Many of us have been watching the economy's improvement for some time. Some of us have also been particularly interested in the steady growth of the housing industry. Of course, it’s not just builders who watch what’s happening with new home statistics because what happens there affects the economy as a whole. 

There’s another group of people, however, who’ve also been watching the economy and the housing market: people considering building a new home. And some of these individuals are wondering if time is running out or if they’ve missed the best opportunity to start a new home. Maybe you’re one of those debating why build a new home in Middletown, CT. 

If you are, you’ve come to the right place. We’ve shared this home-building guide for Middletown, CT, and you’ll want to read it. So, let’s look at a few benefits of new home construction in Connecticut. 

What Are The Reasons To Build A New Home In Middletown?

Why build a new home? There are many different reasons to build a house in Middletown, Connecticut. Some of these reasons you might know if you’ve been doing your research, while others you might never have come across. Either way, you’ll want to cast your eyes below for the insider scoop into the advantages of building a custom home in Middletown, CT. 

Interest Rates Are Still Good

First of all, let’s make a disclaimer. Builders aren’t bankers or economists. We’re not going to predict where interest rates will go (the guys who do that for a living have a hard enough time getting it right!). We’re also not in the business of giving financial advice. Still, the current rates make borrowing relatively inexpensive, and it’s hard to imagine that prices will drop. 

For instance, the average rate for a 30-year fixed mortgage in Connecticut is approximately 6.867% as of November 10, 2024. While these rates are higher than the historically low rates of the past decade, they are still relatively low when viewed in a broader historical context. If you wait for better rates, you might miss the boat, so make sure to consider this when weighing the pros and cons of building a new home. 

The Resale Market is Competitive

The current resale housing market is tight, with limited inventory driving up prices for pre-owned homes. This can make finding a home that fits your needs challenging and expensive. For example, in October 2024, Middletown's median listing home price was $330,000, reflecting a 10% year-over-year increase.

With prices like these, it's easy to see why building is better. Building a new home ensures you get precisely what you want—tailored to your lifestyle, preferences, and future plans—without the stress of competing with other buyers or compromising on features. Plus, a new home often comes with fewer maintenance costs than an older property.

Builder Availability Is Good

There are actually two aspects of this that should interest individuals looking to build a new home. We’re headed into the busy building season. That means builders will have less availability. The first thing that says is that getting the builder you want may be more challenging. What usually happens when the housing market starts to heat up is that the best builders are the first ones to get booked. 

Homeowners who wait also may not get the schedule they want. If you decide to hold out for a particular builder (because of quality, style, and way of doing business), you may have to wait until they complete another project before they can get going on yours. And when it comes to quality home building, merely bringing in more hammers and saws (and, of course, the people to wield them) doesn’t necessarily give you the results you want. Good quality takes time. 

But is the clock running out for your plans to build a new home? Not necessarily, but the longer you wait to get started, the longer you’ll have to wait to complete your new home. 

Construction Costs Are Expected to Rise

If you want to build a home in central Connecticut, you need also to learn more about construction costs. Construction materials and labor costs have been relatively stable, but industry experts anticipate gradual increases due to rising demand and potential supply chain constraints. 

Materials like lumber and steel have historically shown price volatility, and as the economy continues to recover, those costs could climb. This means that starting your custom home build now could help you lock in current prices and avoid paying more down the line.

Energy Efficiency Standards and Incentives Are Favorable

One of the most significant benefits of custom home building is energy efficiency. Building a new home now means taking advantage of modern energy efficiency standards and even state or federal incentives for building "green." 

New construction allows you to incorporate energy-saving features like better insulation, high-efficiency HVAC systems, and renewable energy sources, saving you money in the long term. With a growing emphasis on sustainability, these incentives may not last forever, making now an opportune time to capitalize on them.

Get In Contact With Sunwood Today To Discuss Your New Home In Middletown

Now you know more about the benefits of building a new home in Middletown, CT. However, the decision to build is yours and yours alone—and you shouldn’t feel pressured by anyone to get started before you’re ready. Just make sure you’re not waiting for things that probably aren’t going to happen any time soon. 

If you decide to build now, we recommend contacting us at Sunwood today. Our Connecticut custom home builders team can help you with your Middletown build. We have decades of experience in the industry and know what we are doing and how to ensure you get the home you deserve.