Our Favorite Q2 Installs
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Industry Update
We’ve started to see tighter financial conditions affect our clients with a lower to mid-range budget who ask more about financing and wait to get multiple quotes. 3-6 months ago, the majority of clients were less price conscious and making quick decisions. Mortgage rates rapidly rising took many by surprise, and I’ve seen buyers forego closet upgrades or spend the closet budget on their rate lock. While these are edge-case examples, they do provide a good pulse on how the middle-class DC consumer feels.
That said, we are still busy as ever, and higher-end clients haven’t been phased at all, especially folks that are downsizing to urban living or moving to the area from CA or NY as they need to maximize every inch of space.
Lead Times
Closet lead times are now 10+ weeks. With our lead times increasing, we’ve switched our field measuring approach on projects with tight timelines to field measure off studs, so we continue to hit builder delivery schedules. We are hopeful lead times will compress in Q3, but in the meantime are proactively ordering materials.
What Our Builders Love
Our Falls Church Showroom. Nothing beats seeing things in person (especially for pre-construction clients), and our builders love sending their clients to our local showroom where they can make selections in person and fine-tune their designs with 3D software. We find buyers feel twice as confident in their finish selections and the design layout they choose after visiting the showroom, so we encourage clients to visit. Here is a virtual video tour to get a feel for the space.
DAVID TOWNSEND
VP – Commercial Division M 540.514.9800 E [email protected]
Respect • Integrity • Professionalism • Trust
