Housing Inventory Is Low, So Increase Your Choices By Looking At Lots
The housing inventory is low, meaning that it will take buyers longer to find a house which meets their needs and desires.
Additionally, when they do find that house, there will be competition from other buyers such that they may not even get the house.
To increase the chances of finding a house which meets a buyer's needs and desires, buyers might consider adding lots to their list when looking for a home.
With a lot, there will be less competition and even though it will require the house to be built, the time frame may be just as quick as looking for an existing house, because the search time will be shortened. Instead of taking 8 months or so to find a suitable house, the buyer can possibly quickly find a lot in the right location and have the house built within 4 to 6 months.
Not only will it be a potentially shorter process, but buyers can assure that the house has their needs and desires built into the new house.
Additionally, the closing costs could be much lower, since the purchase can be based on the cost of the lot, rather than the cost of the lot and the house. This would make the transfer taxes much lower.
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