How the Home Industry Has Changed Since the Pandemic
March 2020 threw us all for a loop when the first cases of Covid-19 hit US shores. Many workers found themselves suddenly working from home or even temporarily laid off while students across the country became distant learners overnight.
The changes from the pandemic have affected every single industry across the globe including the home building industry. Skyrocketing wood prices and long shipping delays are just a couple of reasons why the home industry has seen such major changes in the last year. Take a look at these changes with us in today’s blog.
New Construction Prices at Record High
Increases in material costs and shipping delays are among the top reasons why construction costs have increased heavily over the last year. Many homeowners' decision not to sell plus a low supply of new homes combined with a high demand for available homes also contributed to the hefty price increases. According to the National Association of Home Builders (NAHB) data, median sale prices for new homes rose eighteen percent since May 2020. Median new home prices last spring averaged at $317,100 and jumped to $374,400 by May 2021.
More Home Buyers Including First-Time Buyers are Building New Homes
The low supply of residential properties on the market has prompted homebuyers to build new homes. NAHB’s data revealed that serious homebuyers who desire a new home have increased from 48 percent in 2020 to 58 percent in 2021. That’s quite the increase especially considering the high costs of new construction.
“Flex” Spaces are Now a Must-Have
Just a short time ago, designated rooms like a bedroom or home office were the norm. Now, homeowners prefer “flex” spaces or rooms that serve multiple purposes. For instance, a home office may double as a media room or gym. Guest rooms may also be an office or homework station. With more people working from home than ever before, variety in the home’s living space is essential.
Healthy Homes are a Top Priority
Health and wellness have become a much higher priority since the pandemic began. Today’s homebuyers want options like low-VOC paint and more efficient HVAC systems and insulation supplies that can improve indoor air quality.
More Homebuyers Want a New House in the Suburbs
Remote work has allowed many city dwellers to trade their apartments and townhomes for a spacious place in the suburbs. Outdoor space has also become super important to those who were on lockdown without an outdoor area.
Open Concept Plans Traded for Privacy
Families of all sizes gained a new appreciation for privacy during the pandemic. Although open-concept homes are still popular with homeowners who enjoy cooking and entertaining, builders have seen an increase in buyers who want more walls and privacy.
New Home Buyers are Waiting Longer for New Homes
Today’s new home buyers can expect longer wait times for their home to be completed due to reasons we’ve already discussed like shipping delays and material shortages. New home buyers should be patient with their contractors and understand that most reasons for the delays are out of their builder’s hands. These delays are costly to the contractors as well as the buyer and remembering this will help new home buyers maintain a good rapport with their home building team.
The changes in the home industry over the last year are affecting both builders and buyers
alike. McCarley Cabinets still aims to provide the best service for their customers despite these changes. If you’re ready to start building your new home you need a cabinet and countertop team to help bring your vision for your home to life. We work with top contractors in the area and our own in-house designer to give our clients the best experience possible. For more information, request your free quote today at www.mccarleycabinets.com/get-a-free-quote.