Coronavirus has already upended many of our lives. These are times wrought with uncertainty and the home building industry is not immune to that uncertainty. Though home building faces some challenges in the face of this pandemic, there are some reasons to remain hopeful about the market.
Let’s look into a deeper analysis of the coronavirus impact on home building.
Homebuilding During Past National Crises
In the past, major negative economic events have stalled the housing market– because if homebuyers can’t see homes, they aren’t likely to buy homes. However, home values have not historically decreased over the long term. On the contrary, the homebuilding market has proven to be resilient.
We see investors past and present, investing in the real estate market as part of a diversified strategy.
The State of Homebuilding Now
Before the coronavirus outbreak, experts anticipated a vibrant housing market for the year 2020. Housing demand has been high and building supply short. With low unemployment, steady wage growth, and low mortgage rates, conditions were right for a great market. Yet, even considering the pandemic, savvy buyers are taking advantage of low-interest rates.
For the past couple of weeks, coronavirus fears have caused a sharp drop for in-person home buying inquiries, but online inquiries have increased greatly.
People Want A Safe & Healthier Place to Live
Even during our shelter-in-place orders in St. Louis, construction is considered essential work. Infrastructure is essential– people need places to shelter in –so the building continues. And people are realizing now more than ever the need for a healthier, more comfortable home with superior indoor air quality. Clients are focused more than ever on the benefits of creating a healthier home for their families.
It’s possible that the lifestyle changes we’ve had to make from coronavirus will impact the way we design homes in the future. People will think more about wellness within their home and having to spend so much time in them, focusing on items such as kitchen layout, maximized storage capacity, and optimized home office spaces.
Smart building professionals and clients understand that now is the time to strategically acquire land, get the home building process in motion, and deliver on the client’s dreams of homeownership.
Roadblocks to Building in the Coming Months
Though coronavirus is not stopping construction, the pandemic does still have a ripple effect that slows parts of the building process. For example, supply chains and inventory will have disruptions, there will be delays in inspections and permitting, and there will likely be some labor shortages. But, this will all be temporary and soon we will be back on track.
What R.E.A. Homes is Doing to Protect Against COVID-19
As for our construction sites, we are taking steps to implement up-to-date coronavirus protection measures as recommended by the CDC, OSHA, the American Public Health Association, and multiple other construction safety organizations. These measures include but are not limited to:
- Communicating up-to-date and reliably-sourced health safety information to employees on a regular basis
- Posting hygiene notices at entrances, handwashing stations, and public areas
- Providing ample supplies for handwashing
- Increasing physical distance (canceling non-essential meetings, leaving a gap between shifts, and staggering lunchtimes)
- Cleaning frequently touched surfaces
- Using masks and protective barriers
- Restricting workplace entry of symptomatic individuals
We understand clients who are feeling the need to “pause” due to all of the uncertainty, but it’s also good to take a “crisis break” and daydream about a better future. Now is a great time to start planning what can be done once this is all behind us. Whether your home is to be built or remodeled, it’s more important now than ever, that your home fits your lifestyle and brings you comfort and joy.
Work With a Builder that Cares About Your Health
Now more than ever, the focus of R.E.A. Homes on building healthier homes following ENERGY STARⓇ and Indoor airPLUS standards can give clients more peace of mind than clients would get with traditional builders. We have been living these tenets for more than a decade. We haven’t jumped on the healthy-homes bandwagon, but rather have become the local St. Louis experts. We deeply understand how to execute the build of a healthier home, when our clients request a new home built to nationally recognized, third-party verified, home-building programs.
What we are going through now is devastating, but temporary. We understand some are looking for guidance during these times of uncertainty. We build and renovate custom luxury homes in the St. Louis area using whole-house based building science, ENERGY STARⓇ building guidelines, that include well-designed HVAC systems. The hand-crafted High-Performance Luxury Homes℠ we craft are designed with healthier indoor living in mind – homes built in consideration of our health and lifestyles, especially during these unprecedented times.
Learn more about how R.E.A. Homes can help you with your new home or renovation dreams, by contacting Jeff Bogard at firstname.lastname@example.org or 314-400-2119. We’d love to hear about your plans, and help you achieve your goals!