Should you hire a home builder now or wait until spring?

As existing home inventory continues to sag, new construction is becoming more and more appealing to eager buyers even though lots are scarce. Buyers can expect high competition if they are looking to build, but may find that newly built homes are available in their price range come spring.

Homebuyer demand is strong in the Twin Cities, and as a result, builders are doing what they can to keep up. According to data compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were 487 permits issued for a total of 1,029 units during four comparable weeks in the month of October, 2013.  As of Nov 4th, regional cities issued 4,502 permits for a total of 8,618 units.

In a September Star Tribune article in was noted:
“Buyers have and will move further out of the metro area to find value,” Palmiter and Pankratz said. “Subdivisions in good locations along good transportation corridors and in perceived good school districts are back in demand.”

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