Market Outlook for 2023

Market Outlook for 2023

Okay folks, we are starting a new series dubbed ‘Sam’s Shares’ and we will be highlighting frequently asked questions or what we are seeing happen for a particular issue or topic.

To start us out, we will be chatting about the market outlook for 2023. There has been a ton of the R word being thrown out and we know that hearing that a recession is looming may make it difficult to know if you should start or wait on a project.

We live in a pretty insulated town so the trickle down of a recession is going to look very different than most areas. That being said, we are starting to see our builders and subs looking for work in ways we haven’t seen since pre-COVID. This is good news for you if you are wanting to start a project.

If you are a cash buyer or have the funds to do your project without a bank loan, now would be a good time to capitalize on the dip when builders are a bit more hungry. Usually this means there will be more cost savings to you and a wider room to negotiate. Don’t hesitate to ask questions!

If you are still needing to use conventional lending/funding, this is a time to be very price conscious. We have noticed that when interest rates go up, material costs come down. So consider where you want to maximize your dollar and spend on the items with high visual impact.

All in all, I think it is still a good time to remodel and a good time to go ahead and invest in the upgrades you are wanting to do in your space. For new construction, spend wisely and your investment won’t go wasted!

Any other questions about the market? Drop them below!

Cheers!