Nov. 22, 2022
Godsway, Traverse City, MI
"We say this start probably a year, year and a half ago, the supply chain and the cost of lumber and everything increasing," Tucker said. "So, you're going to see that continue as the market shifts a little."
Some of those elements have improved, but as building costs and mortgage rates rise, buyers of brand-new homes may experience a mixed bag of options depending on their budget.
"You're always going to have the people that have the money to build," Tucker said. "That's not going to slow down. So our custom homebuilding, that's probably not going to see much of a dip."
"But the folks that have to be financed... are stretching their budget, those builds are going to be slowing down," Tucker said.
Again, the trends we are witnessing has been around for a while.
We are informed that a genuine market correction and a return to the conditions the majority of us are more accustomed to may take much longer.
However, a lot of realtors advise buyers to maintain some optimism because at least things appear to be going in the right direction.