Pandemic Heats Up Pee Dee Housing Market

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.

Housing Market After The Pandemic Shutdown

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!

One option to overcome the “Sellers Market”

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.

Area Housing Market Looking Good

home plans

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.

Outside Forces Can Affect Home Cost

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.

Mortgage Rates Remain Flat

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.

News story

Chart: 2017 Mortgage rates, freddiemac.com

Louie Goes the Extra Mile to Please His Clients

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.

Mortgage Rates Tick Upward

For years, mortgage rates have remained at historic lows. But that trend seems to finally be ending as the Federal Reserve begins to raise their rates. At one point in the last five years, mortgage rates have been as low as 3.36%. Those days may be over for good.
With that in mind, those considering a new home project would be wise to explore their options now rather than later. Hopkins Builders can answer all your questions about the process of building your dream home, as well as suggest neighborhood developments and lots. Give them a call today.

Hopkins Retains Customers

In 2003, Hopkins Builders built a home for Badge and Laura Baker in Florence. In 2008, when Badge’s employment took him to Manning, SC, they turned to Louie again. Badge says, “We were very pleased with how Louie built the first house, so we were happy to use him again for the second one. He was very prompt in doing what he said he was going to do. I thought Louie was very helpful with suggestions to dress up a room or to cut back on our costs.”
Badge says he was not up to date on building materials and methods, but Louie was, so when he read or heard about something new, he called Louie. “I relied on him to help out with that,” Badge says.

Home Damaged During the Hurricane?

The area is climbing back to normal as it attempts to clean up after Hurricane Matthew blew through. You may be one of the unlucky ones that experienced damage to your home. Many have been surprised at the enormous estimates to repair seemingly superficial damage. This may be a good time to think about trading up to a newly built home from Hopkins Builders. Look around your home and think about all the things you’d like to change. This may be a golden opportunity to make that leap to a brand new home! Give Louie a call to discuss the possibilities!