Myths About Custom Homes

 A custom home is a home that is built to the specifications of the buyer. Basically, the buyer of the home will get to choose every detail when it comes to their new home. Many home buyers shy away from building a custom home due to several myths.

The biggest myth is that a custom home is too expensive. Although this can be true, there are tons of ways to save when building a custom home. You do not need to have a massive budget for a custom build. Another big issue is that many home buyers feel it takes too long to build a new home. Many custom homes are actually built faster than mass-produced homes.

When it comes to custom builders, there are plenty out there and they are easy to find. The best way is through recommendations and searching online. You will want to be sure to ask the builder you have chosen about their experience, process and pricing.

Remember, working with a builder who understands what you want and knows your budget is the key. A good builder will help you find ways to save money through the homebuilding process.

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Will the Madisonville Bridge Be Changed?

 Madisonville is a quite small town outside of a big city so why would the town need to expand its two-lane bridge? If you are a resident or are familiar with Madisonville, then you know about the two-lane swing bridge crossing the Tchefuncte River along Louisiana 22. Traffic is a nightmare so many commuters come through that way. Will changing the bridge to accommodate the traffic hurt the quaint town?

Mandeville Mayor Clay Madden discusses the bridge and says it is the topic of discussion for two years in a row at a traffic summit that he organized. He goes on to explain that the small bridge plays a big part in Western St. Tammany Parish’s traffic problem. Rep. Mark Wright of Covington has put forth a resolution to the state Department of Transportation and Development to conduct a study on how traffic can be alleviated over the Tchefuncte River. He backs it up by saying that St. Tammany has been rapidly growing and the Madisonville bridge is a detournement to economic development. No matter what the study shows, the bridge is part of the town’s landscape.

“What can be done to a two-lane bridge in a small town? I don’t know,” says Madisonville Mayor Jean Pelloat.

The town does not want a huge high bridge, which is what would happen if they turned the bridge into a fixed bridge with more lanes. Boats have to pass beneath the bridge if it does not swing to give clearance. “No one wants to make a high rise over Madisonville,” replies Sharp. St. Tammany Parish Council member Michael Lorino says this just might have to happen to accommodate the traffic pile-up. He feels that raising the bridge height to allow most boats to go through without having an open bridge can be done by keeping the quaint town atmosphere.

Some relief has already come in the form of a new bridge opening schedule which will begin in April. Instead of opening on-call every half-hour, it will open every hour on-call. This will help with the morning and afternoon rush. There are also several projects that will improve traffic flow that will be done in the surrounding areas. This will include a roundabout at Louisiana 1085 and Louisiana 22, rerouting Main Street traffic to Cedar Street along with a roundabout at the intersection with Louisiana 22, the state also plans to add a turning lane on Louisiana 22 from Tangipahoa Parish line east to Perrilloux Road.

“You can’t make the traffic disappear, because you can’t make the houses disappear. But you can make it move a little better, says Lorino.

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Exciting New Trends for the Current Homebuyers

 The current housing market is starting to cool along with the buyer frenzy. Professionals in the industry have three trends that can benefit a buyer when they go to buy a home.

1. More Homes To Choose from

For the past several years, the housing market has hit a record low in housing inventory. This coupled with high buyer demand made it hard to even find a home to purchase. The Calculated Risk reported that homes for sale increased by 39.5% in the last week of October 2022 from the same time in 2021. It is still a seller’s market, but the good news for buyers is that there is more inventory to choose from when finding your new home.

2. Bidding Wars Have Eased

With the demand for buyers over the past several years came huge bidding wars. Luckily, for buyers today, things are different. According to the National Association of Realtors (NAR) the offers on sold homes have declined recently. This fall, September showed the average was 2.5 offers per sale, which was down from the 3.7 offers per sale from last September 2021. Since this has started to slow down, the bidding wars are as well, making it a great time to get back into the market and search for a home without the huge influx of competition.

3. More Negotiation Power

When there is less competition for buyers, then there is more negotiation power on your side. The last couple of years has seen buyers willing to skip things like appraisals and inspections in order to win a bidding war. The National Association of Realtors (NAR) shows that buyers in today’s market are not waiving all contingencies. Appraisal and inspection are two very important factors when it comes to purchasing a home. A survey from Realtor.com shows that 95% of current sellers are accepting a house inspection from a buyer. Sixty-seven percent of sellers negotiated with buyers on repairs found during an inspection.

There are still challenges buyers must face in today’s market, but they are becoming more scarce. Now is a great time to purchase a new home, first find a local realtor who can help you on your journey to getting your dream home.

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To Build or To Buy a Home

 If you want to own a home but haven’t decided whether to build a house or buy one, there are several things to consider. If you love a custom look with features and finishes that are in your taste, then building a custom home would be for you, but if you like historic charm and an older established neighborhood then purchasing a resale is right for you. If your budget is a factor, what is cheaper: building a home or buying an existing one? The National Association of Home Builders and the US Census Bureau reports that the median cost to purchase a home is $410,600 and is less by $28,800 than building a home.

Pros and cons: Building a house

According to the professionals in the industry a basic home can be built for around $150 per square foot. This is for a basic home, but this price can jump up to over $500 per square foot if you want the best of the best. When you build a home you get to choose what you want such as an eat-in kitchen. A new home also has less long-term expenses than an older home. A new home will be more energy-efficient and will have lower utility bills. There are also less repairs and lower maintenance costs.

On the other hand, a new construction home will take longer to get into. Especially nowadays with labor shortages and shipping difficulties. According to the US Census Bureau it takes around 6-8 months to build a new construction home. You will also have an alternative place to live while your home is being built which is an added expense. Since there is a shortage of home inventory, demand is up and the cost of building is higher. The US Census Bureau reports that new construction home costs have risen $84,700 over the same time last year.

Pros and cons: Buying a house

Most of the time, there are fewer construction costs when purchasing an existing home. The only time this will not be the case is when you purchase a fixer-upper. When you purchase a home, the transaction time is also a lot quicker. This would be the best option if you need to relocate or have a short time frame. If location is important, purchasing an existing home will be much easier than finding a lot to build on.

You do not have to build to get an all-new home. You can opt to purchase a new construction home that is completed and listed for sale. You will still have all new everything without the hassle of building a home yourself.

If you are in the market for a new home, find a local realtor who can help you with your purchase of a newly built home, custom-built home or an existing home. A realtor can help you determine which is best for you and your lifestyle. They can also help you with financing options and refer you to a lender.

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