Filed under: Sequim Contractors
When the real estate market started to head south in late 2007 some home builders kept building spec homes. It amazed those of us who have been through a few real estate cycles, especially because it seemed so illogical to build a spec home and tie up so much capital on a gamble that someone would buy it when buyers were showing up less and less.
Building a spec home might be a great idea when the market is hot and the builder is actually building homes people want, i.e. a 3 bedroom, 2 bath ranch with 1,800 square feet and a double attached garage. But when the market is cold, it is not wise to build a home that people don’t want, i.e. an odd or unconventional floor plan on an unusual lot crowded by adjacent houses.
Why would I mention this? Because there are builders who have done exactly this, and now their spec homes sit on the market aging, most likely stuck with a line of credit that may now exceed the fair market values.
As I show houses like this, some of the feedback I get from clients is that the floor plan “is just weird,” or this rhetorical question, “What was the builder thinking?”
How do you define or describe a house like this? I don’t know precisely, but I’m reminded of a Supreme Court Justice who was asked how he defines pornography, and his answer was, “I don’t know how to define it, but I know it when I see it.”
Buyers are not excited about buying a spec home that has been sitting on the market for a year or two, especially one that no one else wants either. If you want your own retirement home built precisely the way you want it, then you want a custom home. A custom home is simply a home built the way you want it. The floor plan suits you, the kitchen is perfect, the master bedroom and walk-in closet are exactly the way you want them, and the garage is just the right size.
If you can’t find the perfect home in the existing inventory of MLS homes, it may be time to buy a lot at rock bottom prices and have your dream home built by a custom home builder.