This article is a part of Realogics Sotheby’s International Realty’s 2023 Forecast Report Digital Exclusive Series. To get your digital or print copy of this comprehensive look at the Pacific Northwest’s ever-changing residential real estate landscape click here.
During COVID, many supply chain issues caused delays in the home-building process. It wasn’t uncommon over the past 24 months for clients to move into their new home with a loaner refrigerator and simple things like garage doors were often on backorder. Beyond the outrageous lumber pricing fluctuation and concrete strike, many reselections occurred on even minor details like tile and backsplash options due to the overwhelming number of shipping containers that were hopelessly delayed causing major global disruption to what otherwise can be a very streamlined process. And still, JayMarc Homes built new residences in record time compared to many of our competitors.
However, we are happy to report that JayMarc sees a beacon of light at the end of this dark tunnel. The slowdown of new construction has shined a bright window of opportunity for families in the greater Seattle region, still cautiously optimistic about building in the next 12-24 months.
So, what to expect? There are three main trends that we are excited to report.
- STABILIZATION OF COMMODITIES | It is painfully frustrating not to be able to predict what it will cost to build accurately. We pride ourselves on being fantastic partners with our clients, who count on our expertise to look at their budgets accurately and often. We are happy to report that the pricing from our trade base is finally stabilizing and, in some cases, even trending down.
WHAT THAT MEANS FOR OUR CLIENTS | Those planning to build a custom home with JayMarc in the next year can expect much more accurate pricing and even savings, at last!
- ACCURATE BUILD TIMES | In the past few years we saw every aspect of our business slow to some extent. Permit offices had tremendous delays before we even broke ground, in addition to the constant frustration of labor shortages and material disruption. In many ways, it felt like the perfect storm. JayMarc proudly reports that the opposite trend is now ringing true.
WHAT THAT MEANS FOR OUR CLIENTS | JayMarc has a very well-oiled machine when it comes to designing, budgeting, and building homes for its clients. Now, not only can we predict the budget more accurately, but we are optimistic about seeing that the 18-24 month timeline from land purchase to the day a client moves into their custom home is back.
- LAND PRICING EASING | We have clients that have been looking for land to build for years but have yet to be successful. The bidding wars were very fatiguing, and the pricing would escalate in this area beyond what many families could stomach. With the market starting to cool off, we have been able to help match land on the MLS with clients searching.
WHAT THIS MEANS FOR CLIENTS | Our feasibility team is incredible. All we need is an address, and within a couple of hours, we can let potential clients know if a piece of property is worth purchasing.
Brenda Gage is JayMarc Home’s Vice President of Custom Homes. View more from JayMarc →