Surety Bonds

Home Sweet Home: Builders Please!

04.02.2021

 

Consider this: there are now more real estate agents than houses for sale, according to the National Association of Realtors (NAR). Contractors who can build or renovate homes are in high demand as the search for home takes on new meaning.

New Hopes, Different Dreams

 Out of the City? Closer to family. Space for the old or the young to move in—why not multi-generational? Quiet space for remote work. Room to stretch. More opportunities for creative placemaking. Suddenly, it seems that everyone has new ideas about where—and how to live. Then too, the country’s affordable housing supply, insufficient even before the pandemic, is even more so now. As The New York Times sums up: “We’re tired and so are our living spaces.”

 As we shift, so too does the housing market—and it seems that there are not enough builders to keep up! Mint reports:

 The housing market has boomed in the past year, as buyers took advantage of low interest rates and the pandemic prompted new demand for homes with space to work remotely. Houses are typically selling in less than three weeks, according to NAR. The median existing-home price rose 15.8% in February from a year earlier to $313,000, NAR said.

 New and existing home sales in 2020 increased over the previous year, despite the pandemic’s economic impact. Housing starts are set to increase by a further 3% year-on-year and house prices are expected to climb a further 2.5% nationwide in 2021, building on the strength of the second half of 2020, according to J.P. Morgan Research forecasts. 

 New-home construction has risen in the past year alongside demand, but shortages of land, labor and materials have raised builders’ costs and limited how quickly they can start new homes.

 “There’s just not enough physical people,” especially in skilled trades, to meet home-building demand, said Ivy Zelman, chief executive of real-estate research and advisory firm Zelman & Associates.

 

Licensed For Home Building and Renovating?

 

Many families who have decided not to sell, are busy renovating instead. In all the churn, one thing is clear: skilled builders are in demand. Though materials shortages require agility, and the willingness to try new materials and production techniques, there is a lot of building to do!

Contractors eager to jump into the action: remember to make sure your contractor’s license bond  to comply with local requirements. Importantly, your license bond serves as a guarantee to the public that your business operates in accordance with all applicable regulations. You can obtain your contractor’s license bond easily, quickly and affordably from Colonial Surety Company, a leading, direct, national provider of Contractor’s License Bonds.

 Keep in mind that to be licensed as a contractor, your state likely requires you to have both a license bond—and various types of insurance.  Generally, insurance protects your business. On the other hand, a license bond is a type of surety bond–it represents your commitment to the public that your business is run in accordance with the relevant laws.

Obtain Your Contractor’s License Bond From National Experts

 In business since 1930, Colonial Surety Company is both a surety bond expert and a tech innovator. Contractors from across the country are using Colonial’s efficient, self-service, online platform to obtain their license bonds—instantly!

With a portfolio of over 4,000 license and permit bonds, available digitally, Colonial can help contractors in every field: electrical, plumbing, gutters, driveways—and more. If you are building or repairing homes or any aspect of them—rest assured, Colonial’s got the bond for that—and we make it easy and affordable for you to obtain it.

Learn more and get bonded for the New Year now: License Bonds for Contractors

Colonial Surety Company is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed and in business all across the country.