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I’m a Home Builder, Wanna Take A Survey?
Posted on 5/23/22 at 7:18 pm
Posted on 5/23/22 at 7:18 pm
I’m sure to get the farthest thing from the truth out of the posters on this board but it’s worth a shot. I’m a mid-sized residential builder in North Ms that needs input on housing affordability from out of state potential home buyers. I barely survived the 08 disaster and have had 2 surprise bad years since and I would like to avoid that nightmare again. The last 2 years have seen record overall sales with record low profits outside of 2008. Massive material and labor increases and severe market fluctuations in lumber/building supplies have more than negated the price increases passed on to buyers. I’ve raised pricing 40% in the last 2 years and it still leaves sub 5% profits after I have priced and sold every successive house at 5% over the previous sales/appraisal value. It seems insane to me that 40% over two years is not enough, but that seems to be the case. Now that rates are climbing, lumber is falling hard but all other materials are still rising. I need to maintain price and realize lumber savings to hit my 12% targeted profit but at these rates my current pricing is becoming what I’m afraid is unaffordable.
My question is this:
Can you afford to pay $2,200 per month for housing with 25% or less of your income?
Discussion in comments for the naysayers, I can back up everything I say. I’m just trying to get the temperature of this bull crap we are all about to have to choke down when it all goes to hell
My question is this:
Can you afford to pay $2,200 per month for housing with 25% or less of your income?
Discussion in comments for the naysayers, I can back up everything I say. I’m just trying to get the temperature of this bull crap we are all about to have to choke down when it all goes to hell
This post was edited on 5/23/22 at 7:20 pm
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