Higher interest rates are affecting remodeling demand, welcome to BERTO, new phone number, and more
Hello from Kellow Construction,
Real quick, we have a new phone number so please update to (805) 225-3310.
With interest rates rising, we have gotten several calls on projects for people who had considered selling and buying a different home that would better suit their current needs.
When they found out where interest rates were and the new monthly costs of a mortgage, many were nixing the idea of selling and buying anew, deciding to invest in remodeling instead. Keeping their low mortgage, staying in place and working with what they have.
Why swap an APR rate of 2.99 to 6%? Maybe there are some reasons but at first glance, I just think I how much I love the low interest rate we have. Also, I can't quote mortgage rates, but word on the street is that they are rising and rising. So maybe some people think now IS the time to buy because in one year, two years, etc., rates will be even higher than they are today.
It's a tough decision but I will say we are seeing more of the trend to hold and remodel, at least here in SB. An interesting thought as we move towards the close of the fiscal year and enter our final quarter of 2022. Looking into my crystal ball and thinking ahead, I must say, I see the demand for remodeling increasing dramatically in the year to come.
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Also, welcome Berto! Berto is new to our team as a laborer and we feel blessed he came our way. He has been great! You can read all about him below:
Berto, originally from Brooklyn, New York moved to Tacoma, Washington as a child where he developed a love for basketball. He began his collegiate athletics career first in Idaho then at UCSB where he played division one basketball. After his time at UCSB, Berto moved to Alaska and South Dakota to begin pursuing a degree in business administration and marketing in hopes of learning how to develop and run a small business of his own one day. He then moved back to the Santa Barbara area with his dog Dior who was happy to leave the snow and come back to where she grew up because like Berto, she loves the beach and the great weather. During college Berto enjoyed working on various construction and handyman projects which sparked him to pursue a career in the construction industry. Growing up with just his mom, he began to teach himself when he was very young how to do various home improvement and maintenance tasks. In his free time, Berto enjoys spending time with his family, playing basketball, and building his investment and stock trading strategies.
Don't forget that we have moved and are now across the street from the Home Improvement Center across the parking lot from Cory Motors. Please come by and say hi. 430 E Gutierrez St Suite A.
Have a great week and thank you for reading.
Sincerely,
The Kellow Construction Team
