Low housing inventory sparks home-building boom
SACO (WGME) -- With a low housing inventory and lots of buyers, some people are looking at new construction.
"There's not the housing stock that people need and that we need for the demand right now," says Rob Edgerley at Maine Life Real Estate Co.
Edgerley says in the last five years he's seen a boom in home-building.
"It's really all a factor of the market right now," says Edgerley, "People are pushing out from the city because there's more availability and more land in these more rural areas."
He says new construction is great for people who know exactly what they want and can't seem to find it.
"Do they have a real clear picture of what they want to build, do they have their builder ready," says Edgerley, "If not, you can look to a subdivision where a builder already has the land and has some plans and has a concept that they're building on."
Edgerley says there some factors to keep in mind when building a home. It can be more expensive up front.
"In general it's a little bit more costly to build new, because lot prices have risen and the cost of materials has gone up quite a bit in the last couple of years" Edgerley says.
It can also take more time than buying an existing home.
"If you're wanting to get into a house in the next couple of months, building a new home is probably not the option," he says, "Unless you find a subdivision where there's already a home that's being built or is in the process of being built."
However, it can be the right option for the right family.
"If you have a specific vision of what you want to build and you've found that perfect piece of property, then building a new home, your custom dream home, is definitely a fun and exciting way to have that property of your dreams," Edgerley says.