We agree that land prices have fallen and we hear that building costs are down. Definitely investigate prefabs. BUT there is a reason that builders put large expensive homes on land they buy. That is the only way they can recover their costs in the land and site work, which can be considerable. If you want to put a small house on the land you purchase, be aware that you are going to lose money if you need to resell in the near future. Building a house is best not considered an investment to make a quick profit but a way to have your perfect home for many years to home.