Lumber Prices are Skyrocketing! So what does that have to do with Me?
As you can see in the graph above Lumber Prices have increased sharply from just a year ago. This can be contributed to a few factors: 1) A rebound in the US housing market, 2) rising housing starts, and 3) increased foreign demand.
O.K. so what does this have to do with you? Well, if you’re in the market to buy a new home, then basically you can expect to pay more! Essentially, the longer you wait to purchase your new home, the higher you can expect base prices to creep up. So if you’ve got your eye on a property that is “Proposed Construction”, then make sure you buy at the current price before the builder decides to increase it. In the last month I have already seen new home builders in my own neighborhood (Oak Terrace Preserve) increase their base prices by $1,500 to up to $4,000! The simple fact is, Lumber Prices are approximately 42.4% higher than a year ago and new home builders are now starting to reflect that change in the base prices of their homes. If you’re in the market for a new home, now is the best time to buy! Don’t say I didn’t warn you. For more info on Lumber Prices you can check the National Association of Homebuilders site.
