Buying a Manufactured or Modular Home During the COVID-19 Pandemic
Life in the “New Normal”
It’s been quite a four months, hasn’t it? Now that things have stabilized a little (at least for now), we wanted to give you an update on some opportunities and challenges we see in the months ahead, so you can make the best decision for your housing needs.
- On the bright side, interest rates have not been this low in a very long time. A little change in interest rates can save you a lot of money for years. It can also increase your buying power up front. If you’re not paying as much in interest, maybe you can afford that option you really wanted but didn’t think you could afford. The sooner you can lock in an interest rate, the better.
- We are running into a few challenges, mainly with our manufacturers and what they are able to do for us. You have probably heard about disruptions in supply of various things (think toilet paper and disinfecting wipes). We are facing a few of those as well.
- Lumber is going to be an issue for the foreseeable future, more in the pricing than the supply. We hold out as long as we can to pass price increases along, but sometimes we have no option. We will be watching this closely going forward. Pressure treated lumber is especially tight, but we are still able to get what we need.
- Shingle colors are becoming somewhat limited, although the more popular options are still available. Check with your housing consultant for details.
- Appliance choices (especially white and black) are becoming an issue, although stainless steel appliances are generally not a problem. This varies with each manufacturer, so work with your housing consultant to make sure you get what you want.
- The lead times from the manufacturers have increased. Each manufacturer is different, so please check with us. If you have a time frame in mind for when you would like to move in, please be aware that you may need to start sooner than you think. You may be able to get a home more quickly by having a different manufacturer build it.
All in all, things are in a better position that we thought they would be a few weeks ago. While we can’t see into the future, we expect things to improve going forward. We are strong and stable, and look forward to serving your housing needs both now and in the future.
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