Without reading it, my answer to questions of this nature is always 'yes'.

Okay. Thanks. Just trying to get a read on the home building market.

My crystal ball is out for repairs, but the answer to most of you questions is 'yes'.

When covid hit, most of us assumed real estate sales and building would come to a screeching halt and they did for a few weeks in some areas, but then it all went crazy and nearly a year later it is still crazy, with high demand, higher prices and limited inventory and materials.

Start planning and looking at communities you would like to build in. Start looking at land/lots to get an idea of what is out there. Start networking, sometimes it helps to be acquainted with that little old lady that is selling the family land finally at 95 years old.

"I’m hearing banks are not lending very readily for new home builds."

Maybe this is true regionally but in general, if you're not overbuilding for the area (value wise) nor overspending for the project, all lenders usually care about is that there is adequate security in the form of owner equity (value wise) and local market potential for resale to recover the loan amount and costs in the case of a default.

Spring 2022?

Just yesterday, I was laughing with my hairdresser about our visit in mid-March 2020 when we had parted with a blithe "see you in five weeks!"

Costs are rising much faster than the corresponding appraisal value of the build result. Bringing extra cash to the table because it won’t meet appraisals has always been a significant risk with custom builds. It’s a guaranteed certainty now. You will need both the standard 20% down to avoid PMI, and at least another 20% to cover contingencies, upgrades, and appraisal shortfalls. The crazy way costs are increasing, that extra 20% may not be enough!

I question those who use the internet for assurance.

Forums are great for information.

The internet does not suffer fools kindly.

Following.

Looking to build a duplex in central Florida for myself and my parents with my two children inheriting the home eventually. Even after reading various sources, I'm not sure if a new build is the way to go. Unfortunately for us, not many duplexs where we intend to move so it looks like building is the only way to go.

Not sure if this is the wrong time to do this. We're on the more conservative side when it comes to budget and desires. We prefer a solidly built home with a simple but good layout (preferably a 3/2 duplex).

Please let me know what happens on your end! The market is so hectic right now our main concern is the higher markup on everything which makes sense due to the demand, but obviously may not be good given we don't want to overpay and down the line the home not being worth what we spent. Again, very new to this.

Thank you to the experts and for those currently building for sharing your knowledge and experience - this will help us make a more informed decision, and confirms what I have already heard. This market is very different from the one I remember in 2019. Luckily a new build is a dream, not a necessity.

To the trolls and rude people, I hope you find something meaningful to do with your time other than write nasty things on the internet.

Allison, I apologize for any rudeness. I just question whether information about the current market can be all that helpful. Interesting, certainly.

I appreciate that. We would love to build sooner, but with a new baby and this volatile market — a year out seemed wise. Also, as someone who worked in the industry, I know the invaluable benefit of having an extremely detailed plan.

Designer Kitchen and Bath's comment is spot on. If you are financing a custom build, be prepared to have extra cash to close the appraisal gap. And then more beyond that for your contingency fund.

We are almost at the end of a new build and windows (impact ones) are on back order and fireplace boxes too. We got lucky - however our builder says that windows aren’t coming till August that were ordered a while ago plus our fireplace boxes just came and we were almost going to have to “close” them temporarily to get our CO.
Start early and plan for these delays would be my advice!!