Toilet Paper, coins, computer chips, homes for sale … The pandemic has led to short supplies of many consumer products, driving up prices. With a lack of available homes, people looking to cash in on low interest rates and buy homes better suited to post-pandemic living have all turned to new construction. In order to build new homes, contractors need lumber, and the demand is far greater than the current supply, raising lumber and new home prices by a considerable amount. The average cost to replace a home is up $24,000.
Increased prices can lead to increases in home insurance premiums, forcing consumers to look for better deals elsewhere. Read more about rising the lumber prices and how long this will be impacting buyers.