3 Reasons to Build A Custom Home in 2024
Economics
Although Americans saw four rate increases in 2023, the building industry has not slowed down, and 2024 is proving more and more to be the year to build your custom home. You might be waiting to see how low rates will go, but be careful not to wait too long! While rates are expected to drop in 2024, demand for construction will keep costs elevated through the foreseeable future. The Global Wood Market predicts a sharp increase in the cost of lumber in 2024. So manage what you can! You can refinance as rates regulate, but you’re not able to negotiate lower costs for materials during the construction process. Don’t let the current rates deter you from getting the best pricing right now. While rates are currently at their highest, the cost of building is down — but it won’t last long.
Land Availability
There is still so much land available to build your custom home, and one could argue we are in a buyer’s market when it comes to buying and selling land. With the low rates we saw in 2020-2022, folks scooped up land. Developments were selling lots at rapid rates. Now we are seeing many of those lots on the market — and they are sitting for months. Take advantage of the market and buy your land in the most desirable location for your family!
Material Availability
At the start of 2024, we see a great availability of materials, and not only are materials available, but vendors are excited to share all the new materials on the market. While the demand is there, it’s certainly not the demand we saw in 2021 — and that’s a great benefit if you’re looking to start a new construction project. At one time appliances were seeing a 12-15 month wait, but now that challenge is gone, and the companies are competing for your business. When you build your custom home in 2024, you will have the most access to new materials to personalize your home just the way you want!
(Set a reminder on your calendar to check out our “2024 Must Haves” on January 12th!)
That’s right — it’s time! You’ve been waiting for so long! You need to build your custom home in 2024! Start here to request a free consultation: https://bournhomes.com/contact-us/
We can’t wait to see you in your new home!