Today I got to meet with The Phillips Builders at their Mt. Lebanon Headquarters in Pittsburgh, PA. They had mentioned a potential opportunity coming available for some of the many people who have been looking for a flagship lot to build a new home.
Normal average months of supply for housing in Pittsburgh is around 6 months which would indicate a balanced market. However currently we are seeing existing supply as low as 2 months, meaning if no new houses were to be added to the market place, continuing at the current rate there would be no more homes for sale in two months. This is what we have come to know as a seller’s market.
With an even lower average of available inventory, it because increasingly difficult for home buyers to find the home they are looking for. It is one hugely advantageous aspect of building. Not only do you get exactly the home you are looking for, but you also get it brand new.
Many people have actually found it has taken a lot of the stress off of the home buying process. Often it’s a frantic tight rope walk between a seller moving out and a buyer moving in. The odds of their schedules coinciding for it to work out is rare, and when it does happen it is stressful. It’s usually an unpredictable series of events when you are moving, and the frenzy is doubled when a new home own is trying to do the exact same thing and leap frog into another home.
One of the benefits of building is that you typically know where you are going to be situated for the foreseeable future. Since you are continually updated with the status of your progress, your project might get delayed for one reason or the other, but for the most part you are going to be moving on your own schedule.
This happens to be great if you own a home currently, because you have the flexibility to stay in your current home while your new one is being built, and then after you move into your new home, you can sell or rent out your old one, and it makes that process more beneficial too.