Remodeling and the Economy
This month I wanted to talk a little about what I see taking place in the economy and particularly in the remodeling industry. First of all, I took note when I saw a news story on TV last night talking about where we have come from in regards to the stock market since this time last year. The stock market has increased 4,000 points. The point of the story was the fact that so many people have missed out on this increase. The volume of investment is still down sharply as people have invested in "safer" instruments-bonds, etc. I would hate to see many people also miss out on the opportunity there is in the remodeling industry to have their project built at an optimal investment. Upon pricing jobs, I have been pleasantly surprised at the value I can offer my clients today thanks to low material prices and very competitive labor bids.
In the remodeling industry in our area, demand for remodeling has increased steadily over the past few months. Although I priced out more jobs last year, I did not sign more construction work as wary clients decided to hold off on their projects until they felt better about committing. There is some pent up demand in the industry, and I am seeing that now could be a good time to move forward as material prices are starting to go up. The price of lumber has gone up the past 3 months as well as many other building materials. This is due in part to many factories and suppliers cutting back and shutting down last year and the inventories are very low. Also contributing to this is the cost it takes to ramp up operations again and the hesitation to do so until the demand gets to a certain point. I can see that prices are probably as good as they are going to get on materials for quite some time. Another looming concern on prices is inflation. All factors considered, now is a very good time to move forward with remodeling projects at this very cost effective time. Not only will it potentially cost less today, it will pay in dividends of enjoyment for your family and added function and practicality of your home. Not to mention, your home remains a very safe investment for your money, especially in our area. I am very excited about the opportunity I have to be a part of making your dreams for your home come true, and of course, we will strive to come up with the most cost effective design so that every dollar you spend will buy as much as possible.
We have been remodeling and creating great relationships in the Raleigh area since 1980. If you are considering remodeling in the Raleigh area, please give us a call at 919-845-7670.
