We wanted to build on land we owned 5 years ago. Market was all out of whack with construction costs and it made building impossible as a house that would cost 325k to build would only be worth 200k. Bank would only give a loan on what the house would be worth, so the other 125k would need to be cash in addition to the down payment. Not sure how it is now but back then unless you had a truck full of cash to just throw into a fire, you couldn’t build in our area.