Yesterday we started our series of the process of building a new modular home and that story continues today.
Yesterday’s conversation included a discussion of how Baby Boomers and Millennials are actively looking to purchase Real Estate. Boomers are looking for smaller homes that are easier to manage and Millennials are looking for their first home. Don’t forget that these two demographic groups are a HUGE slice of America’s population representing about half of every person in the US. The influence of these two groups is enormous and both groups are actively looking to buy.
Yesterday we mentioned how The Sellers’ Market is driving prices upward.
Today let’s look at The Seller. The truth is today it is a big Sellers’ Market where those people looking to sell either their home or their vacant land can demand higher prices. The overall volume of Real Estate being sold today does not meet the demand of Boomers and Millennials.
For those looking to build it is quite difficult. The cost of vacant land is in short supply and here in northern Vermont the cost of a building lot is very high. We could quickly show you nice building lots of one acre or less right here in Chittenden County that are selling for more than $150,000 and more. Granted, once you leave the close environs surrounding Burlington the cost of land drops precipitously.
Recently we delivered a new home to a beautiful ten-acre lot up in the mountains of central Vermont that cost a fraction of what that would cost in the Northwest corner of the state.
The reason that the cost of land is so important is that if a prospective home owner spends in excess of $100,000 for land it is difficult to justify building a small cost-effective home on such an expensive piece of property. Hence, the difficulty continues to grow and become more expensive. Millennials are caught in a uniquely difficult situation.
We do not want to discourage anyone from fulfilling their dream of home ownership but rather inform you that it isn’t easy. With constant persistence and due diligence, it is possible to find that piece of land and with help from responsible builders you can have your dream come true.
Vermont Modular prides itself on providing top quality homes are reasonable costs. Call us with your questions and thoughts. 802.985-5855