Economists predict that the US is likely to face another housing crisis. But unlike the 2008 crisis, this time around there’s not going to be a crash—there aren’t going to be enough homes for people who want them.
The pandemic sparked a home-buying frenzy across cities like Milwaukee, Madison, Appleton, Green Bay and other parts of Wisconsin. This was mainly due to the work-from-home crowd looking for more space. And now the market is a tough one for both sellers and buyers.
A limited number of homes combined with surging home values makes it extremely difficult for buyers to find a property within their budget. On the other hand, sellers have to deal with a whole different world of challenges. Unless you’re ready to spend thousands of dollars fixing and renovating your home, you might not be able to find the right buyer. And, even if you do find the right buyer, it could take anywhere from six to twelve months to complete the sale.
One glimmer of hope for sellers in this bleak real estate market is that cash home buyers in Milwaukee are still going strong, so you can always sell to them when you really need to get a home off your hands. Cash buyers are real estate investors who purchase homes as is, and when you sell to a cash buyer you can avoid all the common hassles. So sellers have it easier—but what about buyers? Well, here’s what buyers are looking forward to as this modern real estate market develops.
Enter 3D House Printing
Though there’s still a lot of work to be done, 3D house printing is slowly becoming a reality. The first completely 3D-printed home went on the market in Riverhead, NY in 2021. Since then, the technology has only gotten more sophisticated. If successful, mass 3D printing might be the answer for those seeking affordable housing.
How Can 3D Printing Help Solve The Housing Crisis?
To answer this question, we first need to understand the reasons for the crisis. As the pandemic spread, countries locked their borders, causing significant disruptions in global supply chains—and as expected, the construction industry was massively impacted by this. Coupled with other factors like the meteoric rise in home values (primarily single-family homes), scarcity of available inventory, and global uncertainty—the perfect concoction for a US housing crisis had begun to brew.
Even though supply chains have been restored, builders are still struggling to source construction materials. This is where 3D printing comes into the picture. While traditional homes take an average of seven months to be built, 3D printed houses only take two to three months to construct.
It’s not just about speed. The cost of a 3D printed home is significantly lower when compared to the cost of a traditional home. The cost of construction materials has tripled over the last few years. The average home price in the US is expected to reach a whopping $400,000 by 2023.
The good news is that 3D printing is more affordable, mainly because the labor costs are low and traditional housing materials like steel aren’t utilized. It is estimated that 3D printed houses cost 15% less per square foot than conventional homes. But as the technology evolves, we can expect a significant cost reduction as performance improves.
The day when you can get a customized 3D printed home for a fraction of the price of a traditional home is not far away. Hopefully, 3D printing will evolve to provide a more sustainable and affordable method of construction, one that could very well solve the current housing crisis.
If you’re wondering “how can I sell my house fast in Milwaukee and without spending thousands of dollars on renovations and repairs,” reach out to a trusted cash home buyer. You’ll get an offer on your home in less than 24 hours, and should you accept, the deal can be closed in under 30 days.