Bill Albritton of Bill Albritton Cabinetry in his workshop in Charlotte, N.C., on Aug. 24, 2022. Albritton is booked out 30 days in advance, compared to the usual 90 to 160 days. Meanwhile, his costs have gone up by more than 30% across the board. Plywood he uses jumped from $72 to $140 a sheet around Christmas. It has gone back down to $85 a sheet, but that’s still higher than it used to be. And he has trouble finding hinges at any price.
In the Charlotte metropolitan area, the number of home sold fell 19% between June and July, and are down about 21% from July a year ago, according to the Re/Max monthly National Housing Report. “I am very worried on the heels of the material shortages we have been battling to now look at a very possible recession,” Albritton said. He’s reaching out to other home renovation companies to partner with as one way to keep the work coming.The average rate on a 30-year mortgage is 5.55%, according to Freddie Mac. A year ago, the average was 2.87%. The increase is forcing some would-be buyers out of the market and sales of previously owned homes have fallen for six straight months.
“Everyone’s going to have to adapt,” he said. “Small businesses have an opportunity to adapt quicker since they’re more nimble than bigger companies.” “I certainly don’t see normal July and August levels, but I don’t see what I had feared in terms of significant decline. People still want small- to mid-sized projects,” he said.
Curbio is a startup that provides pre-sale renovations on homes that it doesn’t charge for until the home is sold. They operate in 52 markets across the country, from Chicago to South Florida. They’ve also started offering smaller projects as the housing market slows.
Just remember that only Governments can cause inflation. Too Many (printed) Dollars chasing to few (Post-Pandemic government shutdown) Goods. The immediate thing Biden needs to do is pass bills that Increase Taxes on businesses, spend more money, and cancel Loan Debt.
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