Potential homebuyers browsing listings on Zillow or similar websites may get discouraged at what they find (or don’t find). Home prices are higher than they’ve ever been, and inventory is at an all-time low. This is bad news for those who want to stop renting and own their own house!
While there are plenty of news stories out there about the existing housing market, not as many people are talking about 2021’s single-family housing construction trends in Alpine, TX. Continue reading to learn a little bit more about what’s going on in the new construction market.
Compared to existing inventory—which is shrinking by the week—there will be more new builds hitting the market in the coming years. In 2021, the Mortgage Bankers Association (MBA) predicts 1.134 million new builds. They expect that number to increase to 1.165 million in 2022 and 1.21 million in 2023.
Higher sale prices
Just like with existing homes on the market, the price for new builds is on the rise. The median sales price for a new home was $349,400 at the beginning of April, up from $346,400 in January.
Rising material costs
The bad news for construction crews and people who want to build their own homes is that material prices are going up. Due to a lumber shortage caused by the pandemic, lumber prices have jumped more than 200 percent in the past year. If this trend continues, it’s hard to foresee a circumstance in which sale prices for new homes get much lower.
Why build a new home?
We’ve covered 2021’s single-family housing construction trends in Alpine, TX, but we haven’t really gotten into the benefits of building a new home instead of buying one off the market. Here are a few reasons to buy an empty lot and start from scratch:
- Perfect location: A quality location is a must-have for any buyer. Unfortunately, when you’re shopping for a home, you might have to settle for a less-than-perfect area to get a house that meets your needs and budget. That’s not the case when you build—you’ll have tons of options for new lots to build your perfect home.
- Total customization: There’s no settling for your home’s style or features when you build, either. You have the ability to customize anything and everything when you hire an architect and contractor to design and build your dream home.
- Fewer worries: Buying a home off the market isn’t a total gamble. After all, there’s always an inspection performed prior to the final sale. But that doesn’t guarantee that something won’t go wrong in the near future! When you build from scratch, the likelihood of major issues right off the bat is exceedingly low. It’s often worth building just for the peace of mind.
Are you ready to start building?
Now that we’ve covered some of the top 2021 single-family housing construction trends in Alpine, TX, it’s time to buy a lot and start planning your construction. At Carpenter Real Estate, we have an inventory of high-quality residential lots that are sure to meet your needs. Contact us today to take a tour or to learn more about your buying options.