Manufactured home builders are currently facing the same challenges as traditional home builders, including material cost increases, supply-chain disruptions, and labor shortages. However, opting for factory-built housing options to solve America’s housing shortage seems like a great idea. Whether we refer to modular or manufactured homes, these housing options have gained more and more popularity over the past decade mainly because they usually take less time to complete and are less expensive than conventional site-built construction.
Manufactured Housing News
As we prepare for a return to normalcy after the coronavirus pandemic, economic growth and consumer spending are following a positive trajectory. In the current socio-economic context, lower interest rates and specific home loan programs are offering unique opportunities that encourage more people to pursue homeownership. Considering all these, the positive consumer sentiment fueling a renewed interest in buying a home comes as no surprise, especially after many sellers, buyers, and real estate agents paused their home-buying activities last year. On the downside, the supply of new and pre-owned properties is shrinking fast amid the growing demand for housing.
With the housing demand continuing to outpace supply, a new housing crisis is looming on the horizon. In fact, chronic underbuilding and huge demand have already led to a double-digit home price appreciation rate in most states across the nation. Because in a seller’s market homebuyers compete fiercely for homes, many of them are forced to pay tens of thousands of dollars over the asking price in order to buy a piece of property.