Do NOT BUILD a House Right Now | Top 10 Reasons to NOT Build a House in 2023

Building a house in the year 2023 may be your only option BUT there are several things you should know before doing so... with the way the real estate market is going, you will want to make sure you're fully aware of WHY the home build process can be detrimental.
Building a home in the year 2023 could be like playing Russian Roulette, a potentially lethal game of chance but, with multiple revolvers. There are loads of potential dangers of building a home in a stable market, so the risk is much higher in a crazy… or unpredictable market like we are experiencing right now. As a New Home Construction Expert, I have personally guided 100’s of individuals through the home build process. At this time, I cannot recommend that you build a home, though there are some exceptions & things to keep your eye on. When you’re done watching this video, you’ll understand why building a home in 2023 could be a colossal mistake and the signs to look for, to know when it’s safe to build a house. I will also share the Best Strategy for those who choose to a build a home in this market. Here are 10 Reasons you should NOT Build a Home in 2023.

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In 18+ years as a Realtor in UTAH, I've helped 100's of people from all over the World. If you're looking to BUY, SELL, BUILD a HOUSE or INVEST in UTAH Real Estate, Call or Text Me @ 801-995-2337. I'd be HONORED to HELP YOU. I’m Ty the Real Estate Guy, Proudly serving the Salt Lake City area, Utah County for your Real Estate needs.

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Utah Realtor: Ty Wilde "Ty the Real Estate Guy"
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@ Wise Choice Real Estate

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[TyWilde]

SUBSCRIBE to My Channel for the MOST Accurate & up-to-date UTAH Housing News & Statistics.

[mpenrodmml]

My notes… top 10 reasons:
1 - It’s stressful
2 - Huge delays possible
3 - Labor shortages
4 - Supply chain issues
5 - Increased cost to build, inflation may grow costs
6 - poor quality of construction
7 - warranty issues
8 - you’re just a number
9 - lack of inspections
10 - inflation and mortgage rates

Bonus tip: 1-sided builder contracts

Most of these seem to apply at anytime, not just specific to 2023. Great warnings but I still lean to building now while builders are desperate and subs are starting to open up for more work with the slow in new builds, and plan on refinancing when rates get better. I’m wondering if an equal video could be made right now on the top 10 reasons you should build right now:
1. Builders are becoming desperate
2. Builders are offering more incentives
3. Less competition
4. You can refinance later
5. Subcontractors are more desperate and willing to bid with the slow in new builds
6. Good builders know how to mitigate many of supply chain issues (ordering windows, appliances, and lumber immediately, etc)
7. Etc…

[paulovincenzo]

Building a Home and started in 2022, I am the general contractor and I did the electrical myself saving money and utilizing good quality, tradesmen, and some help from friends. That’s how you save money. Try to cash flow for the house if you can to have a minimal mortgage or no mortgage at all because taxes will be expensive. Yes, it’s very stressful. Yes there will be delays but in the end you’re going to be very happy with hopefully your forever home nearing the end of completion in a few months. Saved at least 150 to 200, 000 being my own general. I recommend only doing it if you are truly ready and have money saved up don’t put yourself into a trick bag with your finances.

[gwayk]

Wife will be picking colors, materials. She picked out the house and interior arrangement(s). I'm involved in only two categories: 1) Construction 2) Paying for it, everything else is up to the wife. I tell her "This is what we have, choose wisely". As far as construction, I'm construction illiterate, so I'm inhaling everything I can. Delays? We're counting on it. But I'm hoping that since the time this video was uploaded, some of those problems have subsided a tad. Wife and I have decided to downsize from our original thoughts on this build to compensate with what we want in it. As a result, we're not expecting to hold a mortgage. And we are in a position to get other things done over time. I'm uncomfortable with the builder paying the Real Estate agent I choose, and since the R.E. agent probably can't fix anything of a legal nature, I'm thinking of hiring an attorney to bring us through from signing the contract to closing. I'm hoping we can enjoy this ride we will be taken on. Thanks for all the consumer oriented videos you selflessly provide for us, truly appreciated.

[stevesabo]

Building my home in 22 was very expensive because the cost was 500, 000 over the estimate just could not find anybody that wanted to work down here in Cedar City with our builder being in St. George.

[chancecooper]

Ima sit back and wait…I think the economy is going to come down big time. May take a few years but we been riding pretty high for a while. It’s almost time…

Then I’ll build.

[TripDadLife]

We got free land on an indian reservation, home would be property tax free, land might be appraised close to or above loan amount (septic, water, electric setup provided by tribe) so we might be able to get little to nothing down. We are 45 min away from town but it might prove to be more beneficial for us to build a home in this California market given our unique scenario, what do you think?

[andrewhelling]

I’m not from Utah but found this very helpful when considering whether to build this year. Nice work and thank you for the great content!

[fox]

I'm building in Texas with David weekly homes using a VA Loan how safe am I ? Lol now I'm a bit worried 😅

[raddadization]

what if you're buidling it yourself and have cash with the lot already purchased? lumber is way down from 2021 -22

[TyWilde]

In 18+ years as an active Realtor in UTAH, I've been honored to work with Hundreds of people just like YOU, from all over the US & the World. If you're looking to BUY, SELL, BUILD or INVEST in UTAH REAL ESTATE, please DON'T Hesitate to call Me @ 801-995-2337. I would be HONORED to SERVE YOU.👍🏼😀

[xavierb]

Can you provide me with information on a good builder in fishers In. I am currently looking at Fischer homes. What do you think?

[rangerdoc]

We lost our home to a fire last month. We have no choice to build as I'm not satisfied with the quality of the modular we looked at. This market sucks.

[megakhan]

150k in increase is what I'm dealing with. Lumber price is down unemployment is at its lowest... the only thing I can think of is GREED

[edwardesparza]

Those builder contracts are traps. Any suggestions on how to negotiate better terms.

[Victoriahull]

What about selling now is this a good time? I'm in Oregon 😊
Will I have a closing date with out a loan or how does that work?

[usefulbrokeness]

What are your thoughts on building a house in the Knoxville, Tennessee market? Locals here, which I am, are priced out of used housing. The only advantage I have to build right now is that I currently own 1.3 acres free and clear.

[orvillebryan]

Well the house in Florida building know is going fast .

[laurenm]

What are your thought in the Boston, MA home. Houses are just so expensive. I want something nice, move in ready with lots of warranties.

[FreedomAtRisk]

Do you need a builder? Or can you just hire the trades yourself?