The real estate market in the Georgian Triangle has been like a run away train, prices for houses are only going up, up, up. There is no end in sight at the moment to how high the prices are going to rise.
Even though it's early in the spring the market has stayed high throughout the winter with very little coming on the market, anything that does come on the market that is priced accordingly sells almost immediately.
There are several different factors to this, one of them being that there is a lack of inventory of houses, this helps create the rising prices that you are seeing and in many places bidding wars for houses. When people have little choice they are forced to settle on what is available and not what works best for them and their family.
Even if the market only goes up marginally this summer the current cost of homes is making it almost impossible for a lot of people on smaller budgets to buy anything in the area.
There is another option, if you are invested in staying in the area awhile then you should think about building a custom home. A custom home doesn't have to be a monstrous thing worth millions of dollars. You can build yourself a smaller house that is well built and well planned out.
The price difference from building a new custom home compared to buying a used one on the market has never been close with custom homes always being a lot more expensive. But with today's run away real estate market the gap has closed considerably. The cost between the to two of them (depending on were you decide to build) might only be a couple of presentage points more for the new custom home. That means that a new home could cost you only 5% more then buying a resale home.
That's shocking when you think about it, one is a used home and one is a brand new home made and tailored to you the homeowners, tailored to your needs and wants. If you related that to cars that would be like you having to buy a used car for the same price that you can buy a brand new car made just for you and with a warranty.
If you are scanning the internet and are fed up with not being able to find something to buy then maybe you should start looking around for a piece of property to build a new home. It could be the best investment that you ever made.
If you are thinking about building a custom home regardless of the size send me an email and we can talk about finding you a place to build and a house plan that works for you.
Village Builders Inc.