Whether or not we admit it, we all have dreamt of building and owning our own dream homes. There’s just another level of satisfaction in building a home from the ground up that caters to your specific requirements and individual needs. Professional custom home builders in Springfield, MO, witness this in every home they build. However, most people are afraid of the challenges of building a home, especially during the uncertain times the entire world has been facing for the last couple of years.
However, if you think buying a piece of land and getting started with building the home of your dreams is something you would enjoy, there’s no reason to look the other way. Why? Because contrary to what you believe, now is the right time to build your home.
And Springfield house builders believe that too, and there’s solid reasoning behind their belief. Let’s dig deeper!
Selling Your Current Home Is Easy In the This Market
Undoubtedly, the housing market was volatile during the initial days of the pandemic, but it has picked up pace in ways unimaginable. And real estate professionals across the country still report supply shortages in the housing market. Even homebuilders in Springfield, MO, and surrounding areas are getting contracts in large numbers.
The homes are selling out in a matter of weeks, often just days after being listed, and this is something that can benefit you tremendously if you’re looking to build your own home. Home sales are consistently growing and have beaten many records already.
Overall, it’s still a sellers’ market right now, and the trend is here to stay for a while. If you want to build a home, take advantage of the market opportunity, and sell your current home. It will help equip you financially to build your home. And, you are more than likely to get a good appreciation, too.
Low Housing Inventory
Even though the demand is growing steadily in the housing market, it remains difficult to buy pre-existing homes. Why? People are wary of selling their homes and moving to a new location while the market is so tight. It has pushed the demand for limited housing stock to a record high. It also allows you to sell your existing home faster and at a better price.
The supply of homes in the market is low, so building a home is a great option if you need a change. Home builders in Springfield, MO, agree with this sentiment and would be glad to help you transform your vision of a new home into a reality.
Interest Rates
One of the reasons you should consider building a home now is the interest rate environment. The interest rates, while rising, are still low. For a 30-year mortgage, the interest rate is currently between 5 and 6 percent, and for a 15-year mortgage, the rates have even gone even lower. Most of us remember paying up to 8 percent in the past couple of decades.
If we do continue to experience inflation, that means that home values will also increase. It’s a smart move to build now, and homebuilders in Springfield, MO, agree because you would ideally build a bigger, better home for less over the long haul.
The monthly repayment amount will be lower in terms of purchasing power, and working with a homebuilder in Springfield, MO, to build a custom home should be a good long-term store of value against economic problems and dollar devaluation.
Enjoying the benefit of the low rates and tight market supply is a clever move because these rates aren’t going to be there forever. As per the speculations made by financial and real estate analysts, the rates have begun increasing but may still be forced to be lowered again. This would offer further cheap refinancing opportunities.
Building Your Home Is a Safer Alternative
While some are still worried about health risks from the virus, they don’t want to travel to scores of houses or more to find their dream home. It means more travel and meeting more people, greatly increasing exposure and possible health risks.
Building your home is a better and safer alternative for many who feel they are at risk during this time. Work with Springfield and other local area home builders over the phone or via video calls to finalize the design or discuss other aspects of homebuilding. These days, most of the documents can be electronically signed as well.
You just need to meet your home builder in Springfield, MO, only a few times to approve the planning and design, inspect the progress, and visit the house once the construction is over.
If your health is at risk, this can help limit your exposure, keep you and your family safe, and reduce the need to go out and about to land your dream home.
Low Repair Costs
One of the biggest drawbacks of buying a pre-existing home is unexpected and expensive repairs. Everything’s new in the home you build from scratch, so there are no worries of a broken faucet, frequent roof repairs, gutter leakage, etc.
Conclusion
Building a home is nearly always a wise choice and a worthy long-term investment because everything’s done per your individual needs. There’s no need to spend hundreds or thousands of dollars on maintenance or periodical renovation.
Consulting with reputable home builders in Springfield, MO, would further boost your confidence in the idea of building your home, and trust us, it’s a decision you’ll be proud of.
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