Worker shortages, supply chains impacting homebuilders

DELMARVA – If you’re planning on selling your home, realtors in the area say now is the time to do so.

But, if you’re planning on building a new home, you may just want to hold off.

“It’s taking way longer to build because you have issues with worker shortages and then taking longer to build because it’s taking longer to get any type of supplies you want and then what you can get the cost has gone up,” Brandon Brittingham, CEO and team leader at the Maryland & Delaware Group of Long & Foster Real Estate, said.

Between supply chain issues and worker shortages, we’re told it’s making things difficult for the home building industry. Materials that consumers and builders want for these homes aren’t always available right away.

“I feel like plumbing and electrical stuff is what what we are seeing the most of what’s holding things up,” Pam Price, a realtor, said.

“Certain colors of siding, certain types of windows, certain types of shingles, and then the stuff you can get is taking so much longer,” Brittingham said.

This is causing a slew of problems, one being the time frame on when you move into your newly built home.

“So, when someone thinks they are going to be in a house in 6 months sometimes it’s a year, and we have seen even beyond a year because they can’t get workers you know they can’t get supplies,” Price said.

“So, there’s no lack of demand of the buyers wanting it it’s taking longer for them to build, so in a year’s time it’s affecting how many can settle because the timeline,” Brittingham said.

Although the demand for new homes is through the roof, prices of supplies and homes are only going up.

“And, to think what someone was paying a year ago for 1600 square foot new construction to what they are paying today, I mean some people its a 100,000 dollars difference,” Price said.

But, realtors say even with these issues, they’re hopeful. They add that on the flip side of things, while it may not be the best time to buy, it’s the perfect time to sell.

“So, if you wait rent goes up, rates go up, prices keep going up a year from now it’s going to cost you a lot more to own a house than now,” Brittingham said.

Price says she feels like we are back in 2007 and 2008 with the prices of homes, adding she doesnt think we will ever see these numbers for a long time again, so that’s a reason to sell your home now.

Brittingham said eventually he thinks people will be able to get the quality of workers they need, creating more new construction for years to come to be able to keep up with demand.