More good news for the housing market. In Alan Ziebel and Dawn Wotapka's article on Tuesday, June 26, 2012, it is stated that newly built homes climbed to the highest level in two years. The reason: limited supply of previously owned homes and record-low mortgage rates.
I can't say I haven't considered building again. As a first time home buyer, I wasn't quite sure of what I liked or wanted in a home. Now, I can look back and see the mistakes we made. I would do a few things differently, but overall I'm happy with our home. A larger kitchen, an entrance to the deck from the kitchen instead of from the family room, a smaller half bathroom in order to create a larger laundry area, and a slightly larger master bedroom and bath would make a huge difference.
Last week we talked about how bigger homes are making a comeback. This new Wall Street Journal article states the housing sector seems to have hit rock bottom this spring. With a weak monthly growth rate in May and worries over Europe's fiscal health, the authors feel the road to recovery will be bumpy. Still, it looks like things are improving. I sure hope so. While low interest rates allowed us to refinance, selling a home has become tougher. One of our neighbors was hoping to move this year, but the bids aren't coming in. Maybe buyers aren't eager to settle for a home that doesn't have everything they are looking for. That's one of the reasons we ended up building in 1999. Our house only cost us a few thousand more built to our specifications than the houses we were looking at that didn't have what we wanted. We came close a couple of times with previously owned home, but renovations would have costs thousands more. I'm glad we decided to build.
Did you build your home or did you buy a previously owned home? Would you do the same again?
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