Half-way through 2013 and the housing market continues to show strong signs of returning to a steady normalcy post the 2009 market crash. The Metro Study Report has been keeping a watchful eye on the market and, in a recent study, shared some startling changes that are now being seen and felt for by those building a custom home and many Iowa home builders.
Four New Trends in Custom Home Building
Positive signs are steadily appearing in the Iowa housing market landscape, as well as throughout the country. Four trends in particular are of importance to buyers looking to build a custom home in Iowa.
- Mortgage rates are beginning to increase, leaving behind the record all-time lows of the past two years. Iowa home builders are recommending that buyers begin the custom home build process now in order to have an opportunity to take advantage of lower mortgage rates before they return to their normal, higher average.
- Looking for the perfect location? According to the recent study so are many other home buyers. This increase in acquiring property is causing the prices of those “A” locations to increase.
- More buyers are paying cash for their new custom built homes. This new trend is occurring, in part, to the fact that housing prices are beginning to return to normal. Buyers have also stayed out of the market for many years, giving them more cash on hand for real estate purchases.
- In one of the more surprising trends, the predicted “downsizing” of houses is actually making a turn the other direction. Iowa home builders, and builders across the nation, are reporting an increase in large luxury home building.
Now is the perfect time to take advantage of lower land prices and mortgage rates. Contact us to begin the process of your luxury custom home in Des Moines.