With interest rates at the lowest in almost 50 years, new home builders are seeing a boom in single family housing in the suburbs and rural areas despite the high unemployment numbers.
There appears to be an exodus from city living for many that can afford to buy or build a home in less crowded conditions. Building permits, an indicator of future home construction, is also on the rise.
Modular home factories usually only see huge surges in single family home production when there is a natural disaster like Hurricanes, flooding and fires. This time they’re having to ramp up production to meet the demand for homebuyers leaving the city for more isolated communities and towns.
On the other side of the housing coin, large housing projects within the inner city are said to be slowing down.
When the pandemic first started, many experts weren’t sure what to expect when it came to the housing market. Now, realtors say the biggest obstacle for the housing market is supply and demand
Those houses that came on the market went very quickly because there were well qualified buyers and everybody was at home. Now there isn’t a whole lot of used homes on the market.
As for the low inventory, people may still be hesitant to list their homes even though agents are practicing countless new safety protocols. “I think people might not want to put their homes on the market because they don’t want big groups of people coming through their home with the virus going on,” said one Realtor on the East Coast.
"Modular Construction Industry Observer and Information Gatherer"
Gary Fleisher is a housing veteran, editor/writer of the ModcoachNews, Modularhomecoach blogs and the
‘coming soon’ ModcoachConnects Construction Consultant’s Directory.