Should I wait until 2023 to build a new construction house?

Question

I am live in Miami FL and I am in the market to find a vacant lot to build a home as my primary residence. It looks like the market is signaling a slow down in new home purchases, which is also causing the construction industry to slow down too. Do you think 2023 would be a good year to build a new home? Around what time in 2023 would be a good time to start construction?

Chris Seveney · Answer

@Christian Requejo

Impossible to time the market. Build when you are ready and if you plan on living there for a long time it is irrelevant

Bruce Woodruff · Answer

No they won't. A General Contr has built-in business costs that are huge. They cannot go very low if they provide a quality product.

Christian Requejo · Answer

When you have a full crew and no work. You do what you gotta do

Christian Requejo · Answer

The recession has been here already for a while. Inflation will be corrected eventually. There's nothing like building a brand new home as your primary home. I think it's the perfect time to build. We can't control inflation or material cost. But builders will be forced to take less to the bank. It happens to all industry at one point. Eventually they will bounce back. People like me just have to be ready to take advantage.

Bruce Woodruff · Answer

It's hard to pick a year right now, let alone a specific month. Unless you have a screaming deal on a piece of land, or some way to get heavy discounts on materials and labor. If you don't and are paying retail, then I would wait a while and see where this goes. We have serious inflation, coupled with a recession that may last a couple years.....just not a real sure time to be building new.

How about buying some existing houses on the cheap? They'll be coming along soon now, as people that bought foolishly over the past couple years come face-to-face with reality.

Should I wait until 2023 to build a new construction house?

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