Competitive Housing Market? Stop Bidding—Start Building
If you’re considering moving away from the competitive real estate market and opting for a custom home, here’s what you can expect.
There’s been a recent surge in home-buying demand coupled with a very limited inventory on existing homes over the past year or so. This is a common occurrence in a high demand, low supply market, but in this case, it’s also triggering an increase in new construction builds to fill the gap.
This demand, coupled with low interest rates and a new trend of many leaving cities for a suburban lifestyle in exchange for more space, is encouraging new homeowners to consider building their next home. In fact, new single-family home sales are the highest they’ve been since 2006.
Now, homebuilders are ramping up to meet the expected demand that is to come in current months. Mortgage rates also dropped significantly in recent months, and industry experts expect them to remain low in the future. So as pressure comes off of potential homebuyers that interest rates will change during construction, many are excited to build a space that suits their specific needs.
If you’re considering moving away from the competitive real estate market and opting for a custom home, here’s what you can expect.
Find the Right Partners
Designers, engineers, architects, builders – all these roles could potentially play a part in your home build process. And although it can be overwhelming to know where to start, there are certain experts in the field who can help you to narrow down your key team members for this project. For example, Atmos Home Concierge acts as that platform to connect you with the right local experts easily so you can begin making some important decisions about your new home!
Outline Your Budget
Another important consideration is your budget – how much are you looking to spend on the entire build, and how much of that needs to be allocated towards land versus the floorplan versus the final touches? Understanding where portions of the budget will go early on will help you to stick to that budget throughout the project—make sure to keep in mind where you can save.
Find Your Neighborhood
The location of your new home is very important: it will play a big part in you and your family’s quality of life, school selections, commutes, and overall social life! But it’s also important to remember that your actual lot selection will heavily influence your finished home’s design, too. Be aware of any zoning restrictions or other considerations that could cause issues down the road in your build.
Select a Floorplan
Next up, the floor plan! Do you want an open concept home or individual rooms? How many bedrooms will you need in the home? Is there a ratio of the home’s floorplan to outdoor space you want to be aware of? These are crucial considerations that you should discuss with your builder and designer before you get started.
Get Financed
Financing doesn’t need to be in intimidating process, especially when you have help from Atmos! Getting approved for a home construction and lot loan through Atmos is just as simple as applying for a traditional mortgage loan! Thanks to their partnership with Homeside, financing isn’t a daunting task any longer.
The beautiful thing about this is that you don’t have to go through the process alone. Atmos has revolutionized the home building process, by connecting potential homeowners with the local experts who can make their dreams become a reality. Find out how it works by taking a quick quiz to get started!
