Corona & Housing

COVID-19's Real Estate Market Effects on Material Costs & Shortages

The Current Upswing in the Housing Market

The housing market has seen a HUGE uptick in sales, positively effecting sellers, real estate professionals, and new home builders alike. With interest rates still at a record setting low, consumers are taking advantage of the long term mortgage savings. The current Realtor.com real estate index is higher than when the pandemic originally hit early this year. See Index Here

The Momentum is Still Building

Though there is some evidence that the overall economic recovery may be slowing, the housing market is still gaining momentum. Zillow tracks the number of homes that are put into contract on a weekly basis. Their latest report confirms that buyer demand is continuing to dramatically outpace this same time last year, and the percent increase over last year is growing.

The Negative Effects on Building Materials & Labor Shortages

There's a flip side to every coin. With these increases builders and contractors are seeing massive material shortages and increased prices on building materials, specifically lumber and steel. In turn, contractors have had to increase their prices, labor costs have gone up, and consumers are paying the differences. This means that homeowners could see larger repair bills from what they were used to in years past.

What My Georgia Plumber is Doing to Protect Their Homeowners

My Georgia Plumber is always shopping and negotiating the best and most affordable material that money can buy. We never want to tell our homeowner's that the great prices that they are accustomed to are disappearing. However, we are no exception to the current volatility material prices. Because we don't want to sacrifice the quality of material that we choose to use in our homeowner's homes, our homeowners will see some small pricing increases across the board starting in 2021.

But have no fear!

Every effort will be made to keep these increases to a minimum. We will continue to search for the best prices and shop our competition so that our homeowners know they are still getting the best price (and service!) that money can buy. We will continue to offer our Best Price Guarantee so that our customers know that our prices won't be beat!