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Material Shortages Causing Housing Problems – Real Estate Market Update

KEVIN GRAHAM | April 7, 2021

Spring is here, and with it comes home buying season. If you’re in real estate, it’s about to get really interesting. There are also some unique challenges you and your buyers might be confronting in the market now. Let’s get to what you need to know.
The housing market has been red-hot for quite a while now. Sales for both new and existing homes have been on an absolute tear. But last month, both of these metrics took a step back.

One likely reason for this is no doubt a moderate increase in mortgage rates. However, it seems to me we talk about that enough. Today, we would like to spotlight another factor causing issues in the housing market and possibly even delaying construction of homes in some areas.

There’s a real shortage of the necessary materials for constructing and renovating homes at this point. According to a December report from the U.S. Chamber of Commerce, 71% of builders were facing a shortage of at least one material.

That means the houses that were being built in December that may just be getting ready to come on the market now may either be delayed or come with higher prices. The material most in demand was lumber, with 31% of contractors experiencing a shortage.

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Works Real Estate

We are ranked #1 out of all buyer’s agents in the area due to our deep level of commitment to our clients, our high standards in customer experience, and satisfaction. You aren’t just another face here, personal attention to every detail, and exceptional service are just one way we set ourselves apart from others. Technology is revolutionizing the real estate industry, we are here to use that to your advantage!

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