It’s true that costs in most industries rise a little each year, and the housing market has been no exception. But with lumber costs going back down, you may be wondering why the cost of building a new home is still continuing to surge. There are several factors at play here, which we will break down below.
Although lumber costs have gotten better, the cost of labor and several other building materials has increased exponentially. A reduced labor force has caused the cost of subcontractors to go up. Many construction workers were forced to leave their jobs during the beginning of the pandemic, and not all of them have returned.
Materials such as scrap steel, lighting supplies, and drywall are also in short supply. These price increases are unfortunately projected to continue into 2022 as the economy recovers from the pandemic. In addition to increased costs, demand for new homes has also gone way up during the past couple of years.
Luckily, there is still time to beat these upcoming price increases. Lock in your rates in January before they go up on February 1st!
If you are a potential buyer and have been touring homes for months and still haven’t found the perfect home for you, building your own home is a solution that lets you get everything you want. Building your home means it’s move-in ready and is custom-made for you and your family. You get all of the features, amenities you desire along with a location that is convenient to you.
The time is now to make the most of your home buying experience. Prices are on the rise in the home building industry, so don’t wait too long to lock in a 2022 home at 2021 prices!