Why It’s a Good Time to Build Your Dream Home
Custom home building is on the rise, and for good reason.
While the housing market has seen slowdowns in some areas over the last year, there’s good news for custom building. Custom home starts are dominating an increasing share of the housing market, and for good reason. Right now, the market share of custom home building among single-family starts is at an impressive 19%. Learn why now is a great time to build a custom home, especially in hot markets like Raleigh and Charlotte.
Improved Supply Chains
While the height of the seller’s market of 2021 created a ripe opportunity for home building, supply chain issues and hold-ups made the process frustrating, slow, and more costly than expected for some. Now, as supply chains improve and shortages begin to dissipate, the strength of the market in areas like the Research Triangle coupled with the relative reliability of supply chains makes for lucrative timing.
Building Material Costs Leveling Out
While costs for supplies like lumber have not quite reached pre-pandemic numbers, they are much lower than they were when they spiked earlier this year. As the costs of common building materials stabilize, buyers enjoy more options and more flexibility as they create the custom home of their dreams.
Competition for Existing Homes
In cities like Charlotte and Raleigh, the housing market remains extremely competitive. Although interest rates have risen this year, the influx of new residents in these North Carolina cities has created sustained demand while housing supply simply has not caught up. Instead of competing for existing homes that are unlikely to fulfill every aspect of their wishlist, many buyers are turning to custom building instead. This allows them to dedicate their budget to the features and location they truly want, instead of overpaying in order to outbid others and then still being left to repair, update, and adapt an existing home to fit their needs.
Ongoing Appreciation
In addition to skipping the bidding wars and the risks that come with buying an existing home, those who opt to build custom also see quick appreciation on their build. In fact, in many cases, custom homes in popular areas like Durham have already risen in value by the time they’re complete! Custom home buyers build equity quickly, leaving them in a strong position for their future financial needs or real estate moves.
Whether it’s time to transition into your forever home or you’re seeking the smartest way to make a move into a competitive housing market, building custom offers unparalleled benefits. While the process may seem intimidating at first glance, the team at Atmos has simplified every step to make building a custom home as seamless and intuitive as possible.
Ready to create a home built for your lifestyle? Get started with Atmos today!
