I moved out of my parents’ house at the beginning of my junior year in college (a little over 8 years ago).  Except for about a year in there, I have rented a basement apartment, a house, and now an apartment.  I’m at a time in my life where I’m ready to actually be a homeowner.  The current economy has thrown me for a loop, though.  Two or three years ago I purchased a little over an acre of land on some family land to build a home.  At that time, the housing market was ideal for sellers and builders.  Now, unfortunately for that building plan, it is a buyer’s market.  I’m a little torn about whether I should buy a house for right now and then build later or take advantage of some builders that are needing work and build a house (that might cost less labor-wise but more material-wise).

To Buy…

Northwest Arkansas went through a housing boom recently where builders were building faster than buyers were buying.  Now that the economy is the way it is, there are a lot of builders/sellers selling homes at really good prices.  There are also several foreclosure properties on the market as well.  This means I could get a 1500 sqaure foot house for around $130,000 in a lot of cases (instead of $150,000 it would have cost a couple of years ago).  Just glancing at the houses available the other night, I found some better deals than even that.  (Keep in mind I am in Northwest Arkansas so these “deals” may or may not apply to other parts of the country.)

To Build…

The price of everything is going up.  Well, I guess not everything (since I just mentioned houses going down).  Grocery prices are going up.  Gas is starting to gradually climb back up.  I’m afraid that, because people aren’t building much right now, the prices of the building materials are climbing too.  I also think, though, builders are looking for work right now anywhere (or at least most places) they can get it.  This may mean that labor might be a little cheaper than it used to be.  I have the perfect house plan picked out and everything for my house.  I picked this plan out a couple of years ago.  Ever since I found it, I have been able to picture myself decorating the house, furnishing it, and living in it.  I buy furniture and goodies for my current living space with this house in mind.

This is my current dilemma.  (Feel free to share opinions or tips to help me out.)  After I get my 2008 taxes done, I’m going to work on figuring out which option I’m going to pursue.  My current lease is up in August, and I’d either like to have a house or have a plan in the works for a house by that point.  Stay tuned.