by Christy Heitger-Ewing | photos by Graham Photography
The Perfect Time to Build Your Dream Home Might Be Now
Figuring out the best time to build a house is a bit like trying to decide when to have a baby. Timing may never seem perfect because there’s always XYZ to consider. In the case of the current housing market, the number one question builders are fielding from potential clients is, “Should I wait to build until lumber prices come down?”
According to Carl McIntyre, owner of Carrington Homes, there is no simple answer, but he notes that even when lumber prices eventually fall, other items will continue to rise by five to six percent annually, including appliances, concrete, shingles, plumbing fixtures, and lighting fixtures. In addition, interest rates could go up.
“If you add all of that up, even if lumber goes down, did you really gain anything?” asks McIntyre. “Bottom line – if the timing is right for you to build, there’s no reason not to move forward.”
The rapid rise in home prices has many bracing for a repeat of the 2006 housing bubble. McIntyre assures, however, that today’s housing market is fundamentally different than the market that led to the Great Recession. In 2004, 2005, and 2006, lending was loose whereas today standards for building and buying are more stringent. In addition, there is no excess of distressed properties for sale right now, and there are not a high percentage of cash-out refinances currently.
“Before, people were borrowing as much as they could on their own, using it for cash flow, and borrowing against their home so it was false wealth,” explains McIntyre. “That put the whole housing market in a really bad spot because you had all these people that owed way more on their home than what the home was worth. That’s not the case now.”
Now there’s a real demand because there’s a true shortage of homes. According to Realtor.com, the nation, as a whole, has 45 to 50 percent less inventory than was available last year. Moreover, the National Association of Realtors reports that to get back to a healthy supply level equivalent to six months of monthly demand, an additional 2.7 million homes should be on the market.
Carrington Homes is doing their part by erecting luxury custom homes in the Indianapolis area. Established in 1992 by McIntyre and his parents, Carrington Homes is dedicated to providing their clients with excellence in design, communication, and a positive attitude. Because they are building full-blown $1M and $2M custom homes, they don’t have standard specifications or standard plans.
“Everyone’s wishes are different,” says McIntyre. “Some clients want massive audiovisual equipment while others want high-end appliances for cooking gourmet meals.”
After meeting with clients, Carrington’s in-house designer creates a preliminary design. Next homeowners fill out a questionnaire that shows their preferences (e.g., stamped vs. regular concrete, Wolf appliances vs. GE, etc.) before pre-shopping essential elements like flooring, cabinetry, countertops, and appliances. The team at Carrington then creates a preliminary estimate for the home. After plans & proposals are finalized, building begins and communication continues via a unique construction online management tool that enables clients to see everything about their job, including scheduling, plans, and selections.
“Communication is the key to a successful building project, which is why when people call, we always answer the phone,” says McIntyre. “We listen to what our clients want and work closely with our vendors to deliver it.”
If the timing is right for you to build your dream home, contact Carrington Homes today by calling 317.336.8002 or visiting carringtonhomes.com.
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8250 N. 600 W., Suite G
McCordsville, Indiana 46055
