The latest housing reports show that owning a home is now more affordable in most markets than renting, but a lot of people are still holding off on buying a new home and many are even paying record high rents in order to postpone the purchase.
Why are people holding off?
Well first, home prices have increased pretty rapidly over the last couple of years, so some people are experiencing sticker shock when they look at prices. They’re just freezing up like deer in the headlights and they’re putting their lives on hold,
But with inflation creeping up, supply chain troubles and labor shortages, does it really make sense to expect future prices to be lower?
Of course the other reason that people are holding off is the shortage of new construction homes.
In spite of price levels, I think a lot of people would be buying new construction homes if they saw them, When it comes to new homes, most people need to see them to recognize the value.
When they see the new designs, finishes and the lifestyle that they’ll offer, they’d buy them. but unfortunately they don’t see it because so few new construction homes are being built and often those are sold before they are finished. Still, the older homes they see just aren’t cutting it for them.
So if you’re thinking you’d like a new home, you have a couple of choices:
You can go out and get into bidding wars for the couple of descent homes on the market.
Or you can wait for more new homes to be built so that you’ll have better choices,
The other choice you have is you could build your own custom home and get exactly the house you want and you can save a lot of money in the process.
Don’t worry, you don’t need to be an architect or designer or contractor to to it, there are lots of great professionals who will help you.
It’s easy to learn more about the process, just get my new book:
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Of course It’s going to take some effort on your part and it’s definitely not for everybody, but if you enjoy creating new things in your life and building wealth in the process, it will be a lot of fun for you.
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