(WKBN) — Realtors say the housing market is in a transitional period. Many houses sold before the pandemic, but rising costs have turned real estate into a sellers market. You may be wondering: Is it a better time to build a home?

Interest rates have nearly doubled since 2020, and house prices are continuing to rise.
According to Redfin, Ohio house prices increased over 13% throughout 2022.

Wendy Perez, a realtor from Canfield, said after working with several builders, building a home may be a better option.

“No. 1, from talking to our clients and servicing our existing clients, really, is the customization,” Perez said.

Jason Altobelli, a Howland-based realtor, said he also sees the benefits of building a home when it comes to long-term costs.

“If you look at this new home over 15 years, what’s your total cost and what’s that 40-year-old home look like over 15 years?” Altobelli said.

Perez and Altobelli agreed there are costs to be aware of when buying and building a home.

“You’re getting a better product and less cost long-term — countertops and flooring, things like that,” Altobelli said.

Perez said in the Valley, depending on location, the average price per square foot can range from $195 to $250 per square foot.

She said a benefit to buying an existing home is moving in quickly, as building a home can take anywhere from eight to 14 months. However, there are long-term benefits to building a home.

“In the new construction, you may be paying that upfront, yet you don’t have to worry about maintenance,” Perez said.