COVID-19 has had an astounding impact on the way all of us live our lives. Now we are wearing masks, practicing social distancing, and staying home.
As a result of all of this, more and more people are buying and building homes. This was unexpected.
Many experts thought that the housing market would crash, but it actually has done the opposite. Interest rates for new homes are low and the housing market is thriving.
If you’re looking for an architect for a custom build and feel concerned about the high lumber prices, keep reading to learn more about why it has happened and what it means.
Why Are Lumber Prices So High?
COVID-19 caused a lot of problems for a variety of industries and the lumber industry was no exception.
In the spring of 2020, borders were closed between the United States and Canada to prevent travel and contain the virus within each country respectively. While it was anticipated that trade would not be impacted, this ended up not being the case. Lumber mills had to shut down due to safety concerns.
Lumber mills that have remained open still have to abide by social distancing guidelines and this has interrupted the supply chain even further. Scheduling delivery and shipment of lumber orders has also proved to be extremely difficult at this time.
United States builders rely heavily on Canada’s lumber industry, so not getting these imports was a huge problem.
There has not been enough supply to meet the demand. As a result, the prices have gone up.
Future Implications for Architects and Building a Home
If you have plans to build a house or are in the business of property development, the high lumber prices can be a huge deterrent.
Building materials can already be expensive, especially if you are trying to buy high-quality building materials. But the lumber costs today can make you put these dreams on hold.
Predictions were made regarding the need for lumber in 2020 and they were incorrect. Making predictions about when all of this may return to normal is difficult, especially because COVID-19 is uncertain.
When will the lumber prices drop? Unfortunately, the answer is not clear.
Lumber prices will eventually lower to a more normalized level once the supply is able to meet the demand. As more people become vaccinated and we are able to resume our normal daily activities, the lumber prices will reflect that change.
Do You Want to Build or Remodel?
Whether you want to start your build now or wait until the lumber prices drop, we are here to help. Our professional experience in construction and architecture can make your vision a reality.
If you’re looking for house plans or have a concrete property on which you’re ready to build, talk to us at Budingen Architecture for some guidance.
To get help navigating your own build, get in touch with us today for a free virtual consultation.