The Lumber Shortage: What is going on & how it affects Faber Builders, Inc.
You may have heard about the increase in lumber prices and the slowdown of construction across the country. Here at Faber Builders, we want to remain as transparent as possible with our homeowners. Below you will find information on the current lumber situation, what is causing it, and how this affects the Faber Builders Home process.
Why is there a lumber shortage?
Mills that create lumber from logs are having a hard time keeping up with the demand of lumber throughout the country. The current demand is so high because many Americans are taking advantage of low interest rates to buy second homes, complete renovations while they are at home, and buy starter homes. Multifamily builders are also turning to timber to complete their projects, which often include five to six story buildings.
With all of these situations taking shape over the past year, lumber mills have not been able to keep up with the demand.
Why are lumber prices so high?
Due the to demand being so high, lumber prices have tripled over the past 12 months to keep up. Since the bones of a home are made of lumber, this increase has caused the average price of a single-family home to increase by $36,000, on average, according to the National Association of Home Builders (NAHB).
How does this effect Faber Builders Homeowners?
It is true, that housing production has slowed down due to the increase in the cost of building materials. In April, housing starts decreased by 9.5% across the country, with single-family starts decreased by 13.4%.
To keep up with the increase of costs, Faber Builders passed an increase on our base model pricing on May 1, 2021, but we haven’t slowed down construction. In fact, single-family home starts have actually increased, compared to the past two years. As of the May 31, 2021, home starts have increased 33% compared to 2019 and 68.75% compared to 2020. We are committed to raising those percentages by starting, on average, two homes each week to keep our communities growing.
With interest rates and lumbers prices
projected to increase, now is the perfect time to start building your dream home with Faber Builders. After signing a contract with Faber your price is locked in and there are no escalation clauses. Our
Rose Hill Estates community now has Section 3 available for pre-sale, so take advantage of these historically low interest rates and the current prices before this section sells out!
Use the contact form below to contact our team about any questions you may have!
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Faber Builders Corporate Office
3240 Chili Avenue Rochester NY, 14624
Phone: (585) 889-4840
Fax: (585) 889-4190
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Prices and models are subject to change without notice.