Building new Custom Homes and Nova Market update after Pandemic

[Jasmine Hu]

Hi there, I hope to give people some idea what is going on.

For resale real estate in nova, there was a panic time, for about a month in March/April. You can get some discount time yet things change dramatically now.

For rental, landlords are getting multiple applications for townhouses etc in Ashburn area. I expect rent will go up at least for now.

Now people have figured out that this pandemic will last much longer than expected. Nova is also full of tech people, so they could work from anywhere. I have seen people try to flee esp older people from city center to great falls / loudoun area. Single family is at high demand. One builder I know just sold all new spec homes during pandemic. Their house price range is 1.5-1.8 mil in McLean/Langley/Marshall high. There are people to buy in order to move in Jun or Jul time. So I don't think you can get any deal now. You may have to face competition for right listing. Multiple offers would come back.

I hope more listings come to market during summer time that could ease it up a bit. Yet I am not sure. My feeling is this would be a great summer for sellers.

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For custom homes or new homes, here is the basic formula for cost:

Lot cost + Lot prep cost + utility connection cost + custom house + permit/architecture fee if you want your own design etc = Total Cost

If you are going to get construction loan, there is also carrying cost. There are quite some uncertainty for this route yet you can exactly get what you want.

Custom home option is best for infill lots in those more expensive area. The time frame in general is about 1.5 years .=> 3-6 months permit and 8-10 month construction.

I am available for consultation based on reasonable hourly fee or project. 

Good luck for all! Custom home is fun.