daughters price range hits the market. we have already made offers for full price that were not accepted because multiple offers are coming in on those houses and we can't compete with an all cash offer. It was reported on the news that the market is a sellers market and that new home builders can't keep up with the demand. There is also a low inventory of rental units (apartments in our area too.).
Built in 2018, got a better built home brand new for considerably less than what homes were listed through realtors in our area.
Every time I think building is expensive, I get a real estate book from local bank and flip through the pages.
It's ridiculous around here too. Coworker just put offer on a mid 200k house at 40k over asking price and he lost to offer that was 51k over. That's in Grand Rapids which has been hard to find housing the last few years.
I'm about to sign on a house 80mi north for 35 under asking because no realtor involved and good situation.
ding, ding, ding
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Unless you are paying cash or have a substantial down payment financing is rough on these bc its hard to "comp" them. We ran into this last year and gave up on it. I like to be very liquid at all times. I write loans for what we do, so I have a ton of contacts in the industry as well.
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