Originally Posted by Bradford
Or instead of having a house built for you, you could just wait for one you like to go on the market. There are a lot of people who overbought and now their ARMs are readjusting at higher rates than they can afford right now.
You could definitely pick up a pretty nice house that way.
Plus, a lot of developers overbuilt in the past few years, so there should be a pretty good supply of new houses on the market right now.
That is the sort of stuff going through my mind right now. Then couple that with what will happen to my appraisal the a project like this, and I could actually end upside down on a construction loan! That would not be a pretty sight.
Also, a re-sale might have the backyard finished, or at least partially finished. Pool, spa, pavers, outdoor kitchen...that all starts to add up fast too. I refuse to over buy just because I want something badly. That's what (obviously) has all those people with ARMs coming due in trouble atm.
I think patience is the answer here.