The amount of new construction permits rose in January 2019 as compared to December 2018 estimates. Housing starts in 2019 rose by 18.6% from the December estimate but is still down from January 2018. Single Family residence actually had an increase of 25% from the December estimates, this brought the single family production to 4.5% higher than the previous January. With more mortgage lender making it easier and more affordable to purchase a new home, now is a great time to look at what it take build a home.
The Pacific Northwest saw an increase of roughly 29% in the starts compare to December, but they were 32% lower year after year. New home permits were down 8.9% and 7.7% while completions rose 37% and 15%. So a few less new home starts but more of them were also completed.
When it comes to building home a person can really pick and choose every aspect of the build, from a custom kitchens, bathrooms, yards, and so much more one can really get overwhelmed in the process. Ensure your financial house is covered by getting your lender involved as early in the planning process as possible to ensure you have all the accurate information for the planning process.
We at Manifest Mortgage have also seen an increase in the demand for construction financing. Luckily our company has aligned with some of the best construction loan providers to help people when looking to build a home. If you have questions about what it takes to build a home please give us a ring or contact us as soon as possible.