New owners choose to build instead of buying
The housing market is booming in northern Alabama. The houses are quickly taken off the market. So, people resort to building the house of their dreams instead of buying.
WAAY 31 spoke to a future homeowner about his decision to build his house.
Austin Malone had been looking to buy a house for some time, but said it was starting to feel like a job and everything was too far out of reach because the houses were selling so quickly. He then decided that his best option was to build.
“You have to really be in the game,” said Malone. “People come in, they charge more than the asking price, you have to do it the same day, they give up checking the house, they give up inspections, and it seemed like building was easier than buying a house.
Malone rented for years but decided he wanted to own his own house.
The cost of buying and building a home has skyrocketed in 2021. According to the National Association of Home Builders, lumber prices are now more than 300% higher than in the spring of 2020.
Malone weighed the pros and cons of building his future home.
“I feel like I can build whatever I want when I build, instead of going to compete. It’s so competitive, ”he said.
After 7 months of construction and very minimal delays, Malone’s house should be finished by the end of July.
This means it was in the construction stage when lumber prices hit an all-time high in May.
He signed a contract with the construction company to lock in his construction price before lumber prices peak.
“I didn’t mean to say, ‘Yeah, this is the house I want’ and then they come back 4 months later and say, ‘Oh, the prices went up $ 20,000. “So that was safety for me,” Malone explained.