{"id":7678,"date":"2022-03-23T06:00:59","date_gmt":"2022-03-23T10:00:59","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=7678"},"modified":"2022-03-23T06:00:59","modified_gmt":"2022-03-23T10:00:59","slug":"what-you-need-to-know-if-youre-thinking-about-building-a-home","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=7678","title":{"rendered":"What You Need To Know if You\u2019re Thinking About Building a Home"},"content":{"rendered":"
\n

\"What<\/p>\n

If you\u2019re ready to move up<\/a>, you may be trying to decide whether you want to buy a home that\u2019s already on the market or build a new one. And since the supply of homes<\/a> available for sale today is low, you\u2019re willing to consider either avenue. While home builders are doing everything they can to construct more houses and help narrow the supply shortage, they\u2019re also facing delays due to factors outside of their control.<\/span><\/p>\n

Here\u2019s the latest on some of the key challenges homebuilders are experiencing today and how they could impact your plans<\/a> to move up. When you know what\u2019s happening in the industry, you can make an informed decision on whether to look for a newly built or an existing home in your home search.<\/p>\n

Supply Chain Issues <\/strong><\/h4>\n

The first hurdle builders are dealing with is the lack of supply of various building materials. According to a recent article<\/a> from HousingWire<\/em>:<\/p>\n

\n

\u201c<\/strong>. . . Nearly everything needed in the homebuilding process is facing some sort of delay<\/em><\/strong> and subsequent price increase.\u201d<\/em><\/p>\n<\/blockquote>\n

The supply issue isn\u2019t just with lumber<\/a>, even though that\u2019s what\u2019s covered most in the news. The article explains many other supplies are impacted too, including roofing materials, windows, garage doors<\/a>, siding, and gypsum (which is used in drywall).<\/p>\n

The difficulty in getting these items is dragging out timelines for new homes as builders wait on what they need to finish construction. And since materials are in short supply, even when they do get the product, the principle of supply and demand is driving prices up for those goods. HousingWire<\/em> explains<\/a> it like this:<\/p>\n

\n

\u201cWhen supplies are low, charges inevitably go up, . . . Meanwhile, a lack of availability is causing huge delays, meaning builders are struggling to stay on schedule<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n

The National Association of Home Builders<\/em> (NAHB) agrees<\/a>:<\/p>\n

\n

\u201cBuilders are grappling with supply-chain issues that are extending construction times and increasing costs<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n

Skilled Labor Shortage<\/strong><\/h4>\n

But that\u2019s not the only challenge with new home construction today. Builders are also having a hard time finding skilled labor, which means they\u2019re short-handed, further dragging out their timelines. Odeta Kushi, Deputy Chief Economist at First American<\/em>, says<\/a> this is an ongoing challenge for the industry:<\/p>\n

\n

\u201cThe skilled labor shortage in the construction industry is not new \u2013 it\u2019s been an issue for more than a decade now<\/em><\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n

But there is good news. The February jobs report<\/a> shows employment gains in the construction industry. Kushi puts this encouraging news into perspective in the article mentioned above:<\/p>\n

\n

\u201cOverall this was a good report, . . . The supply of workers continues to fall short of demand, but the underlying momentum of the labor market recovery is strong<\/strong>, and falling COVID case counts provide further forward momentum.\u201d<\/em><\/p>\n<\/blockquote>\n

That means, while finding workers continues to be a challenge for builders, there are signs of positive momentum moving forward.<\/p>\n

How This Impacts You<\/strong><\/h4>\n

HousingWire<\/em> explains<\/a> how these things can impact move-up buyers today:<\/p>\n

\n

\u201cThe residential construction industry is facing a crisis as builders manage the critical shortage of building materials and labor.<\/strong>\u00a0Explosive supply and labor costs are forcing long delays. . . .\u201d<\/em>\u00a0<\/em><\/p>\n<\/blockquote>\n

So, when you weigh your options and try to decide between building a home or buying an existing one, factor the potential delay in new home construction into your decision. While it doesn\u2019t mean you should cross newly built homes off your list, it does mean you should consider your timeline and if you\u2019re willing to wait while your home is being constructed.<\/p>\n

Bottom Line<\/strong><\/h3>\n

When planning your next move, understanding the latest market conditions is key to making the best decision possible. To make sure you have all the information you need, let\u2019s connect. Together we can make sure you know what\u2019s happening in our local market so you can confidently decide<\/a> what\u2019s right for you, your priorities, and your timeline.<\/p>\n

Content previously posted on Keeping Current Matters<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"WhatIf you\u2019re ready to move up, you may be trying to decide whether you want to buy a home that\u2019s already on the market or build a new one. And since the supply of homes available for sale today is low, you\u2019re willing to consider either avenue. While home builders are doing everything they can [\u2026]<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,84,86,89,122],"tags":[],"class_list":["post-7678","post","type-post","status-publish","format-standard","hentry","category-blog","category-for-buyers","category-housing-market-updates","category-move-up-buyers","category-new-construction"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/7678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7678"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/7678\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}