How To Deal With The Lumber Price Crisis
In the last year, many people around the globe have spent an incredible amount of time at home. This has inspired several to remodel their home or to consider building a new one. Interest rates are low, and many who've held onto their jobs are sitting on some extra money. But there's a catch - the price of lumber. Demand is way up, supply is down, and therefore the price continues to go through the roof. Since last year, the cost of lumber has roughly tripled, and it's still going up.
As the pandemic crushed the US economy last spring, sawmills shut down lumber production to brace for a housing slump. The slump never arrived, and now there isn't enough lumber to feed the red-hot housing market. The shortage is delaying the construction of new homes and causing sticker shock for buyers in what was already a scorching market.
Because the housing market is on fire, the lumber shortage is costing many prospective home buyers even more money. Surging lumber prices alone have pushed the price of an average, new single-family home $35,872 higher than it would have been prior to this shortage.
There is good news, though! While building a home is still a possibility, remodeling a home is not only more plausible, but it could save you a significant amount of material cost. Here at Watson Homes, we are doing everything possible to help our clients in the home building and remodeling process. Perhaps you stay where you're at, but you make it what you've always wanted. Typically, people sell and build a new home because they don't have what they want. Are you dreaming of that beautiful outdoor kitchen, thinking of a better living space, or want different colored cabinets in the restroom? Whatever it is, we can make it happen!
Are you still on the fence? Not sure if you want to take on a remodel? Email us at email@example.com, and let’s set up a consultation! We are here to help you during these unprecedented times.
Watson Homes Inc.
Make Yourself a Home