Upon meeting clients who are considering building, many of them ask “Is now a good time to build?”. Long story short, the answer is yes.
With that being said, at BrightLeaf, we always try to explain the why. From low housing inventory to equally low interest rates, and the inevitable year-to-year increase in building costs, we’re going to share why now is the time to build a custom home in this article.
Limited Chicago Real Estate Inventory
Many clients come to us after being discouraged and frustrated by their search for an existing home in today’s low inventory market. It seems that most people cannot find a home that fits all of their needs (or even comes close!) on the market in its current state.
Often, even if “the one” does hit the market at the perfect time, it is not uncommon for that home to have intense competition and several offers within a single day. The outcome of this is usually a bidding war where one client overpays for the home, and the others walk away disappointed because they were not able to secure the deal.
Design a Completely Customized Home
With custom home building, clients are able to plan and design the home they want, how they want it, on their terms. From selecting each and every finish, to determining the floorplan and dialing in the budget, custom home clients are able to have it all, bypassing today’s tough real estate market.
Take Advantage of Historically Low Interest Rates
Cost is a huge factor to consider when building a home. Luckily, with interest rates at historic lows, financing your custom home project is extremely affordable right now. While we do not know where rates are headed in the far off future, we do know that financing is extremely accessible for many people right now.
At BrightLeaf, we have construction lenders who we can put you in contact with that will walk you through the financing process and help you understand what you can actually afford.
Steadily Increasing Material Costs for Custom Home Building
If you follow the latest in construction news, you probably already know lumber costs are a hot topic right now.
Since the pandemic started, lumber prices have spiked, which may seem alarming to people looking to build a custom home. However, there are several components that go into building homes other than lumber. Even though lumber may be expensive now, other high ticket materials continue to fluctuate up and down in price. If you choose to wait until lumber prices level out, other material prices may increase making the overall cost to build the same or even higher.
Although we cannot predict the individual material markets, historical cost data and projections predict that total build costs will continue the trend upward and increase 3-4% within the next year. At that rate, waiting can become costly and lower your buying power for a custom home.
Build a Custom Home with BrightLeaf Homes
There is no better time than now to build your project with BrightLeaf Homes. From finding a lot to build on, to designing every element with our design and construction team, to building the home itself, we offer everything under one roof.
Contact a home consultant today to explore your custom home options with BrightLeaf Homes.