As home prices continue to rise and get tot the point where it costs close to the same amount to build as to buy resale more home owners will be buying lots. That is why we see lot prices going up slowly. However, lending has not been extremely easy for new construction loans. Because of this values are not rising at the same rate as that of single family homes. I do have builders who will fund the construction project (making it so the homeowner does not need a construction loan).
Things to watch; If home values continue to rise (which will be largely dependent on interest rates) lot values could go up sharply as the cost to buy existing surpasses the cost to build. Also watch the lending market for lots / new construction. If you see lenders beginning to offer favorable terms lot prices will rise.
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