More from @RickPalaciosJr

Rick Palacios Jr.

@RickPalaciosJr

8 Sep

Companies tied to housing revising guidance due to supply chain. Commentary from our builder survey this month indicates things getting worse before they get better. Homes sitting, waiting for materials (dead days). Big delays in windows. Delta outbreaks. In sum, a crapshoot. 🧵

#Nashville builder: “It's a crap shoot. Some municipalities will issue permits in 1 week, & others are 6-9 months behind. Supply chain is a mess. Windows are now 7 months out, cabinets are 6 months out, etc.”

#Chicago builder: “Build cycle increased due to backordered materials including bathtubs, appliances, & ceramic tile. Trades are much more limited in availability & now have some ‘dead days’ with no activity.”

Read 25 tweets

Rick Palacios Jr.

@RickPalaciosJr

2 Sep

Just surveyed ~400 pro remodelers. Top 4 themes: 1) Big remodels all the rage; 2) Many remodelers are booked until 2022+; 3) Product lead times & labor shortages still bad (see chart); 4) Homeowners fixing & staying put, not selling. Commentary from across country to follow…

#Texas remodeler: “I can’t grow with 20 week lead times on basic products. I started asking my suppliers what products are easiest to install. I don’t have enough labor to spend more time installing a touchless faucet than absolutely necessary.”

#Texas design-build firm: “My clients are essentially flipping their homes, but they aren’t selling. They want something fresh & new.”

Read 10 tweets

Rick Palacios Jr.

@RickPalaciosJr

20 Aug

Just surveyed 6,000+ real estate agents across country. Top themes from our 1st ever RESALE agent survey: 1) Buyer fatigue, w/rumblings of remorse. 2) Bidding wars a bit less bonkers. 3) Cash is King & ton of investors. 4) Inventory gridlock. Commentary across country to follow…

#LosAngeles agent: “20-minute allotted home viewing time slots with offers due next day by noon, & buyers are asked to give up every contingency under the sun.”

#NYC agent: “Luxury home buyers feel the market is overpriced & have backed off.”

Read 24 tweets

Rick Palacios Jr.

@RickPalaciosJr

6 Aug

Analyzing July new home trends from our just published monthly builder survey. Top 3 themes: 1) Frenzy phase for housing is over, but still solid demand. 2) Fewer builders restricting sales. 3) Hitting price ceilings in more markets. Commentary from across the country to follow.

#Austin builder: “Builders are starting to offer incentives again to drive traffic and sales.”

#Dallas builder: “We have hit price ceilings in the majority of our submarkets.”

Read 21 tweets

Rick Palacios Jr.

@RickPalaciosJr

26 Jul

Land is the most important yet least transparent part of homebuilding. To help, here’s commentary from land brokers across the country per our July survey. Top themes: 1) Builders going further out for deals. 2) Bigger land deals are back. 3) Development delays & lot shortages.