Modern Home Design

It's Time to Build! Almost every day I ask myself why more people are not taking advantage of this crazy building market. By crazy I mean this is a ridiculous buyers market. The answer seems to be fear. We can't seem to get away from all the bad news. Just turn on your tv or your computer and you get nailed with it. I cannot say if the fear is justified or not. Each persons situation is unique, and so it is up to them to determine for themselves. But I can tell you that right now there are some really good opportunities for those that choose to pursue them.
If you have been thinking of building a new home or remodeling your existing one I suggest seriously pursuing it. If not, you may just be missing the opportunity of a lifetime. I have been in this industry for more than a few years now, and I cannot remember any time that the market has been more favorable for the buyer / client. Here are a few of the big reasons:Interest rates are ridiculously low.
Contractors and subcontractors are highly motivated. In many cases they are working with little or no profit just to keep their good people busy. And since they are not that busy, they have the time to dedicate to your project. An associate of mine has had a flood of very high quality contractors practically begging to bid on a bathroom remodeling project. I have had numerous local contractors request to bid on a project that is several hours outside of our traditional building area.Lot costs have plummeted. Developers are looking to unload. Indeed the banks now own quite a bit of really nice land. Call up a few of your local banks and ask for their property listings. You might find a great deal by buying directly from the bank.Many material costs are at 10 year lows. Since no one is building demand is very low and inventories are up. Classic over-supply and under-demand.Everyone in the process is open to negotiation. Realtors, Land Owners, Architects, General Contractors, Sub-Contractors, Suppliers, etc. Seriously this feels like the perfect storm - as in the perfect buyers market. A great opportunity to do a beautiful project at the best possible value.
How long will this last?
Nobody seems to know. But statistics are beginning to show an improvement in the sales of existing homes and once inventory is diminished construction costs will begin to rise again. Nobody knows how long this "window" will be open, but we all know it will not be open forever.
Don't Feel Guilty!
It is true that the current market allows the buyer to take advantage of the situation. But at the same time the builders, vendors, designers, realtors that are surviving are truly appreciative of the work. And if you pick the right team they are going to give you their best.
Build Smart!
If you decide to proceed with a project, make sure you do it smart. For instance "McMansions" have a bad name right now and the builders cannot seem to give them away. This might not be the type of home that will be in great demand even after the turnaround. Folks are starting to look for a more modest, smartly designed and quality constructed home. The type of homes as seen below designed by Larson Brenner Architects.

Be Smart!
Utilize the expertise of your professionals (architects / designers, general contractors, realtors, etc.). Don't try to design and construct the project yourself. You will get a better outcome and will carry less burden if you have a good team around you. And besides, right now you are practically getting their services for free!

I live in the Twin Cities area of Minneapolis / St.Paul, where we have one of the largest Parade of Home tours in the country. Every year I look through all of the Parade offerings to see if I can identify any new trends.A couple of things have struck me; 1) how very similar many of these houses are and 2) this economy can not be a great environment for many home builders. The question begs to be asked; if you are by-and-large building the same house as your competition, how is your much sought after customer going to decide which house to purchase? Right, pretty much on price alone. This doesn't seem like a good business formula to me.As an architect I have worked with a number of builders that understand the benefits of a creative and well thought out home design. Builders such as this are not afraid to separate themselves from the pack. Now more than ever architects and builders need to examine whether their current business practices are serving them well. Perhaps this is the time to consider doing something completely different, because quite honestly the consumer has become much more savvy and selective! They are going to demand smaller, efficient, better designed, and more economical homes. Cookie cutter homes, clone homes, and yes even McMansion homes may always have a share of the market, but I believe if we don't as an industry, embrace and adapt to the ever changing building market, we will continue to see one business after another close their doors for good. Now how sad is that?
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