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Many Turn to Building Homes Across South Florida as Real Estate Market Heats Up

South Florida’s housing market is on fire right now, making it difficult for many to find the home of their dreams. After placing bid after bid, only to receive the news it was turned down, or finding the perfect home but taking too long to act, many are turning to home building instead. 

Sales for newly constructed houses have risen by 113% when stacked against stats from 2020. The pandemic has escalated this shift, and building a home can be a simpler process than buying a house that already exists in a market like this. 

Can you use hard money lenders in Palm Beach to finance construction? Absolutely. New construction hard money loans are short-term, and like other hard money loans for these types of projects, some of the funds are distributed at closing to finance acquisitions, while the rest can be held in escrow. Hard money loans Miami can provide home buyers with the assurance of finding and building their dream home because the loans are distributed quickly.

The scarcity of land between the Everglades and the ocean is causing home developers to make new communities in Wellington, West Palm Beach, Jupiter, and Royal Palm Beach. Broward County and Miami-Dade County are tougher to navigate in new construction, but Broward County hard money lending can help you get the funding you need to build a home. 

Building can even be cheaper than buying. Newly built homes start at $300,000 while existing homes have a median range of $466,000 to $515,000. This pricing includes older homes, which can end up having more renovations and repairs in the near future. 

It seems like Florida’s housing market will not slow down anytime soon. Homeowners and future homeowners will have to decide if location is something they want to shell out big bucks for. 

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