Building Material Prices Continue to Increase
When they said “Raise the Roof” we did not think they were talking about the prices! Unfortunately, with the high-demand and low availability of lumber and other building materials, the prices of home building have increased dramatically in the past two years.
Every aspect of the home building industry has been affected one way by price increases over the last year. We recently spoke with one of our interior design vendors – they stated that even the price of couches has increased due to the increase of the foam in the couch. In one example, lumber has increased 180% from April of 2020 to March of 2021.
Along with the increase in prices, many materials have been backlogged, creating a delay in the building process. Whether it is window frames or appliances, we have seen the need to order these as soon as the contract is signed in order to have these arrive by the closing date.
At Magnolia Homes, we continue to use the best high-quality materials to ensure the homes we are building are not only beautiful from the outside but are also built to last and keep you protected. Our goal to combat the ever-changing prices of these materials is to continue our efforts in being as transparent as possible with our potential buyers and our future homeowners on timelines, pricing updates, the possibilities of having to reselect some finishes, and more information specific to the building industry.