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Home buyers are experiencing one of the most favorable markets in years, so why would anyone want to put up with the risk and expense of building their own home from scratch? It all has to do with supply and demand, says Wall Street Journal columnist, Nancy Keats.
Keats and her husband have already watched as workers broke ground on their new home near Portland, OR. Even after looking in envy at the many properties suddenly available in her price range, she is still content with her and her husband's plans to start fresh.
Since the housing and construction markets are slow, that means skilled contractors and construction workers have more availability to work on projects. Lucky for you because in the height of the housing bubble, new home buyers were put on waiting lists for mundane tasks like installing new door hinges. This is also true for building materials; prices on items like granite slabs and marble have gone down considerably.
As soon as the housing market picks up again—and it will—these goods and services will quickly go back into high demand. So, enjoy this down time while you still can. [Wall Street Journal]