GRAND RAPIDS, Mich. — Vendors at the Grand Rapids Remodeling and New Homes Show on Jan. 20 sought to offer options for buyers to remodel their homes in light of the current economic environment.
With interest rates still high as leaders at the Federal Reserve seek to rein in persistent inflation, some buyers have turned to home remodeling to update their current home rather than seeking a new one. As the economy now stands, the Fed has set interests rates at 4.25% to 4.50%.
Michelle Mayer with SIR Home Improvements said she has seen a lot more business during this time as buyers look to save money.
"I think people are realizing that they can't afford to buy the home they want so they might as well improve the one they're in," Mayer said. "So, we've been doing a great deal of business in the kitchen remodeling."
On top of this, hardships faced by home builders during the COVID-19 pandemic, caused by a nationwide shortage in lumber, seem to be fading away.
Benjamin Thaxton with TPC Construction said that remodeling with raw materials has also become a more efficient option.
"Lumber prices have came back - not to where they were before, but they've kind of rebounded a little bit so people are not so afraid to remodel their homes," Thaxton said. "A lot of people in the real estate industry right now are seeing sales plateau so remodels are picking up."
Overall, vendors expressed optimism about their opportunities to reach out to those buyers through the event.
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