America is estimated to be short around 4 million single family homes in 2021. This intense gap comes from years of underdevelopment, but the Covid19 pandemic has exacerbated and highlighted some problems that have pre-dated it.
Increased Demand for Suburban Homes
The demand for less urban single family housing has increased dramatically since April 2020. This was already a trend before, but now people are requiring more from their homes.
For many people, our living spaces and work spaces have merged, which on the one hand has the benefit of less commute times. It also means people are finding they need more separation between their living space and work spaces.
Now there is a desire to have more green space while we’re stuck in our homes. Look at the rise of things like the Cottagecore aesthetic for examples. People are fleeing the cities in droves and the demand for suburban and small town homes is higher than it has been in decades.
The demand for more housing in the low-density suburbs and small towns should be a massive boon to local builders as they rise to meet the needs. But other aspects of building and the pandemic have proven to be massive roadblocks.
Increased Building Costs and Delays
Even as vaccines roll out and people start taking their tentative first steps back into the world, we’re starting to feel one of the many downsides to the lockdowns and restrictions on travel. One being, the skyrocketing cost of lumber and other necessary building materials.
The price of lumber has risen nearly 300% in the months following the first lockdown. The higher these supplies go in cost, the harder it’s going to be to keep up with the demand for new builds. Coupled with disruptions in supply chains, build-times have stretched longer than they’ve ever been. This means, there are a lot of motivated buyers and builders for new homes, but a lack of tools to make it a reality.
Necessity is the mother of all invention. People are scrambling now to find newer, more efficient ways to build new homes.
We’re seeing a huge wave of new smart technologies working to make building new homes in the age of Covid-19 safer and more sustainable.
More homes are being built in factories than ever right now. Smart technology is changing the way homes are built during Covid19, changing the ways we look at building and craftsmanship. This is helping to fill the gap between the demand and availability in homes.
Closing on a house soon?
Even in the turbulent times people are still buying and selling houses. Don’t forget that in Georgia you’re required to have a real estate attorney when you close on your new house. At Frank B. Pallotta Law, we are helping our home buyers and home sellers in Cherokee County navigate the closing process. Reach out to us with your questions. We’re here to help!