BW_Blog_Lumber Prices SoaringB
Oct 08, 2020 Custom Home Financing and Budgeting

Why Wayne: Interest Rates and Lumber Prices

Home prices are all over the place right now.

Contact us From housing shortages to lumber price increases, there are many factors affecting the housing market, but one thing is clear: this is still a great time to build a new home.

At Wayne Homes, we have had to adjust our pricing, mainly to keep up with skyrocketing lumber prices. However, we are working diligently to keep home prices as low as possible. The good news is that, while lumber prices have forced us to adjust our pricing slightly, interest rates are at an all-time low. These low-interest rates make it easier to afford more home for the same, or slightly higher price.

According to the National Association of Home Builders, lumber prices have skyrocketed more than 170% since mid-April, adding more than $16,000 to the price of a typical new single-family home. Our customers are always our number-one priority, so we are facing these pricing challenges head-on.

Wayne Homes is addressing the huge increase in lumber prices in these ways:

  • Proactively working with our manufacturers to avoid possible shortages and ordering product in advance.
  • When we are made aware of discontinued or product shortages – working with our customers as soon as possible to make alternative selections, offering a premium selection at no extra charge, when possible.
  • Analyzing or reviewing lumber prices daily and making large quantity purchases when it is determined it’s the right time to buy.

Contact UsLumber isn’t the only thing in high demand, there are also shortages in homebuilding supplies, such as interior doors, doorknobs, etc.

Many manufacturers stopped their production during the beginning of the pandemic, and now they are playing catch-up. We are applying the same proactive measures with these supplies as we are with lumber to ensure our homes stay on schedule, on budget, and with the homeowner in mind.

Curious about what you can afford? Our friends at Premier Bank can get you pre-approved, so you know exactly what your budget is before you get started building your home with Wayne.

With interest rates so low, you may be surprised at how affordable building with Wayne can be.

Contact us to get the details on pricing, and how we can help you build a budget-friendly new home.

About Wayne Homes

Wayne Homes is a custom homebuilder in Ohio, Pennsylvania, Michigan, and West Virginia (see all Model Home Centers). We offer over 50 fully customizable floor plans and a team dedicated to providing the best experience in the home building industry. For more information, Ask Julie by Live Chat or call us at (866) 253-6807.

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