Thinking about building? Now is a great time to buy your lot.
According to a report by MarketGraphics, a housing research firm, there are just under 20,000 developed residential lots in the Triad. Builders estimate that only about 1/3 of these lots are worth building on and the inventory is expected to be gone in 2011.
Many of these lots are in subdivisions where the builders have been foreclosed or their projects have stopped. Many have roads, sewers and amenities already in place. And, many of those lots are priced at only half of what they were two years ago.
Banks are eager to get these lots off their books and to get the neighborhoods back into stable condition. They may be willing to provide loans to, once again, have a performing asset.
Because the housing market has taken such a hit, many are predicting that new developments will not be started for up to two years making these available lots even more precious.
When searching for a lot, use the same parameters you do when searching for a home – look for stable areas with good schools, convenient shopping and access to major highways. As always, its all about location. Location is the one thing you can never change about your property.
It may be a few years before some of the areas and some of the lot values pick back up but, if you’re planning to buy or to build, this is a way to get quickly and cheaply right now into an area you couldn’t otherwise afford.
