Originally posted by Chad C
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Crazy Inflated Home Construction Costs?
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We've been planning for years to buy some land and build at this point in our life, after our kids graduated college and got married. Perfect timing for interest rates, but terrible for materials cost and demand. We're getting close on some land, but I'm still trying to decide whether we'll start building ASAP or wait a few months. Trump's tariffs definitely played a major role in kicking off this perfect storm in lumber prices. Hopefully they'll cut the remaining tariffs soon, and hopefully the mills will kick it back into gear. I'm not holding my breath for either of those to happen though. Too much money being sent to the government and the mills, so there's not much incentive for either to do what they could be doing to get prices to come down.
Some interesting reading.....
Curious about what drove up the cost of random-length lumber? We will help you understand what influenced the price of lumber in 2020 & what we expect to see in 2021.
By Phil Crone Executive Officer, Dallas Builders Association Make no mistake, residential construction has largely thrived despite the COVID-induced disruptions and despair that have crippled so many other industries. Fueled by record-low mortgage rates and demand induced by the newfound importance of home, all of the ingredients are there for 2021 to set an all-time…
A Commerce Dept. decision to reduce duties on Canadian softwood lumber shipments into the U.S. represents “a positive step” toward boosting housing starts and home affordability, but additional government action is necessary for housing to advance, the National Association of Home Builders said recently. The NAHB applauded a recent action by government officials to lower …
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Originally posted by huntingfanatic View PostMy buddy is a custom builder and is about to begin building our house. Price is $90,000 more now than it was 7 months ago. He said he thought MAYBE end of 2022. He keeps apologizing and showing us the bids. Lumber package bids are no good until they are paid for. They won’t even hold them a couple weeks
Metal building material costs are also climbing, but not as fast as lumber.
We closed on our home back in September and feel like we got in on low interest rate and not as much inflation as we are seeing now. Hope it all levels out so the housing market can normalize.
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Our addition was pretty much double what it would have been at the beginning of 2020. And we are helping our contractor as much as we can to get his newer jobs moving. He had 89 employees when he started our addition at the end of January. He now has 160 and is trying to hire more workers. The freeze exploded the remodeling industry. It’s insane, absolutely insane. He might get close to breaking even on our job, because the bid quickly lost profit with the freeze. We are being patient, and allowing him to send guys up as often as possible, so that he can make money off of other jobs. Some might say we are crazy, but his work is impeccable and worth waiting on. That being said, I’m ready for them to finish and get out of our hair
I don’t see prices dropping for a while, it’s a statewide remodeling boom after the Feb freeze
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