Has House Building Slowed Down?

gaonmymindJuly 31, 2012

Just curious as it seems the July progress board was a tad thin. Was there was a lot more activity last summer and years before?

Obviously I know the market has killed building in general. I have done a search for 05-08 progress forums and can't find any. Would love to see how busy it was back then.

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nini804

Actually, in my neck of the woods, custom building has picked up this year considerably. We live in a small neighborhood of custom homes, and ours was the only home being built in our hood this time last year. There are 3 currently under construction now, with 2 more about to break ground. Our builder said there is a lot of pent up demand...people are just having to be creative with getting those construction loans.

    Bookmark   July 31, 2012 at 5:23AM
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Mom23Es

I didnt post this month because I had little to show. :-/

    Bookmark   July 31, 2012 at 2:44PM
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pbx2_gw

Our own build breaks ground in mid August.

It took us about 6 months from first contacting the builder/landowner (same) to digging.
Design & personal financing took most of that time.
The most pleasant part?? the CP loan took only 1.5 months from app to close.

We expect a 7 month build for March'13 delivery.
So 13 months from idea to turn-key.

Also, working in the banking industry, I can tell prospective buyers/builders that things are picking up due to:

1) Low interest rates
2) Pent up demand
3) Low supply of new houses

I would also suggest any1 looking for a loan, the processing esp. for CP is complicated & could take upwards of 4 months.

    Bookmark   July 31, 2012 at 3:18PM
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sombreuil_mongrel

For the first time since 2007, new development signage has begun to appear in my town. Hopeful.
Casey

    Bookmark   July 31, 2012 at 7:05PM
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Beth Parsons

New homes at most price points are going up like gangbusters here in middle Tennessee. My builder selling his spec homes faster than he can get them done and has his plate full of custom builds like mine.

We had a really great loan experience with a local bank - the time from submitting our paperwork to the closing was a whole 2 weeks. :)

    Bookmark   July 31, 2012 at 10:48PM
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Xclusive

I'm in middle TN as well the builders can't keep up with the demand at this point in our area. Seems to be due to:

1. low interest rates
2. not a glutony of foreclosures/short sales on the market in our price point
3. we could build new for the same price as buying an exisiting house

Our builder (local) was complaining the other day that its getting harder and harder to buy land because alot of the national builders are coming in buying it all. I guess thats a good sign as they see our area is on the rise so hopefully that should be good for all of our property values but I guess only time will tell.

    Bookmark   July 31, 2012 at 11:26PM
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