When you’re deciding whether to build a new custom home, it’s normal to have a million questions running through your mind, from the projected timeline and new construction costs to options and ROI, to the most pressing of all: Should you build a house in 2024?
At Heartland Builders, we believe that building your dream home should be one of the most incredible experiences of your life. That is why we make sure that every part of your journey, from beginning to end, is stress-free and enjoyable! It’s also why we make sure that you feel comfortable by answering your questions about exactly what is involved.
In light of current market conditions, it’s understandable to wonder about the uncertainties of new home construction costs. Based on what we’re seeing, our team of experts here at Heartland Builders believes that 2024 will be a good time to build your custom forever home. We have seen pricing and interest rates stabilize, and there is talk that the Federal Reserve may decrease rates this year instead of raising them.
At Heartland Builders, we’ve always believed that building a custom home is an investment in your family’s lifestyle and should be looked at as a long-term financial and lifestyle decision.
Unlike many builders, we don’t start every day with the goal of building the cheapest house possible. Instead, we want to build the best homes our clients can afford. We evaluate both cost and value in the construction of our homes. From their distinctive architecture to their unparalleled craftsmanship to their attention to detail, custom Heartland homes are as unique as their owners, creating an immediate and unparalleled sense of value.
Although there may be short-term fluctuations in a home’s value, your home’s value is most likely going to increase when looked at as a long-term investment of five or more years. So if you are interested in building your “forever” home, a custom Heartland home is a great investment, financially and emotionally.
How Will New Construction Costs Impact My Build?
Over the past three years or so, the homebuilding industry has experienced a variety of material shortages and cost increases that have played havoc with pricing. The GOOD news is that construction cost increases have begun to slow, according to the National Association of Homebuilders (NAHB). Even BETTER news is that lumber has fallen from its large spike in 2022. Our outlook: if you are ready and able to build, then now is the best time to do it.
What’s nice about working with Heartland Builders is that the material costs are locked in before construction even begins, so there will not be any surprises down the road if the price of something goes up. If you plan on living in your home for longer than five years, chances are you will benefit from price appreciation and the enjoyment of your family living in your new home during that time.
In addition, though current interest rates are higher than they have been, there’s always the option to refinance in the near future – possibly as soon as six months to a year after you close on your home. If interest rates continue to rise, you will be glad you built now! If interest rates decrease, as long as your credit stays in good standing, banks will be willing to work with you to refinance your loan. (Remember, banks almost always allow for refinancing – they make money off the closing costs of the new loan.) Overall, your new custom Heartland home will be a wise investment now and in the future.
Contact Heartland Builders: Your Custom Home Builder Ready to Serve You!
In this tough real estate market, it is more important than ever to have a team of experts that are your guides on your custom-built home journey. As a respected custom home builder, Heartland Builders would be honored to be your guide! Contact us today to evaluate your potential land, discuss financing options, and start on the design of your forever home!
Based on what we're seeing, our team of experts here at Heartland Builders believes that 2024 will be a good time to build your custom forever home. We have seen pricing and interest rates stabilize, and there is talk that the Federal Reserve may decrease rates this year instead of raising them.
The combination of high mortgage rates, steep home prices and low inventory levels are lining up to make the 2024 housing market a challenging one for both buyers and sellers. But rates have cooled a bit — if that continues throughout the year, as some experts predict, then market activity should heat up in response.
If you intend to build a new home, you should first ask yourself how much your max budget is and what items are non-negotiable. $250,000 is more than enough to build a new house; however, it is very easy to get swept up in the excitement of home building and spend more than anticipated.
United Homes Group Wins the 2024 Builder of the Year Award from BUILDER Magazine. Exceptional growth and profound company culture among the top qualities that set United Homes Group apart as the winner. Michael Nieri, chairman and CEO of United Homes Group.
Contractors remain mostly upbeat about the construction industry's prospects for 2024. They expect demand to grow for most market segments. Most firms plan to add new staff and to make new or continued investments in information technology.
According to MCT housing market experts and other experts in the field, the likelihood of a real estate housing market crash in 2024 is low. Overall, while there are factors that could potentially lead to a housing market crash, the current market conditions point towards a more stable situation.
With nearly 80,000 closings in 2021 bringing in more than $27 billion in revenue, D.R.Horton is the largest home builder in the US for the 20th year running. It's quite literally the behemoth in the homebuilding industry, with local affiliates in service areas around the U.S.
With the current trend in the CA housing market, you'll find better deals on your dream home during Q2 2024. As per Fannie Mae, mortgage rates may drop more in Q2 of 2024 due to economic changes, inflation, and central bank policy adjustments.
Home buyers have rated Taylor Morrison Homes as America's Most Trusted® Home Builder for the ninth year. According to the 2024 study, Taylor Morrison received the highest trust rating with a Net Trust Quotient Score 109.9.
The Big Money bulls forecast that the Dow Jones Industrial Average will end 2024 at about 41,231, 9% higher than current levels. Market optimists had a mean forecast of 5461 for the S&P 500 and 17,143 for the Nasdaq Composite —up 9% and 10%, respectively, from where the indexes were trading on May 1.
For January 2024, the annual Construction Cost Index (CCI) as reported in Engineering News Record (ENR) is +2.6%, Building Cost Index (BCI) is +3.8% and Material Cost Index is +4.5%. In December 2023, the All-Items Consumer Price Index increased +3.4% over the last 12 months.
Buying a home this year, particularly in early 2024, might mean you're able to beat the rush, as the market could get more crowded if or when rates drop further. Waiting, however, could give you more options to choose from as supply improves, along with the potential for increased mortgage affordability.
A falling housing market means a pause or slowdown in construction activity, and therefore less competition for raw materials. Suppliers that stockpiled over the last year in anticipation of an economic upturn are often more than willing to reduce their prices during a recession.
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Although there may be short-term fluctuations in a home’s value, your home’s value is most likely going to increase when looked at as a long-term investment of five or more years. So if you are interested in building your “forever” home, a custom Heartland home is a great investment, financially and emotionally.
In addition, though current interest rates are higher than they have been, there’s always the option to refinance in the near future – possibly as soon as six months to a year after you close on your home. If interest rates continue to rise, you will be glad you built now! If interest rates decrease, as long as your credit stays in good standing, banks will be willing to work with you to refinance your loan. (Remember, banks almost always allow for refinancing – they make money off the closing costs of the new loan.) Overall, your new custom Heartland home will be a wise investment now and in the future.
