Warmer weather is upon us and with the shift in the seasons, you may be asking yourself if this is the best time to build a home in Central Oregon. While warmer weather certainly makes for a great time to build your home there are many factors to consider.
Let’s take a closer look at important factors to weigh in on the best time to build a home in Central Oregon.
Your Priorities-
What are the highest priorities for you in your housing options? Are you able to wait for your build to have exactly what you want in your home?
The demand for land and homes in Central Oregon is continuing to rise. If a home build has been something you have dreamed of, but you are thinking you will wait until things are better, there may not be a better. There is no time like the present to pursue that dream home.
Land, Construction, and Material Availability-
With a high demand in Central Oregon for contractors, shortages of materials, and the current timetable to build your home in Central Oregon, availability will play a factor in the best time for you to build your home. Now is the time to connect with a home designer and investigate what the process will entail in building your home in the current construction climate.
Likewise, there is limited availability of land for home builds available in Central Oregon compared to the years past. With the increase in demand, there is an increase in land prices. This will likely continue to rise as availability decreases. If you have your heart set on an ideal location for your Central Oregon home, now is the time to secure it.
Seasons-
The peak season for a home build is from mid-spring to early fall, with the busiest time for contractors being mid-summer. Now is the time to connect with a home designer, real estate agent, and contractor to get your build scheduled. There is a high demand for contractors in Central Oregon, and you don’t want to delay your plans, as it can take some time for the builders to be able to finish your home build.
Housing Market-
The current housing market does have more homes available to the buyer in 2022 than it did just last year, but the demand for homes in Central Oregon is still high.
Homes in the current market are going for much higher prices and moving quickly. The competition that comes in a market with lower inventory and high demand, can be quite frustrating to a home buyer. This may play in your decision to build your custom home to your specifications and wishes.
With the high demand, it may be more difficult for you to find exactly what you want in your new home. Or you may look for some time to find just what you want, only to have the home bought out from under you by another buyer.
Perhaps building your home just the way you want has been on your mind for some time. This is the perfect market to cash out on your home’s equity in this current market and build a home that meets all your needs and wants.
Interest Rates-
Interest rates are on the rise and projected to continue the climb. The sooner you lock into your lower rate for your build the better. While interest rates can fluctuate there is a projection that they will climb at a steady rate, reaching 6% by the end of 2022. This is a great time to lock in the lowest rates possible for you in this current economic climate.
Inflation (cost of materials)-
There is no doubt that we are experiencing inflation that is affecting every aspect of our lives, including the cost of building materials. In fact, costs have increased 35% on average over the course of the pandemic. While the projection is expected to slow, there is still an expected increase of 5-10% overall in building materials in 2022.
Long Term Investment-
It is important to think long-term when you are deciding on the best time to build your home. Plan to build your home when you know you want to stay in your new home for at least 5 years.
Despite rising costs and interest rates, building your custom home is an investment in your family’s lifestyle and should be looked at as a long-term investment both for your finances as well as your lifestyle.
While many are evaluating if 2022 is a good time to build a home in Central Oregon, the fact remains, that more people are moving into the area and the rents and housing prices are at an all-time high. Interest rates are rising, building material costs are still on the rise, and the availability of land is decreasing. Now is the best time to build a home in Central Oregon.