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Building Custom vs Buying a Home: 2023 Market Trends in Gainesville
Let’s cut to the chase: everyone has an eye on the housing market. With interest rates, housing inventory, and home costs at the center of attention, it’s understandable to feel uncertain about what to do when your home is no longer working for you and your family. Or, maybe you’re moving to Florida and want to know if it’s better to build a custom home or buy a home on the market.
We’ll cover all of the bases so you’ll know what to expect when it comes to selling your home, buying a home, and building a custom home in Gainesville, Florida, in 2023.
What Are the Florida Housing Market Predictions in 2023?
The Florida housing market predictions for 2023 are a bit tricky. It’s even difficult to say whether it’s a buyers’ or sellers’ market. So, we’ve broken it down into the main takeaways so you can get a better understanding of what to expect.
In general, the trend of low inventory and high demand continues into 2023. This means that with high demand and low supply, home prices are up and not likely to come down until further into the year.
Many potential buyers are being priced out of the market because of the higher prices. So, homes are staying on the market longer. Mortgage rates are also holding at a higher rate than many potential buyers would like, leaving buyers to exercise the wait-and-see approach.
The buyers who are still shopping for homes are bidding over the asking price because finding another home that fits their needs is unlikely, so it’s competitive out there. And, because Florida has one of the largest domestic migration rates in the country, there will always be interested buyers, with some areas more desirable and competitive than others.
Because home prices have kept many from buying a home and homes are staying on the market longer, home prices will eventually come down later in 2023. Once home prices come down, more buyers will enter the market, followed by more sellers–increasing inventory but also competition.
What to Expect if You Want to Buy a Home in Florida?
Are you looking to buy a home in the Gainesville, Florida, area? Prices have increased because of the demand for homes in suburban areas. With lower-than-usual inventory and higher prices, be prepared to bid higher than the asking price.
Also, it’s not likely that you’ll find a home that checks every item on your must-have list, so expect to invest in a remodel to make your new home just right for you and your family.
There’s another wrinkle to buying a new home on the market: commercial housing developers have slowed production. Less residential developers are building new homes for fear that they’ll sit on the market for too long. This is expected to improve, but not for a few years. So, the home you buy will also likely be older and need more remodeling.
What to Expect if You Want to Sell Your Home to Build a Custom Home?
If you’re interested in finally designing and building the perfect custom home for you and your family and already live in Florida, you’ll eventually put your current home on the market. If your home is in a suburban area, you’re in luck! There is a major uptick in demand for suburban homes because families are seeking larger homes with more space outdoors and a higher quality of life.
How to Make Your Current Home Competitive in the Market
Selling your home sooner rather than later means you’ll be entering a market with low inventory but potentially few buyers, depending on where you live. To make your home stand out to those buyers, there are a few tricks that experts suggest:
1. Stage Your Home
Making the investment to stage your home can increase your sale price and help you avoid reducing your price. It’s a win-win. Your real estate agent may provide staging within the company or offer recommendations on staging professionals. Talk to a Realtor about the costs and what process makes the most sense for you. Also, have your home professionally cleaned before staging for the best first impression.
2. Spruce Up Your Home’s Exterior
Your home’s curb appeal could be the difference between someone taking a tour and someone driving away at first glance. Paint your front door, update your house numbers and mailbox, improve your landscaping, pressure wash walkways and porches, and make sure all of your exterior lights are working and on.
3. Spruce Up Your Home’s Interior
If your color palette is dated, update the wall colors with fresh neutral tones. Update older plumbing fixtures, lighting, and cabinet hardware. Ask a Realtor what other small updates you can do in your home to make it more desirable to a buyer.
Is It Better to Buy or Build a House in Florida in 2023?
Building material costs are coming down in 2023 from their high over the past few years, including lumber. Also, with fewer homes being built by professional residential developers, more construction workers are also available for custom home building.
Another benefit of choosing to build a custom home in Florida, rather than buying a home on the market, is getting the exact home your family needs from the start. When you buy a home on the market, you’re going to need a remodel to make it a perfect fit. This increases your investment, which could mean that your new home just got a lot more expensive.
A Great Design-Build Team Can Guide You
Even with this concise guide about the Florida housing market trends and predictions for 2023, you may still be undecided about how to get the home you and your family needs. Robinson Renovation & Custom Homes is an industry leader in home remodels and custom home building. We’ve served Florida, homeowners, for decades, delivering custom remodels and homes through the design-build process, which prioritizes your experience and staying within your budget.
Whether you need to spruce up your current home to put it on the market, begin the custom home-building journey, get recommendations on helpful Realtors in the Gainesville area, or all three, we can help. Contact Robinson Renovation & Custom Homes for a consultation to answer your questions and help you take the next steps.