It’s a sellers’ market out there for anyone looking to sell, or buy a home. Herman said the current inventory of existing homes is really low at the moment which is driving up the prices of both used, and new homes.
“You hear price wars of people paying 20, and 25, and $30K more than asking price of the listed price,” Herman said.
That’s just one of a few challenges people are facing in the housing market. “Do It Yourselfers” are also looking to improve their homes after spending months indoors during the pandemic. Many looking to use their stimulus checks to pay for these improvements.
“They decided okay this is the year we want to do a deck. This is the year we want to do a new kitchen, or we want to put on an addition off the back of the house,” Herman said.
But many are also taking a hit in their wallets when it comes to construction supplies and materials, according to Herman.
“Lumber pricing is going up. Windows, roofing, ceramics, there’s a variety of products that the costs have really gone up,” he says
Another challenge, finding an available contractor to work on your home. Currently, there’s a labor shortage of qualified tradespeople, Herman said.
“We’re working on that through working with some of the schools and scholarships, but as we get over the hump it’s a busy season.”
Herman does offer some advice if you’re looking to work on your home, or looking to buy a new home.
“Get pricing from two or three different contractors, but it may be later in the summer, or even in the fall before construction will begin,” he said. “If you’re looking for a new home certainly the same thing. Get out, start shopping early, and make a deal before prices go even further.”
Herman goes on to say that the scarcity of the existing home inventory has caused an increase in new home construction across the area.
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