What seems like decades ago, the year 2020 started out with promising predictions for residential construction. Permit approvals up and signs of the long-term housing shortage easing to create a more balanced market between buyers and sellers. When the pandemic hit in March, everything changed. Long-running preferences for more space intensified as Covid-19 forced people to spend more time (at first, ALL of their time) at home. Covid also reduced the value of having nearby urban amenities when restaurants, movies, cultural exhibits, and more were all closed. All of these occurrences happening at once had people looking for bigger homes with bigger yards and extra space to accommodate simultaneous work and school. When the housing market began to boom and there were more buyers than sellers, it left very few, if any, resale homes available. You might find the home that offered everything you wanted only to lose it in a bidding war OR, if you were unlucky enough, you won that bidding war and ended up paying a great deal more for the home than it was worth.
So why not BUILD their home. New construction means you get exactly what you want in a home, but you just need more time to get it. Of course, the same pandemic that caused folks to purchase new homes willy-nilly also caused a slow down in the production of the very items you need to build a home. Even now as the pandemic is finally starting to fizzle out, shipping delays for lumber, windows, flooring, appliances, siding, and even paint have caused predicted completion dates for construction projects to lapse, and unfortunately, the cost of materials is still rising. On May 7, the price of lumber reached an all-time high of $1,691.73 per thousand board feet, according to Trading Economics. Pre-pandemic lumber prices were commonly around $450 per thousand board feet. Prices have come down since that peak, to the relief of the industry. As of July 20, the price of lumber was $540.85 per thousand board feet, Trading Economics reports. Still, the high cost of materials hasn’t been resolved yet.
Now you’re wondering, “so what’s the GOOD news?” Well, if you want to build your own custom home on the perfect piece of property, work with a trusted and extremely talented builder (like Tony Carnaggio at Lady Street Builders), you can have exactly WHAT you want WHERE you want it.
If you’d like to speak with someone about building a home in 2022, call on Lady Street Builders. We have a terrific array of plans to inspire you, we could build from your existing plans, or we can build your home from the bottom up. We’ll build on your existing land or we have properties that you may like. Contact us today.