June is Parade of Homes month and we share how to take advantage of the opportunities that are part of this popular event. Supply chain, labor force, zoning, and interest rates are all items that home builders are navigating today and we discuss all these with Forrest Wall, CEO of the Homebuilders Association of SE Michigan and what this means for those looking to purchase a new construction home.
New construction is a different process than buying an existing home, both for the buyers and the agent they are working with. We discuss what to look for in an agent if you are looking at new construction homes and areas around metro Detroit that are prime for new construction opportunities now and in the future.
Guest Forrest Wall, CEO of Homebuilders Association of Michigan, joins us to discuss the Parade of Homes happening in SE Michigan showcasing 41 model and pre-construction homes. We also talk about the popular trends buyers want in homes, what has new permits down over last year, what state and local government can do to entice more new construction and other factors impacting the building industry.
The shortage of lumber and micro chips along with a shortage in skilled trades means there is plenty to talk about when it comes to the new construction segment of the residential real estate market. In our discussion with the CEO of the SE Michigan Homebuilders Association, we discuss what is behind the shortage of materials that has driven the cost of lumber up which has home prices up over $12,000-$24,000 on an average home. Beyond lumber there are other materials in short supply and all this is impacting the number of homes being built and permits being pulled for new homes. We also talk about what the timeline looks like today for a new construction home to be built and what the future holds for new construction.
Residential construction is back in business and we take a look at what that means for new homes. Guest Nathan Boji discusses how permit approval and on-site inspections may take more time adding to the delays that may occur in getting homes built. We discuss the safety measures being taken to protect buyers and how things will change as it relates to site visits. We also talk about the supply chain for needed materials and if they will incur any challenges as have been seen in other industries as well as how the quarantine may impact home features moving forward.