WACO, Texas – The number of people wanting to move to the area has been rising for a while, but the supply is not reaching the demand. This is affecting everyone involved in the industry.
Nationwide labor shortages are affecting supply, and demand is not going down. Lumber prices are down from where they were in May, but there are severe shortages of certain materials needed to make other essential items a home needs – such as paint and windows.
For example, Waco First Home Buyers owner Stinson Bland says the normal wait time to get windows is two to four weeks. Right now, the wait time is 16 weeks.
Julio Castillo owns a roofing company and decided to do business in Waco because of all the opportunities available here.
“We came here as a transitional period, but decided to stay here because of all the excitement,” Castillo said. “A lot of building, a lot of construction.”
In the past year, he has suggested homeowners do only temporary repairs because of prices and shortages. Now, he feels they can transition to completely re-roofing because of the price drop in lumber.
“Now we’re able to kind of take care of our homeowners better, with just pricing in general,” Castillo said.
Castillo and Bland have had to use different suppliers to find the items they need – windows and paint being the main ones right now.
“All this shortage is creating this weird thing where we’re having to reach out and having to work with people we’ve never met, or we have houses sitting longer than we would,” Bland said.
Even though the materials are costing them more, Bland said people are still willing to pay for the higher prices because of the lack of homes.
“The market is appreciating so fast that our margins are staying the same,” Bland said.