Waiting = Losing: Construction Material Costs, Supply Chain Crisis Will Drive Housing Prices Higher

There is currently a dangerous misconception that residential buyers should stay on the sidelines and wait for housing prices to presumably drop in a few years. This falsehood could have significant consequences for those who believe it, as the unprecedented surge in construction material costs and supply chain issues is poised to drive housing prices much higher in the years to come.

Buyers who act now will reap the rewards, as newly completed luxury residential buildings like Merrick Manor in Coral Gables have move-in ready condos available at incredible values. For real estate agents, that means Merrick Manor is your quickest path to a 5% commission fully paid at closing.

A recent National Association of Home Builders (NAHB) survey found that more than 90% of builders reported shortages of appliances, 87% reported shortages of windows and doors and more than 50% reported shortages of steel beams, insulation, roofing materials, copper wiring and other materials. While soaring lumber costs have generated much attention and media coverage, NAHB notes that the cost of steel mill products has jumped over 75% since May 2020 – including nearly 60% in 2021 alone.

These costs ultimately get passed down to the individual buyer, so future residential developments will be priced based on what construction firms are having to pay for materials now.

Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor also has a Zillow Walk Score of 77, making it “very walkable.”

Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor.

For more information about the residences at Merrick Manor, visit the Sales Gallery on the ground floor of the building at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. The Sales Gallery is open from 10 a.m. to 6 p.m. on Monday through Friday and from 11 a.m. to 5 p.m. on Saturday and Sunday.