Are you considering to buy or build a home in Houston? This will be one of the most important decisions of your life, so say the industry leaders, economists and analysts. Following the previous year’s trend, 2017 will also witness a rise in the prices of real estate properties. Let us take a look at what the experts predict about the growth of Houston housing market for 2017!
Housing Market Forecast for 2017
With the advent of the new home inventory, many real estate experts predict that the buyers will get an extended range of homes for sale in the market. The holiday season and the concluded election have left an impact in this market and the inventory is ever-increasing.
In the December 2016 press release made by the Houston Association of Realtors (HAR), it was reported that there was an 8.3% rise in the median price of a single-family home. This was the data for the month of November. It made a 7.2% year-over-year gain. Even in the midst of a doubtful energy sector, the market showed an amazing resilience.
The year 2017 may follow this rising trend, however, the industry experts are worried about the rising rates of mortgage that could slow down the process of growth. Herein, one needs the support of an experienced general contractor in Houston who can guide in the preparation of a robust design plan and budget.
Budgeting and Plan Design of a New Home
The professional home construction builders in Houston facilitate a design team comprised of highly qualified experts. Before you move into the actual phase of construction, you should share your budget constraints with your design team. If you select the design-build process, you get the benefit of stage wise estimate of the budget. Before undertaking a home design phase, the general contractor will provide a reasonable assurance of estimated cost.
If in any case, the upper limit of your budget crosses over, the design team will value engineer the incomplete design drawings to return back within your budget threshold. This will save you an unnecessary delay in project completion or an unexpected major cost born out of a changed design.
The Ultimate Result
The bid documents will be created and used by the general contractor to prepare for budgeting. After a detailed product selection process has been gathered and the 90% drawings had been completed, your general contractor can finalize the construction budget.
The bid documents are comprised of a detailed schedule of values, detailed house construction plans and building site documents . After the schedule of values has been developed with the support of the budget, the owner can finalize his or her construction lending and mortgage. Then the general contractor will provide the owner a separate list of budget items for individual design plans with allowance schedules that are supported by the plans, details and product selections chosen by the homeowner.
You can explore the vast opportunities available in the Houston housing industry and reap the benefits of a growing housing market in 2017. The general contractors in Houston could help you further by providing an error-proof design plan supported by your budget expectations.