As you may know, the housing market we are in today is very different than any other time in history. In my 40+ years in real estate, I have never experienced anything like what we are facing today. I want you to know that we are working closely with our vendors and teams to ensure any setbacks and delays are minimal.
Attached is an article published by the Associated Press on September 23, 2021 that fully explains these trying times and gives some insight into the current housing market.
Below is the article, or click here https://apnews.com/article/lifestyle-business-economy-home-sales-prices-34a4cc778edd0c71b5a76f106a48ca54
Inflation Forces Homebuilders to Take it Slow, Raise Prices
By ALEX VEIGA September 23, 2021
LOS ANGELES (AP) — Even in the hottest U.S. housing market in more than a decade, new home construction has turned into a frustratingly uncertain and costly proposition for many homebuilders.
Rising costs and shortages of building materials and labor are rippling across the homebuilding industry, which accounted for nearly 12% of all U.S. home sales in July. Construction delays are common, prompting many builders to pump the brakes on the number of new homes they put up for sale. As building a new home gets more expensive, some of those costs are passed along to buyers.
Across the economy, prices having spiked this year amid shortages of manufactured goods and components, from cars and computer chips to paint and building materials. The Federal Reserve meets this week and officials’ outlook on when they might start raising interest rates could indicate how worried the Fed is about inflation.
The constraints on homebuilders are unwelcome news for homebuyers, already facing historically low levels of resale homes on the market and record prices.