Builders had a better year in 2013. Most local builders in the Lake Chelan area had fairly steady work and some even grew a bit. As of today, most still have availability in their 2014 schedule.
That could change quickly if housing picks up in 2014. Here are several reasons why:
- There is not a huge capacity for building homes at Lake Chelan. The number of new homes built has varied from a handful in the worst years after the bust to a high that is still under 100 homes during the boom times. Many builders have shrunk or gone away since the 2007 time frame. The ones that are left, particularly the best ones, will have their crews spoken for quickly when housing picks up.
- There have been quite a few lot sales in 2012 and 2013. According the the sales recorded in the Chelan MLS, there have been 381 lot sales in 2012 and 2013. If even a small portion decide it is time to build, the quantity of construction would overwhelm the construction capacity in the area.
- The anticipation of higher interest rates in the future could motivate construction in 2014. Yes, mortgage rates are predicted to hit 5% in 2014 for a 30 year fixed, which is a significant increase from the record lows eighteen months ago. But, that is still a very low interest rate compared to the last fifty years and rates are only predicted to go up from there.
Quality builders in 2006 often were booked out for the next two years, if they would talk about new work at all.
There are still some fantastic lots available for building, including these beautiful Lake Chelan waterfront lots. If you want to build your dream home on Lake Chelan, the time to get it done is sooner rather than later if you want lower mortgage rates and the ability to work with the most talented builders.