Truro hope to move to a new ground on the outskirts of the city having sold their Treyew Road to developers.
The club were given the go-ahead to start work at the Silver Bow site in November, but work has still not begun.
"it's got to be sorted, the more delay we get, the more uncertainty it puts into people, but we've got to get on with it," Masters told BBC Cornwall.
The National League South club have agreed to share Torquay United's Plainmoor ground next season in order to make Treyew Road available for development, but there are still concerns about the retail park due to be built there.
"There's a lot in the balance at the moment," Masters said.
"There's still a couple of disagreements on what goods are being sold at Treyew Road."
Truro are currently fourth in National League South and on course for a play-off place, less than a year after gaining promotion from the Southern Premier League.
"There are still a few more games to play yet, but the reality is that we've exceeded all expectations this season, fair play to Steve Tully, Wayne Carlisle and the team," added Masters.
"But we've put the resources at the, there's no question about it, we have invested in the side this season.
"At the start we wanted to just keep mid-table and towards the top, we've exceeded it, so it's a good season for Truro City."
Truro City chairman Peter Masters says plans to start work on the club's new stadium are "in the balance'.