Has COVID-19 Changed New Construction and Home-buyers Outlook?
Coronavirus has affected every part of the process in new home construction. From impacting house and what we design in our homes to the timeline for completion of that home.
The virus has made us look in more detail about what we want in a home and what we absolutely need in a home. Functionality of a home has become a huge focus in the past year. For safety and well-being, many started working from home and schools went online forever changing the way we look at the places in which we live. our homes have had to change drastically in functionality. We had to make kitchen tables our workspace and plate rooms a second grade classroom. As 2020 progressed, many decided that making a change by either buying an existing home or building a new one. Building a custom home gives one the opportunity to make a home fit his needs.
COVID has changed the timelines and pricing of custom homes. With production lines slowing down and less importing of products, delays on supplies like wood, windows and more have made the building process longer. With the demand on the supplies and building materials, new home prices have gone up. In the recent past, it was typical to see an average size home taking 7 to 8 months to build. Now, a realistic timeframe is 10 to 12 months from planning to moving in. Delays and prices increases have made building more difficult but not impossible. The housing market shows that there aren’t enough homes available for the amount of buyers who are looking to buy.
Current buyers are struggling to find homes which suite their needs and are getting fed up with how the market is in the favor of sellers. The new construction home prices have increased, buyers are feeling that by purchasing new construction they can pick and choose what they want in a home. Thy get to be included in the input on what they need in a home, they are told what their budget will and won’t allow them to do; and, although the prices have gone up on new construction, buyers would rather pay for a home built for them rather than an existing home that doesn’t function well for them.
Yes, COVID-19 has impacted the housing market and how buyers look at homes as a whole. The real estate market is moving fast and custom homes might be the way to go for buyers looking for something special.
We would not love to speak with you about your next home building project and your timelines. Please give us a call at 251-621-1752. You’re never too early to start planning for your new home even if you aren’t planning to start building it in the am tomorrow.
Ron, Amy & Andrew Cuny