Whether you are looking into sprucing up your home, or raising its value for prospective buyers, when it comes to navigating the housing market, it’s always important to “strike when the iron is hot.” Prices for supplies and renovations can fluctuate wildly throughout the year, and keeping yourself informed of current trends is vital to finding a great price.
With the unprecedented impact on multiple industries caused by the COVID-19 pandemic, skyrocketing prices for basic supplies can make even a simple kitchen or bath upgrade an expensive proposition. However, equipped with the right info, now is a perfect time to remodel your kitchen! Let’s answer some questions about this topic.
Why are home improvement prices so high?
While many supply and construction industries are still recovering from the global pandemic, some are taking more time than others tobounce back. From wood to microchips, nearly everything used in manufacturing is harder to come by these days. Worldwide, sawmills have slowed production, making the price of lumber rise significantly, and manufacturing materials are sitting at port, undelivered, due to a shortage of international cargo ships, forcing factories to halt production of glues, sealants, plastics, etc.
A survey by the Institute for Supply Management (ISM) states that suppliers “continue to struggle to meet increasing levels of demand,” adding that “record-long lead times, wide-scale shortages of critical basic materials, rising commodities prices and difficulties in transporting products are continuing to affect all segments” of manufacturing and construction. (Source: Reuters)
This certainly doesn’t mean that home sales have gone down. In fact, the demand for homes is as high as it’s ever been. The National Association of Realtors have reported a 6% increase in residential and land sales through 2020! Despite the various industrial setbacks, this has been a booming year for remodeling or buying new homes.
Have Granite prices been affected by the rising building supply costs?
Man-made stone materials like Quartz have experienced a significant slowdown in production, and while Granite is still being quarried and cut regularly, the industry has also faced its own challenges with international shipping woes. The resin material used to seal and polish Natural Stone slabs has become more scarce, causing a slight rise in material costs, however not nearly as significant as other industries.
Our wide network of international partners include areas like Brazil which have stone industries that are relatively unscathed by the ravages of the pandemic, and their Atlantic shipping routes haven’t had the same struggles with congestion as other international ports. While the past year has indeed taken its toll, Granite remains an excellent, cost-effective option for your home improvement project. View some eye-catching Granite options on a budget here!
Can a Natural Stone countertop raise my home’s resale value?
With the shortages affecting building, shipping, and manufacturing, new home constructions have exploded in cost. This makes pre-built or existing homes a more affordable, and therefore sought-after, option by prospective property buyers. For those looking to sell, a simple countertop upgrade to Natural Stone can add many thousands of dollars in value to your asking price. To learn more about raising your home’s resale value for the lowest cost, check out our advice on finding the Best Countertop for Your Money.
Now is an excellent time to remodel your kitchen or bathroom countertops. Explore our Live Online Inventory to view our selection of Natural Stone and Radianz Quartz Surfaces, or Find a Showroom near you today!