Custom Homes in Seattle: 3 Reasons to Build Now and 3 Reasons to Wait
If you’re thinking about building a custom home in the Seattle area, you may be wondering if now is the right time—or if you should wait. Different people may arrive at different answers to this question. There are a lot of variables to consider, but here are some things you may want to think about before making your decision.
Why wait?
Interest rates and prices could drop even more. The whole country seems to be waiting for the housing industry to “get out of the woods.” There’s no question that the downturn in the housing industry has impacted prices. Some people are gambling that prices will drop even more. Nobody wants to pay more than they have to. And if your need for a new custom home isn’t urgent, you could get a better deal.
You’re feeling a bit uncertain about your own financial situation. If you’re not clear about what your own economic situation is going to look like, taking on more debt may not make sense right now—particularly if your employment situation is tenuous.
You’re concerned about selling an existing property. Even though we’re starting to see some improvement in the real estate market, you might be concerned about having to sell your current home before being able to afford building a custom home.
Why now?
Interest rates are already at very attractive levels. While it’s true that interest rates could drop more, it’s unlikely that they will drop significantly since they’re already very low. And if demand for new homes increases, it will drive prices up. Do you hold out for a “killer” deal—or go for a really good deal?
Good craftsmen are available and eager to work. Because there haven’t been a lot of new starts in recent months, many of the best builders have capacity. That means no delays in getting started on your project. Once things turn around there could be a lot of pent-up demand that may result in longer-than-normal waits for construction.
You can begin enjoying your home now. Something that gets overlooked is that your home is not just an investment. It’s your home. Even if the return on your “single largest investment” takes somewhat longer to realize, you can be enjoying the house that you’ve always wanted to live in.
Which makes sense for you? We’d love to build you a quality, custom home —if that’s the right choice for you.
Based on what you’re seeing in the Seattle area, where do you think the local economy is headed?