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Spike in lumber prices boosts construction costs

Home building sentiment just hit a record high this month. The last record-high was set in August. Resale inventory continues to be limited and lag behind the huge surge in buyer demand. For this reason, home building has never been more appealing to buyers looking to escape the city life and build plenty of space to roam and work from home in the suburbs. The bad news is that the price of lumber continues to skyrocket, now adding about $16,000 to the cost of a new home, according to the National Association of Home Builders. While it remains to be seen how much the increase in lumber will affect overall sentiment, the bottom line is that home builders are continuing to benefit from a huge surge in demand for their products. Now is the time to review your marketing objectives and the plan you have in place to make sure you’re taking advantage of this time and attracting the right buyers eager to find your home.