The Price of Lumber is Crazy Right Now
Homebuilders, contractors, and DIY enthusiasts around the country have experienced the impact of the pandemic on lumber prices. Over the last year, lumber demand and supply have driven prices up, which drive up the costs to build or renovate a home.
Unpredictability in the Lumber Market
After extremely high prices, the last few months have shown a decrease in lumber costs. Yet, the price for lumber is still higher than before the pandemic. The constant shifting makes it difficult to plan for the price of a construction project.
In addition, with a shortage of lumber, it’s more difficult to find the wood needed to complete projects. From major construction developments to the aisle of the local hardware store, lumber supply slowed.
How to Find Lumber for Home Projects
If you aren’t a builder and simply want to work on home projects or repairs, you may need to get creative. If your project requires a large amount of wood, like installing wood floors, adding a new room, or building a large deck, you may want to pause your project.
If you are selling your home and need to make improvements, you may not have the time to wait. Here are a few tips to help you during the lumber crisis.
1. Don’t Waste Wood
Avoid wasting wood by creating and following a clear construction plan. Measure accurately and double-check your measurements before you cut the wood.
2. Find Reclaimed or Recycled Wood
Not only will you find the wood you need, but you’ll also benefit the environment. Plus, reclaimed wood can add depth to your design.
3. Use an Alternate Material
Consider non-wood materials for the project. Today, ceramic and laminate tiles come in realistic wood designs. Get creative with your choice of materials.
4. Be Patient
Eventually, the lumber supply will increase. If you order lumber, you may have to wait. If the project is necessary, remember to be patient with the process.
When Will the Lumber Volatility End?
We don’t know. It takes time for lumber mills to increase production. Right now, finding and training employees is a challenge. Then, once produced, shortages in trucking and other industries impact the delivery of the lumber.
With different COVID variants and outbreaks, the supply chain could experience future delays that continue to drive up prices. While the lumber industry is working hard to find solutions, some of the factors are out of their control.
High Demand for Lumber
In addition to production issues and supply chain disruptions from COVID, market demand for lumber soared this past year. Home inventory around the country continues to fall below normal levels.
Even when production levels of lumber increase, the high demand will continue to impact prices. It’s simple economics. Unfortunately, the cost of new homes continues to rise making it even harder to find affordable housing.
The demand for lumber doesn’t appear to be decreasing any time soon. Hopefully, lumber production will continue to increase and the price for lumber will continue to go down from the record highs seen earlier this year.
Protect Your Investment
If you are purchasing a home during this time of high demand, remember to schedule a home inspection. Buying either new construction or an existing home benefits from a home inspection.
Contact Kenco Home Inspections with questions or to schedule a home inspection in Southeast Florida.