Believe it or not, this is one of the best times in years to consider remodeling your home if you live in Chester County or Southeastern Pennsylvania. That might sound crazy during an inflationary period – but hear us out.
First, inflation is starting to ebb. We’re seeing prices for raw materials level off and even begin to fall. According to Trading Economics, lumber prices are down 60% from their March peak. And the Bureau of Labor Statistics reports that prices at building material and supplies dealers are down 9.8% from a year ago.
Part of that has to do with the supply chain adjusting to the new normal. The disruption caused by the initial pandemic lockdown has eased, as more people worldwide are vaccinated and Covid has become somewhat less threatening. The result is that the supply of building materials is beginning to catch up with demand, shortening lead times for remodeling projects in the US.
That means we’re able to plan better and be even more precise when quoting prices and setting timelines for projects. Our vendors and subcontractors are also seeing these changes, so our entire process is beginning to settle down and become more predictable.
Home values and equity are up!
While all this has been happening, home values have remained high. The median listing price of homes for sale in Chester County has increased 12.9% since last year at this time, according to Realtor.com. The average time on market is 51 days, and homes are selling for an average of 2.3% over asking price.
That means it’s expensive to move, even if you’re lucky enough to find the right place at the right price. It also means you have more equity in your home now than at any time in recent history.
Many of our new clients are using that equity to kick off whole-house remodeling projects. They want to make their homes more fun and more productive to live in. We’re adding home offices, flex spaces, expanded kitchens, workout rooms, and comfortable outdoor areas that make houses feel bigger and live better.
This is a great time to make the most of the home you love. Let us know if you’d like to talk over some ideas!