Building A New Home In 2024

You’ve worked hard to be able to build the custom home you've always wanted, but what are the benefits to building a new home in 2024?  In this insane real estate marketing with high mortgage rates, one of the many concerns of prospective homebuyers is whether they should wait for the rates to drop before starting the construction process.

In this latest Reserve On The Saluda post, we'll delve into the pros and cons of building a house right now, the risks in the current economic climate, and how the US housing market should influence your decision to build or buy an existing resale home.

Interest Rates

While it's true that lower interest rates can result in reduced mortgage payments, predicting the market's movements can be challenging. The adage “Marry the house; date the rate!” applies here. We don’t want anyone to miss out on their dream home because of waiting for interest rates to lower. Honestly, you could wait and wait and the interest rates could go UP.  We can't predict what will happen in the world.

Real Estate Market Outlook

The housing market in 2024 is showing signs of resilience and growth, despite uncertainties. New home design trends are emerging.  Today is an opportune time to invest in a home that is perfect for you and your family and may also offer sustainable, energy-efficient features, designed around your needs and lifestyle. The shortage of homes on the market provides an excellent incentive for building the home you’ve been dreaming of for years.

Pros Of Building A New Home In 2024

Here are three of our favorite pros of building a new custom home in 2024: customization, energy efficiency, and modern amenities. 

You can move into the home of your dreams, customized to your needs. Energy efficiency and the newest home designs can incorporate the latest energy-efficient technologies, leading to long-term savings instead of higher utility bills. A customized home with your pick of modern amenities and designs will give you exactly what you and your family need and want in your new home.

What Are The Risks

Building a house in the current economic climate comes with its set of risks - as does staying in the same situation. Economic uncertainties, supply chain disruptions, and fluctuating material costs can impact construction projects. But really, the only important risk is if you don't really look at costs and to what level you can afford.

Why You Shouldn't Wait

If you’re waiting for a buyers’ market to build a home, remember that many other people are also waiting for home prices to drop. If you choose to build now—you can take your time consulting with your builder, making sure you have your budget in order, and getting all of the things you really want in your home.

Construction Challenges In 2024

Like any industry, the construction industry has been hit with several challenges over the last few years, sometimes even impacting our clients and the cost of building.  The global supply chain remains perpetually disrupted, which feeds into escalating construction materials costs as shortages continue. A skilled labor shortage still exists, and skilled tradespeople and project managers are in high demand. This high demand for high-quality skills can lead to delays and even increased costs.

The Reserve on the Saluda is an exclusive, gated community like no other. Elegant, small, and secluded protected and surrounded by mature hardwoods draped in Spanish moss right on the majestic Saluda River.

ONLY TWO PREMIER, RIVERFRONT HOMESITES REMAIN. TIME TO BUILD YOUR CUSTOM HOME!