Having built Austin custom homes for over 20 years, Sterling Custom Homes has seen many financial cycles come and go. While this is a difficult time in our economy, there are some bright spots and opportunities for those who are willing to move forward.
All three major cost components to custom homebuilding – material costs, labor costs and lot costs – have all significantly come down over the last one to two years. We recently re-priced a home for a family we have been working with for 2 years. The original price in 2007 was $1,875,000. The new price, based on material and labor reductions, is $1,518,000. That’s a savings of over $350,000! Needless to say, we will be moving forward on that project soon!
With the financial markets recovering and consumer confidence starting to improve, there may be a rebound in our industry that would cause labor and material prices to tick back up.
We have advised our clients that they should seriously consider moving forward on their projects if they plan on building an Austin custom home in the next few years.
