In the Charlotte metropolitan area, the number of homes 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. Chris Doyle, CEO and co-founder of Billd, a construction finance company, said small businesses should be aware of what’s going on in their market and consider pivoting to different types of projects. A small business previously focused on new-home construction should try to work with renovators instead, for example. And since residential home spending is set to decline, federal construction projects might also be something to look into.
Edwards said he’s normally booked out three or four weeks with jobs, but lately it’s been two to three weeks. He says customers are being tighter with money: They, want smaller jobs, want to look at receipts and question the price of materials. For example, one customer decided to install a toilet paper holder himself, rather than paying someone to do it, saving about $25, he said. Another customer who requested a quote for a gutter cleaning decided to hold off.
Inflation has been trying on Tom Monson’s business, Monson Lawn & Landscaping, in St. Paul, Minnesota. He’s had to raise prices — he now charges $62.50 to mow a lawn. up from $50. A sod installation costs $1,250, up from $1,100. “As the market starts to cool in some areas, there’s much more sensitivity to timelines,” said Olivia Mariani, vice president at Curbio. “Before, a homeowner may be willing to wait 8 to 12 weeks to fully gut and remodel their kitchen. Now, they’re asking for the minimum viable work.”
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