New Home Construction in Northeastern South Carolina
According to local reports, the real estate market in the Pee Dee has cooled from its high recently, but only slightly.
Inventory is up and days on the market is longer, but still higher than last year at this time.
The good news is that now is the right time to start that new home build. Give Hopkins Builders a call today.
The Morning News reported that the Pee Dee Real Estate Market is still roaring from the effects of the pandemic. Homes now stay on the market more than 50 days less. Inventory of homes are down 17% which has driven prices up by 20%.
New home building has not escaped the pandemic’s ill effects either, with lumber prices sky rocketing.
The good news is that interest rates are still very low. Most economist believe that the surge in prices will decline and slowly return to somewhat normal. And, lumber prices have already dropped by 45% in just a month. Prices may not immediately return to pre-pandemic levels but they are expected to slowly decline over the rest of this year.
Even with the flurry of current building activity, now is the time to begin planning your new home! Call Hopkins Builders today!
The Pee Dee Realtor Association reported in late December that residential property sales increased by 7% in 2020, representing 2,642 homes sold compared to 2,463 in 2019.
As reported earlier, the current pandemic seems to have influenced this rise. Workers are finding their current homes inadequate for working-from-home and feel an upgrade is in order.
Of course, historic low mortgage rates have certainly contributed to demand.
Finding the choices of existing homes not up to par, consider a new construction build from Hopkins Builders. Call us today!
As the shutdown of the economy eases, the housing market has heated up.
As a result of potential home sellers “pulling back,” fewer homes are available to now energized buyers.
According to a recent story in The Morning News, Pee Dee median home prices have risen almost 10%. In addition, the number of days homes stay on the market has dropped. All most likely due to the effects of the COVID-19 pandemic (as discussed here in an earlier post).
The newspaper article also points to the fact that the Federal Reserve has reduced their rates to zero which helps pull down mortgage rates. That has incentivized buyers into the housing market and increasing demand.
With limited options for existing homes and interest rates at historic lows, your incentive to build a custom home becomes even greater. Hopkins Builders has the experience and expertise to guide you through the process. Get in touch today to get started toward your dream home.
It appears that home sellers have pulled back due to the COVID-19 Pandemic. With so much uncertainty, sellers have decided to “shelter in place” for the time being. This situation has given the build option more weight as less homes come to market.
Some analysts predict a quick, strong come back to the housing market with several indicators pointing that direction. While the housing market is most likely to rebound, just how long this will take is a toss up.
One thing is certain, workers are ready to get back to earning a living, including the those in the construction industry. If you’ve been sitting on the fence about pulling the trigger on that new home project, now may be the best time to get started.
Interest rates are still incredibly low and banks are more likely to lend to less risky ventures like home projects.
Hopkins Builders can help guide you through the process and make your dream home a reality. Give us a call today!
A recent article in the Morning News reports that area real estate is in a “sellers market” according to the Pee Dee Realtor Association. By definition a “sellers market” occurs when demand to purchase homes increases over the supply of homes for sale, thus pushing prices higher.
The Florence area may not meet the definition of a “hot market,” like others around the country where buyers enter into bidding wars for existing properties, but the statistics do show that prices have increased by 7.5% from 2018 to 2019.
When existing home prices rise, the option to build your own home becomes more attractive. We’ve written about the many benefits of building your own home, but the basic advantage is that you will get a home that more meets your desires than some of the compromises that come with existing homes.
Hopkins Builders is a trusted builder in the Pee Dee area and can help you through the process with recommendation on house plans and building lots and neighborhoods. Give them a call today and get the home of your dreams.
According to data released by the Pee Dee Realtors Association, the housing market in Florence and Darlington area is maintaining it’s growth.
In an article in the Morning News, the Pee Dee Realtor’s Association shared some insights into how the Florence/Darlington housing market is doing. Although some reports show the National housing market may be slowing, that’s doesn’t appear to be the case for the Pee Dee.
Some of the major indicators like number of new listings, median sales prices and days on the market saw improvement over last year. The inventory of homes for sale was also up, showing the market is good for buyers.
Darlington also saw gains with a 26.3% rise in the Median Sales Price year to date of last year. The Florence market, which is usually the strongest in the area, seems to be bringing adjacent counties up also.
You should take a look at the article if you are interested in the details. Several charts and graphs are provided.
Generally most people think of the local market as the major driver of the cost of a new home, while this is true, other outside forces well beyond the area can have an impact.
The cost of materials can be affected by a wide range of factors. Currently in the news is the talk of tariffs on imported goods. One of particular interest to builders is lumber imported from Canada. Canadian lumber makes up to 40% of the lumber market in the U.S. So an increase in it’s cost will surely cause the overall price of lumber to rise.
Another impact is local and state building requirements and codes. These rules are set by county, state and federal building code offices for reasons of safety and zoning. They can seem very arbitrary and many more rules and requirements are added every year. Deciding to build your home next year as opposed to this year, can sometimes be the difference of a few thousand dollars, depending on how many new codes go into effect. And don’t forget the myriad of permits and fees associated with building a home.
Federal laws can change what building supplies are available and their cost. When new laws are in acted, for instance one to limit the amount of water a toilet uses when it is flushed, can cause product availability issues and also raise it cost.
Other rules surrounding the professionals and workers that are involved in the housing industry also play a part. State or counties can require special licenses or training for real estate agents, contractors, professional trades (plumber, electrician, etc.), lawyers and even day laborers. An additional requirement or cost to any of these individuals will certainly be passed down to the home buyer.
Banking law and interest rates, of course, contribute immensely to the cost of your new home. A slight increase in the mortgage interest rate or limits on how much you can borrow can make the difference between getting that polished granite countertop or settling for a nice faux one.
Fortunately, Louie Hopkins can help guide you through this process. His experience and connections within the local building community, gives him the knowledge and expertise to navigate even the most complicated plan. He has relationships with local real estate agents, brokers, and developers to help you find the right lot. Rest assured that Hopkins Builders has every item on the list covered, from permits to licenses. Give them a call today, 843.992.4697.
Good news! Mortgage rates this year have remained relatively flat with only a slight tick upward of less than two tenths of a percent forecast.
Although rates are a bit higher than last Fall, they are still at all time lows. In addition, reports show that the inventory of existing homes for sale is low, keeping home prices up. That has caused newly constructed home costs to be extremely competitive in this market, and can even cost less than comparative existing homes.
You owe it to yourself to explore your options when purchasing a home. Give Hopkins Builders the opportunity to discuss your home needs and what a newly constructed home has to offer.
Chart: 2017 Mortgage rates, freddiemac.com
The Moodys chose Louie’s company for several reasons. “We were very impressed with his personal home as well as the other homes he’d built. He actually came in a little lower than the other builder we had interviewed and gave us more detailing to the house than they planned on doing,” Leslie says.
Features the Moodys had not expected included wrought iron railings outside and on the inside staircase, and larger doors for their bedrooms and closets. “The larger doors really made a difference,” Leslie says. Louie also found extra space and suggested uses for it, including adding an office off the upstairs playroom.