Rising prices, building delays for homes

[WilliamChew]

Is it the wrong time now to sell your home? Building material shortages, Labor shortages are making it difficult to build new homes.

 

I remember one brother who wanted to downgrade his home posted that if he sold his home he wouldn't be able to build a new one as building material costs have sky-rocketed.

 

The Big Read: Rising prices, building delays — young couples face perfect storm in quest for home sweet home
 

(This article applies to Singapore)

This perfect storm in the housing market, said analysts, is driven by BTO (build to order - a government subsidised housing program) construction delays, the low interest rate environment which has persisted amid the global economic slowdown; and rising demand from foreign investors, backed by the prospects of further price growth and an improving leasing environment.

 

HDB (government subsidised housing) resale prices had shot up by 8.1 per cent following four consecutive quarters of increases in the past year, and are currently just 4.8 per cent below the last peak in 2013.

 

In the private market, prices are at a historic high, making apartments or houses in the sector even more inaccessible to many young couples. Prices jumped 3.3 per cent in the first three months of the year, marking the steepest quarterly increase since the second quarter of 2018.

 

[CHecker]

It really is a nightmare right now. We could sell for a phenomenal price and make great money but then we'd be homeless because we couldn't afford to buy.

We're trying to get our pole building built and the prices have risen 3 times in the last 3 months. If we don't get our materials here NOW the builder may go out of business before he gets started and us risk losing our deposit!

Yes, nightmare 

[Miss Bea]

It’s strange. My son is a mill wright for a lumber company. He says they can’t get that lumber out fast enough. That there is a huge demand right now. 

[➕👇 ꓤꓱꓷꓠꓵ🎵Tone]

Downunder it is a similar story.
My son works at a hardware/ building supply trade store. He said:
"If you need any 90x35. You might get some in 12 weeks..." (4" × 1 1/2" for wall frames)
"This national timber shortage is very very bad.
Queensland is out of timber. And we (State of Victoria) are not far behind.
Some frames are being built out of e2s 90x35 red LVL because we had a bunch laying around...
Supposed to have trucks loads of timber. Now we only get about 2 packs a week..."

The reason the country  is having a problem is that they went over the "sustainability limit". 
And many years of bad bushfires catching up. Australia was on fire. Half the country burnt down. 
Now the demand exceeds production. 
One brother (builder) has a frame up on his house. It 12 weeks wait for  his roof trusses.




Old (Downunder) Tone

[daydream]

https://www.nytimes.com/2021/05/03/business/economy/commodity-shortages-inflation.html

 

Widespread Commodity Shortages Raise Inflation Fears

 

For products as diverse as lumber and microchips, price increases are filtering through the economy.

 

 

 

An apartment complex in Orlando, Fla., being built by Roger B. Kennedy Construction, which says many of its suppliers are raising their prices 10 to 20 percent.

 

In a normal year, Ron Whalen, vice president of Roger B. Kennedy Construction, receives one or two “Dear Valued Customer” letters from suppliers notifying him of price increases for certain materials. This year, a stack of 30 such warnings sits on his desk in Orlando, Fla., alerting him that things as diverse as lumber, drywall, aluminum and steel are going to cost 10 to 20 percent more.

 

The notices are the result of commodity shortages that are rippling across the United States economy as growing demand for housing, cars, electronics and other goods runs up against supply chain congestion and high tariffs left behind by former President Donald J. Trump.

[Lasheagilbert]

It really is a nightmare right now. We could sell for a phenomenal price and make great money but then we'd be homeless because we couldn't afford to buy.
We're trying to get our pole building built and the prices have risen 3 times in the last 3 months. If we don't get our materials here NOW the builder may go out of business before he gets started and us risk losing our deposit!
Yes, nightmare 

This is the same situation we are in. We want to simplify and sale our home because we could get a good chunk right now for it. But.... our plan to build can’t happen because of the building materials. We wanted to build a barndominium but don’t see that happening anytime soon.


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[Allabord4Jah]

I found out where all the lumbar went! 

 

Europe

Roman Colosseum's New Floor Will Give Visitors A Gladiator's Point Of View

 

 

 

(story from NPR News/May 4, 2021)

Edited May 4, 2021 by Allabord4Jah