“We are going to have an extremely good year this year and we have a very positive outlook,” Perry said of 2015.
Riding the Storm Out
The collapse in the U.S. housing bubble in the past several years has had a direct impact on home valuations, mortgage markets, home building and real estate, increasing the risk of a nationwide recession. As a result, the building industry workforce has also diminished and has not yet regained its momentum. There has also been a steady increase in building material and labor due to the current bridge construction.
Picking Up Steam
Despite the many recent economic setbacks and financial struggles that builders have experienced, Perry believes we are coming out of the recession, as many signs are pointing to renewed vigor in the housing market and an increased momentum toward new home building. Homearama is a perfect example. Last year, PL Lyons built two Homearama homes in the community of Shake’s Run. This year, four will be built in Spring Farm Lake, with two already sold. Eleven total homes will round out the slate this year.
Changes on the Horizon
“The market is picking up and now is the time to buy,” Perry encourages, as he predicts several impacting housing changes on the horizon including further material and labor pricing increases due to construction of the bridge. Federal regulations coming in June or July of this year along with additional regulations in the heating, venting and air conditioner industry will also send pricing climbing.
Environmental Protection Agency regulations on land and lots, along with new “green” requirements and sewage restrictions are estimated to send property taxes soaring and building prices increasing by $10,000-15,000.
Time to Buy a Home
Currently, Perry says mortgage rates are still way down and competition from bridge construction has not hit its peak, so Perry urges interested home seekers to “buy now.” Not only are prices steady currently, but Perry says the “innovation in appliances is amazing.”
At a recent Homebuilders show in Las Vegas, Perry was able to see first-hand some of the latest trends and new products being introduced to home builders looking to wow their customers. He says there are many new things on the market, but some of the most impressive were the plumbing, appliance and fixture innovations out this year. He plans to incorporate several of the products he came across in Las Vegas into his upcoming Homearama homes, but you will have to stop by to find out just which products will be new to the PL Lyons slate this year. Work continues diligently on these homes, as opening day is only four months away.
“We’ve had some challenges, but it’s going to be a good year. We’ve fought it before and we can fight it again. It’s going to be good,” Perry fervently believes about the upcoming year and the future of the building industry.
If you would like to know more about building a home in this year’s Homearama, or building a custom home while pricing is still reasonable, contact us here and we will get back to you with any information you need to know.