Are you considering building your dream home? Navigating the new construction landscape can be thrilling, yet understanding the recent market trends is crucial. According to CoreLogic’s latest Quarterly Construction Insights, there’s much to be optimistic about!
Key Market Trends
- Lumber Costs Decreasing: We’ve seen a significant drop in lumber prices, down by 23% in the U.S. and 26% in Canada YTD. It’s an excellent time to consider how this could benefit your construction budget.
- Stable Reconstruction Costs: Residential reconstruction costs have remained stable, changing less than 2% from August to November 2023.
- Building Permit Approvals: The South, especially Texas and Florida, leads in permit approvals, mostly for single-unit houses. It’s a sign of a robust construction environment.
What Does This Mean for You?
With these trends, the prospect of building a home seems more attainable. Lower material costs could mean more budget for customizations or upgrades. And with the current permit approvals, there are ample opportunities to find the perfect location for your new home.
Your Partner in Homebuilding
At BankSouth Mortgage, we’re not just knowledgeable about new construction home loans; we’re a top 10 lender for new construction in Georgia.* We understand new construction inside and out! Our team is ready to guide you through this exciting journey, ensuring you make the most of the current market conditions.
Ready to Start Your Construction Journey?
Connect with us today! Let’s turn your dream home into a reality, leveraging the latest market insights to your advantage. Your new construction adventure starts here!
*Markettrac by CoreLogic