It’s no secret to anyone searching for a home these days that inventory is limited. If you are watching the local real estate markets in Western North Carolina and Upstate South Carolina, you are especially familiar with this phenomenon. Locally, real estate agents and builders are reporting record sales and reduced inventory. Compared to this time last year, in many areas inventory is down as much as 50 percent! Accordingly, sales volume and sales prices are up by more than ten percent. Low inventory combined with higher sale prices means it is more challenging than ever before to find exactly what you’re looking for in a home. Already, you may understand that one benefit of a custom home is that you are creating your perfect inventory!
Mortgage rates, while gradually climbing, remain at all-time lows. Reports show the Federal Reserve intends to keep interest rates relatively low for quite some time. Rates are low, jobs are returning, and health measures to mitigate the pandemic are succeeding. Many buyers in the market for new homes are finding it very challenging to find exactly what they are seeking. Perhaps it’s time to consider building a custom home.
The Benefits of a Custom Home
As one of the top custom home builders in the Carolinas, many Morgan-Keefe custom homes are built for homeowners who dreamed and planned for years. However, other Morgan-Keefe homeowners found that building a custom home is an option they hadn’t even considered when they began the search for their next home! You may be downsizing, right-sizing, or simply seeking a better fit for the current needs of your family. A Morgan-Keefe custom home guarantees you’ll get exactly what you’re looking for.
Buyers searching for a home in a limited inventory market often face brief home tours and rapid buying decisions. This can result in multiple offers on one home, which drives purchase prices higher than the asking price. When you purchase a resale home, you’re weighing trade-offs and accepting features (or a lack thereof) that may have been dealbreakers when you first began your search.
However, when you build a custom home, you can skip this pressure. You’re employing a team of artisans and home building experts who are dedicated to crafting the exact home you’ve dreamed of. You get all of that, and stay within the scope of your budget. Not to mention, you’re building your perfect home on your chosen home site.
Searching for your next home in a limited-inventory seller’s market could be the perfect time to build a Morgan-Keefe work of art. Skip the unpredictable, and often over-priced, real estate market and begin the process of designing your custom home. Take some time to learn about the steps to building a house with Morgan-Keefe.
When you’re ready, contact us, and win as a buyer in a seller’s market.