As a local Custom Home Builder in Northern Virginia, we are committed to transparent interactions with our community and customers. Open communication is a fundamental value and brand standard at Paradigm Building Group.
To provide an enjoyable and creative Home Build experience, it is our goal to keep you informed of the challenges that may affect your Home Build project. And below, we discuss a few such challenges that the building industry is currently facing due to the global pandemic.
Manufacturer Shutdowns & Delays
Since the beginning of the pandemic, manufacturer delays and shutdowns have grown, resulting in a scarcity of required materials. Limited supply increases these materials’ prices, causing home prices to inflate and further delaying construction.
Additionally, the available materials get stuck in ports before entering the country. These delays produce a trickle-down effect, stalling subsequent construction phases.
Supply Chain Exhaustion
The supply chain disruption has pushed the costs of basic construction materials to all-time highs, making them one of builders’ main issues this year. For instance, the increased cost of lumber adds $24,000 to the average cost of newly built homes.
While many builders have paused projects with inventories at an all-time low, Paradigm Building Group continues to work with our supply chain and vendors. We source other products while showing what’s currently available in our building inventory so they can be received on time.
Inconsistent Delivery and Logistics
With supplies growing more and more limited, prices continue to soar and any available building materials are delayed for delivery months out. This situation makes accurate pricing for projects difficult for builders. We also have been working with our subcontractors and vendors to do their best to stand by their established pricing.
Increasing Housing Demand and Low Home Inventory
Homes are being utilized in a variety of ways because of the pandemic, such as multi-generational homes, personal offices, study spaces, gyms and more, leading many homebuyers to search for a new home rather than update an existing home. At the end of January, the Census Bureau stated that 307,000 homes were listed for sale but only 13.7% of them have broken ground.
While material costs increase and their receipt is delayed, rising interest rates undermine housing affordability even as inventory remains low. Although it seems like these costs won’t lower any time soon, Paradigm Building Group remains confident in our process and are doing our best to serve our clients well during this challenging time. By finding creative solutions, we allow you to create your dream home with the materials you want.
Have Confidence and Work With Our Custom Home Builders in Northern Virginia!
While we see promising efforts to increase material supplies, we do not know how long this strained situation will last. Yet, as Northern Virginia’s top Custom Home Builders, you can trust our efforts to steer clear of unnecessary project delays or budget increases when possible. Despite the unfortunate circumstances, our team is grateful for your patience as we navigate the pandemic together.
Make the most out of your Custom Home Build experience! Contact our Custom Home Builders at (703) 476-5877 to schedule a consultation.