Build or Buy? A Housing Market Dilemma

There are also benefits beyond the financial. Buying is a much less stressful process than building, since so much can go wrong during the construction of a new home. Existing homes don't have nearly as many downside risks.

Other benefits of existing homes: They are already part of established communities and neighborhoods, and it's easy to determine the character of a home and the area it's in. New developments don't offer the same certainty.

However, Molony cautions buyers that the current housing environment will not last forever, and that certain parts of the country are seeing quick reductions in existing inventory. "We are now starting to see housing inventory shortages, notably in Western states and in South Florida," he says.

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