Thinking of building a new home in Madison, Wisconsin? You're not alone. Housing starts in the Madison area are up by more than 75% through the first two months of 2013. And we see the trend toward more home-building continuing throughout the year.
Here are a few reasons why:
The inventory of existing homes is at its lowest point since 2005.
Foreclosures continue to decline rapidly, which well help to keep inventories of existing homes low.
Demand is high. Madison homes are selling at their fastest pace in the last 6 years.
There is a large, pent-up demand for real estate, which suggests we'll continue to see robust sales in the year ahead. Contrast this to the last several years when home sales were at depressed levels and consumers shied away from real estate. Many opted to rent instead of buy. But now renting is more expensive; homes are more affordable; consumers have been saving their cash. They have confidence in the market now, and they've decided now is the time to own.
With low inventories, high demand and more confidence in the market, more buyers see building a home as the logical choice.
There are many details that go into building your own home: You select your location, your builder, your lender, your design, and your finishes. We are here to help you navigate the home-building process from start to finish. We'll cover how we can help you with the home-building process in a future post.
Thinking of building a new home in Madison, Wisconsin? Contact our buyer specialists for a free consultation. We can help you successfully navigate the home building process from start to finish!
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred